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WIZ

038620 · KOSDAQ · ₩038620 · 위즈코프

₩2,010▼ ₩10 (0.50%)End-of-day · Oct 28, 2026 · End-of-day prices.
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Valuation model · Discounted cash flow (DCF)

We use a 5-year discounted cash flow: the value of the cash the business is expected to produce, in today's money.

Fair value per share

₩5,179

vs the current price (₩2,010)

Enterprise value
₩30B
Equity value
₩78B
WACC
14.1%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.

Why the model and the price differ

The model is 158% away from today's price. A gap this size usually means the market expects something the past figures don't show yet, or the model leaves something out. What we can see:

  • To match today's price of ₩2,010, the model needs an operating margin of −1.5% every year (it uses 2.7%).
  • 77% of the last 12 months' net profit came from outside operations (stakes in other companies, interest, one-offs). The model adds those stakes at book value but doesn't project that income.
  • Today's P/E is 2.1× against a typical 18.8× over the last 10 years.

Treat the model as a starting point: change the assumptions to the story you believe, and compare with the multiples check below.

Bear / Base / Bull

Bear
₩3,563
+77.2%
Base
₩5,179
+157.6%
Bull
₩7,490
+272.6%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Sign in to change the assumptions and see the results update. Sign in

Cycle options

Margin path

Every year uses the cycle-average margin (2.7%).

Revenue growth

  • 25%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (39.8% a year, annual reports), fading to 3% by year 5.

  • 19.5%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (39.8% a year, annual reports), fading to 3% by year 5.

  • 14%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (39.8% a year, annual reports), fading to 3% by year 5.

  • 8.5%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (39.8% a year, annual reports), fading to 3% by year 5.

  • 3%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (39.8% a year, annual reports), fading to 3% by year 5.

Business

  • 2.7%

    Operating profit as a share of revenue.

    Default: through-the-cycle average of the last 12 months and the last 5 annual reports' operating margins.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 1.7%

    The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).

    Default: not in the statements, so 80% of capital spending (most spending replaces equipment that wears out).

  • 2.2%

    Money spent on factories, equipment, software and other long-term assets (% of revenue).

    Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).

  • -3.9%

    Stock and unpaid customer bills, less unpaid supplier bills, as a % of revenue. Each year's extra revenue ties up this much more cash.

    Default: working capital (current assets less cash and deposits, minus current liabilities other than borrowings) as a share of revenue, averaged over the last 3 years.

Discount rate

  • 2%

    How fast cash flows keep growing every year after year 5.

    Default: about Korea's long-run inflation plus real growth.

  • 4.11%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-28.

  • 1.82

    How much the share moves when the market moves: 1 means just like the market.

    Default: 105 weeks of weekly returns against KOSPI (official index); raw beta 2.22, adjusted toward 1 and kept between 0.6 and 2.0.

  • 5.5%

    The extra return investors want for owning shares instead of bonds.

    Default: a typical premium for Korean shares.

  • 5.61%

    The interest rate the company would pay to borrow.

    Default: the 10-year yield plus a 1.5% credit spread.

Starting point

Revenue (TTM to H1 2026)
₩115B
Net debt (borrowings and leases − cash and deposits)
−₩48B
+ Stakes and investments
₩353M
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩169M
Shares
15,145,893
Share price
₩2,010
Market cap
₩30B

TTM = trailing 12 months: the last four reported quarters added together. "TTM to H1 2026" is the 12 months up to the latest quarterly or half-year report (H1 = to the end of June). Year 1 grows from there.

Past years and projection

Grey columns are reported results from the annual reports (after-tax EBIT at the model's tax rate), so you can check the growth and margin assumptions against the past. Years 1–5 are the model.

FY2023FY2024FY2025Year 1Year 2Year 3Year 4Year 5
Revenue₩56B₩105B₩113B₩143B₩171B₩195B₩212B₩218B
Growth36.0%86.7%7.6%25.0%19.5%14.0%8.5%3.0%
EBIT₩648M₩2.8B₩2.5B₩3.9B₩4.6B₩5.3B₩5.7B₩5.9B
EBIT margin1.2%2.7%2.2%2.7%2.7%2.7%2.7%2.7%
After-tax EBIT₩470M₩2B₩1.8B₩2.8B₩3.4B₩3.8B₩4.1B₩4.3B
+ Depreciation———₩2.4B₩2.9B₩3.3B₩3.6B₩3.7B
− Capital spending₩1B₩4.6B₩391M₩3.2B₩3.8B₩4.3B₩4.7B₩4.8B
− Working capital−₩6.9B₩4.9B₩1.4B−₩1.1B−₩1.1B−₩935M−₩647M−₩248M
Free cash flow———₩3.2B₩3.6B₩3.8B₩3.7B₩3.4B
Discount factor———0.8760.7680.6730.5900.517
Present value———₩2.8B₩2.8B₩2.5B₩2.2B₩1.8B

Terminal value ₩34B, worth ₩18B today: 59% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

Cross-check: what the market has paid before

For cyclical businesses, analysts check a DCF against the multiples the stock has traded at through past cycles. Price / book is the usual anchor for them: P/E looks highest at the bottom of a cycle, when earnings are smallest, and lowest at the top. The price each band would give today:

LowTypicalHigh
Price / book (book value ₩7,057 a share)Now 0.28×₩2,9360.42×₩5,2720.75×₩10,7851.53×
Price / earnings (last 12 months: ₩940 a share)Now 2.14×₩3,4333.65×₩17,68318.8×₩56,08659.7×
P/E on run-rate earnings (Q2 2026 × 4: ₩2,022 a share)Now 0.99×₩7,3823.65×₩38,02918.8×₩120,61459.7×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2021, each against the latest report out by then, per share at today's share count; loss years and P/E above 100 are left out. Run-rate earnings are one quarter × 4, not a forecast. Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Sensitivity

Fair value per share as two inputs change; the middle is the current case.

WACC ↓ · Terminal growth →1.0%1.5%2.0%2.5%3.0%
13.1%₩5,214₩5,284₩5,361₩5,445₩5,538
13.6%₩5,132₩5,196₩5,266₩5,342₩5,425
14.1%₩5,057₩5,115₩5,179₩5,248₩5,323
14.6%₩4,987₩5,040₩5,098₩5,161₩5,230
15.1%₩4,922₩4,971₩5,024₩5,082₩5,144

Now (TTM)

Market cap
₩30B
Enterprise value
−₩18B
P/E
2.1×
P/B
0.3×
P/S
0.3×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩2,970₩3,745₩3,980₩3,955₩12,050
Market cap₩45B₩57B₩60B₩60B₩183B
P/E10.5×164.4×42.1×21.0×—
P/B0.5×0.7×0.8×0.8×2.4×
P/S0.4×0.5×1.1×1.5×5.1×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
WIZ2.1×0.3×0.3×—0.0%
Samsung C&T18.8×0.5×1.2×—0.9%
POSCO International10.6×1.3×0.3×—3.7%
ISC45.3×6.0×12.6×—0.5%
Youngone5.1×0.7×0.7×—3.1%
Dong SUH Companies18.9×1.6×5.1×—4.2%
Shinsegae14.4×0.5×0.3×—2.0%
Similar companies (median)16.6×1.0×1.0×—2.6%

Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.

Also known as: WIZ / 위즈코프 / 038620 / KRX:038620

Source: KRX statistical information