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039290 · KOSDAQ · ₩039290 · 인포뱅크

₩3,130▼ ₩75 (2.34%)End-of-day · Oct 29, 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

With these assumptions the model gives no positive value.

Enterprise value
−₩28B
Equity value
−₩17B
WACC
7.5%

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 gives no positive value at these assumptions. What we can see:

  • To match today's price of ₩3,130, the model needs an operating margin of 0.7% every year (it uses −1.6%).
  • In the projection, spending on equipment, software and working capital takes most or all of the after-tax operating profit, so free cash flow is thin. Companies that invest heavily often look like this until spending slows.
  • The group includes a financial business (an insurer, bank or broker), whose investments and minority shareholders are left out here. A sum-of-the-parts view usually fits groups like this better.

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
—
Base
—
Bull
₩2,827
−9.7%

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 (−1.6%).

Revenue growth

  • -1.2%

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

    Default: the last 3 years' revenue growth (-1.2% a year, annual reports), fading to 3% by year 5.

  • -0.2%

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

    Default: the last 3 years' revenue growth (-1.2% a year, annual reports), fading to 3% by year 5.

  • 0.9%

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

    Default: the last 3 years' revenue growth (-1.2% a year, annual reports), fading to 3% by year 5.

  • 1.9%

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

    Default: the last 3 years' revenue growth (-1.2% 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 (-1.2% a year, annual reports), fading to 3% by year 5.

Business

  • -1.6%

    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.

  • 0.8%

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

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

  • 0.4%

    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).

  • -2.6%

    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.

  • 4.08%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-29.

  • 0.62

    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 0.43, 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.

  • 5.58%

    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)
₩149B
Net debt (borrowings and leases − cash and deposits)
−₩11B
Shares
8,693,978
Share price
₩3,130
Market cap
₩27B

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₩137B₩137B₩135B₩147B₩147B₩148B₩151B₩155B
Growth−2.4%−0.0%−1.3%−1.2%−0.2%0.9%1.9%3.0%
EBIT−₩2.2B−₩5.1B−₩4.2B−₩2.3B−₩2.3B−₩2.4B−₩2.4B−₩2.5B
EBIT margin−1.6%−3.8%−3.1%−1.6%−1.6%−1.6%−1.6%−1.6%
After-tax EBIT−₩1.6B−₩3.7B−₩3B−₩1.7B−₩1.7B−₩1.7B−₩1.7B−₩1.8B
+ Depreciation₩1.1B₩1.2B₩1.1B₩1.2B₩1.2B₩1.2B₩1.2B₩1.2B
− Capital spending₩1.2B₩606M₩42M₩587M₩586M₩592M₩603M₩621M
− Working capital₩1.3B−₩2.7B−₩229M₩46M₩7.6M−₩34M−₩73M−₩118M
Free cash flow−₩3.1B−₩413M−₩1.7B−₩1.2B−₩1.1B−₩1.1B−₩1.1B−₩1.1B
Discount factor———0.9300.8650.8050.7490.697
Present value———−₩1.1B−₩971M−₩877M−₩803M−₩740M

Terminal value −₩34B, worth −₩24B today: 84% 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 ₩7,511 a share)Now 0.42×₩4,7520.63×₩8,6211.15×₩17,6982.36×
P/E on run-rate earnings (Q2 2026 × 4: ₩507 a share)Now 6.18×₩6,19912.2×₩7,89315.6×₩10,71621.1×

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%
6.5%—————
7.0%—————
7.5%—————
8.0%—————
8.5%—————

Now (TTM)

Market cap
₩27B
Enterprise value
₩16B
P/E
—
P/B
0.4×
P/S
0.2×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩5,940₩8,040₩11,540₩9,560₩23,300
Market cap₩52B₩70B₩100B₩83B₩203B
P/E——16.2×57.6×23.5×
P/B0.8×1.0×1.3×1.4×3.3×
P/S0.4×0.5×0.7×0.6×1.5×
EV/EBITDA———73.3×34.9×
Dividend yield0.0%0.1%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
InfoBank—0.4×0.2×—0.0%
NAVER13.1×0.9×2.1×—1.5%
Kakao37.5×1.1×1.6×—0.3%
Daou Technology1.9×0.4×0.0×—5.4%
NICE Information Service11.6×2.1×1.6×6.8×3.0%
Kinx35.9×4.0×5.2×15.7×0.3%
Cafe2411.3×1.5×1.3×—0.0%
Similar companies (median)12.4×1.3×1.6×6.8×0.9%

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

Also known as: InfoBank / 인포뱅크 / 039290 / KRX:039290

Source: KRX statistical information