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041830 · KOSDAQ · ₩041830 · 인바디

₩46,550▲ ₩850 (1.86%)End-of-day · Oct 30, 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

₩72,798

vs the current price (₩46,550)

Enterprise value
₩918B
Equity value
₩981B
WACC
7.3%

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 56% 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 ₩46,550, the model needs an operating margin of 13.9% every year (it uses 21.2%).
  • Or revenue growth −12.8 points a year higher than assumed in each of the 5 years.
  • Margins ranged from 15.7% to 26.0% over the last 5 years, so this is a cyclical business. The model uses the average; the price may be set by where the cycle is now. Try the margin fade option.
  • Today's P/E is 13.5× against a typical 10.4× 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
₩50,236
+7.9%
Base
₩72,798
+56.4%
Bull
₩110,108
+136.5%

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 (21.2%).

Revenue growth

  • 13.5%

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

    Default: the last 3 years' revenue growth (13.5% a year, annual reports), fading to 3% by year 5.

  • 10.9%

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

    Default: the last 3 years' revenue growth (13.5% a year, annual reports), fading to 3% by year 5.

  • 8.3%

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

    Default: the last 3 years' revenue growth (13.5% a year, annual reports), fading to 3% by year 5.

  • 5.6%

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

    Default: the last 3 years' revenue growth (13.5% 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 (13.5% a year, annual reports), fading to 3% by year 5.

Business

  • 21.2%

    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.

  • 3%

    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).

  • 3.8%

    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).

  • 40%

    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.

  • 4.01%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-30.

  • 0.6

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

    Default: 104 weeks of weekly returns against KOSPI (official index); raw beta 0.24, 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.

  • 5.51%

    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)
₩264B
Net debt (borrowings and leases − cash and deposits)
−₩58B
+ Stakes and investments
₩8.1B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩2.5B
Shares
13,480,882
Share price
₩46,550
Market cap
₩628B

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₩170B₩204B₩234B₩300B₩332B₩360B₩380B₩391B
Growth6.5%20.0%14.4%13.5%10.9%8.3%5.6%3.0%
EBIT₩38B₩37B₩37B₩63B₩70B₩76B₩81B₩83B
EBIT margin22.5%18.0%15.7%21.2%21.2%21.2%21.2%21.2%
After-tax EBIT₩28B₩27B₩27B₩46B₩51B₩55B₩58B₩60B
+ Depreciation———₩9B₩10B₩11B₩11B₩12B
− Capital spending₩7.6B₩7.6B₩7.4B₩11B₩13B₩14B₩14B₩15B
− Working capital₩16B₩8B₩4.9B₩14B₩13B₩11B₩8.1B₩4.6B
Free cash flow———₩29B₩35B₩41B₩47B₩52B
Discount factor———0.9320.8680.8090.7540.703
Present value———₩27B₩31B₩33B₩36B₩37B

Terminal value ₩1.1T, worth ₩754B today: 82% 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 ₩25,522 a share)Now 1.82×₩30,1011.18×₩38,2721.50×₩49,9631.96×
Price / earnings (last 12 months: ₩3,453 a share)Now 13.5×₩30,4408.82×₩36,05210.4×₩46,43213.4×
P/E on run-rate earnings (Q2 2026 × 4: ₩4,201 a share)Now 11.1×₩37,0398.82×₩43,86910.4×₩56,50013.4×

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%
6.3%₩76,896₩82,525₩89,451₩98,184₩109,544
6.8%₩70,310₩74,818₩80,255₩86,943₩95,378
7.3%₩64,775₩68,445₩72,798₩78,048₩84,507
7.8%₩60,060₩63,088₩66,632₩70,835₩75,903
8.3%₩55,996₩58,524₩61,448₩64,868₩68,926

Now (TTM)

Market cap
₩628B
Enterprise value
₩562B
P/E
13.5×
P/B
1.8×
P/S
2.4×
EV/EBITDA
—
Dividend yield
1.3%

Over time (at each year end)

20252024202320222021
Price₩32,750₩23,200₩25,350₩20,200₩23,150
Market cap₩441B₩313B₩342B₩272B₩312B
P/E14.4×9.4×9.3×8.1×9.2×
P/B1.4×1.1×1.4×1.3×1.7×
P/S1.9×1.5×2.0×1.7×2.3×
EV/EBITDA—————
Dividend yield1.8%1.7%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
InBody13.5×1.8×2.4×—1.3%
TSE23.5×5.2×4.3×—0.2%
Kctech19.8×3.0×3.6×15.3×0.5%
Classys12.4×3.1×4.6×9.7×3.8%
Park Systems66.3×4.5×7.9×—0.2%
DI37.8×5.2×2.3×—0.6%
LivsMed—6.1×19.4×—0.0%
Similar companies (median)23.5×4.8×4.5×12.5×0.4%

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

Also known as: InBody / 인바디 / 041830 / KRX:041830

Source: KRX statistical information