KOSDAQ · 042510 · Software · ₩042510

RaonSecure라온시큐어

042510 · KOSDAQ · ₩042510 · 라온시큐어

₩16,650▼ ₩2,610 (13.55%)End-of-day · Oct 29, 2026 · End-of-day prices.

Trade

Sell Buy

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

₩2,018

vs the current price (₩16,650)

Enterprise value: ₩25B
Equity value: ₩22B
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 88% 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 ₩16,650, the model needs an operating margin of 18.4% every year (it uses 2.9%).
Or revenue growth +59.7 points a year higher than assumed in each of the 5 years.
Margins ranged from −3.2% to 9.2% 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.
37% 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 41.5× against a typical 24.8× 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: ₩58; −99.7%
Base: ₩2,018; −87.9%
Bull: ₩5,552; −66.7%

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

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (2.9%).

Revenue growth

Revenue growth, year 110.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (10.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 28.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (10.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 36.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (10.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 45%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (10.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (10.8% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin2.9%
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.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation2.2%
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).
Capital spending2.7%
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).
Working capital4.1%
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

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.08%
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.
Beta0.6
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 -0.14, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)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): ₩61B
Net debt (borrowings and leases − cash and deposits): ₩2.1B
+ Stakes and investments: ₩275M; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩286M
Shares: 11,105,828
Share price: ₩16,650
Market cap: ₩185B

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.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩52B	₩62B	₩64B	₩67B	₩73B	₩78B	₩82B	₩84B
Growth	10.7%	20.5%	2.0%	10.8%	8.9%	6.9%	5.0%	3.0%
EBIT	−₩1.7B	₩2B	₩2.8B	₩1.9B	₩2.1B	₩2.3B	₩2.4B	₩2.5B
EBIT margin	−3.2%	3.1%	4.4%	2.9%	2.9%	2.9%	2.9%	2.9%
After-tax EBIT	−₩1.2B	₩1.4B	₩2B	₩1.4B	₩1.5B	₩1.6B	₩1.7B	₩1.8B
+ Depreciation	—	—	—	₩1.5B	₩1.6B	₩1.7B	₩1.8B	₩1.9B
− Capital spending	₩2.4B	₩1.4B	₩938M	₩1.8B	₩2B	₩2.1B	₩2.2B	₩2.3B
− Working capital	−₩20B	₩930M	−₩600M	₩268M	₩245M	₩207M	₩160M	₩101M
Free cash flow	—	—	—	₩807M	₩926M	₩1B	₩1.2B	₩1.3B
Discount factor	—	—	—	0.932	0.868	0.808	0.753	0.702
Present value	—	—	—	₩752M	₩804M	₩845M	₩869M	₩879M

Terminal value ₩29B, worth ₩20B today: 83% 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:

	Low	Typical	High
Price / book (book value ₩4,701 a share)Now 3.54×	₩9,9822.12×	₩14,4463.07×	₩28,2916.02×
Price / earnings (last 12 months: ₩401 a share)Now 41.5×	₩7,60519.0×	₩9,96224.8×	₩22,43355.9×
P/E on run-rate earnings (Q2 2026 × 4: ₩110 a share)Now 151.1×	₩2,08919.0×	₩2,73624.8×	₩6,16255.9×

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%	₩2,142	₩2,329	₩2,560	₩2,850	₩3,227
6.8%	₩1,928	₩2,079	₩2,261	₩2,484	₩2,766
7.3%	₩1,749	₩1,872	₩2,018	₩2,195	₩2,411
7.8%	₩1,596	₩1,698	₩1,818	₩1,959	₩2,130
8.3%	₩1,464	₩1,550	₩1,649	₩1,765	₩1,902

Now (TTM)

Market cap: ₩185B
Enterprise value: ₩182B
P/E: 41.5×
P/B: 3.5×
P/S: 3.1×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩9,110	₩10,305	₩12,331	₩10,530	₩19,960
Market cap	₩101B	₩114B	₩137B	₩117B	₩222B
P/E	29.9×	28.5×	32.9×	17.5×	—
P/B	1.9×	2.3×	3.0×	3.1×	7.1×
P/S	1.6×	1.8×	2.6×	2.5×	5.1×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
RaonSecure	41.5×	3.5×	3.1×	—	0.0%
Hyundai Autoever	47.8×	4.8×	2.0×	—	0.6%
Krafton	10.0×	1.2×	1.9×	—	1.2%
NC	7.0×	1.2×	2.1×	8.4×	0.6%
Netmarble	7.1×	0.5×	1.0×	—	2.6%
PearlAbyss	8.0×	2.1×	3.0×	5.2×	0.0%
Shift UP	9.0×	1.8×	7.2×	—	0.0%
Similar companies (median)	8.5×	1.5×	2.0×	6.8×	0.6%

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

Also known as: RaonSecure / 라온시큐어 / 042510 / KRX:042510

Source: KRX statistical information