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Total Soft Bank

045340 · KOSDAQ · ₩045340 · 토탈소프트

₩6,400▼ ₩240 (3.61%)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

₩22,026

vs the current price (₩6,400)

Enterprise value
₩156B
Equity value
₩188B
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 244% 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 ₩6,400, the model needs an operating margin of 5.4% every year (it uses 24.8%).
  • Margins ranged from 18.6% to 34.0% 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 6.2× against a typical 11.6× 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
₩16,187
+152.9%
Base
₩22,026
+244.2%
Bull
₩31,553
+393.0%

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 (24.8%).

Revenue growth

  • 25%

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

    Default: the last 3 years' revenue growth (25.6% 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 (25.6% 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 (25.6% 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 (25.6% 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 (25.6% a year, annual reports), fading to 3% by year 5.

Business

  • 24.8%

    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.

  • 1.3%

    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).

  • 0.6%

    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: 105 weeks of weekly returns against KOSPI (official index); raw beta 0.15, 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)
₩29B
Net debt (borrowings and leases − cash and deposits)
−₩32B
Shares
8,558,040
Share price
₩6,400
Market cap
₩55B

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₩16B₩21B₩27B₩37B₩44B₩50B₩54B₩56B
Growth15.7%29.0%32.8%25.0%19.5%14.0%8.5%3.0%
EBIT₩3.6B₩5.2B₩9.4B₩9.1B₩11B₩12B₩14B₩14B
EBIT margin22.5%25.0%34.0%24.8%24.8%24.8%24.8%24.8%
After-tax EBIT₩2.6B₩3.7B₩6.8B₩6.6B₩7.9B₩9B₩9.8B₩10B
+ Depreciation₩294M₩263M₩209M₩479M₩573M₩653M₩708M₩730M
− Capital spending₩284M₩0₩0₩221M₩264M₩301M₩327M₩337M
− Working capital₩893M₩13B₩1B₩2.9B₩2.9B₩2.5B₩1.7B₩654M
Free cash flow₩1.7B−₩8.9B₩6B₩3.9B₩5.4B₩6.9B₩8.5B₩9.8B
Discount factor———0.9320.8680.8090.7540.703
Present value———₩3.7B₩4.6B₩5.6B₩6.4B₩6.9B

Terminal value ₩184B, worth ₩129B 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:

LowTypicalHigh
Price / book (book value ₩4,657 a share)Now 1.37×₩7,5121.61×₩9,3462.01×₩15,1363.25×
Price / earnings (last 12 months: ₩1,037 a share)Now 6.17×₩6,9206.68×₩12,07011.6×₩22,59421.8×
P/E on run-rate earnings (Q2 2026 × 4: ₩476 a share)Now 13.4×₩3,1796.68×₩5,54611.6×₩10,38121.8×

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%₩23,062₩24,614₩26,523₩28,931₩32,064
6.8%₩21,291₩22,537₩24,040₩25,889₩28,221
7.3%₩19,803₩20,819₩22,026₩23,481₩25,273
7.8%₩18,535₩19,376₩20,361₩21,529₩22,939
8.3%₩17,441₩18,146₩18,961₩19,914₩21,046

Now (TTM)

Market cap
₩55B
Enterprise value
₩23B
P/E
6.2×
P/B
1.4×
P/S
1.9×
EV/EBITDA
2.5×
Dividend yield
1.6%

Over time (at each year end)

20252024202320222021
Price₩7,110₩9,430₩4,420₩3,880₩10,600
Market cap₩61B₩81B₩38B₩33B₩91B
P/E7.1×13.2×10.0×12.6×30.1×
P/B1.7×2.9×1.7×1.8×5.6×
P/S2.2×3.9×2.4×2.4×6.4×
EV/EBITDA4.5×12.9×5.4×6.9×23.9×
Dividend yield1.4%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Total Soft Bank6.2×1.4×1.9×2.5×1.6%
Krafton10.0×1.2×1.9×—1.2%
Hyundai Autoever41.5×4.2×1.7×—0.7%
NC7.0×1.2×2.1×8.5×0.6%
Netmarble7.1×0.5×1.0×—2.6%
PearlAbyss8.1×2.1×3.0×5.3×0.0%
Shift UP9.0×1.8×7.1×—0.0%
Similar companies (median)8.5×1.5×2.0×6.9×0.6%

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

Also known as: Total Soft Bank / 토탈소프트 / 045340 / KRX:045340

Source: KRX statistical information