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Korea Credit Information

049720 · KOSDAQ · ₩049720 · 고려신용정보

₩8,720▼ ₩60 (0.68%)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

₩17,369

vs the current price (₩8,720)

Enterprise value
₩231B
Equity value
₩248B
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 99% 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 ₩8,720, the model needs an operating margin of 4.4% every year (it uses 8.8%).
  • Or revenue growth −18.8 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 9.4× against a typical 12.9× 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
₩10,356
+18.8%
Base
₩17,369
+99.2%
Bull
₩29,363
+236.7%

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 (8.8%).

Revenue growth

  • 6.6%

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

    Default: the last 3 years' revenue growth (6.6% a year, annual reports), fading to 3% by year 5.

  • 5.7%

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

    Default: the last 3 years' revenue growth (6.6% a year, annual reports), fading to 3% by year 5.

  • 4.8%

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

    Default: the last 3 years' revenue growth (6.6% a year, annual reports), fading to 3% by year 5.

  • 3.9%

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

    Default: the last 3 years' revenue growth (6.6% 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 (6.6% a year, annual reports), fading to 3% by year 5.

Business

  • 8.8%

    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.

  • 0.7%

    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).

  • 1%

    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).

  • 11.5%

    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 0.02, 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)
₩178B
Net debt (borrowings and leases − cash and deposits)
−₩12B
+ Stakes and investments
₩5.3B
Associates, long-term financial assets and deposits (book value)
Shares
14,300,000
Share price
₩8,720
Market cap
₩125B

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₩158B₩171B₩178B₩189B₩200B₩210B₩218B₩225B
Growth7.8%8.3%3.9%6.6%5.7%4.8%3.9%3.0%
EBIT₩13B₩15B₩17B₩17B₩18B₩18B₩19B₩20B
EBIT margin8.3%8.9%9.4%8.8%8.8%8.8%8.8%8.8%
After-tax EBIT₩9.5B₩11B₩12B₩12B₩13B₩13B₩14B₩14B
+ Depreciation₩1.2B₩1.2B₩1.2B₩1.3B₩1.4B₩1.5B₩1.5B₩1.6B
− Capital spending₩2.1B₩1.6B₩1.5B₩1.9B₩2B₩2.1B₩2.2B₩2.2B
− Working capital₩2.8B₩3.3B₩6.1B₩1.3B₩1.2B₩1.1B₩941M₩752M
Free cash flow₩5.8B₩7.5B₩5.8B₩10B₩11B₩12B₩12B₩13B
Discount factor———0.9320.8680.8090.7540.703
Present value———₩9.5B₩9.5B₩9.4B₩9.3B₩9.1B

Terminal value ₩262B, worth ₩184B today: 80% 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 ₩4,544 a share)Now 1.92×₩10,3822.28×₩15,5163.41×₩20,3754.48×
Price / earnings (last 12 months: ₩924 a share)Now 9.44×₩9,60510.4×₩11,92312.9×₩16,61318.0×
P/E on run-rate earnings (Q2 2026 × 4: ₩193 a share)Now 45.1×₩2,01210.4×₩2,49712.9×₩3,48018.0×

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%₩18,200₩19,552₩21,216₩23,315₩26,047
6.8%₩16,691₩17,779₩19,092₩20,708₩22,747
7.3%₩15,422₩16,312₩17,369₩18,644₩20,214
7.8%₩14,340₩15,079₩15,944₩16,970₩18,209
8.3%₩13,408₩14,028₩14,745₩15,585₩16,582

Now (TTM)

Market cap
₩125B
Enterprise value
₩113B
P/E
9.4×
P/B
1.9×
P/S
0.7×
EV/EBITDA
6.3×
Dividend yield
5.7%

Over time (at each year end)

20252024202320222021
Price₩10,560₩10,110₩9,520₩10,800₩8,510
Market cap₩151B₩145B₩136B₩154B₩122B
P/E11.4×10.9×11.6×14.6×12.4×
P/B2.4×2.7×3.0×3.9×3.7×
P/S0.8×0.8×0.9×1.1×0.8×
EV/EBITDA7.8×8.2×9.6×12.2×9.2×
Dividend yield4.7%4.5%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Korea Credit Information9.4×1.9×0.7×6.3×5.7%
S-124.3×2.2×1.3×—0.0%
Cheil Worldwide8.5×1.2×0.4×—6.7%
Doosan Tesna50.9×3.9×5.3×—0.2%
Lotte Tour Development15.2×2.1×1.1×—0.0%
Soulbrain Holdings1.3×0.4×1.2×—1.3%
Innocean Worldwide5.4×0.6×0.3×—6.8%
Similar companies (median)11.8×1.6×1.2×—0.8%

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

Also known as: Korea Credit Information / 고려신용정보 / 049720 / KRX:049720

Source: KRX statistical information