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Kona I

052400 · KOSDAQ · ₩052400 · 코나아이

₩20,600▼ ₩2,100 (9.25%)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

₩105,494

vs the current price (₩20,600)

Enterprise value
₩1.2T
Equity value
₩1.5T
WACC
7.4%

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 412% 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 ₩20,600, the model needs an operating margin of 0.4% every year (it uses 22.0%).
  • Margins ranged from 12.0% to 28.8% 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 3.1× against a typical 5.5× 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
₩77,846
+277.9%
Base
₩105,494
+412.1%
Bull
₩150,191
+629.1%

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 (22.0%).

Revenue growth

  • 8.5%

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

    Default: the last 3 years' revenue growth (8.5% a year, annual reports), fading to 3% by year 5.

  • 7.1%

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

    Default: the last 3 years' revenue growth (8.5% 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 (8.5% a year, annual reports), fading to 3% by year 5.

  • 4.4%

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

    Default: the last 3 years' revenue growth (8.5% 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 (8.5% a year, annual reports), fading to 3% by year 5.

Business

  • 22%

    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.

  • 7.9%

    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).

  • 9.9%

    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).

  • -10%

    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.

  • 0.6

    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 0.12, 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)
₩345B
Net debt (borrowings and leases − cash and deposits)
−₩286B
+ Stakes and investments
₩44B
Associates, long-term financial assets and deposits (book value)
Shares
14,243,291
Share price
₩20,600
Market cap
₩293B

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₩280B₩236B₩309B₩374B₩401B₩423B₩442B₩455B
Growth15.7%−15.7%30.8%8.5%7.1%5.7%4.4%3.0%
EBIT₩34B₩33B₩89B₩82B₩88B₩93B₩97B₩100B
EBIT margin12.0%14.1%28.8%22.0%22.0%22.0%22.0%22.0%
After-tax EBIT₩24B₩24B₩64B₩60B₩64B₩68B₩70B₩73B
+ Depreciation———₩30B₩32B₩33B₩35B₩36B
− Capital spending₩35B₩22B₩25B₩37B₩40B₩42B₩44B₩45B
− Working capital₩24B₩1.3B−₩82B−₩2.9B−₩2.7B−₩2.3B−₩1.9B−₩1.3B
Free cash flow———₩55B₩59B₩61B₩64B₩65B
Discount factor———0.9310.8670.8080.7520.700
Present value———₩51B₩51B₩50B₩48B₩45B

Terminal value ₩1.3T, worth ₩928B today: 79% 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 ₩19,771 a share)Now 1.04×₩17,9400.91×₩23,2361.18×₩45,5492.30×
Price / earnings (last 12 months: ₩6,734 a share)Now 3.06×₩20,6003.06×₩36,9375.48×₩77,64411.5×
P/E on run-rate earnings (Q2 2026 × 4: ₩6,324 a share)Now 3.26×₩19,3463.06×₩34,6885.48×₩72,91611.5×

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%
6.4%₩107,986₩115,480₩124,687₩136,270₩151,282
6.9%₩100,606₩106,727₩114,105₩123,170₩134,573
7.4%₩94,385₩99,466₩105,494₩112,758₩121,683
7.9%₩89,072₩93,347₩98,350₩104,285₩111,438
8.4%₩84,481₩88,119₩92,329₩97,256₩103,100

Now (TTM)

Market cap
₩293B
Enterprise value
₩7.9B
P/E
3.1×
P/B
1.0×
P/S
0.9×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩30,355₩18,487₩11,968₩10,899₩21,630
Market cap₩432B₩263B₩170B₩155B₩308B
P/E5.8×8.7×5.8×4.5×5.9×
P/B1.7×1.3×1.0×1.1×2.3×
P/S1.4×1.1×0.6×0.6×1.6×
EV/EBITDA—————
Dividend yield0.0%0.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Kona I3.1×1.0×0.9×—0.0%
Hyundai Autoever47.8×4.8×2.0×—0.6%
Krafton10.0×1.2×1.9×—1.2%
NC7.0×1.2×2.1×8.4×0.6%
Netmarble7.1×0.5×1.0×—2.6%
PearlAbyss8.0×2.1×3.0×5.2×0.0%
Shift UP9.0×1.8×7.2×—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: Kona I / 코나아이 / 052400 / KRX:052400

Source: KRX statistical information