KOSDAQ · 052790 · Software · ₩052790

Actoz Soft액토즈소프트

052790 · KOSDAQ · ₩052790 · 액토즈소프트

₩4,555▲ ₩60 (1.33%)End-of-day · Oct 27, 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

₩57,988

vs the current price (₩4,555)

Enterprise value: ₩481B
Equity value: ₩633B
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 1,173% 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 ₩4,555, the model needs an operating margin of −8.0% every year (it uses 42.9%).
Margins ranged from 37.0% to 47.5% 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.
48% 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 0.9× against a typical 4.0× 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: ₩45,337; +895.3%
Base: ₩57,988; +1,173.1%
Bull: ₩78,253; +1,618.0%

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 (42.9%).

Revenue growth

Revenue growth, year 15.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (5.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 25.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (5.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 34.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (5.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 43.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (5.8% 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 (5.8% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin42.9%
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 & amortisation3.1%
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).
Capital spending0.5%
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 capital40%
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 rate4.03%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-27.
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 0.15, 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)5.53%
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): ₩74B
Net debt (borrowings and leases − cash and deposits): −₩93B
+ Stakes and investments: ₩59B; Associates, long-term financial assets and deposits (book value)
Shares: 10,924,547
Share price: ₩4,555
Market cap: ₩50B

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	₩89B	₩80B	₩70B	₩78B	₩82B	₩86B	₩89B	₩92B
Growth	51.3%	−10.9%	−12.2%	5.8%	5.1%	4.4%	3.7%	3.0%
EBIT	₩42B	₩29B	₩29B	₩34B	₩35B	₩37B	₩38B	₩39B
EBIT margin	47.5%	37.0%	40.9%	42.9%	42.9%	42.9%	42.9%	42.9%
After-tax EBIT	₩31B	₩21B	₩21B	₩24B	₩26B	₩27B	₩28B	₩29B
+ Depreciation	—	—	₩2.2B	₩2.4B	₩2.6B	₩2.7B	₩2.8B	₩2.9B
− Capital spending	₩280M	₩270M	₩674M	₩392M	₩412M	₩431M	₩447M	₩460M
− Working capital	₩84B	−₩39B	₩25B	₩1.7B	₩1.6B	₩1.5B	₩1.3B	₩1.1B
Free cash flow	—	—	−₩2.8B	₩25B	₩26B	₩28B	₩29B	₩30B
Discount factor	—	—	—	0.932	0.868	0.809	0.753	0.702
Present value	—	—	—	₩23B	₩23B	₩22B	₩22B	₩21B

Terminal value ₩528B, worth ₩371B today: 77% 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 ₩27,122 a share)Now 0.17×	₩6,1000.22×	₩9,4420.35×	₩17,8830.66×
Price / earnings (last 12 months: ₩4,854 a share)Now 0.94×	₩6,6521.37×	₩19,2763.97×	₩105,29521.7×
P/E on run-rate earnings (Q2 2026 × 4: ₩5,773 a share)Now 0.79×	₩7,9111.37×	₩22,9243.97×	₩125,21921.7×

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%	₩60,019	₩63,644	₩68,103	₩73,722	₩81,024
6.8%	₩56,062	₩58,990	₩62,523	₩66,868	₩72,343
7.3%	₩52,729	₩55,134	₩57,988	₩61,430	₩65,664
7.8%	₩49,883	₩51,886	₩54,230	₩57,011	₩60,366
8.3%	₩47,426	₩49,113	₩51,064	₩53,349	₩56,059

Now (TTM)

Market cap: ₩50B
Enterprise value: −₩45B
P/E: 0.9×
P/B: 0.2×
P/S: 0.7×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩6,130	₩7,090	₩8,700	₩7,790	₩16,700
Market cap	₩67B	₩77B	₩95B	₩85B	₩182B
P/E	2.1×	10.4×	2.8×	33.6×	4.9×
P/B	0.3×	0.3×	0.4×	0.4×	0.9×
P/S	1.0×	1.0×	1.1×	1.4×	3.1×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Actoz Soft	0.9×	0.2×	0.7×	—	0.0%
Hyundai Autoever	46.8×	4.7×	2.0×	—	0.6%
Krafton	10.0×	1.2×	1.9×	—	1.2%
NC	6.9×	1.2×	2.0×	8.3×	0.6%
Netmarble	7.1×	0.5×	1.0×	—	2.6%
PearlAbyss	7.9×	2.0×	3.0×	5.1×	0.0%
Shift UP	9.0×	1.8×	7.1×	—	0.0%
Similar companies (median)	8.4×	1.5×	2.0×	6.7×	0.6%

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

Also known as: Actoz Soft / 액토즈소프트 / 052790 / KRX:052790

Source: KRX statistical information