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Korea Information Certificate Authority

053300 · KOSDAQ · ₩053300 · 한국정보인증

₩5,090▼ ₩140 (2.68%)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

₩13,153

vs the current price (₩5,090)

Enterprise value
₩448B
Equity value
₩520B
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 158% 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 ₩5,090, the model needs an operating margin of 6.7% every year (it uses 18.2%).
  • Or revenue growth −24.7 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 10.3× against a typical 16.0× 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
₩8,943
+75.7%
Base
₩13,153
+158.4%
Bull
₩20,052
+294.0%

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 (18.2%).

Revenue growth

  • 16.4%

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

    Default: the last 3 years' revenue growth (16.4% a year, annual reports), fading to 3% by year 5.

  • 13%

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

    Default: the last 3 years' revenue growth (16.4% a year, annual reports), fading to 3% by year 5.

  • 9.7%

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

    Default: the last 3 years' revenue growth (16.4% a year, annual reports), fading to 3% by year 5.

  • 6.3%

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

    Default: the last 3 years' revenue growth (16.4% 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 (16.4% a year, annual reports), fading to 3% by year 5.

Business

  • 18.2%

    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.

  • 2.1%

    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).

  • 9.6%

    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).

  • -6.9%

    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 0.28, 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)
₩144B
Net debt (borrowings and leases − cash and deposits)
−₩89B
+ Stakes and investments
₩30B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩46B
Shares
39,565,146
Share price
₩5,090
Market cap
₩201B

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₩92B₩122B₩138B₩168B₩190B₩208B₩221B₩228B
Growth5.0%32.2%13.6%16.4%13.0%9.7%6.3%3.0%
EBIT₩14B₩19B₩27B₩31B₩35B₩38B₩40B₩41B
EBIT margin15.1%15.5%19.5%18.2%18.2%18.2%18.2%18.2%
After-tax EBIT₩10B₩14B₩20B₩22B₩25B₩27B₩29B₩30B
+ Depreciation₩2.1B—₩2.7B₩3.5B₩4B₩4.4B₩4.6B₩4.8B
− Capital spending₩21B₩5.5B₩1.4B₩16B₩18B₩20B₩21B₩22B
− Working capital−₩73B−₩6.2B₩23B−₩1.6B−₩1.5B−₩1.3B−₩904M−₩458M
Free cash flow₩64B—−₩2.3B₩11B₩12B₩13B₩13B₩13B
Discount factor———0.9310.8670.8080.7520.700
Present value———₩10B₩11B₩11B₩10B₩9.4B

Terminal value ₩567B, worth ₩397B today: 89% 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 ₩5,116 a share)Now 0.99×₩4,4110.86×₩5,9381.16×₩7,5571.48×
Price / earnings (last 12 months: ₩493 a share)Now 10.3×₩4,5159.15×₩7,89016.0×₩15,32131.1×
P/E on run-rate earnings (Q2 2026 × 4: ₩530 a share)Now 9.61×₩4,8469.15×₩8,46916.0×₩16,44531.1×

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%₩13,512₩14,659₩16,069₩17,842₩20,140
6.9%₩12,394₩13,330₩14,459₩15,846₩17,591
7.4%₩11,454₩12,231₩13,153₩14,264₩15,629
7.9%₩10,653₩11,307₩12,072₩12,979₩14,072
8.4%₩9,964₩10,520₩11,163₩11,916₩12,808

Now (TTM)

Market cap
₩201B
Enterprise value
₩108B
P/E
10.3×
P/B
1.0×
P/S
1.4×
EV/EBITDA
3.1×
Dividend yield
3.9%

Over time (at each year end)

20252024202320222021
Price₩5,930₩4,240₩5,280₩4,875₩6,760
Market cap₩235B₩168B₩209B₩193B₩267B
P/E9.0×15.0×22.5×31.1×21.3×
P/B1.1×0.9×1.2×1.1×1.6×
P/S1.7×1.4×2.3×2.2×4.5×
EV/EBITDA5.7×—8.6×9.6×17.3×
Dividend yield3.4%3.5%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Korea Information Certificate Authority10.3×1.0×1.4×3.1×3.9%
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: Korea Information Certificate Authority / 한국정보인증 / 053300 / KRX:053300

Source: KRX statistical information