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053580 · KOSDAQ · ₩053580 · 웹케시

₩6,720▼ ₩160 (2.33%)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

₩14,894

vs the current price (₩6,720)

Enterprise value
₩170B
Equity value
₩193B
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 122% 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 ₩6,720, the model needs an operating margin of 7.7% every year (it uses 19.6%).
  • Or revenue growth −19.1 points a year higher than assumed in each of the 5 years.
  • The group includes a financial business (an insurer, bank or broker), whose investments and minority shareholders are left out here. A sum-of-the-parts view usually fits groups like this better.
  • Today's P/E is 6.8× against a typical 15.3× 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
₩10,346
+54.0%
Base
₩14,894
+121.6%
Bull
₩22,347
+232.5%

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 (19.6%).

Revenue growth

  • -5.4%

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

    Default: the last 3 years' revenue growth (-5.4% a year, annual reports), fading to 3% by year 5.

  • -3.3%

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

    Default: the last 3 years' revenue growth (-5.4% a year, annual reports), fading to 3% by year 5.

  • -1.2%

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

    Default: the last 3 years' revenue growth (-5.4% a year, annual reports), fading to 3% by year 5.

  • 0.9%

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

    Default: the last 3 years' revenue growth (-5.4% 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 (-5.4% a year, annual reports), fading to 3% by year 5.

Business

  • 19.6%

    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.

  • 3%

    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).

  • 3.8%

    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).

  • -5.2%

    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: 104 weeks of weekly returns against KOSPI (official index); raw beta 0.07, 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)
₩75B
Net debt (borrowings and leases − cash and deposits)
−₩23B
Shares
12,954,436
Share price
₩6,720
Market cap
₩87B

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₩74B₩74B₩74B₩71B₩68B₩67B₩68B₩70B
Growth−16.3%0.0%1.0%−5.4%−3.3%−1.2%0.9%3.0%
EBIT₩14B₩14B₩13B₩14B₩13B₩13B₩13B₩14B
EBIT margin18.6%18.7%18.1%19.6%19.6%19.6%19.6%19.6%
After-tax EBIT₩9.9B₩10B₩9.8B₩10B₩9.7B₩9.6B₩9.7B₩10B
+ Depreciation———₩2.1B₩2B₩2B₩2B₩2.1B
− Capital spending₩3.7B₩2.2B₩2.5B₩2.7B₩2.6B₩2.6B₩2.6B₩2.7B
− Working capital₩7.2B₩2.4B₩1.3B₩210M₩121M₩43M−₩32M−₩106M
Free cash flow———₩9.3B₩9B₩9B₩9.2B₩9.5B
Discount factor———0.9320.8680.8090.7540.703
Present value———₩8.6B₩7.8B₩7.3B₩6.9B₩6.7B

Terminal value ₩189B, worth ₩133B today: 78% 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 ₩8,762 a share)Now 0.77×₩7,5770.86×₩11,8601.35×₩27,6183.15×
Price / earnings (last 12 months: ₩984 a share)Now 6.83×₩7,4417.56×₩15,02015.3×₩20,74221.1×
P/E on run-rate earnings (Q2 2026 × 4: ₩859 a share)Now 7.82×₩6,4957.56×₩13,11015.3×₩18,10521.1×

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%
6.3%₩15,319₩16,500₩17,956₩19,794₩22,188
6.8%₩14,142₩15,104₩16,265₩17,697₩19,504
7.3%₩13,153₩13,948₩14,894₩16,036₩17,443
7.8%₩12,309₩12,976₩13,758₩14,688₩15,811
8.3%₩11,581₩12,147₩12,803₩13,572₩14,486

Now (TTM)

Market cap
₩87B
Enterprise value
₩63B
P/E
6.8×
P/B
0.8×
P/S
1.2×
EV/EBITDA
—
Dividend yield
3.0%

Over time (at each year end)

20252024202320222021
Price₩9,750₩9,770₩9,380₩14,500₩26,750
Market cap₩126B₩127B₩122B₩188B₩347B
P/E10.1×15.2×21.7×16.3×23.3×
P/B1.1×1.2×1.2×1.8×3.5×
P/S1.7×1.7×1.7×2.1×4.2×
EV/EBITDA—————
Dividend yield2.1%1.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
WebCash6.8×0.8×1.2×—3.0%
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: WebCash / 웹케시 / 053580 / KRX:053580

Source: KRX statistical information