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Osangjaiel

053980 · KOSDAQ · ₩053980 · 오상자이엘

₩2,225▼ ₩30 (1.33%)End-of-day · Oct 26, 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

₩8,956

vs the current price (₩2,225)

Enterprise value
₩134B
Equity value
₩170B
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 303% 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 ₩2,225, the model needs an operating margin of 1.1% every year (it uses 6.6%).
  • 40% 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.
  • 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 3.7× against a typical 8.7× 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
₩5,386
+142.1%
Base
₩8,956
+302.5%
Bull
₩15,180
+582.3%

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 (6.6%).

Revenue growth

  • 12.5%

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

    Default: the last 3 years' revenue growth (12.5% a year, annual reports), fading to 3% by year 5.

  • 10.1%

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

    Default: the last 3 years' revenue growth (12.5% a year, annual reports), fading to 3% by year 5.

  • 7.7%

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

    Default: the last 3 years' revenue growth (12.5% a year, annual reports), fading to 3% by year 5.

  • 5.4%

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

    Default: the last 3 years' revenue growth (12.5% 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 (12.5% a year, annual reports), fading to 3% by year 5.

Business

  • 6.6%

    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.

  • 0.7%

    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).

  • 0.8%

    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).

  • 17.4%

    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.

  • 4.03%

    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.

  • 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 0.18, 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.

  • 5.53%

    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)
₩130B
Net debt (borrowings and leases − cash and deposits)
−₩36B
Shares
18,982,783
Share price
₩2,225
Market cap
₩42B

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₩103B₩117B₩136B₩147B₩161B₩174B₩183B₩189B
Growth7.8%13.2%16.6%12.5%10.1%7.7%5.4%3.0%
EBIT₩6.3B₩8B₩11B₩9.7B₩11B₩11B₩12B₩12B
EBIT margin6.1%6.8%8.1%6.6%6.6%6.6%6.6%6.6%
After-tax EBIT₩4.6B₩5.8B₩8B₩7B₩7.7B₩8.3B₩8.8B₩9B
+ Depreciation———₩1B₩1.1B₩1.2B₩1.3B₩1.3B
− Capital spending₩632M₩1.6B₩644M₩1.2B₩1.3B₩1.4B₩1.5B₩1.5B
− Working capital₩773M₩12B−₩13B₩2.8B₩2.6B₩2.2B₩1.6B₩956M
Free cash flow———₩4B₩5B₩6B₩6.9B₩7.9B
Discount factor———0.9320.8680.8090.7530.702
Present value———₩3.8B₩4.3B₩4.8B₩5.2B₩5.5B

Terminal value ₩158B, worth ₩111B today: 82% 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 ₩6,036 a share)Now 0.37×₩3,2030.53×₩5,3620.89×₩11,7501.95×
Price / earnings (last 12 months: ₩606 a share)Now 3.67×₩2,7114.48×₩5,2778.71×₩7,05511.6×
P/E on run-rate earnings (Q2 2026 × 4: ₩828 a share)Now 2.69×₩3,7064.48×₩7,2138.71×₩9,64211.6×

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%₩9,454₩10,005₩10,683₩11,535₩12,641
6.8%₩8,763₩9,201₩9,730₩10,378₩11,195
7.3%₩8,181₩8,536₩8,956₩9,462₩10,083
7.8%₩7,685₩7,976₩8,315₩8,718₩9,202
8.3%₩7,258₩7,499₩7,777₩8,102₩8,486

Now (TTM)

Market cap
₩42B
Enterprise value
₩6.5B
P/E
3.7×
P/B
0.4×
P/S
0.3×
EV/EBITDA
—
Dividend yield
6.7%

Over time (at each year end)

20252024202320222021
Price₩3,430₩3,360₩5,550₩4,905₩7,350
Market cap₩65B₩64B₩105B₩93B₩140B
P/E6.3×10.0×4.4×11.0×30.5×
P/B0.6×0.6×1.1×1.3×2.2×
P/S0.5×0.5×1.0×1.0×1.5×
EV/EBITDA—————
Dividend yield4.4%8.9%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Osangjaiel3.7×0.4×0.3×—6.7%
Hyundai Autoever44.9×4.5×1.9×—0.6%
Krafton10.1×1.2×1.9×—1.2%
NC7.0×1.2×2.1×8.5×0.6%
Netmarble7.0×0.5×1.0×—2.6%
PearlAbyss8.0×2.1×3.0×5.2×0.0%
Shift UP9.0×1.8×7.1×—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: Osangjaiel / 오상자이엘 / 053980 / KRX:053980

Source: KRX statistical information