KOSDAQ · 054800 · Business services · ₩054800

Idis Holdings아이디스홀딩스

054800 · KOSDAQ · ₩054800 · 아이디스홀딩스

₩13,400▲ ₩30 (0.22%)End-of-day · Oct 30, 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

₩89,206

vs the current price (₩13,400)

Enterprise value: ₩1T
Equity value: ₩923B
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 566% 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 ₩13,400, the model needs an operating margin of 3.1% every year (it uses 8.7%).
Today's P/E is 2.7× against a typical 4.5× 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: ₩46,062; +243.7%
Base: ₩89,206; +565.7%
Bull: ₩164,812; +1,129.9%

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 (8.7%).

Revenue growth

Revenue growth, year 11.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (1.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 21.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (1.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 32.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (1.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 42.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (1.3% 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 (1.3% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin8.7%
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 & amortisation2.2%
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).
Capital spending2.8%
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).
Working capital30.8%
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 rate4.01%
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.
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 0.28, 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)5.51%
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): ₩999B
Net debt (borrowings and leases − cash and deposits): −₩331B
+ Stakes and investments: ₩64B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩510B
Shares: 10,347,756
Share price: ₩13,400
Market cap: ₩139B

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	₩749B	₩781B	₩908B	₩1T	₩1T	₩1.1T	₩1.1T	₩1.1T
Growth	−14.4%	4.4%	16.2%	1.3%	1.7%	2.1%	2.6%	3.0%
EBIT	₩45B	₩63B	₩90B	₩88B	₩90B	₩91B	₩94B	₩97B
EBIT margin	6.0%	8.1%	9.9%	8.7%	8.7%	8.7%	8.7%	8.7%
After-tax EBIT	₩32B	₩46B	₩65B	₩64B	₩65B	₩66B	₩68B	₩70B
+ Depreciation	—	—	—	₩22B	₩23B	₩23B	₩24B	₩24B
− Capital spending	₩35B	₩17B	₩13B	₩28B	₩29B	₩29B	₩30B	₩31B
− Working capital	−₩223B	−₩64B	₩149B	₩4B	₩5.3B	₩6.7B	₩8.4B	₩10B
Free cash flow	—	—	—	₩54B	₩53B	₩53B	₩53B	₩53B
Discount factor	—	—	—	0.932	0.868	0.809	0.754	0.703
Present value	—	—	—	₩50B	₩46B	₩43B	₩40B	₩38B

Terminal value ₩1.2T, worth ₩821B 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:

	Low	Typical	High
Price / book (book value ₩38,772 a share)Now 0.35×	₩12,5000.32×	₩16,8330.43×	₩22,3720.58×
Price / earnings (last 12 months: ₩5,039 a share)Now 2.66×	₩16,0113.18×	₩22,6504.50×	₩40,6478.07×
P/E on run-rate earnings (Q2 2026 × 4: ₩4,483 a share)Now 2.99×	₩14,2463.18×	₩20,1544.50×	₩36,1688.07×

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%	₩97,396	₩104,342	₩112,871	₩123,608	₩137,554
6.8%	₩87,782	₩93,238	₩99,805	₩107,869	₩118,019
7.3%	₩79,699	₩84,053	₩89,206	₩95,407	₩103,020
7.8%	₩72,810	₩76,330	₩80,437	₩85,296	₩91,142
8.3%	₩66,869	₩69,746	₩73,061	₩76,928	₩81,503

Now (TTM)

Market cap: ₩139B
Enterprise value: −₩192B
P/E: 2.7×
P/B: 0.3×
P/S: 0.1×
EV/EBITDA: —
Dividend yield: 2.2%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩11,900	₩9,400	₩11,300	₩12,600	₩13,050
Market cap	₩123B	₩97B	₩117B	₩130B	₩135B
P/E	3.2×	3.4×	5.6×	3.4×	30.7×
P/B	0.3×	0.3×	0.4×	0.5×	0.6×
P/S	0.1×	0.1×	0.2×	0.1×	0.2×
EV/EBITDA	—	—	—	—	—
Dividend yield	2.5%	2.7%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Idis Holdings	2.7×	0.3×	0.1×	—	2.2%
S-1	24.3×	2.2×	1.3×	—	0.0%
Cheil Worldwide	8.5×	1.2×	0.4×	—	6.7%
Doosan Tesna	50.9×	3.9×	5.3×	—	0.2%
Lotte Tour Development	15.2×	2.1×	1.1×	—	0.0%
Soulbrain Holdings	1.3×	0.4×	1.2×	—	1.3%
Innocean Worldwide	5.4×	0.6×	0.3×	—	6.8%
Similar companies (median)	11.8×	1.6×	1.2×	—	0.8%

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

Also known as: Idis Holdings / 아이디스홀딩스 / 054800 / KRX:054800

Source: KRX statistical information