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ktis

058860 · KOSPI · ₩058860 · KTis

₩2,475▲ ₩10 (0.41%)End-of-day · Oct 28, 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

₩10,264

vs the current price (₩2,475)

Enterprise value
₩454B
Equity value
₩357B
WACC
5.4%

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 315% 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 ₩2,475, the model needs an operating margin of 1.7% every year (it uses 3.6%).
  • Or revenue growth −21.7 points a year higher than assumed in each of the 5 years.
  • 55% 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 2.3× against a typical 7.1× 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
₩687
−72.2%
Base
₩10,264
+314.7%
Bull
₩31,432
+1,170.0%

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 (3.6%).

Revenue growth

  • 3.2%

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

    Default: the last 3 years' revenue growth (3.2% a year, annual reports), fading to 3% by year 5.

  • 3.1%

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

    Default: the last 3 years' revenue growth (3.2% a year, annual reports), fading to 3% by year 5.

  • 3.1%

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

    Default: the last 3 years' revenue growth (3.2% 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 (3.2% 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 (3.2% a year, annual reports), fading to 3% by year 5.

Business

  • 3.6%

    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.

  • 0.9%

    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).

  • 1.1%

    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).

  • 7.6%

    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.

  • 4.11%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-28.

  • 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 0.15, 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.

  • 5.61%

    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)
₩619B
Net debt (borrowings and leases − cash and deposits)
₩127B
+ Stakes and investments
₩30B
Associates, long-term financial assets and deposits (book value)
Shares
34,802,000
Share price
₩2,475
Market cap
₩86B

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₩593B₩604B₩589B₩638B₩658B₩679B₩699B₩720B
Growth10.7%1.8%−2.5%3.2%3.1%3.1%3.0%3.0%
EBIT₩21B₩21B₩25B₩23B₩24B₩24B₩25B₩26B
EBIT margin3.5%3.5%4.2%3.6%3.6%3.6%3.6%3.6%
After-tax EBIT₩15B₩15B₩18B₩17B₩17B₩18B₩18B₩19B
+ Depreciation———₩5.7B₩5.9B₩6.1B₩6.3B₩6.5B
− Capital spending₩17B₩435M₩2.7B₩7B₩7.2B₩7.5B₩7.7B₩7.9B
− Working capital₩132M−₩7B₩74B₩1.5B₩1.5B₩1.6B₩1.5B₩1.6B
Free cash flow———₩14B₩14B₩15B₩15B₩16B
Discount factor———0.9490.9000.8540.8100.768
Present value———₩13B₩13B₩13B₩12B₩12B

Terminal value ₩509B, worth ₩391B today: 86% 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 ₩7,002 a share)Now 0.35×₩2,7500.39×₩3,1990.46×₩3,8390.55×
Price / earnings (last 12 months: ₩1,060 a share)Now 2.33×₩2,6932.54×₩7,5437.11×₩8,6138.12×
P/E on run-rate earnings (Q2 2026 × 4: ₩666 a share)Now 3.72×₩1,6902.54×₩4,7357.11×₩5,4078.12×

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%
4.4%₩11,124₩13,040₩15,748₩19,867₩26,893
4.9%₩9,310₩10,687₩12,535₩15,146₩19,116
5.4%₩7,908₩8,936₩10,264₩12,045₩14,561
5.9%₩6,792₩7,583₩8,573₩9,852₩11,569
6.4%₩5,883₩6,505₩7,266₩8,221₩9,453

Now (TTM)

Market cap
₩86B
Enterprise value
₩109B
P/E
2.3×
P/B
0.4×
P/S
0.1×
EV/EBITDA
—
Dividend yield
5.7%

Over time (at each year end)

20252024202320222021
Price₩2,715₩2,610₩3,015₩2,415₩2,540
Market cap₩94B₩91B₩105B₩84B₩88B
P/E2.6×7.7×7.5×5.3×3.5×
P/B0.4×0.4×0.5×0.4×0.5×
P/S0.2×0.2×0.2×0.2×0.2×
EV/EBITDA—————
Dividend yield5.2%4.6%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
ktis2.3×0.4×0.1×—5.7%
NAVER13.4×0.9×2.1×—1.5%
Kakao38.1×1.1×1.6×—0.3%
Daou Technology1.9×0.4×0.0×—5.4%
NICE Information Service11.6×2.1×1.6×6.8×3.0%
Kinx31.7×3.6×4.6×13.9×0.4%
Cafe2411.6×1.6×1.3×—0.0%
Similar companies (median)12.5×1.3×1.6×6.8×0.9%

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

Also known as: ktis / KTis / 058860 / KRX:058860

Source: KRX statistical information