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YoungLimWon SoftLab

060850 · KOSDAQ · ₩060850 · 영림원소프트랩

₩3,895 ₩0 (0.00%)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

₩9,096

vs the current price (₩3,895)

Enterprise value
₩64B
Equity value
₩74B
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 134% 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 ₩3,895, the model needs an operating margin of 3.0% every year (it uses 5.8%).
  • Or revenue growth −23.5 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 12.7× against a typical 12.4× 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
₩4,256
+9.3%
Base
₩9,096
+133.5%
Bull
₩17,542
+350.4%

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 (5.8%).

Revenue growth

  • 11.6%

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

    Default: the last 3 years' revenue growth (11.6% a year, annual reports), fading to 3% by year 5.

  • 9.4%

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

    Default: the last 3 years' revenue growth (11.6% a year, annual reports), fading to 3% by year 5.

  • 7.3%

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

    Default: the last 3 years' revenue growth (11.6% a year, annual reports), fading to 3% by year 5.

  • 5.1%

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

    Default: the last 3 years' revenue growth (11.6% 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 (11.6% a year, annual reports), fading to 3% by year 5.

Business

  • 5.8%

    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.

  • 7.8%

    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).

  • 9.8%

    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).

  • 1.7%

    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 0.14, 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)
₩86B
Net debt (borrowings and leases − cash and deposits)
−₩2.1B
+ Stakes and investments
₩8B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩62M
Shares
8,131,000
Share price
₩3,895
Market cap
₩32B

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₩56B₩63B₩80B₩96B₩104B₩112B₩118B₩121B
Growth−3.5%12.7%27.7%11.6%9.4%7.3%5.1%3.0%
EBIT₩2.9B₩2.2B₩4.2B₩5.5B₩6.1B₩6.5B₩6.8B₩7B
EBIT margin5.2%3.6%5.3%5.8%5.8%5.8%5.8%5.8%
After-tax EBIT₩2.1B₩1.6B₩3.1B₩4B₩4.4B₩4.7B₩5B₩5.1B
+ Depreciation———₩7.4B₩8.1B₩8.7B₩9.2B₩9.5B
− Capital spending₩1.3B₩5.3B₩15B₩9.4B₩10B₩11B₩12B₩12B
− Working capital−₩14B−₩1.4B−₩456M₩169M₩153M₩130M₩97M₩60M
Free cash flow———₩1.9B₩2.2B₩2.3B₩2.5B₩2.6B
Discount factor———0.9310.8670.8080.7520.700
Present value———₩1.8B₩1.9B₩1.9B₩1.9B₩1.8B

Terminal value ₩78B, worth ₩55B today: 85% 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 ₩6,496 a share)Now 0.60×₩5,6990.88×₩10,2231.57×₩14,5002.23×
Price / earnings (last 12 months: ₩308 a share)Now 12.7×₩2,2387.28×₩3,80312.4×₩5,68718.5×

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%₩9,416₩10,153₩11,058₩12,195₩13,669
6.9%₩8,655₩9,254₩9,975₩10,861₩11,974
7.4%₩8,015₩8,510₩9,096₩9,802₩10,669
7.9%₩7,470₩7,883₩8,367₩8,941₩9,633
8.4%₩6,999₩7,349₩7,755₩8,229₩8,791

Now (TTM)

Market cap
₩32B
Enterprise value
₩29B
P/E
12.7×
P/B
0.6×
P/S
0.4×
EV/EBITDA
—
Dividend yield
3.1%

Over time (at each year end)

20252024202320222021
Price₩6,140₩5,170₩9,130₩9,040₩11,200
Market cap₩50B₩42B₩74B₩74B₩91B
P/E7.8×12.8×19.7×10.3×18.5×
P/B0.9×0.9×1.7×1.7×2.4×
P/S0.6×0.7×1.3×1.3×1.9×
EV/EBITDA—————
Dividend yield2.0%1.5%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
YoungLimWon SoftLab12.7×0.6×0.4×—3.1%
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: YoungLimWon SoftLab / 영림원소프트랩 / 060850 / KRX:060850

Source: KRX statistical information