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InkredibleBuzz

064090 · KOSDAQ · ₩064090 · 인크레더블버즈

₩798 ₩0 (0.00%)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

₩73

vs the current price (₩798)

Enterprise value
−₩15B
Equity value
₩3.6B
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 91% 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 ₩798, the model needs an operating margin of 38.8% every year (it uses −20.0%).
  • Margins ranged from −84.3% to −8.2% over the last 5 years, so this is a cyclical business. The model uses the average; the price may be set by where the cycle is now. Try the margin fade option.
  • In the projection, spending on equipment, software and working capital takes most or all of the after-tax operating profit, so free cash flow is thin. Companies that invest heavily often look like this until spending slows.
  • 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.

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
₩137
−82.8%
Base
₩73
−90.9%
Bull
—

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 (−20.0%).

Revenue growth

  • -10%

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

    Default: the last 3 years' revenue growth (-37.4% a year, annual reports), fading to 3% by year 5.

  • -6.7%

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

    Default: the last 3 years' revenue growth (-37.4% a year, annual reports), fading to 3% by year 5.

  • -3.5%

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

    Default: the last 3 years' revenue growth (-37.4% a year, annual reports), fading to 3% by year 5.

  • -0.2%

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

    Default: the last 3 years' revenue growth (-37.4% 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 (-37.4% a year, annual reports), fading to 3% by year 5.

Business

  • -20%

    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.

  • 18.3%

    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).

  • 22.8%

    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).

  • 40%

    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 0.09, 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)
₩5.8B
Net debt (borrowings and leases − cash and deposits)
−₩18B
Shares
49,742,745
Share price
₩798
Market cap
₩40B

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₩6.9B₩4.6B₩7.2B₩5.2B₩4.9B₩4.7B₩4.7B₩4.8B
Growth−76.5%−33.9%58.1%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT−₩569M−₩3.5B−₩6.1B−₩1B−₩974M−₩940M−₩938M−₩966M
EBIT margin−8.2%−77.5%−84.3%−20.0%−20.0%−20.0%−20.0%−20.0%
After-tax EBIT−₩412M−₩2.6B−₩4.4B−₩757M−₩706M−₩681M−₩680M−₩700M
+ Depreciation———₩955M₩891M₩860M₩858M₩884M
− Capital spending₩69M₩467M₩4.1B₩1.2B₩1.1B₩1.1B₩1.1B₩1.1B
− Working capital₩39B−₩36M−₩18B−₩232M−₩140M−₩68M−₩3.8M₩56M
Free cash flow———−₩760M−₩785M−₩825M−₩887M−₩974M
Discount factor———0.9320.8680.8090.7530.702
Present value———−₩708M−₩682M−₩667M−₩668M−₩684M

Terminal value −₩16B, worth −₩11B today: 77% 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 ₩1,203 a share)Now 0.66×₩7980.66×₩3,4482.87×₩33,05127.5×

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%
6.3%₩68₩40₩6——
6.8%₩93₩70₩43₩9—
7.3%₩114₩95₩73₩45₩12
7.8%₩132₩116₩97₩75₩48
8.3%₩148₩134₩118₩100₩77

Now (TTM)

Market cap
₩40B
Enterprise value
₩21B
P/E
—
P/B
0.7×
P/S
6.8×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩1,309₩2,945₩1,889₩1,815₩2,200
Market cap₩65B₩146B₩94B₩90B₩109B
P/E—7.7×——128.5×
P/B1.0×1.5×2.6×24.4×8.5×
P/S9.0×32.1×13.6×3.1×3.6×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
InkredibleBuzz—0.7×6.8×—0.0%
Samsung C&T17.0×0.4×1.1×—1.0%
POSCO International10.5×1.2×0.3×—3.7%
Youngone5.1×0.7×0.7×—3.1%
ISC38.4×5.1×10.7×—0.6%
Dong SUH Companies18.8×1.6×5.1×—4.2%
SK Gas7.3×0.6×0.3×—3.6%
Similar companies (median)13.7×1.0×0.9×—3.4%

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

Also known as: InkredibleBuzz / 인크레더블버즈 / 064090 / KRX:064090

Source: KRX statistical information