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Wiable

065530 · KOSDAQ · ₩065530 · 와이어블

₩1,269▼ ₩47 (3.57%)End-of-day · Oct 30, 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

₩787

vs the current price (₩1,269)

Enterprise value
₩67B
Equity value
₩38B
WACC
6.2%

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 38% 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 ₩1,269, the model needs an operating margin of 7.1% every year (it uses 5.5%).
  • Or revenue growth +7.3 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 9.8× against a typical 27.9× 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
—
Base
₩787
−38.0%
Bull
₩2,405
+89.5%

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 (5.5%).

Revenue growth

  • 5.5%

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

    Default: the last 3 years' revenue growth (5.5% a year, annual reports), fading to 3% by year 5.

  • 4.9%

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

    Default: the last 3 years' revenue growth (5.5% a year, annual reports), fading to 3% by year 5.

  • 4.3%

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

    Default: the last 3 years' revenue growth (5.5% a year, annual reports), fading to 3% by year 5.

  • 3.6%

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

    Default: the last 3 years' revenue growth (5.5% 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 (5.5% a year, annual reports), fading to 3% by year 5.

Business

  • 5.5%

    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.

  • 3.4%

    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).

  • 4.3%

    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).

  • 7.9%

    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.

  • 4.01%

    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.

  • 0.6

    How much the share moves when the market moves: 1 means just like the market.

    Default: 104 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.

  • 5.51%

    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)
₩75B
Net debt (borrowings and leases − cash and deposits)
₩30B
Shares
47,838,759
Share price
₩1,269
Market cap
₩61B

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₩73B₩79B₩76B₩79B₩83B₩86B₩89B₩92B
Growth12.9%9.5%−4.9%5.5%4.9%4.3%3.6%3.0%
EBIT₩2.9B₩3.8B₩5.5B₩4.3B₩4.5B₩4.7B₩4.9B₩5.1B
EBIT margin4.0%4.8%7.2%5.5%5.5%5.5%5.5%5.5%
After-tax EBIT₩2.1B₩2.8B₩4B₩3.1B₩3.3B₩3.4B₩3.6B₩3.7B
+ Depreciation———₩2.7B₩2.8B₩2.9B₩3B₩3.1B
− Capital spending₩4B₩3.2B₩2.4B₩3.4B₩3.6B₩3.7B₩3.8B₩4B
− Working capital−₩4.5B₩1.9B₩5B₩325M₩305M₩281M₩245M₩212M
Free cash flow———₩2.1B₩2.2B₩2.4B₩2.5B₩2.6B
Discount factor———0.9410.8860.8340.7850.739
Present value———₩2B₩2B₩2B₩2B₩1.9B

Terminal value ₩78B, worth ₩57B 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 ₩1,630 a share)Now 0.78×₩1,3330.82×₩1,9591.20×₩2,9471.81×
Price / earnings (last 12 months: ₩129 a share)Now 9.82×₩1,81214.0×₩3,60127.9×₩6,81552.8×
P/E on run-rate earnings (Q2 2026 × 4: ₩105 a share)Now 12.1×₩1,46714.0×₩2,91527.9×₩5,51752.8×

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%
5.2%₩867₩1,029₩1,242₩1,532₩1,952
5.7%₩703₩827₩984₩1,190₩1,471
6.2%₩570₩667₩787₩940₩1,139
6.7%₩460₩538₩633₩749₩897
7.2%₩369₩432₩508₩599₩712

Now (TTM)

Market cap
₩61B
Enterprise value
₩83B
P/E
9.8×
P/B
0.8×
P/S
0.8×
EV/EBITDA
—
Dividend yield
3.9%

Over time (at each year end)

20252024202320222021
Price₩1,355₩1,298₩1,863₩2,160₩3,210
Market cap₩65B₩62B₩89B₩103B₩154B
P/E14.3×20.8×38.1×42.4×61.1×
P/B0.8×0.8×1.2×1.4×2.0×
P/S0.9×0.8×1.2×1.6×2.0×
EV/EBITDA—————
Dividend yield3.7%3.9%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Wiable9.8×0.8×0.8×—3.9%
SK Telecom21.7×1.0×0.9×4.9×2.2%
KT9.0×0.6×0.4×—5.2%
LG Uplus11.3×0.7×0.4×2.9×0.0%
Hyundai Futurenet36.8×0.5×1.2×—4.8%
NICE Information & Telecommunication5.5×0.8×0.3×1.6×3.1%
Korea Information & Communication8.0×0.8×0.3×2.1×3.8%
Similar companies (median)10.1×0.7×0.4×2.5×3.5%

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

Also known as: Wiable / 와이어블 / 065530 / KRX:065530

Source: KRX statistical information