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JoyCity

067000 · KOSDAQ · ₩067000 · 조이시티

₩1,008▼ ₩13 (1.27%)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

₩1,880

vs the current price (₩1,008)

Enterprise value
₩190B
Equity value
₩131B
WACC
5.6%

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 87% 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 ₩1,008, the model needs an operating margin of 4.7% every year (it uses 6.9%).
  • Or revenue growth −7.3 points a year higher than assumed in each of the 5 years.
  • Margins ranged from 4.0% to 16.9% 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.

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
₩442
−56.2%
Base
₩1,880
+86.5%
Bull
₩4,803
+376.5%

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 (6.9%).

Revenue growth

  • -5%

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

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

  • -1%

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

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

  • 1%

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

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

Business

  • 6.9%

    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.

  • 1.3%

    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).

  • 1.6%

    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).

  • -10%

    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 0.09, 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.

  • 5.61%

    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)
₩156B
Net debt (borrowings and leases − cash and deposits)
₩83B
+ Stakes and investments
₩25B
Associates, long-term financial assets and deposits (book value)
Shares
69,903,446
Share price
₩1,008
Market cap
₩70B

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₩150B₩143B₩140B₩148B₩143B₩142B₩143B₩148B
Growth−8.6%−4.5%−1.7%−5.0%−3.0%−1.0%1.0%3.0%
EBIT₩25B₩12B₩5.7B₩10B₩9.9B₩9.8B₩9.9B₩10B
EBIT margin16.9%8.1%4.0%6.9%6.9%6.9%6.9%6.9%
After-tax EBIT₩18B₩8.4B₩4.1B₩7.4B₩7.2B₩7.1B₩7.2B₩7.4B
+ Depreciation———₩1.9B₩1.9B₩1.8B₩1.9B₩1.9B
− Capital spending₩1.8B₩4.7B₩321M₩2.4B₩2.3B₩2.3B₩2.3B₩2.4B
− Working capital−₩8.4B₩1.8B₩37B₩778M₩443M₩143M−₩142M−₩430M
Free cash flow———₩6.2B₩6.3B₩6.5B₩6.9B₩7.4B
Discount factor———0.9470.8970.8490.8040.761
Present value———₩5.8B₩5.6B₩5.5B₩5.5B₩5.6B

Terminal value ₩212B, worth ₩162B 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 ₩1,238 a share)Now 0.81×₩1,2180.98×₩2,1821.76×₩6,2785.07×

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%
4.6%₩1,933₩2,354₩2,936₩3,796₩5,194
5.1%₩1,592₩1,907₩2,323₩2,900₩3,751
5.6%₩1,325₩1,569₩1,880₩2,293₩2,864
6.1%₩1,110₩1,304₩1,546₩1,854₩2,262
6.6%₩934₩1,092₩1,284₩1,523₩1,828

Now (TTM)

Market cap
₩70B
Enterprise value
₩153B
P/E
—
P/B
0.8×
P/S
0.5×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩2,055₩1,512₩2,720₩4,040₩10,250
Market cap₩144B₩106B₩190B₩282B₩717B
P/E——34.5×88.4×101.8×
P/B1.7×1.1×1.8×2.9×7.4×
P/S1.0×0.7×1.3×1.7×3.6×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
JoyCity—0.8×0.5×—0.0%
Hyundai Autoever50.3×5.1×2.1×—0.5%
Krafton10.1×1.2×1.9×—1.2%
NC7.0×1.2×2.1×8.4×0.6%
Netmarble7.0×0.5×1.0×—2.6%
PearlAbyss7.9×2.1×3.0×5.2×0.0%
Shift UP8.9×1.8×7.1×—0.0%
Similar companies (median)8.4×1.5×2.1×6.8×0.6%

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

Also known as: JoyCity / 조이시티 / 067000 / KRX:067000

Source: KRX statistical information