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Logisys

067730 · KOSDAQ · ₩067730 · 로지시스

₩2,060▼ ₩5 (0.24%)End-of-day · Oct 27, 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

₩4,230

vs the current price (₩2,060)

Enterprise value
₩31B
Equity value
₩41B
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 105% 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 ₩2,060, the model needs an operating margin of 1.6% every year (it uses 4.0%).
  • Or revenue growth −27.3 points a year higher than assumed in each of the 5 years.
  • 45% 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 5.4× against a typical 15.0× 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
₩2,059
0.0%
Base
₩4,230
+105.3%
Bull
₩8,049
+290.7%

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 (4.0%).

Revenue growth

  • 13.9%

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

    Default: the last 3 years' revenue growth (13.9% a year, annual reports), fading to 3% by year 5.

  • 11.2%

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

    Default: the last 3 years' revenue growth (13.9% a year, annual reports), fading to 3% by year 5.

  • 8.5%

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

    Default: the last 3 years' revenue growth (13.9% a year, annual reports), fading to 3% by year 5.

  • 5.7%

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

    Default: the last 3 years' revenue growth (13.9% 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 (13.9% a year, annual reports), fading to 3% by year 5.

Business

  • 4%

    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.

  • 1.1%

    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).

  • 1.4%

    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).

  • 4.9%

    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.

  • 4.11%

    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 0.16, 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)
₩48B
Net debt (borrowings and leases − cash and deposits)
−₩9.3B
+ Stakes and investments
₩295M
Associates, long-term financial assets and deposits (book value)
Shares
9,673,922
Share price
₩2,060
Market cap
₩20B

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₩36B₩43B₩49B₩55B₩61B₩66B₩70B₩72B
Growth11.1%17.6%13.3%13.9%11.2%8.5%5.7%3.0%
EBIT₩545M₩2.4B₩2.9B₩2.2B₩2.4B₩2.6B₩2.8B₩2.9B
EBIT margin1.5%5.6%5.9%4.0%4.0%4.0%4.0%4.0%
After-tax EBIT₩395M₩1.7B₩2.1B₩1.6B₩1.8B₩1.9B₩2B₩2.1B
+ Depreciation———₩603M₩670M₩727M₩769M₩792M
− Capital spending₩914M₩378M₩371M₩767M₩853M₩925M₩978M₩1B
− Working capital−₩258M−₩3.1B−₩1.4B₩328M₩301M₩254M₩185M₩103M
Free cash flow———₩1.1B₩1.3B₩1.5B₩1.6B₩1.8B
Discount factor———0.9310.8670.8070.7510.700
Present value———₩1B₩1.1B₩1.2B₩1.2B₩1.2B

Terminal value ₩37B, worth ₩26B today: 82% 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 ₩2,238 a share)Now 0.92×₩2,7231.22×₩4,0081.79×₩7,5603.38×
Price / earnings (last 12 months: ₩382 a share)Now 5.40×₩2,2835.98×₩5,72015.0×₩14,90139.0×
P/E on run-rate earnings (Q2 2026 × 4: ₩416 a share)Now 4.95×₩2,4915.98×₩6,24315.0×₩16,26239.0×

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%₩4,397₩4,669₩5,002₩5,421₩5,961
6.9%₩4,093₩4,312₩4,577₩4,901₩5,307
7.4%₩3,836₩4,017₩4,230₩4,487₩4,802
7.9%₩3,617₩3,767₩3,942₩4,150₩4,400
8.4%₩3,428₩3,554₩3,700₩3,870₩4,072

Now (TTM)

Market cap
₩20B
Enterprise value
₩8.6B
P/E
5.4×
P/B
0.9×
P/S
0.4×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩2,665₩2,815₩3,615₩3,860₩6,500
Market cap₩26B₩27B₩35B₩37B₩63B
P/E7.8×11.3×67.8×182.7×30.4×
P/B1.2×1.5×2.1×2.2×3.3×
P/S0.5×0.6×1.0×1.1×1.8×
EV/EBITDA—————
Dividend yield0.0%0.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Logisys5.4×0.9×0.4×—0.0%
Samsung SDS25.6×1.6×1.2×—1.5%
LG CNS15.1×2.4×1.2×—2.5%
DB7.1×0.9×0.6×16.2×0.0%
Itcenglobal6.7×2.9×0.0×—0.0%
Lotte Innovate15.5×0.6×0.2×—4.0%
Shinsegae Information & Communication6.3×0.4×0.3×0.8×0.0%
Similar companies (median)11.1×1.3×0.5×8.5×0.7%

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

Also known as: Logisys / 로지시스 / 067730 / KRX:067730

Source: KRX statistical information