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Igloo

067920 · KOSDAQ · ₩067920 · 이글루

₩5,940▲ ₩20 (0.34%)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

₩11,227

vs the current price (₩5,940)

Enterprise value
₩159B
Equity value
₩123B
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 89% 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 ₩5,940, the model needs an operating margin of 4.9% every year (it uses 6.7%).
  • Or revenue growth −11.3 points a year higher than assumed in each of the 5 years.
  • 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.
  • Today's P/E is 15.7× against a typical 9.9× 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
₩2,931
−50.7%
Base
₩11,227
+89.0%
Bull
₩25,815
+334.6%

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 (6.7%).

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.

  • 9.5%

    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.

  • 5.2%

    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

  • 6.7%

    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: average of the last 3 annual reports (cash flow statements; equipment and intangibles).

  • 4.8%

    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).

  • 12.4%

    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: 105 weeks of weekly returns against KOSPI (official index); raw beta 0.05, 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)
₩179B
Net debt (borrowings and leases − cash and deposits)
−₩29B
+ Stakes and investments
₩1.6B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩66B
Shares
10,996,119
Share price
₩5,940
Market cap
₩65B

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₩107B₩111B₩143B₩200B₩219B₩235B₩247B₩254B
Growth3.8%4.0%28.8%11.6%9.5%7.3%5.2%3.0%
EBIT₩5.7B₩6.1B₩16B₩13B₩15B₩16B₩17B₩17B
EBIT margin5.3%5.5%11.2%6.7%6.7%6.7%6.7%6.7%
After-tax EBIT₩4.1B₩4.4B₩12B₩9.7B₩11B₩11B₩12B₩12B
+ Depreciation₩1.4B₩1.4B₩2.1B₩2.6B₩2.8B₩3B₩3.2B₩3.3B
− Capital spending₩1.3B₩467M₩18B₩9.6B₩10B₩11B₩12B₩12B
− Working capital₩10B₩4.4B₩15B₩2.6B₩2.4B₩2B₩1.5B₩918M
Free cash flow−₩6.2B₩901M−₩19B₩137M₩616M₩1.2B₩1.8B₩2.5B
Discount factor———0.9320.8680.8090.7540.703
Present value———₩128M₩535M₩975M₩1.4B₩1.8B

Terminal value ₩219B, worth ₩154B today: 97% 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 ₩6,508 a share)Now 0.91×₩4,9600.76×₩5,9450.91×₩8,7901.35×
Price / earnings (last 12 months: ₩379 a share)Now 15.7×₩2,6056.88×₩3,7669.95×₩5,94015.7×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,529 a share)Now 3.89×₩10,5176.88×₩15,2049.95×₩23,97915.7×

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%₩12,171₩13,580₩15,314₩17,501₩20,345
6.8%₩10,563₩11,692₩13,054₩14,729₩16,841
7.3%₩9,218₩10,137₩11,227₩12,542₩14,160
7.8%₩8,076₩8,834₩9,722₩10,775₩12,045
8.3%₩7,096₩7,729₩8,462₩9,319₩10,336

Now (TTM)

Market cap
₩65B
Enterprise value
₩32B
P/E
15.7×
P/B
0.9×
P/S
0.4×
EV/EBITDA
2.0×
Dividend yield
3.5%

Over time (at each year end)

20252024202320222021
Price₩5,240₩5,290₩6,260₩5,710₩7,100
Market cap₩58B₩58B₩69B₩63B₩78B
P/E15.9×9.3×9.5×8.3×10.4×
P/B0.8×0.7×0.9×0.9×1.2×
P/S0.4×0.5×0.6×0.6×0.8×
EV/EBITDA0.7×6.2×7.8×4.4×9.1×
Dividend yield4.0%3.4%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Igloo15.7×0.9×0.4×2.0×3.5%
NAVER13.0×0.9×2.0×—1.5%
Kakao37.7×1.1×1.6×—0.3%
Daou Technology1.9×0.4×0.0×—5.6%
NICE Information Service11.7×2.1×1.6×6.9×2.9%
Kinx35.7×4.0×5.2×15.6×0.3%
Cafe2411.1×1.5×1.2×—0.0%
Similar companies (median)12.3×1.3×1.6×6.9×0.9%

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

Also known as: Igloo / 이글루 / 067920 / KRX:067920

Source: KRX statistical information