KOSDAQ · 069080 · Software · ₩069080

Webzen웹젠

069080 · KOSDAQ · ₩069080 · 웹젠

₩11,530▲ ₩100 (0.87%)End-of-day · Oct 29, 2026 · End-of-day prices.

Trade

Sell Buy

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

₩19,241

vs the current price (₩11,530)

Enterprise value: ₩445B
Equity value: ₩596B
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 67% 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 ₩11,530, the model needs an operating margin of 12.4% every year (it uses 25.5%).
Or revenue growth −14.8 points a year higher than assumed in each of the 5 years.
Margins ranged from 17.0% to 36.2% 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.
40% 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 11.5× against a typical 8.1× 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: ₩14,456; +25.4%
Base: ₩19,241; +66.9%
Bull: ₩27,026; +134.4%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (25.5%).

Revenue growth

Revenue growth, year 1-10%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-10.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-6.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-10.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-3.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-10.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 4-0.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-10.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-10.4% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin25.5%
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.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation5.9%
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).
Capital spending7.4%
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).
Working capital-8.1%
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

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.01%
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.
Beta0.6
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 0.12, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)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): ₩171B
Net debt (borrowings and leases − cash and deposits): −₩39B
+ Stakes and investments: ₩112B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩352M
Shares: 30,966,575
Share price: ₩11,530
Market cap: ₩357B

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.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩196B	₩215B	₩174B	₩154B	₩144B	₩139B	₩138B	₩143B
Growth	−18.9%	9.4%	−18.8%	−10.0%	−6.7%	−3.5%	−0.2%	3.0%
EBIT	₩50B	₩55B	₩30B	₩39B	₩37B	₩35B	₩35B	₩36B
EBIT margin	25.4%	25.4%	17.0%	25.5%	25.5%	25.5%	25.5%	25.5%
After-tax EBIT	₩36B	₩40B	₩22B	₩28B	₩27B	₩26B	₩26B	₩26B
+ Depreciation	—	—	—	₩9.1B	₩8.5B	₩8.2B	₩8.2B	₩8.4B
− Capital spending	₩21B	₩12B	₩10B	₩11B	₩11B	₩10B	₩10B	₩11B
− Working capital	−₩256B	−₩28B	−₩9.5B	₩1.4B	₩836M	₩407M	₩22M	−₩336M
Free cash flow	—	—	—	₩25B	₩24B	₩23B	₩23B	₩25B
Discount factor	—	—	—	0.932	0.868	0.809	0.754	0.703
Present value	—	—	—	₩23B	₩20B	₩19B	₩18B	₩17B

Terminal value ₩495B, worth ₩348B today: 78% 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:

	Low	Typical	High
Price / book (book value ₩21,651 a share)Now 0.53×	₩11,7790.54×	₩17,2720.80×	₩29,6631.37×
Price / earnings (last 12 months: ₩1,003 a share)Now 11.5×	₩6,4756.46×	₩8,1538.13×	₩13,70613.7×
P/E on run-rate earnings (Q2 2026 × 4: ₩817 a share)Now 14.1×	₩5,2766.46×	₩6,6438.13×	₩11,16713.7×

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%	₩19,696	₩20,995	₩22,595	₩24,616	₩27,249
6.8%	₩18,409	₩19,466	₩20,743	₩22,317	₩24,305
7.3%	₩17,326	₩18,201	₩19,241	₩20,497	₩22,045
7.8%	₩16,402	₩17,136	₩17,997	₩19,020	₩20,256
8.3%	₩15,605	₩16,229	₩16,951	₩17,797	₩18,804

Now (TTM)

Market cap: ₩357B
Enterprise value: ₩315B
P/E: 11.5×
P/B: 0.5×
P/S: 2.1×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩12,900	₩13,710	₩16,350	₩15,250	₩28,900
Market cap	₩399B	₩425B	₩506B	₩472B	₩895B
P/E	16.6×	7.5×	8.8×	6.5×	10.3×
P/B	0.6×	0.6×	0.8×	0.8×	1.8×
P/S	2.3×	2.0×	2.6×	2.0×	3.1×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	0.0%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Webzen	11.5×	0.5×	2.1×	—	0.0%
Hyundai Autoever	47.8×	4.8×	2.0×	—	0.6%
Krafton	10.0×	1.2×	1.9×	—	1.2%
NC	7.0×	1.2×	2.1×	8.4×	0.6%
Netmarble	7.1×	0.5×	1.0×	—	2.6%
PearlAbyss	8.0×	2.1×	3.0×	5.2×	0.0%
Shift UP	9.0×	1.8×	7.2×	—	0.0%
Similar companies (median)	8.5×	1.5×	2.0×	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: Webzen / 웹젠 / 069080 / KRX:069080

Source: KRX statistical information