KOSDAQ · 071200 · Software · ₩071200

Infinitt Healthcare인피니트헬스케어

071200 · KOSDAQ · ₩071200 · 인피니트헬스케어

₩10,460▼ ₩170 (1.60%)End-of-day · Oct 27, 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

₩6,566

vs the current price (₩10,460)

Enterprise value: ₩148B
Equity value: ₩160B
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 37% 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 ₩10,460, the model needs an operating margin of 15.8% every year (it uses 10.0%).
Or revenue growth +15.9 points a year higher than assumed in each of the 5 years.
Margins ranged from 3.5% to 13.9% 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.
73% 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 3.9× against a typical 7.0× 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: ₩4,248; −59.4%
Base: ₩6,566; −37.2%
Bull: ₩10,556; +0.9%

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 (10.0%).

Revenue growth

Revenue growth, year 15.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (5.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 24.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (5.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 34%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (5.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 43.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (5.1% 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 (5.1% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin10%
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 & amortisation2.5%
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).
Capital spending0.5%
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 capital40%
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 rate4.11%
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.
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 -0.03, 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)5.61%
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): ₩110B
Net debt (borrowings and leases − cash and deposits): −₩15B
+ Stakes and investments: ₩641M; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩3.3B
Shares: 24,396,458
Share price: ₩10,460
Market cap: ₩255B

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	₩89B	₩96B	₩102B	₩115B	₩121B	₩125B	₩130B	₩134B
Growth	1.3%	7.1%	6.9%	5.1%	4.5%	4.0%	3.5%	3.0%
EBIT	₩3.1B	₩7.7B	₩14B	₩12B	₩12B	₩13B	₩13B	₩13B
EBIT margin	3.5%	8.1%	13.9%	10.0%	10.0%	10.0%	10.0%	10.0%
After-tax EBIT	₩2.2B	₩5.6B	₩10B	₩8.4B	₩8.7B	₩9.1B	₩9.4B	₩9.7B
+ Depreciation	₩2.4B	₩2.5B	₩2.2B	₩2.9B	₩3B	₩3.1B	₩3.2B	₩3.3B
− Capital spending	₩718M	₩357M	₩434M	₩577M	₩603M	₩627M	₩649M	₩668M
− Working capital	₩78B	₩50B	₩27B	₩2.2B	₩2.1B	₩1.9B	₩1.8B	₩1.6B
Free cash flow	−₩74B	−₩42B	−₩15B	₩8.4B	₩9.1B	₩9.7B	₩10B	₩11B
Discount factor	—	—	—	0.931	0.867	0.807	0.751	0.700
Present value	—	—	—	₩7.8B	₩7.9B	₩7.8B	₩7.7B	₩7.6B

Terminal value ₩156B, worth ₩109B today: 74% 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 ₩9,292 a share)Now 1.13×	₩6,7620.73×	₩9,3841.01×	₩13,9241.50×
Price / earnings (last 12 months: ₩2,659 a share)Now 3.93×	₩10,4373.93×	₩18,6937.03×	₩34,62713.0×
P/E on run-rate earnings (Q2 2026 × 4: ₩4,129 a share)Now 2.53×	₩16,2093.93×	₩29,0307.03×	₩53,77513.0×

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%	₩7,079	₩7,445	₩7,891	₩8,449	₩9,168
6.9%	₩6,533	₩6,819	₩7,161	₩7,580	₩8,103
7.4%	₩6,071	₩6,298	₩6,566	₩6,887	₩7,278
7.9%	₩5,676	₩5,859	₩6,071	₩6,321	₩6,620
8.4%	₩5,334	₩5,482	₩5,652	₩5,850	₩6,083

Now (TTM)

Market cap: ₩255B
Enterprise value: ₩239B
P/E: 3.9×
P/B: 1.1×
P/S: 2.3×
EV/EBITDA: 9.0×
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩5,860	₩4,145	₩5,170	₩5,490	₩7,170
Market cap	₩143B	₩101B	₩126B	₩134B	₩175B
P/E	5.4×	2.7×	7.7×	1,018.0×	7.7×
P/B	0.7×	0.6×	1.0×	1.2×	1.5×
P/S	1.4×	1.1×	1.4×	1.5×	2.2×
EV/EBITDA	7.5×	8.3×	18.4×	5.3×	9.7×
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Infinitt Healthcare	3.9×	1.1×	2.3×	9.0×	0.0%
Hyundai Autoever	46.8×	4.7×	2.0×	—	0.6%
Krafton	10.0×	1.2×	1.9×	—	1.2%
NC	6.9×	1.2×	2.0×	8.3×	0.6%
Netmarble	7.1×	0.5×	1.0×	—	2.6%
PearlAbyss	7.9×	2.0×	3.0×	5.1×	0.0%
Shift UP	9.0×	1.8×	7.1×	—	0.0%
Similar companies (median)	8.4×	1.5×	2.0×	6.7×	0.6%

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

Also known as: Infinitt Healthcare / 인피니트헬스케어 / 071200 / KRX:071200

Source: KRX statistical information