KOSPI · 072130 · Internet · ₩072130

Uangel유엔젤

072130 · KOSPI · ₩072130 · 유엔젤

₩4,245▲ ₩15 (0.35%)End-of-day · Oct 30, 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

₩2,211

vs the current price (₩4,245)

Enterprise value: ₩25B
Equity value: ₩28B
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 48% 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 ₩4,245, the model needs an operating margin of 5.6% every year (it uses 3.8%).
Margins ranged from −4.9% to 10.6% 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.
63% 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.
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 8.3× against a typical 17.1× 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: ₩73; −98.3%
Base: ₩2,211; −47.9%
Bull: ₩6,201; +46.1%

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 (3.8%).

Revenue growth

Revenue growth, year 125%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (27% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 219.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (27% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 314%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (27% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 48.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (27% 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 (27% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin3.8%
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 & amortisation3.1%
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 spending2.8%
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).
Working capital33.8%
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): ₩62B
Net debt (borrowings and leases − cash and deposits): −₩3.3B
Shares: 12,695,454
Share price: ₩4,245
Market cap: ₩54B

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	₩37B	₩53B	₩62B	₩78B	₩93B	₩106B	₩115B	₩119B
Growth	21.9%	44.8%	16.1%	25.0%	19.5%	14.0%	8.5%	3.0%
EBIT	−₩1.8B	₩789M	₩3.4B	₩3B	₩3.5B	₩4B	₩4.4B	₩4.5B
EBIT margin	−4.9%	1.5%	5.6%	3.8%	3.8%	3.8%	3.8%	3.8%
After-tax EBIT	−₩1.3B	₩572M	₩2.5B	₩2.1B	₩2.6B	₩2.9B	₩3.2B	₩3.3B
+ Depreciation	₩1.8B	₩1.3B	₩1.2B	₩2.4B	₩2.9B	₩3.3B	₩3.6B	₩3.7B
− Capital spending	₩2.2B	₩727M	₩616M	₩2.2B	₩2.6B	₩3B	₩3.2B	₩3.3B
− Working capital	−₩6.5B	₩1.9B	−₩5.2B	₩5.3B	₩5.1B	₩4.4B	₩3.1B	₩1.2B
Free cash flow	₩4.8B	−₩850M	₩8.2B	−₩2.9B	−₩2.3B	−₩1.2B	₩469M	₩2.5B
Discount factor	—	—	—	0.932	0.868	0.809	0.754	0.703
Present value	—	—	—	−₩2.7B	−₩2B	−₩942M	₩354M	₩1.7B

Terminal value ₩40B, worth ₩28B today: 114% 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 ₩5,208 a share)Now 0.82×	₩3,9720.76×	₩4,9990.96×	₩6,3331.22×
Price / earnings (last 12 months: ₩511 a share)Now 8.31×	₩4,2458.31×	₩8,71417.1×	₩19,87738.9×
P/E on run-rate earnings (Q2 2026 × 4: ₩597 a share)Now 7.12×	₩4,9598.31×	₩10,18117.1×	₩23,22238.9×

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%	₩2,738	₩2,794	₩2,861	₩2,943	₩3,045
6.8%	₩2,442	₩2,470	₩2,501	₩2,538	₩2,580
7.3%	₩2,194	₩2,202	₩2,211	₩2,218	₩2,225
7.8%	₩1,983	₩1,979	₩1,971	₩1,960	₩1,945
8.3%	₩1,803	₩1,789	₩1,771	₩1,748	₩1,718

Now (TTM)

Market cap: ₩54B
Enterprise value: ₩50B
P/E: 8.3×
P/B: 0.8×
P/S: 0.9×
EV/EBITDA: 11.1×
Dividend yield: 2.4%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩4,555	₩6,040	₩3,610	₩3,010	₩5,270
Market cap	₩58B	₩77B	₩46B	₩38B	₩67B
P/E	13.3×	21.0×	31.9×	17.3×	4.6×
P/B	0.9×	1.3×	0.8×	0.7×	1.3×
P/S	0.9×	1.4×	1.3×	1.3×	2.3×
EV/EBITDA	11.5×	33.1×	—	14.1×	14.9×
Dividend yield	2.2%	1.2%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Uangel	8.3×	0.8×	0.9×	11.1×	2.4%
NAVER	13.0×	0.9×	2.0×	—	1.5%
Kakao	37.7×	1.1×	1.6×	—	0.3%
Daou Technology	1.9×	0.4×	0.0×	—	5.6%
NICE Information Service	11.7×	2.1×	1.6×	6.9×	2.9%
Kinx	35.7×	4.0×	5.2×	15.6×	0.3%
Cafe24	11.1×	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: Uangel / 유엔젤 / 072130 / KRX:072130

Source: KRX statistical information