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Modetournetworkinc

080160 · KOSDAQ · ₩080160 · 모두투어

₩8,700▼ ₩210 (2.36%)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

With these assumptions the model gives no positive value.

Enterprise value
−₩376B
Equity value
−₩284B
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 gives no positive value at these assumptions. What we can see:

  • To match today's price of ₩8,700, the model needs an operating margin of 1.8% every year (it uses −7.4%).
  • Margins ranged from −169.6% to 6.5% 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.
  • 100% 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 31.7× against a typical 23.4× 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
—
Base
—
Bull
—

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 (−7.4%).

Revenue growth

  • 25%

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

    Default: the last 3 years' revenue growth (63.9% a year, annual reports), fading to 3% by year 5.

  • 19.5%

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

    Default: the last 3 years' revenue growth (63.9% a year, annual reports), fading to 3% by year 5.

  • 14%

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

    Default: the last 3 years' revenue growth (63.9% 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 (63.9% 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 (63.9% a year, annual reports), fading to 3% by year 5.

Business

  • -7.4%

    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.

  • 1.7%

    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%

    Money spent on factories, equipment, software and other long-term assets (% of revenue).

    Default: not in the statements, so a typical level.

  • -10%

    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 0.15, 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)
₩209B
Net debt (borrowings and leases − cash and deposits)
−₩80B
+ Stakes and investments
₩12B
Associates, long-term financial assets and deposits (book value)
Shares
18,900,000
Share price
₩8,700
Market cap
₩164B

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₩179B₩252B₩210B₩261B₩312B₩356B₩386B₩398B
Growth273.9%40.9%−16.4%25.0%19.5%14.0%8.5%3.0%
EBIT₩12B₩4.7B₩7.4B−₩19B−₩23B−₩26B−₩29B−₩29B
EBIT margin6.5%1.8%3.5%−7.4%−7.4%−7.4%−7.4%−7.4%
After-tax EBIT₩8.4B₩3.4B₩5.4B−₩14B−₩17B−₩19B−₩21B−₩21B
+ Depreciation₩4.4B₩3.3B₩3.1B₩4.4B₩5.3B₩6.1B₩6.6B₩6.8B
− Capital spending———₩10B₩12B₩14B₩15B₩16B
− Working capital−₩31B−₩46B₩5.6B−₩5.2B−₩5.1B−₩4.4B−₩3B−₩1.2B
Free cash flow———−₩15B−₩19B−₩23B−₩27B−₩29B
Discount factor———0.9320.8680.8090.7540.703
Present value———−₩14B−₩16B−₩19B−₩20B−₩21B

Terminal value −₩408B, worth −₩287B today: 76% 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 ₩5,281 a share)Now 1.65×₩11,7682.23×₩23,3594.42×₩37,6227.12×
Price / earnings (last 12 months: ₩275 a share)Now 31.7×₩4,44616.2×₩6,43223.4×₩11,63842.3×

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%—————
6.8%—————
7.3%—————
7.8%—————
8.3%—————

Now (TTM)

Market cap
₩164B
Enterprise value
₩61B
P/E
31.7×
P/B
1.6×
P/S
0.8×
EV/EBITDA
34.7×
Dividend yield
4.0%

Over time (at each year end)

20252024202320222021
Price₩10,200₩9,700₩15,240₩17,050₩21,850
Market cap₩193B₩183B₩288B₩322B₩413B
P/E21.9×15.3×38.5×—21.6×
P/B2.1×2.6×4.1×5.8×5.9×
P/S0.9×0.7×1.6×6.7×30.0×
EV/EBITDA6.6×10.2×12.7×——
Dividend yield3.4%2.6%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Modetournetworkinc31.7×1.6×0.8×34.7×4.0%
S-124.3×2.2×1.3×—0.0%
Cheil Worldwide8.5×1.2×0.4×—6.7%
Doosan Tesna50.9×3.9×5.3×—0.2%
Lotte Tour Development15.2×2.1×1.1×—0.0%
Soulbrain Holdings1.3×0.4×1.2×—1.3%
Innocean Worldwide5.4×0.6×0.3×—6.8%
Similar companies (median)11.8×1.6×1.2×—0.8%

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

Also known as: Modetournetworkinc / 모두투어 / 080160 / KRX:080160

Source: KRX statistical information