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Thinkware Systems

084730 · KOSDAQ · ₩084730 · 팅크웨어

₩6,270▼ ₩50 (0.79%)End-of-day · Oct 27, 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

₩27,683

vs the current price (₩6,270)

Enterprise value
₩391B
Equity value
₩308B
WACC
5.7%

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 342% 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 ₩6,270, the model needs an operating margin of 2.2% every year (it uses 3.8%).
  • 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.

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
₩27,683
+341.5%
Bull
₩89,918
+1,334.1%

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 (3.8%).

Revenue growth

  • 16.8%

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

    Default: the last 3 years' revenue growth (16.8% a year, annual reports), fading to 3% by year 5.

  • 13.4%

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

    Default: the last 3 years' revenue growth (16.8% a year, annual reports), fading to 3% by year 5.

  • 9.9%

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

    Default: the last 3 years' revenue growth (16.8% a year, annual reports), fading to 3% by year 5.

  • 6.5%

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

    Default: the last 3 years' revenue growth (16.8% 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 (16.8% a year, annual reports), fading to 3% by year 5.

Business

  • 3.8%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 1.1%

    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).

  • 1.6%

    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).

  • 21.6%

    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.

  • 4.11%

    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.

  • 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 0.33, 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.

  • 5.61%

    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)
₩509B
Net debt (borrowings and leases − cash and deposits)
₩76B
+ Stakes and investments
₩18B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩26B
Shares
11,109,424
Share price
₩6,270
Market cap
₩70B

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₩421B₩489B₩537B₩595B₩674B₩741B₩789B₩813B
Growth24.9%16.3%9.7%16.8%13.4%9.9%6.5%3.0%
EBIT₩35B₩26B₩16B₩23B₩26B₩28B₩30B₩31B
EBIT margin8.4%5.3%3.0%3.8%3.8%3.8%3.8%3.8%
After-tax EBIT₩26B₩19B₩12B₩16B₩19B₩20B₩22B₩22B
+ Depreciation₩6.3B₩5.9B₩3.9B₩6.5B₩7.4B₩8.2B₩8.7B₩8.9B
− Capital spending₩6.4B₩7.4B₩8.9B₩9.5B₩11B₩12B₩13B₩13B
− Working capital−₩38B₩36B₩49B₩18B₩17B₩14B₩10B₩5.1B
Free cash flow₩64B−₩19B−₩43B−₩5.1B−₩2B₩2.3B₩7.4B₩13B
Discount factor———0.9460.8960.8480.8020.759
Present value———−₩4.8B−₩1.8B₩1.9B₩5.9B₩10B

Terminal value ₩500B, worth ₩380B 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 ₩16,579 a share)Now 0.38×₩6,8980.42×₩12,6660.76×₩19,2871.16×

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%
4.7%₩32,522₩36,877₩42,841₩51,526₩65,379
5.2%₩27,011₩30,062₩34,057₩39,526₩47,488
5.7%₩22,694₩24,897₩27,683₩31,330₩36,321
6.2%₩19,226₩20,851₩22,852₩25,382₩28,693
6.7%₩16,380₩17,599₩19,068₩20,874₩23,158

Now (TTM)

Market cap
₩70B
Enterprise value
₩142B
P/E
—
P/B
0.4×
P/S
0.1×
EV/EBITDA
62.8×
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩7,770₩8,900₩16,130₩12,700₩20,500
Market cap₩86B₩99B₩179B₩141B₩228B
P/E—9.0×11.5×42.1×34.9×
P/B0.5×0.5×0.9×0.8×1.4×
P/S0.2×0.2×0.4×0.4×1.0×
EV/EBITDA6.5×3.0×3.7×15.3×11.8×
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Thinkware Systems—0.4×0.1×62.8×0.0%
Samsung Electronics8.7×2.3×2.7×—0.8%
LG Electronics24.7×1.0×0.3×—0.9%
Hanwha Vision16.4×2.1×1.0×—0.0%
RFHIC37.6×3.4×6.1×—0.9%
KMW—4.9×8.1×—0.0%
Intellian Technologies12.9×2.0×1.6×—0.4%
Similar companies (median)16.4×2.2×2.1×—0.6%

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

Also known as: Thinkware Systems / 팅크웨어 / 084730 / KRX:084730

Source: KRX statistical information