Uracle유라클
088340 · KOSDAQ · ₩088340 · 유라클
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
- −₩46B
- Equity value
- −₩47B
- WACC
- 7.2%
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 ₩5,580, the model needs an operating margin of 6.9% every year (it uses −9.3%).
- 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
- —
- 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 (−9.3%).
Revenue growth
- -8%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-8% a year, annual reports), fading to 3% by year 5.
- -5.3%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-8% a year, annual reports), fading to 3% by year 5.
- -2.5%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-8% a year, annual reports), fading to 3% by year 5.
- 0.2%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-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 1 years' revenue growth (-8% a year, annual reports), fading to 3% by year 5.
Business
- -9.3%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 2 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.
- 5.4%
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).
- 6.7%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 2 annual reports (cash flow statements; equipment and intangibles).
- 12.7%
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 2 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.
- 4.08%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-29.
- 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, 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.
- 5.58%
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)
- ₩39B
- Net debt (borrowings and leases − cash and deposits)
- ₩1.2B
- + Stakes and investments
- ₩118M
- Associates, long-term financial assets and deposits (book value)
- Shares
- 4,364,368
- Share price
- ₩5,580
- Market cap
- ₩24B
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.
| FY2024 | FY2025 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
|---|---|---|---|---|---|---|---|
| Revenue | ₩48B | ₩44B | ₩36B | ₩34B | ₩33B | ₩33B | ₩34B |
| Growth | — | −8.0% | −8.0% | −5.3% | −2.5% | 0.2% | 3.0% |
| EBIT | ₩2B | −₩6.8B | −₩3.4B | −₩3.2B | −₩3.1B | −₩3.1B | −₩3.2B |
| EBIT margin | 4.1% | −15.5% | −9.3% | −9.3% | −9.3% | −9.3% | −9.3% |
| After-tax EBIT | ₩1.4B | −₩4.9B | −₩2.4B | −₩2.3B | −₩2.2B | −₩2.2B | −₩2.3B |
| + Depreciation | — | — | ₩1.9B | ₩1.8B | ₩1.8B | ₩1.8B | ₩1.9B |
| − Capital spending | ₩3B | ₩3.1B | ₩2.4B | ₩2.3B | ₩2.2B | ₩2.2B | ₩2.3B |
| − Working capital | — | −₩1.5B | −₩398M | −₩242M | −₩108M | ₩8.4M | ₩127M |
| Free cash flow | — | — | −₩2.5B | −₩2.5B | −₩2.6B | −₩2.7B | −₩2.9B |
| Discount factor | — | — | 0.933 | 0.870 | 0.811 | 0.756 | 0.705 |
| Present value | — | — | −₩2.3B | −₩2.2B | −₩2.1B | −₩2B | −₩2B |
Terminal value −₩50B, worth −₩36B today: 77% 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 ₩4,000 a share)Now 1.40× | ₩5,5801.40× | ₩9,4572.36× | ₩13,0643.27× |
Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2024, 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% |
|---|---|---|---|---|---|
| 6.2% | — | — | — | — | — |
| 6.7% | — | — | — | — | — |
| 7.2% | — | — | — | — | — |
| 7.7% | — | — | — | — | — |
| 8.2% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩24B
- Enterprise value
- ₩22B
- P/E
- —
- P/B
- 1.4×
- P/S
- 0.6×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | |
|---|---|---|
| Price | ₩13,880 | ₩10,970 |
| Market cap | ₩61B | ₩48B |
| P/E | — | 21.8× |
| P/B | 3.1× | 1.7× |
| P/S | 1.4× | 1.0× |
| EV/EBITDA | — | — |
| Dividend yield | 0.0% | 0.0% |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Uracle | — | 1.4× | 0.6× | — | 0.0% |
| Hyundai Autoever | 50.3× | 5.1× | 2.1× | — | 0.5% |
| Krafton | 10.1× | 1.2× | 1.9× | — | 1.2% |
| NC | 7.0× | 1.2× | 2.1× | 8.4× | 0.6% |
| Netmarble | 7.0× | 0.5× | 1.0× | — | 2.6% |
| PearlAbyss | 7.9× | 2.1× | 3.0× | 5.2× | 0.0% |
| Shift UP | 8.9× | 1.8× | 7.1× | — | 0.0% |
| Similar companies (median) | 8.4× | 1.5× | 2.1× | 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: Uracle / 유라클 / 088340 / KRX:088340
Source: KRX statistical information