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e-Credible

092130 · KOSDAQ · ₩092130 · 이크레더블

₩13,850▲ ₩50 (0.36%)End-of-day · Oct 28, 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

₩23,612

vs the current price (₩13,850)

Enterprise value
₩245B
Equity value
₩284B
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 70% 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 ₩13,850, the model needs an operating margin of 17.5% every year (it uses 33.7%).
  • Or revenue growth −13.7 points a year higher than assumed in each of the 5 years.
  • Margins ranged from 30.7% to 40.9% 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.
  • Today's P/E is 12.9× against a typical 14.2× 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
₩17,372
+25.4%
Base
₩23,612
+70.5%
Bull
₩33,556
+142.3%

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 (33.7%).

Revenue growth

  • 2%

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

    Default: the last 3 years' revenue growth (2% a year, annual reports), fading to 3% by year 5.

  • 2.3%

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

    Default: the last 3 years' revenue growth (2% 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 3 years' revenue growth (2% a year, annual reports), fading to 3% by year 5.

  • 2.8%

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

    Default: the last 3 years' revenue growth (2% 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 (2% a year, annual reports), fading to 3% by year 5.

Business

  • 33.7%

    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.

  • 2.2%

    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).

  • 2.7%

    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).

  • -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.

  • 4.11%

    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 0.02, 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)
₩52B
Net debt (borrowings and leases − cash and deposits)
−₩40B
Shares
12,043,600
Share price
₩13,850
Market cap
₩167B

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₩41B₩45B₩50B₩53B₩54B₩56B₩57B₩59B
Growth−12.8%9.7%10.9%2.0%2.3%2.5%2.8%3.0%
EBIT₩13B₩15B₩16B₩18B₩18B₩19B₩19B₩20B
EBIT margin30.7%33.2%31.1%33.7%33.7%33.7%33.7%33.7%
After-tax EBIT₩9.1B₩11B₩11B₩13B₩13B₩14B₩14B₩14B
+ Depreciation———₩1.2B₩1.2B₩1.2B₩1.3B₩1.3B
− Capital spending₩463M₩1.1B₩2.3B₩1.4B₩1.5B₩1.5B₩1.5B₩1.6B
− Working capital₩735M−₩172M₩448M−₩104M−₩122M−₩136M−₩156M−₩172M
Free cash flow———₩13B₩13B₩13B₩14B₩14B
Discount factor———0.9310.8670.8070.7510.700
Present value———₩12B₩11B₩11B₩10B₩10B

Terminal value ₩272B, worth ₩190B today: 78% 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 ₩3,564 a share)Now 3.89×₩11,9703.36×₩14,8424.16×₩20,9165.87×
Price / earnings (last 12 months: ₩1,077 a share)Now 12.9×₩12,90112.0×₩15,33314.2×₩18,13816.8×
P/E on run-rate earnings (Q2 2026 × 4: ₩2,997 a share)Now 4.62×₩35,88212.0×₩42,64914.2×₩50,45016.8×

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%₩24,264₩26,050₩28,242₩30,995₩34,556
6.9%₩22,476₩23,935₩25,691₩27,847₩30,554
7.4%₩20,967₩22,178₩23,612₩25,340₩27,460
7.9%₩19,677₩20,695₩21,886₩23,297₩24,996
8.4%₩18,561₩19,427₩20,429₩21,600₩22,988

Now (TTM)

Market cap
₩167B
Enterprise value
₩127B
P/E
12.9×
P/B
3.9×
P/S
3.2×
EV/EBITDA
—
Dividend yield
6.1%

Over time (at each year end)

20252024202320222021
Price₩16,760₩12,940₩13,900₩16,050₩19,700
Market cap₩202B₩156B₩167B₩193B₩237B
P/E15.7×12.1×14.2×12.3×17.0×
P/B4.7×3.2×3.7×4.2×3.7×
P/S4.0×3.5×4.1×4.1×5.2×
EV/EBITDA—————
Dividend yield5.1%12.3%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
e-Credible12.9×3.9×3.2×—6.1%
NAVER13.4×0.9×2.1×—1.5%
Kakao38.1×1.1×1.6×—0.3%
Daou Technology1.9×0.4×0.0×—5.4%
NICE Information Service11.6×2.1×1.6×6.8×3.0%
Kinx31.7×3.6×4.6×13.9×0.4%
Cafe2411.6×1.6×1.3×—0.0%
Similar companies (median)12.5×1.3×1.6×6.8×0.9%

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

Also known as: e-Credible / 이크레더블 / 092130 / KRX:092130

Source: KRX statistical information