KOSDAQ · 093320 · Internet · ₩093320

Kinx케이아이엔엑스

093320 · KOSDAQ · ₩093320 · 케이아이엔엑스

₩176,800▼ ₩600 (0.34%)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

₩97,631

vs the current price (₩176,800)

Enterprise value: ₩507B
Equity value: ₩476B
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 45% 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 ₩176,800, the model needs an operating margin of 32.9% every year (it uses 20.2%).
Or revenue growth +14.1 points a year higher than assumed in each of the 5 years.
Margins ranged from 15.0% to 23.4% 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 35.7× against a typical 18.7× 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: ₩60,396; −65.8%
Base: ₩97,631; −44.8%
Bull: ₩159,306; −9.9%

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 (20.2%).

Revenue growth

Revenue growth, year 112.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (12.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 210.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (12.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 37.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (12.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 45.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (12.8% 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 (12.8% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin20.2%
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 & amortisation13.5%
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 spending19%
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 capital10.1%
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): ₩166B
Net debt (borrowings and leases − cash and deposits): ₩12B
+ Stakes and investments: ₩24B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩43B
Shares: 4,880,000
Share price: ₩176,800
Market cap: ₩863B

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	₩123B	₩139B	₩159B	₩187B	₩206B	₩223B	₩235B	₩242B
Growth	10.6%	13.2%	14.6%	12.8%	10.4%	7.9%	5.5%	3.0%
EBIT	₩27B	₩24B	₩24B	₩38B	₩42B	₩45B	₩47B	₩49B
EBIT margin	21.7%	17.1%	15.0%	20.2%	20.2%	20.2%	20.2%	20.2%
After-tax EBIT	₩19B	₩17B	₩17B	₩27B	₩30B	₩33B	₩34B	₩35B
+ Depreciation	₩15B	₩18B	₩25B	₩25B	₩28B	₩30B	₩32B	₩33B
− Capital spending	₩2.2B	₩50B	—	₩36B	₩39B	₩42B	₩45B	₩46B
− Working capital	−₩40B	−₩16B	₩25B	₩2.1B	₩2B	₩1.6B	₩1.2B	₩712M
Free cash flow	₩71B	₩450M	—	₩15B	₩17B	₩19B	₩20B	₩21B
Discount factor	—	—	—	0.932	0.869	0.810	0.755	0.704
Present value	—	—	—	₩14B	₩15B	₩15B	₩15B	₩15B

Terminal value ₩614B, worth ₩432B today: 85% 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 ₩43,968 a share)Now 4.02×	₩83,2191.89×	₩95,6882.18×	₩131,4172.99×
Price / earnings (last 12 months: ₩4,947 a share)Now 35.7×	₩58,71111.9×	₩92,38218.7×	₩147,26629.8×
P/E on run-rate earnings (Q2 2026 × 4: ₩5,224 a share)Now 33.8×	₩61,99111.9×	₩97,54418.7×	₩155,49429.8×

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%
6.3%	₩102,119	₩111,960	₩124,104	₩139,471	₩159,542
6.8%	₩91,894	₩99,847	₩109,466	₩121,337	₩136,358
7.3%	₩83,321	₩89,857	₩97,631	₩107,034	₩118,639
7.8%	₩76,032	₩81,480	₩87,870	₩95,470	₩104,663
8.3%	₩69,763	₩74,358	₩79,684	₩85,931	₩93,362

Now (TTM)

Market cap: ₩863B
Enterprise value: ₩875B
P/E: 35.7×
P/B: 4.0×
P/S: 5.2×
EV/EBITDA: 15.6×
Dividend yield: 0.3%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩121,100	₩76,500	₩99,700	₩54,600	₩49,950
Market cap	₩591B	₩373B	₩487B	₩266B	₩244B
P/E	34.6×	20.7×	19.7×	10.4×	15.4×
P/B	2.9×	2.0×	2.9×	1.8×	2.0×
P/S	3.7×	2.7×	4.0×	2.4×	2.9×
EV/EBITDA	12.7×	9.7×	10.9×	6.2×	7.4×
Dividend yield	0.5%	0.8%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Kinx	35.7×	4.0×	5.2×	15.6×	0.3%
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%
Cafe24	11.1×	1.5×	1.2×	—	0.0%
coocon	10.8×	1.3×	3.4×	—	1.3%
Similar companies (median)	11.4×	1.2×	1.6×	—	1.4%

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

Also known as: Kinx / 케이아이엔엑스 / 093320 / KRX:093320

Source: KRX statistical information