KOSDAQ · 095340 · Retail & Trade · ₩095340

ISCISC

095340 · KOSDAQ · ₩095340 · ISC

₩151,300▲ ₩10,700 (7.61%)End-of-day · Oct 27, 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

₩61,253

vs the current price (₩151,300)

Enterprise value: ₩936B
Equity value: ₩1.3T
WACC: 8.4%

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 60% 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 ₩151,300, the model needs an operating margin of 78.9% every year (it uses 27.3%).
Or revenue growth +29.7 points a year higher than assumed in each of the 5 years.
Margins ranged from 7.7% to 31.2% 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 41.4× against a typical 31.6× 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: ₩48,171; −68.2%
Base: ₩61,253; −59.5%
Bull: ₩81,364; −46.2%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Cycle options

Start from

Preliminary results are the company's early announcement of a quarter's sales and operating profit, before the full report. Including them swaps that quarter in for the same quarter a year earlier.

Margin path

Every year uses the cycle-average margin (27.3%).

Revenue growth

Revenue growth, year 17.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 26.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 35.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 44%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.2% 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 (7.2% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin27.3%
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 & amortisation4.7%
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).
Capital spending6.7%
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).
Working capital22%
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 rate4.03%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-27.
Beta0.79
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 0.69, 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)5.53%
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): ₩278B
Net debt (borrowings and leases − cash and deposits): −₩359B
+ Stakes and investments: ₩4.7B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩928M
Shares: 21,197,058
Share price: ₩151,300
Market cap: ₩3.2T

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	₩140B	₩174B	₩220B	₩298B	₩316B	₩332B	₩346B	₩356B
Growth	−21.6%	24.4%	26.2%	7.2%	6.1%	5.1%	4.0%	3.0%
EBIT	₩11B	₩45B	₩60B	₩81B	₩86B	₩91B	₩94B	₩97B
EBIT margin	7.7%	25.7%	27.3%	27.3%	27.3%	27.3%	27.3%	27.3%
After-tax EBIT	₩7.8B	₩32B	₩44B	₩59B	₩63B	₩66B	₩68B	₩70B
+ Depreciation	₩6.5B	—	—	₩14B	₩15B	₩16B	₩16B	₩17B
− Capital spending	₩15B	₩12B	₩6.3B	₩20B	₩21B	₩22B	₩23B	₩24B
− Working capital	−₩14B	−₩20B	₩14B	₩4.4B	₩4B	₩3.5B	₩2.9B	₩2.3B
Free cash flow	₩13B	—	—	₩49B	₩52B	₩56B	₩59B	₩61B
Discount factor	—	—	—	0.923	0.851	0.786	0.725	0.669
Present value	—	—	—	₩45B	₩45B	₩44B	₩42B	₩41B

Terminal value ₩1.1T, worth ₩719B 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 ₩27,463 a share)Now 5.51×	₩65,4302.38×	₩91,2163.32×	₩209,5597.63×
Price / earnings (last 12 months: ₩3,659 a share)Now 41.4×	₩49,54813.5×	₩115,56931.6×	₩282,99377.3×
P/E on run-rate earnings (preliminary Q3 2026 × 4: ₩2,795 a share)Now 54.1×	₩37,84813.5×	₩88,27831.6×	₩216,16577.3×

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%
7.4%	₩63,208	₩66,205	₩69,756	₩74,033	₩79,285
7.9%	₩59,718	₩62,218	₩65,141	₩68,606	₩72,778
8.4%	₩56,704	₩58,814	₩61,253	₩64,104	₩67,484
8.9%	₩54,075	₩55,874	₩57,932	₩60,312	₩63,094
9.4%	₩51,763	₩53,310	₩55,064	₩57,073	₩59,394

Now (TTM)

Market cap: ₩3.2T
Enterprise value: ₩2.8T
P/E: 41.4×
P/B: 5.5×
P/S: 11.5×
EV/EBITDA: —
Dividend yield: 0.6%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩111,100	₩72,100	₩80,300	₩31,350	₩35,350
Market cap	₩2.4T	₩1.5T	₩1.7T	₩665B	₩749B
P/E	42.0×	28.0×	128.9×	15.1×	24.8×
P/B	4.4×	2.9×	3.6×	2.5×	3.4×
P/S	10.7×	8.8×	12.1×	3.7×	5.2×
EV/EBITDA	—	—	83.8×	9.6×	15.6×
Dividend yield	0.8%	1.1%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
ISC	41.4×	5.5×	11.5×	—	0.6%
Samsung C&T	17.5×	0.5×	1.1×	—	0.9%
POSCO International	10.6×	1.3×	0.3×	—	3.7%
Youngone	5.1×	0.7×	0.7×	—	3.1%
Dong SUH Companies	19.0×	1.6×	5.1×	—	4.1%
Shinsegae	13.7×	0.4×	0.3×	—	2.1%
SK Gas	7.2×	0.6×	0.3×	—	3.6%
Similar companies (median)	12.1×	0.6×	0.5×	—	3.3%

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

Also known as: ISC / 095340 / KRX:095340

Source: KRX statistical information