i-SENS아이센스
099190 · KOSDAQ · ₩099190 · 아이센스
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
- ₩85B
- Equity value
- −₩46B
- WACC
- 6.7%
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 gives no positive value at these assumptions. What we can see:
- To match today's price of ₩15,960, the model needs an operating margin of 13.3% every year (it uses 4.3%).
- Margins ranged from 0.9% to 15.0% 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.
- 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
- ₩5,218
- −67.3%
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 (4.3%).
Revenue growth
- 6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (6% 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 3 years' revenue growth (6% a year, annual reports), fading to 3% by year 5.
- 4.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (6% a year, annual reports), fading to 3% by year 5.
- 3.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (6% 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 (6% a year, annual reports), fading to 3% by year 5.
Business
- 4.3%
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.
- 27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
- 8.1%
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).
- 10.2%
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).
- 40%
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.
- 4.01%
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.
- 0.6
How much the share moves when the market moves: 1 means just like the market.
Default: 104 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.
- 5.51%
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)
- ₩326B
- Net debt (borrowings and leases − cash and deposits)
- ₩109B
- + Stakes and investments
- ₩2.2B
- Associates, long-term financial assets and deposits (book value)
- − Minority interests
- ₩24B
- Shares
- 29,573,613
- Share price
- ₩15,960
- Market cap
- ₩472B
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 | ₩265B | ₩291B | ₩315B | ₩346B | ₩364B | ₩380B | ₩395B | ₩407B |
| Growth | 0.1% | 9.8% | 8.3% | 6.0% | 5.3% | 4.5% | 3.8% | 3.0% |
| EBIT | ₩11B | ₩2.7B | ₩7.9B | ₩15B | ₩16B | ₩16B | ₩17B | ₩17B |
| EBIT margin | 4.1% | 0.9% | 2.5% | 4.3% | 4.3% | 4.3% | 4.3% | 4.3% |
| After-tax EBIT | ₩7.9B | ₩1.9B | ₩5.7B | ₩11B | ₩11B | ₩12B | ₩12B | ₩13B |
| + Depreciation | — | — | — | ₩28B | ₩29B | ₩31B | ₩32B | ₩33B |
| − Capital spending | ₩43B | ₩16B | ₩28B | ₩35B | ₩37B | ₩39B | ₩40B | ₩41B |
| − Working capital | ₩1.5B | ₩33B | ₩2.3B | ₩7.8B | ₩7.3B | ₩6.6B | ₩5.8B | ₩4.7B |
| Free cash flow | — | — | — | −₩4.3B | −₩3.6B | −₩2.7B | −₩1.8B | −₩600M |
| Discount factor | — | — | — | 0.937 | 0.879 | 0.824 | 0.772 | 0.724 |
| Present value | — | — | — | −₩4B | −₩3.2B | −₩2.2B | −₩1.4B | −₩434M |
Terminal value ₩133B, worth ₩97B today: 113% 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 ₩11,496 a share)Now 1.39× | ₩17,1031.49× | ₩19,9621.74× | ₩27,5532.40× |
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% |
|---|---|---|---|---|---|
| 5.7% | — | — | — | — | — |
| 6.2% | — | — | — | — | — |
| 6.7% | — | — | — | — | — |
| 7.2% | — | — | — | — | — |
| 7.7% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩472B
- Enterprise value
- ₩579B
- P/E
- —
- P/B
- 1.4×
- P/S
- 1.4×
- EV/EBITDA
- —
- Dividend yield
- 0.6%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Price | ₩15,900 | ₩15,270 | ₩28,600 | ₩16,464 | ₩15,138 |
| Market cap | ₩470B | ₩452B | ₩846B | ₩487B | ₩448B |
| P/E | — | — | 228.0× | 30.2× | 17.6× |
| P/B | 1.5× | 1.4× | 3.0× | 1.7× | 1.7× |
| P/S | 1.5× | 1.6× | 3.2× | 1.8× | 1.9× |
| EV/EBITDA | — | — | — | — | — |
| Dividend yield | 0.6% | 0.7% | — | — | — |
Versus similar companies
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: i-SENS / 아이센스 / 099190 / KRX:099190
Source: KRX statistical information