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Brainzcompany

099390 · KOSDAQ · ₩099390 · 브레인즈컴퍼니

₩3,335▲ ₩55 (1.68%)End-of-day · Oct 27, 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

₩8,447

vs the current price (₩3,335)

Enterprise value
₩63B
Equity value
₩69B
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 153% 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 ₩3,335, the model needs an operating margin of 6.7% every year (it uses 16.2%).
  • Margins ranged from 8.4% to 30.0% 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.
  • 67% of the last 12 months' net profit came from outside operations (stakes in other companies, interest, one-offs). The model adds those stakes at book value but doesn't project that income.
  • Today's P/E is 4.0× against a typical 11.2× 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
₩5,774
+73.1%
Base
₩8,447
+153.3%
Bull
₩12,907
+287.0%

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 (16.2%).

Revenue growth

  • 11.2%

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

    Default: the last 3 years' revenue growth (11.2% a year, annual reports), fading to 3% by year 5.

  • 9.1%

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

    Default: the last 3 years' revenue growth (11.2% a year, annual reports), fading to 3% by year 5.

  • 7.1%

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

    Default: the last 3 years' revenue growth (11.2% a year, annual reports), fading to 3% by year 5.

  • 5%

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

    Default: the last 3 years' revenue growth (11.2% 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 (11.2% a year, annual reports), fading to 3% by year 5.

Business

  • 16.2%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 1.7%

    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).

  • 2.1%

    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.

  • 4.11%

    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 0.16, 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)
₩26B
Net debt (borrowings and leases − cash and deposits)
−₩7B
− Minority interests
₩393M
Shares
8,208,283
Share price
₩3,335
Market cap
₩27B

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₩26B₩27B₩25B₩29B₩31B₩33B₩35B₩36B
Growth41.5%3.0%−5.6%11.2%9.1%7.1%5.0%3.0%
EBIT₩3.3B₩3.6B₩2.1B₩4.6B₩5B₩5.4B₩5.7B₩5.8B
EBIT margin12.9%13.5%8.4%16.2%16.2%16.2%16.2%16.2%
After-tax EBIT₩2.4B₩2.6B₩1.5B₩3.3B₩3.7B₩3.9B₩4.1B₩4.2B
+ Depreciation———₩485M₩529M₩566M₩595M₩612M
− Capital spending₩340M₩433M₩833M₩599M₩653M₩699M₩734M₩757M
− Working capital₩2.5B₩3.3B₩4.5B₩1.1B₩1B₩883M₩666M₩420M
Free cash flow———₩2.1B₩2.5B₩2.9B₩3.3B₩3.7B
Discount factor———0.9310.8670.8070.7510.700
Present value———₩1.9B₩2.2B₩2.3B₩2.5B₩2.6B

Terminal value ₩73B, worth ₩51B today: 82% 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 ₩6,593 a share)Now 0.51×₩3,9120.59×₩8,0291.22×₩16,3402.48×
Price / earnings (last 12 months: ₩834 a share)Now 4.00×₩4,0714.88×₩9,35411.2×₩15,71618.9×
P/E on run-rate earnings (Q2 2026 × 4: ₩722 a share)Now 4.62×₩3,5244.88×₩8,09611.2×₩13,60118.9×

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%₩8,963₩9,551₩10,270₩11,172₩12,337
6.9%₩8,232₩8,701₩9,265₩9,956₩10,821
7.4%₩7,615₩7,996₩8,447₩8,988₩9,650
7.9%₩7,088₩7,402₩7,767₩8,199₩8,718
8.4%₩6,633₩6,894₩7,195₩7,545₩7,959

Now (TTM)

Market cap
₩27B
Enterprise value
₩20B
P/E
4.0×
P/B
0.5×
P/S
1.1×
EV/EBITDA
—
Dividend yield
5.1%

Over time (at each year end)

20252024202320222021
Price₩5,350₩5,040₩7,360₩6,740₩14,841
Market cap₩44B₩41B₩60B₩55B₩122B
P/E8.6×8.6×12.0×11.0×24.7×
P/B0.8×0.8×1.3×1.3×3.0×
P/S1.8×1.6×2.3×3.0×6.9×
EV/EBITDA—————
Dividend yield3.2%1.2%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Brainzcompany4.0×0.5×1.1×—5.1%
Hyundai Autoever46.8×4.7×2.0×—0.6%
Krafton10.0×1.2×1.9×—1.2%
NC6.9×1.2×2.0×8.3×0.6%
Netmarble7.1×0.5×1.0×—2.6%
PearlAbyss7.9×2.0×3.0×5.1×0.0%
Shift UP9.0×1.8×7.1×—0.0%
Similar companies (median)8.4×1.5×2.0×6.7×0.6%

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

Also known as: Brainzcompany / 브레인즈컴퍼니 / 099390 / KRX:099390

Source: KRX statistical information