KOSDAQ · 100030 · Software · ₩100030

Inzisoft인지소프트

100030 · KOSDAQ · ₩100030 · 인지소프트

₩19,450▲ ₩680 (3.62%)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

₩12,243

vs the current price (₩19,450)

Enterprise value: ₩35B
Equity value: ₩40B
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 37% 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 ₩19,450, the model needs an operating margin of 27.9% every year (it uses 16.8%).
Or revenue growth +14.1 points a year higher than assumed in each of the 5 years.
Margins ranged from 5.6% to 21.1% 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.
97% 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 0.9× against a typical 7.6× 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: ₩8,794; −54.8%
Base: ₩12,243; −37.1%
Bull: ₩18,063; −7.1%

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 (16.8%).

Revenue growth

Revenue growth, year 1-7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-4.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 40.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-7% 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% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin16.8%
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 & amortisation0.2%
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).
Capital spending0.3%
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 capital40%
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.
Beta0.6
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 0.25, 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): ₩19B
Net debt (borrowings and leases − cash and deposits): ₩853M
+ Stakes and investments: ₩6.4B; Associates, long-term financial assets and deposits (book value)
Shares: 3,283,714
Share price: ₩19,450
Market cap: ₩64B

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	₩24B	₩19B	₩19B	₩17B	₩16B	₩16B	₩16B	₩17B
Growth	2.7%	−22.0%	0.2%	−7.0%	−4.5%	−2.0%	0.5%	3.0%
EBIT	₩3.8B	₩1.1B	₩2.3B	₩2.9B	₩2.8B	₩2.7B	₩2.7B	₩2.8B
EBIT margin	15.7%	5.6%	12.4%	16.8%	16.8%	16.8%	16.8%	16.8%
After-tax EBIT	₩2.8B	₩770M	₩1.7B	₩2.1B	₩2B	₩2B	₩2B	₩2B
+ Depreciation	—	—	—	₩35M	₩33M	₩32M	₩32M	₩33M
− Capital spending	₩94M	₩49M	₩24M	₩52M	₩49M	₩48M	₩49M	₩50M
− Working capital	₩20B	₩253M	₩20B	−₩520M	−₩311M	−₩132M	₩32M	₩195M
Free cash flow	—	—	—	₩2.6B	₩2.3B	₩2.1B	₩1.9B	₩1.8B
Discount factor	—	—	—	0.932	0.869	0.810	0.755	0.703
Present value	—	—	—	₩2.4B	₩2B	₩1.7B	₩1.5B	₩1.3B

Terminal value ₩37B, worth ₩26B today: 74% 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 ₩37,899 a share)Now 0.51×	₩31,7510.84×	₩42,7171.13×	₩60,1931.59×
Price / earnings (last 12 months: ₩21,643 a share)Now 0.90×	₩41,6891.93×	₩164,3777.59×	₩422,31819.5×
P/E on run-rate earnings (Q2 2026 × 4: ₩57,820 a share)Now 0.34×	₩111,3721.93×	₩439,1357.59×	₩1,128,22519.5×

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%	₩12,894	₩13,662	₩14,607	₩15,800	₩17,353
6.8%	₩11,952	₩12,564	₩13,302	₩14,211	₩15,357
7.3%	₩11,159	₩11,655	₩12,243	₩12,952	₩13,825
7.8%	₩10,483	₩10,890	₩11,366	₩11,931	₩12,612
8.3%	₩9,900	₩10,238	₩10,628	₩11,086	₩11,628

Now (TTM)

Market cap: ₩64B
Enterprise value: ₩62B
P/E: 0.9×
P/B: 0.5×
P/S: 3.4×
EV/EBITDA: —
Dividend yield: 5.8%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩19,980	₩17,100	₩16,790	₩17,800	₩19,900
Market cap	₩66B	₩56B	₩55B	₩58B	₩65B
P/E	3.1×	21.4×	10.3×	15.7×	6.9×
P/B	0.9×	1.1×	1.0×	1.2×	1.4×
P/S	3.5×	3.0×	2.3×	2.5×	3.1×
EV/EBITDA	—	—	—	—	—
Dividend yield	5.6%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Inzisoft	0.9×	0.5×	3.4×	—	5.8%
Hyundai Autoever	46.8×	4.7×	2.0×	—	0.6%
Krafton	10.0×	1.2×	1.9×	—	1.2%
NC	6.9×	1.2×	2.0×	8.3×	0.6%
Netmarble	7.1×	0.5×	1.0×	—	2.6%
PearlAbyss	7.9×	2.0×	3.0×	5.1×	0.0%
Shift UP	9.0×	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: Inzisoft / 인지소프트 / 100030 / KRX:100030

Source: KRX statistical information