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Mobase

101330 · KOSDAQ · ₩101330 · 모베이스

₩3,640▲ ₩60 (1.68%)End-of-day · Oct 30, 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

₩16,632

vs the current price (₩3,640)

Enterprise value
₩683B
Equity value
₩385B
WACC
5.4%

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 357% 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 ₩3,640, the model needs an operating margin of 2.4% every year (it uses 3.4%).
  • Or revenue growth −18.2 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 2.8× against a typical 3.9× 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
—
Base
₩16,632
+356.9%
Bull
₩75,375
+1,970.7%

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 (3.4%).

Revenue growth

  • 1.1%

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

    Default: the last 3 years' revenue growth (1.1% a year, annual reports), fading to 3% by year 5.

  • 1.6%

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

    Default: the last 3 years' revenue growth (1.1% a year, annual reports), fading to 3% by year 5.

  • 2.1%

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

    Default: the last 3 years' revenue growth (1.1% a year, annual reports), fading to 3% by year 5.

  • 2.5%

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

    Default: the last 3 years' revenue growth (1.1% 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 (1.1% a year, annual reports), fading to 3% by year 5.

Business

  • 3.4%

    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.

  • 3.7%

    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).

  • 4.7%

    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).

  • 14.8%

    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.

  • 0.79

    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 0.68, 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)
₩1.3T
Net debt (borrowings and leases − cash and deposits)
₩172B
+ Stakes and investments
₩6B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩132B
Shares
23,147,029
Share price
₩3,640
Market cap
₩84B

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₩1.3T₩1.3T₩1.4T₩1.4T₩1.4T₩1.4T₩1.4T₩1.5T
Growth−4.8%3.1%5.3%1.1%1.6%2.1%2.5%3.0%
EBIT₩40B₩53B₩42B₩46B₩47B₩48B₩49B₩51B
EBIT margin3.2%4.1%3.0%3.4%3.4%3.4%3.4%3.4%
After-tax EBIT₩29B₩39B₩30B₩34B₩34B₩35B₩36B₩37B
+ Depreciation———₩50B₩51B₩52B₩53B₩55B
− Capital spending₩55B₩65B₩64B₩64B₩65B₩66B₩68B₩70B
− Working capital₩21B₩13B₩25B₩2.2B₩3.2B₩4.3B₩5.2B₩6.4B
Free cash flow———₩18B₩17B₩16B₩16B₩15B
Discount factor———0.9490.9000.8530.8090.768
Present value———₩17B₩15B₩14B₩13B₩12B

Terminal value ₩798B, worth ₩612B today: 90% 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 ₩16,089 a share)Now 0.23×₩3,3680.21×₩3,9680.25×₩5,0490.31×
Price / earnings (last 12 months: ₩1,318 a share)Now 2.76×₩3,3962.58×₩5,1373.90×₩11,7788.94×
P/E on run-rate earnings (Q2 2026 × 4: ₩971 a share)Now 3.75×₩2,5022.58×₩3,7853.90×₩8,6788.94×

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%
4.4%₩19,996₩23,920₩29,445₩37,820₩52,040
4.9%₩15,554₩18,286₩21,940₩27,084₩34,880
5.4%₩12,122₩14,094₩16,632₩20,025₩24,800
5.9%₩9,392₩10,856₩12,682₩15,032₩18,172
6.4%₩7,171₩8,279₩9,630₩11,315₩13,483

Now (TTM)

Market cap
₩84B
Enterprise value
₩252B
P/E
2.8×
P/B
0.2×
P/S
0.1×
EV/EBITDA
—
Dividend yield
3.8%

Over time (at each year end)

20252024202320222021
Price₩3,215₩2,730₩3,475₩2,875₩4,155
Market cap₩74B₩63B₩80B₩67B₩96B
P/E6.4×2.3×5.1×3.5×12.6×
P/B0.2×0.2×0.2×0.2×0.3×
P/S0.1×0.0×0.1×0.1×0.1×
EV/EBITDA—————
Dividend yield4.4%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Mobase2.8×0.2×0.1×—3.8%
Samsung Electronics8.8×2.3×2.7×—0.7%
LG Electronics23.6×0.9×0.3×—0.9%
Hanwha Vision21.8×2.7×1.4×—0.0%
RFHIC39.7×3.5×6.5×—0.8%
KMW—4.9×7.9×—0.0%
Intellian Technologies12.9×2.0×1.6×—0.4%
Similar companies (median)21.8×2.5×2.1×—0.6%

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

Also known as: Mobase / 모베이스 / 101330 / KRX:101330

Source: KRX statistical information