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INFOvine

115310 · KOSDAQ · ₩115310 · 인포바인

₩9,340▼ ₩80 (0.85%)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

₩15,899

vs the current price (₩9,340)

Enterprise value
₩150B
Equity value
₩218B
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 70% 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 ₩9,340, the model needs an operating margin of 13.4% every year (it uses 31.9%).
  • Or revenue growth −21.2 points a year higher than assumed in each of the 5 years.
  • Margins ranged from 22.5% to 34.0% 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.
  • Today's P/E is 14.9× against a typical 11.5× 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
₩12,556
+34.4%
Base
₩15,899
+70.2%
Bull
₩21,295
+128.0%

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 (31.9%).

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

  • 31.9%

    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.

  • 1.3%

    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).

  • 1.6%

    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).

  • 21%

    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: 105 weeks of weekly returns against KOSPI (official index); raw beta 0.19, 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)
₩28B
Net debt (borrowings and leases − cash and deposits)
−₩61B
+ Stakes and investments
₩6.7B
Associates, long-term financial assets and deposits (book value)
Shares
13,698,683
Share price
₩9,340
Market cap
₩128B

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₩23B₩25B₩29B₩31B₩34B₩36B₩38B₩39B
Growth9.0%10.5%14.0%11.2%9.1%7.1%5.0%3.0%
EBIT₩7.8B₩7.9B₩6.5B₩9.9B₩11B₩12B₩12B₩12B
EBIT margin34.0%31.3%22.5%31.9%31.9%31.9%31.9%31.9%
After-tax EBIT₩5.6B₩5.7B₩4.7B₩7.1B₩7.8B₩8.4B₩8.8B₩9B
+ Depreciation———₩402M₩438M₩470M₩493M₩508M
− Capital spending₩342M₩556M₩333M₩495M₩540M₩578M₩607M₩625M
− Working capital−₩43B−₩2B−₩940M₩654M₩591M₩503M₩379M₩239M
Free cash flow———₩6.4B₩7.1B₩7.7B₩8.3B₩8.7B
Discount factor———0.9320.8680.8090.7540.703
Present value———₩6B₩6.2B₩6.3B₩6.2B₩6.1B

Terminal value ₩169B, worth ₩119B today: 79% 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 ₩6,986 a share)Now 1.34×₩3,6570.52×₩4,9480.71×₩13,0461.87×
Price / earnings (last 12 months: ₩626 a share)Now 14.9×₩4,5607.28×₩7,20411.5×₩16,13825.8×
P/E on run-rate earnings (Q2 2026 × 4: ₩590 a share)Now 15.8×₩4,2977.28×₩6,78711.5×₩15,20525.8×

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%₩16,375₩17,325₩18,495₩19,972₩21,895
6.8%₩15,366₩16,134₩17,062₩18,205₩19,647
7.3%₩14,517₩15,149₩15,899₩16,806₩17,922
7.8%₩13,793₩14,320₩14,937₩15,670₩16,556
8.3%₩13,169₩13,613₩14,128₩14,731₩15,447

Now (TTM)

Market cap
₩128B
Enterprise value
₩67B
P/E
14.9×
P/B
1.3×
P/S
4.6×
EV/EBITDA
—
Dividend yield
2.6%

Over time (at each year end)

20252024202320222021
Price₩12,481₩4,140₩4,250₩4,260₩4,790
Market cap₩171B₩57B₩58B₩58B₩66B
P/E24.3×6.3×8.1×9.7×11.5×
P/B1.8×0.5×0.5×0.6×0.7×
P/S6.0×2.3×2.6×2.8×3.4×
EV/EBITDA—————
Dividend yield1.9%5.8%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
INFOvine14.9×1.3×4.6×—2.6%
SK Telecom21.7×1.0×0.9×4.9×2.2%
KT9.0×0.6×0.4×—5.2%
LG Uplus11.3×0.7×0.4×2.9×0.0%
Hyundai Futurenet36.8×0.5×1.2×—4.8%
NICE Information & Telecommunication5.5×0.8×0.3×1.6×3.1%
Korea Information & Communication8.0×0.8×0.3×2.1×3.8%
Similar companies (median)10.1×0.7×0.4×2.5×3.5%

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

Also known as: INFOvine / 인포바인 / 115310 / KRX:115310

Source: KRX statistical information