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Interojo

119610 · KOSDAQ · ₩119610 · 인터로조

₩14,760▼ ₩80 (0.54%)End-of-day · Oct 28, 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

₩25,491

vs the current price (₩14,760)

Enterprise value
₩264B
Equity value
₩291B
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 73% 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 ₩14,760, the model needs an operating margin of 10.3% every year (it uses 17.7%).
  • Or revenue growth −17.3 points a year higher than assumed in each of the 5 years.
  • Margins ranged from 5.0% 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.
  • Today's P/E is 9.5× against a typical 14.9× 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
₩17,765
+20.4%
Base
₩25,491
+72.7%
Bull
₩38,391
+160.1%

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 (17.7%).

Revenue growth

  • 0.2%

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

    Default: the last 3 years' revenue growth (0.2% a year, annual reports), fading to 3% by year 5.

  • 0.9%

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

    Default: the last 3 years' revenue growth (0.2% 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 (0.2% a year, annual reports), fading to 3% by year 5.

  • 2.3%

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

    Default: the last 3 years' revenue growth (0.2% 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 (0.2% a year, annual reports), fading to 3% by year 5.

Business

  • 17.7%

    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.

  • 4.1%

    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).

  • 5.2%

    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.

  • 4.11%

    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)
₩124B
Net debt (borrowings and leases − cash and deposits)
−₩27B
+ Stakes and investments
₩361M
Associates, long-term financial assets and deposits (book value)
Shares
11,413,747
Share price
₩14,760
Market cap
₩168B

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₩122B₩116B₩118B₩124B₩126B₩128B₩130B₩134B
Growth3.4%−4.9%2.2%0.2%0.9%1.6%2.3%3.0%
EBIT₩18B₩5.8B₩19B₩22B₩22B₩23B₩23B₩24B
EBIT margin15.0%5.0%16.4%17.7%17.7%17.7%17.7%17.7%
After-tax EBIT₩13B₩4.2B₩14B₩16B₩16B₩16B₩17B₩17B
+ Depreciation———₩5.1B₩5.1B₩5.2B₩5.3B₩5.5B
− Capital spending₩8.3B₩3.3B₩6.9B₩6.5B₩6.5B₩6.6B₩6.8B₩7B
− Working capital₩22B−₩45B−₩19B₩99M₩448M₩803M₩1.2B₩1.6B
Free cash flow———₩14B₩14B₩14B₩14B₩14B
Discount factor———0.9310.8670.8070.7510.700
Present value———₩13B₩12B₩11B₩11B₩9.9B

Terminal value ₩295B, worth ₩206B today: 78% 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 ₩13,805 a share)Now 1.07×₩15,2511.10×₩17,3351.26×₩21,1481.53×
Price / earnings (last 12 months: ₩1,560 a share)Now 9.46×₩15,62410.0×₩23,22414.9×₩82,01752.6×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,676 a share)Now 8.81×₩16,78810.0×₩24,95314.9×₩88,12552.6×

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%₩26,951₩28,674₩30,784₩33,429₩36,845
6.9%₩24,831₩26,211₩27,867₩29,896₩32,439
7.4%₩23,043₩24,165₩25,491₩27,083₩29,034
7.9%₩21,515₩22,439₩23,517₩24,791₩26,322
8.4%₩20,194₩20,964₩21,852₩22,888₩24,112

Now (TTM)

Market cap
₩168B
Enterprise value
₩139B
P/E
9.5×
P/B
1.1×
P/S
1.4×
EV/EBITDA
—
Dividend yield
4.4%

Over time (at each year end)

20252024202320222021
Price₩16,010₩18,001₩22,844₩20,387₩19,808
Market cap₩183B₩205B₩261B₩233B₩226B
P/E14.1×1,114.6×18.9×12.5×15.3×
P/B1.2×1.2×1.4×1.3×1.3×
P/S1.5×1.8×2.1×2.0×2.1×
EV/EBITDA—————
Dividend yield4.1%1.2%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Interojo9.5×1.1×1.4×—4.4%
TSE29.1×6.4×5.4×—0.2%
Kctech21.7×3.3×4.0×16.7×0.5%
Classys12.8×3.2×4.8×10.0×3.7%
Park Systems69.3×4.7×8.3×—0.2%
DI42.0×5.8×2.6×—0.6%
LivsMed—6.7×21.5×—0.0%
Similar companies (median)29.1×5.3×5.1×13.4×0.3%

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

Also known as: Interojo / 인터로조 / 119610 / KRX:119610

Source: KRX statistical information