Ask Warren

Vidente

121800 · KOSDAQ · ₩121800 · 비덴트

₩3,320 ₩0 (0.00%)End-of-day · Oct 28, 2026 · End-of-day prices.
Trade
Alert me
SellBuy

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

With these assumptions the model gives no positive value.

Enterprise value
−₩27B
Equity value
−₩13B
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 gives no positive value at these assumptions. What we can see:

  • No operating margin up to 90% gets the model to today's price at these growth assumptions.
  • Margins ranged from −114.7% to 4.4% 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.
  • In the projection, spending on equipment, software and working capital takes most or all of the after-tax operating profit, so free cash flow is thin. Companies that invest heavily often look like this until spending slows.
  • The group includes a financial business (an insurer, bank or broker), whose investments and minority shareholders are left out here. A sum-of-the-parts view usually fits groups like this better.

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
—
Bull
—

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 (−20.0%).

Revenue growth

  • -10%

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

    Default: the last 3 years' revenue growth (-13.8% a year, annual reports), fading to 3% by year 5.

  • -6.7%

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

    Default: the last 3 years' revenue growth (-13.8% a year, annual reports), fading to 3% by year 5.

  • -3.5%

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

    Default: the last 3 years' revenue growth (-13.8% a year, annual reports), fading to 3% by year 5.

  • -0.2%

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

    Default: the last 3 years' revenue growth (-13.8% 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 (-13.8% a year, annual reports), fading to 3% by year 5.

Business

  • -20%

    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.

  • 11.8%

    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).

  • 14.8%

    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).

  • 3.9%

    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.

  • 4.08%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-29.

  • 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, 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.

  • 5.58%

    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)
₩11B
Net debt (borrowings and leases − cash and deposits)
−₩13B
Shares
77,201,611
Share price
₩3,320
Market cap
₩256B

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₩10B₩9.6B₩10B₩10B₩9.6B₩9.2B₩9.2B₩9.5B
Growth−36.8%−3.8%5.3%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT−₩9.9B−₩11B−₩7.2B−₩2.1B−₩1.9B−₩1.8B−₩1.8B−₩1.9B
EBIT margin−98.7%−114.7%−71.1%−20.0%−20.0%−20.0%−20.0%−20.0%
After-tax EBIT−₩7.2B−₩8B−₩5.2B−₩1.5B−₩1.4B−₩1.3B−₩1.3B−₩1.4B
+ Depreciation———₩1.2B₩1.1B₩1.1B₩1.1B₩1.1B
− Capital spending₩1.8B₩1.7B₩871M₩1.5B₩1.4B₩1.4B₩1.4B₩1.4B
− Working capital−₩44B−₩46B₩69B−₩44M−₩27M−₩13M−₩720,079₩11M
Free cash flow———−₩1.7B−₩1.6B−₩1.6B−₩1.6B−₩1.7B
Discount factor———0.9310.8670.8080.7520.700
Present value———−₩1.6B−₩1.4B−₩1.3B−₩1.2B−₩1.2B

Terminal value −₩28B, worth −₩20B today: 75% 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 ₩7,793 a share)Now 0.43×₩3,0670.39×₩3,4680.45×₩13,0031.67×

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%—————
6.9%—————
7.4%—————
7.9%—————
8.4%—————

Now (TTM)

Market cap
₩256B
Enterprise value
₩243B
P/E
—
P/B
0.4×
P/S
22.5×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩3,320₩3,320₩3,320₩3,085₩24,200
Market cap₩256B₩256B₩256B₩238B₩1.9T
P/E29.3×3.8×——8.4×
P/B0.4×0.4×0.5×0.4×2.8×
P/S25.3×26.6×25.6×15.0×105.6×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Vidente—0.4×22.5×—0.0%
Samsung Electronics9.5×2.5×2.9×—0.7%
LG Electronics25.3×1.0×0.3×—0.8%
Hanwha Vision17.0×2.1×1.1×—0.0%
RFHIC41.3×3.7×6.7×—0.8%
KMW—5.0×8.1×—0.0%
Intellian Technologies13.4×2.0×1.6×—0.4%
Similar companies (median)17.0×2.3×2.3×—0.5%

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

Also known as: Vidente / 비덴트 / 121800 / KRX:121800

Source: KRX statistical information