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iMarketKorea

122900 · KOSPI · ₩122900 · 아이마켓코리아

₩8,100▼ ₩70 (0.86%)End-of-day · Oct 29, 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

₩15,012

vs the current price (₩8,100)

Enterprise value
₩464B
Equity value
₩502B
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 85% 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 ₩8,100, the model needs an operating margin of 0.8% every year (it uses 1.4%).
  • Or revenue growth −15.5 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 8.8× against a typical 11.6× 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
—
Base
₩15,012
+85.3%
Bull
₩55,724
+588.0%

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 (1.4%).

Revenue growth

  • -5.2%

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

    Default: the last 3 years' revenue growth (-5.2% a year, annual reports), fading to 3% by year 5.

  • -3.2%

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

    Default: the last 3 years' revenue growth (-5.2% a year, annual reports), fading to 3% by year 5.

  • -1.1%

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

    Default: the last 3 years' revenue growth (-5.2% 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 (-5.2% 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 (-5.2% a year, annual reports), fading to 3% by year 5.

Business

  • 1.4%

    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.

  • 0.5%

    The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).

    Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).

  • 1.1%

    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).

  • 1.5%

    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 -0.01, 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)
₩3.4T
Net debt (borrowings and leases − cash and deposits)
−₩61B
+ Stakes and investments
₩24B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩48B
Shares
33,428,840
Share price
₩8,100
Market cap
₩271B

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₩3.4T₩3.3T₩3.1T₩3.2T₩3.1T₩3.1T₩3.1T₩3.2T
Growth−4.5%−3.1%−8.0%−5.2%−3.2%−1.1%0.9%3.0%
EBIT₩51B₩45B₩20B₩45B₩44B₩43B₩44B₩45B
EBIT margin1.5%1.3%0.7%1.4%1.4%1.4%1.4%1.4%
After-tax EBIT₩37B₩32B₩15B₩33B₩32B₩32B₩32B₩33B
+ Depreciation₩14B₩15B₩16B₩16B₩16B₩16B₩16B₩16B
− Capital spending₩77B₩15B₩21B₩36B₩35B₩34B₩34B₩36B
− Working capital−₩44B₩59B−₩44B−₩2.7B−₩1.6B−₩518M₩419M₩1.4B
Free cash flow₩18B−₩26B₩54B₩16B₩15B₩13B₩13B₩12B
Discount factor———0.9320.8680.8090.7540.703
Present value———₩15B₩13B₩11B₩9.5B₩8.4B

Terminal value ₩580B, worth ₩408B today: 88% 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 ₩11,703 a share)Now 0.69×₩8,1500.70×₩9,5290.81×₩11,2060.96×
Price / earnings (last 12 months: ₩922 a share)Now 8.78×₩7,8698.53×₩10,72411.6×₩17,79119.3×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,946 a share)Now 4.16×₩16,6088.53×₩22,63311.6×₩37,54919.3×

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%₩15,717₩17,012₩18,605₩20,616₩23,232
6.8%₩14,316₩15,360₩16,619₩18,169₩20,126
7.3%₩13,142₩13,997₩15,012₩16,237₩17,745
7.8%₩12,143₩12,853₩13,685₩14,673₩15,865
8.3%₩11,284₩11,881₩12,572₩13,382₩14,343

Now (TTM)

Market cap
₩271B
Enterprise value
₩165B
P/E
8.8×
P/B
0.7×
P/S
0.1×
EV/EBITDA
3.1×
Dividend yield
5.6%

Over time (at each year end)

20252024202320222021
Price₩7,880₩8,000₩8,590₩10,100₩10,700
Market cap₩263B₩267B₩287B₩338B₩358B
P/E12.6×9.9×19.0×15.2×9.4×
P/B0.7×0.7×0.8×0.9×1.0×
P/S0.1×0.1×0.1×0.1×0.1×
EV/EBITDA6.6×4.5×3.4×3.5×5.6×
Dividend yield5.7%7.5%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
iMarketKorea8.8×0.7×0.1×3.1×5.6%
Samsung C&T18.8×0.5×1.2×—0.9%
POSCO International10.5×1.2×0.3×—3.8%
ISC45.4×6.1×12.7×—0.5%
Youngone5.1×0.7×0.7×—3.1%
Dong SUH Companies19.2×1.6×5.1×—4.1%
Shinsegae13.9×0.4×0.3×—2.1%
Similar companies (median)16.3×1.0×1.0×—2.6%

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

Also known as: iMarketKorea / 아이마켓코리아 / 122900 / KRX:122900

Source: KRX statistical information