KOSDAQ · 123570 · Business services · ₩123570

Emnet이엠넷

123570 · KOSDAQ · ₩123570 · 이엠넷

₩1,520▼ ₩3 (0.20%)End-of-day · Oct 30, 2026 · End-of-day prices.

Trade

Sell Buy

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

₩4,998

vs the current price (₩1,520)

Enterprise value: ₩43B
Equity value: ₩111B
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 229% 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 ₩1,520, the model needs an operating margin of −10.1% every year (it uses 11.9%).
Margins ranged from 0.9% to 28.1% 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.
64% of the last 12 months' net profit came from outside operations (stakes in other companies, interest, one-offs). The model adds those stakes at book value but doesn't project that income.
Today's P/E is 16.4× against a typical 12.4× 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: ₩4,367; +187.3%
Base: ₩4,998; +228.8%
Bull: ₩6,081; +300.1%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (11.9%).

Revenue growth

Revenue growth, year 1-10%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-10% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-6.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-10% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-3.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-10% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 4-0.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-10% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-10% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin11.9%
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.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation3.6%
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).
Capital spending0.5%
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).
Working capital40%
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

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.01%
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.
Beta0.6
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 0.15, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)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): ₩33B
Net debt (borrowings and leases − cash and deposits): −₩64B
+ Stakes and investments: ₩7.7B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩3.5B
Shares: 22,276,078
Share price: ₩1,520
Market cap: ₩34B

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.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩35B	₩36B	₩32B	₩30B	₩28B	₩27B	₩27B	₩28B
Growth	−20.8%	3.7%	−11.2%	−10.0%	−6.7%	−3.5%	−0.2%	3.0%
EBIT	₩3.7B	₩4.8B	₩274M	₩3.5B	₩3.3B	₩3.2B	₩3.2B	₩3.3B
EBIT margin	10.5%	13.1%	0.9%	11.9%	11.9%	11.9%	11.9%	11.9%
After-tax EBIT	₩2.7B	₩3.4B	₩199M	₩2.6B	₩2.4B	₩2.3B	₩2.3B	₩2.4B
+ Depreciation	₩1.6B	₩1.1B	₩1B	₩1.1B	₩999M	₩964M	₩962M	₩991M
− Capital spending	₩58M	₩293M	₩152M	₩149M	₩139M	₩134M	₩134M	₩138M
− Working capital	−₩36B	−₩2.2B	₩8.8B	−₩1.3B	−₩797M	−₩389M	−₩21M	₩321M
Free cash flow	₩41B	₩6.5B	−₩7.7B	₩4.8B	₩4.1B	₩3.5B	₩3.2B	₩2.9B
Discount factor	—	—	—	0.932	0.868	0.809	0.754	0.703
Present value	—	—	—	₩4.5B	₩3.5B	₩2.9B	₩2.4B	₩2B

Terminal value ₩40B, worth ₩28B today: 64% 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:

	Low	Typical	High
Price / book (book value ₩4,324 a share)Now 0.35×	₩1,9210.44×	₩3,2240.75×	₩6,7491.56×
Price / earnings (last 12 months: ₩93 a share)Now 16.4×	₩8278.94×	₩1,15012.4×	₩1,66117.9×
P/E on run-rate earnings (Q2 2026 × 4: ₩132 a share)Now 11.5×	₩1,1818.94×	₩1,64112.4×	₩2,37117.9×

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%	₩5,131	₩5,242	₩5,378	₩5,549	₩5,772
6.8%	₩4,977	₩5,064	₩5,169	₩5,298	₩5,460
7.3%	₩4,846	₩4,916	₩4,998	₩5,098	₩5,219
7.8%	₩4,734	₩4,791	₩4,856	₩4,935	₩5,028
8.3%	₩4,637	₩4,683	₩4,737	₩4,799	₩4,873

Now (TTM)

Market cap: ₩34B
Enterprise value: −₩31B
P/E: 16.4×
P/B: 0.4×
P/S: 1.0×
EV/EBITDA: —
Dividend yield: 3.9%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩1,942	₩2,300	₩3,670	₩4,080	₩6,800
Market cap	₩43B	₩51B	₩82B	₩91B	₩151B
P/E	22.1×	8.9×	20.2×	13.5×	5.9×
P/B	0.5×	0.5×	0.9×	1.0×	1.7×
P/S	1.3×	1.4×	2.3×	2.1×	4.3×
EV/EBITDA	—	—	5.5×	7.3×	11.7×
Dividend yield	3.1%	2.6%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Emnet	16.4×	0.4×	1.0×	—	3.9%
S-1	24.3×	2.2×	1.3×	—	0.0%
Cheil Worldwide	8.5×	1.2×	0.4×	—	6.7%
Doosan Tesna	50.9×	3.9×	5.3×	—	0.2%
Lotte Tour Development	15.2×	2.1×	1.1×	—	0.0%
Soulbrain Holdings	1.3×	0.4×	1.2×	—	1.3%
Innocean Worldwide	5.4×	0.6×	0.3×	—	6.8%
Similar companies (median)	11.8×	1.6×	1.2×	—	0.8%

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

Also known as: Emnet / 이엠넷 / 123570 / KRX:123570

Source: KRX statistical information