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Itcenglobal

124500 · KOSDAQ · ₩124500 · 아이티센글로벌

₩20,500▼ ₩950 (4.43%)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

₩117,249

vs the current price (₩20,500)

Enterprise value
₩3.2T
Equity value
₩2.7T
WACC
8.5%

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 472% 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 ₩20,500, the model needs an operating margin of 0.6% every year (it uses 1.6%).
  • Today's P/E is 6.7× against a typical 31.2× 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
₩117,249
+471.9%
Bull
₩415,372
+1,926.2%

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 (1.6%).

Revenue growth

  • 25%

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

    Default: the last 3 years' revenue growth (50.1% a year, annual reports), fading to 3% by year 5.

  • 19.5%

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

    Default: the last 3 years' revenue growth (50.1% a year, annual reports), fading to 3% by year 5.

  • 14%

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

    Default: the last 3 years' revenue growth (50.1% a year, annual reports), fading to 3% by year 5.

  • 8.5%

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

    Default: the last 3 years' revenue growth (50.1% 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 (50.1% a year, annual reports), fading to 3% by year 5.

Business

  • 1.6%

    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.

  • 0.6%

    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).

  • 0.7%

    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%

    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.

  • 0.91

    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 0.86, 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)
₩12T
Net debt (borrowings and leases − cash and deposits)
₩51B
+ Stakes and investments
₩72B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩457B
Shares
23,204,527
Share price
₩20,500
Market cap
₩476B

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₩2.8T₩5T₩8.9T₩14T₩17T₩20T₩21T₩22T
Growth7.4%76.3%78.8%25.0%19.5%14.0%8.5%3.0%
EBIT₩31B₩59B₩280B₩231B₩276B₩315B₩341B₩352B
EBIT margin1.1%1.2%3.2%1.6%1.6%1.6%1.6%1.6%
After-tax EBIT₩22B₩42B₩203B₩167B₩200B₩228B₩248B₩255B
+ Depreciation———₩87B₩104B₩118B₩128B₩132B
− Capital spending₩6.5B₩74B₩32B₩101B₩121B₩138B₩149B₩154B
− Working capital₩42B₩24B−₩11B₩29B₩28B₩24B₩17B₩6.4B
Free cash flow———₩124B₩155B₩184B₩209B₩227B
Discount factor———0.9210.8490.7820.7210.664
Present value———₩114B₩131B₩144B₩151B₩151B

Terminal value ₩3.7T, worth ₩2.5T 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 ₩7,087 a share)Now 2.89×₩10,7721.52×₩13,6781.93×₩49,4416.98×
Price / earnings (last 12 months: ₩3,051 a share)Now 6.72×₩35,90011.8×₩95,09031.2×₩183,59060.2×
P/E on run-rate earnings (Q2 2026 × 4: ₩3,506 a share)Now 5.85×₩41,25911.8×₩109,28531.2×₩210,99660.2×

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%
7.5%₩123,090₩132,362₩143,306₩156,422₩172,430
8.0%₩112,361₩120,133₩129,190₩139,880₩152,692
8.5%₩103,069₩109,656₩117,249₩126,096₩136,539
9.0%₩94,945₩100,583₩107,018₩114,435₩123,079
9.5%₩87,784₩92,649₩98,157₩104,444₩111,691

Now (TTM)

Market cap
₩476B
Enterprise value
₩527B
P/E
6.7×
P/B
2.9×
P/S
0.0×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩30,300₩5,200₩7,440₩3,590₩5,010
Market cap₩703B₩121B₩173B₩83B₩116B
P/E15.1×28.4×265.5×49.1×—
P/B5.6×1.5×2.5×1.6×2.0×
P/S0.1×0.0×0.1×0.0×0.0×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Itcenglobal6.7×2.9×0.0×—0.0%
Samsung SDS24.2×1.5×1.1×—1.6%
LG CNS14.5×2.3×1.1×—2.6%
DB6.7×0.9×0.6×15.7×0.0%
Lotte Innovate14.9×0.6×0.2×—4.1%
Contec20.8×1.6×2.4×—0.0%
Shinsegae Information & Communication6.1×0.4×0.3×0.7×0.0%
Similar companies (median)14.7×1.2×0.9×8.2×0.8%

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

Also known as: Itcenglobal / 아이티센글로벌 / 124500 / KRX:124500

Source: KRX statistical information