KOSDAQ · 130580 · Business services · ₩130580

NICE D&B나이스디앤비

130580 · KOSDAQ · ₩130580 · 나이스디앤비

₩6,600▲ ₩10 (0.15%)End-of-day · Oct 28, 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

₩16,424

vs the current price (₩6,600)

Enterprise value: ₩204B
Equity value: ₩253B
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 149% 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 ₩6,600, the model needs an operating margin of 5.2% every year (it uses 17.4%).
Today's P/E is 7.7× against a typical 7.5× 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: ₩12,112; +83.5%
Base: ₩16,424; +148.8%
Bull: ₩23,599; +257.6%

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 (17.4%).

Revenue growth

Revenue growth, year 1-0.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-0.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 20.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-0.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 31.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-0.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 42.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-0.3% 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 (-0.3% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin17.4%
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.
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 & amortisation2.9%
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 spending2%
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 capital39.4%
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 rate4.11%
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.
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 0.07, 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)5.61%
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): ₩94B
Net debt (borrowings and leases − cash and deposits): −₩36B
+ Stakes and investments: ₩13B; Associates, long-term financial assets and deposits (book value)
Shares: 15,400,000
Share price: ₩6,600
Market cap: ₩102B

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	₩88B	₩90B	₩91B	₩94B	₩94B	₩95B	₩97B	₩100B
Growth	−4.6%	2.0%	1.9%	−0.3%	0.5%	1.4%	2.2%	3.0%
EBIT	₩14B	₩16B	₩15B	₩16B	₩16B	₩17B	₩17B	₩17B
EBIT margin	16.1%	17.6%	16.9%	17.4%	17.4%	17.4%	17.4%	17.4%
After-tax EBIT	₩10B	₩11B	₩11B	₩12B	₩12B	₩12B	₩12B	₩13B
+ Depreciation	₩2.8B	₩2.6B	₩2.3B	₩2.7B	₩2.7B	₩2.8B	₩2.8B	₩2.9B
− Capital spending	₩2B	₩2.1B	₩1.3B	₩1.9B	₩1.9B	₩1.9B	₩1.9B	₩2B
− Working capital	₩2.4B	₩4.1B	₩5.8B	−₩111M	₩184M	₩519M	₩827M	₩1.2B
Free cash flow	₩8.6B	₩7.8B	₩6.4B	₩13B	₩13B	₩12B	₩12B	₩12B
Discount factor	—	—	—	0.931	0.867	0.807	0.751	0.700
Present value	—	—	—	₩12B	₩11B	₩10B	₩9.3B	₩8.7B

Terminal value ₩218B, worth ₩153B 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:

	Low	Typical	High
Price / book (book value ₩7,954 a share)Now 0.83×	₩5,8620.74×	₩7,8680.99×	₩15,6391.97×
Price / earnings (last 12 months: ₩861 a share)Now 7.67×	₩4,6865.44×	₩6,4677.51×	₩9,70911.3×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,922 a share)Now 3.43×	₩10,4635.44×	₩14,4407.51×	₩21,67911.3×

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%
6.4%	₩17,238	₩18,186	₩19,347	₩20,803	₩22,684
6.9%	₩16,066	₩16,825	₩17,737	₩18,854	₩20,254
7.4%	₩15,077	₩15,694	₩16,424	₩17,301	₩18,375
7.9%	₩14,230	₩14,739	₩15,333	₩16,034	₩16,877
8.4%	₩13,498	₩13,922	₩14,411	₩14,981	₩15,656

Now (TTM)

Market cap: ₩102B
Enterprise value: ₩62B
P/E: 7.7×
P/B: 0.8×
P/S: 1.1×
EV/EBITDA: 3.1×
Dividend yield: 3.4%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩6,410	₩4,820	₩6,260	₩7,700	₩9,610
Market cap	₩99B	₩74B	₩96B	₩119B	₩148B
P/E	7.6×	5.4×	9.3×	8.7×	11.1×
P/B	0.9×	0.7×	1.1×	1.4×	2.0×
P/S	1.1×	0.8×	1.1×	1.3×	1.7×
EV/EBITDA	3.3×	2.2×	4.2×	5.3×	6.3×
Dividend yield	3.5%	4.3%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
NICE D&B	7.7×	0.8×	1.1×	3.1×	3.4%
S-1	23.7×	2.1×	1.3×	—	0.0%
Cheil Worldwide	9.7×	1.3×	0.5×	—	6.6%
Doosan Tesna	59.6×	4.5×	6.2×	—	0.2%
Lotte Tour Development	16.0×	2.2×	1.2×	—	0.0%
Soulbrain Holdings	1.3×	0.4×	1.3×	—	1.3%
Innocean Worldwide	5.5×	0.6×	0.3×	—	6.7%
Similar companies (median)	12.9×	1.7×	1.2×	—	0.7%

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

Also known as: NICE D&B / 나이스디앤비 / 130580 / KRX:130580

Source: KRX statistical information