KOSDAQ · 131090 · Software · ₩131090

Secuve시큐브

131090 · KOSDAQ · ₩131090 · 시큐브

₩4,315▼ ₩25 (0.58%)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

₩13,592

vs the current price (₩4,315)

Enterprise value: ₩60B
Equity value: ₩104B
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 215% 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 ₩4,315, the model needs an operating margin of −5.8% every year (it uses 33.4%).
Margins ranged from 28.3% to 41.7% 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.
37% 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 6.6× against a typical 8.4× 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: ₩11,178; +159.1%
Base: ₩13,592; +215.0%
Bull: ₩17,479; +305.1%

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 (33.4%).

Revenue growth

Revenue growth, year 1-0.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-0.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 20.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-0.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 31.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-0.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 42.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-0.6% 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 (-0.6% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin33.4%
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 & amortisation1.4%
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).
Capital spending1.7%
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).
Working capital2.2%
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 -0.29, 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): ₩14B
Net debt (borrowings and leases − cash and deposits): −₩44B
+ Stakes and investments: ₩15M; Associates, long-term financial assets and deposits (book value)
Shares: 7,658,221
Share price: ₩4,315
Market cap: ₩33B

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	₩14B	₩12B	₩13B	₩13B	₩14B	₩14B	₩14B	₩14B
Growth	5.4%	−16.4%	11.3%	−0.6%	0.3%	1.2%	2.1%	3.0%
EBIT	₩4.5B	₩3.4B	₩4.3B	₩4.5B	₩4.5B	₩4.6B	₩4.7B	₩4.8B
EBIT margin	30.8%	28.3%	32.1%	33.4%	33.4%	33.4%	33.4%	33.4%
After-tax EBIT	₩3.2B	₩2.5B	₩3.1B	₩3.3B	₩3.3B	₩3.3B	₩3.4B	₩3.5B
+ Depreciation	—	—	—	₩189M	₩189M	₩192M	₩196M	₩201M
− Capital spending	₩344M	₩148M	₩220M	₩229M	₩230M	₩233M	₩237M	₩245M
− Working capital	−₩22B	₩189M	−₩1.3B	−₩1.8M	₩889,443	₩3.6M	₩6.3M	₩9.2M
Free cash flow	—	—	—	₩3.2B	₩3.2B	₩3.3B	₩3.3B	₩3.4B
Discount factor	—	—	—	0.932	0.868	0.809	0.754	0.703
Present value	—	—	—	₩3B	₩2.8B	₩2.6B	₩2.5B	₩2.4B

Terminal value ₩66B, worth ₩47B 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:

	Low	Typical	High
Price / book (book value ₩6,366 a share)Now 0.68×	₩4,1260.65×	₩5,1960.82×	₩8,4501.33×
Price / earnings (last 12 months: ₩652 a share)Now 6.62×	₩4,0386.19×	₩5,4698.39×	₩6,83610.5×
P/E on run-rate earnings (Q2 2026 × 4: ₩174 a share)Now 24.7×	₩1,0806.19×	₩1,4638.39×	₩1,82810.5×

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%	₩13,876	₩14,566	₩15,415	₩16,489	₩17,886
6.8%	₩13,172	₩13,732	₩14,409	₩15,243	₩16,295
7.3%	₩12,580	₩13,043	₩13,592	₩14,256	₩15,074
7.8%	₩12,075	₩12,462	₩12,916	₩13,455	₩14,107
8.3%	₩11,639	₩11,967	₩12,347	₩12,792	₩13,322

Now (TTM)

Market cap: ₩33B
Enterprise value: −₩11B
P/E: 6.6×
P/B: 0.7×
P/S: 2.4×
EV/EBITDA: —
Dividend yield: 3.5%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩3,875	₩4,275	₩5,145	₩5,100	₩6,950
Market cap	₩30B	₩33B	₩39B	₩39B	₩53B
P/E	6.3×	10.8×	6.8×	8.0×	11.1×
P/B	0.6×	0.7×	0.9×	0.9×	1.4×
P/S	2.2×	2.7×	2.7×	2.9×	4.0×
EV/EBITDA	—	—	—	—	—
Dividend yield	3.9%	2.9%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Secuve	6.6×	0.7×	2.4×	—	3.5%
Krafton	10.0×	1.2×	1.9×	—	1.2%
Hyundai Autoever	41.5×	4.2×	1.7×	—	0.7%
NC	7.0×	1.2×	2.1×	8.5×	0.6%
Netmarble	7.1×	0.5×	1.0×	—	2.6%
PearlAbyss	8.1×	2.1×	3.0×	5.3×	0.0%
Shift UP	9.0×	1.8×	7.1×	—	0.0%
Similar companies (median)	8.5×	1.5×	2.0×	6.9×	0.6%

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

Also known as: Secuve / 시큐브 / 131090 / KRX:131090

Source: KRX statistical information