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KineMaster

139670 · KOSDAQ · ₩139670 · 키네마스터

₩1,761▲ ₩4 (0.23%)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

₩444

vs the current price (₩1,761)

Enterprise value
₩4.8B
Equity value
₩6.3B
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 75% 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 ₩1,761, the model needs an operating margin of 19.3% every year (it uses 4.2%).
  • Margins ranged from −83.5% to 11.1% 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.
  • 85% 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 3.9× against a typical 8.2× 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
₩274
−84.4%
Base
₩444
−74.8%
Bull
₩768
−56.4%

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 (4.2%).

Revenue growth

  • -10%

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

    Default: the last 3 years' revenue growth (-14.5% a year, annual reports), fading to 3% by year 5.

  • -6.7%

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

    Default: the last 3 years' revenue growth (-14.5% a year, annual reports), fading to 3% by year 5.

  • -3.5%

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

    Default: the last 3 years' revenue growth (-14.5% a year, annual reports), fading to 3% by year 5.

  • -0.2%

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

    Default: the last 3 years' revenue growth (-14.5% 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 (-14.5% a year, annual reports), fading to 3% by year 5.

Business

  • 4.2%

    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.

  • 0.1%

    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).

  • 0.2%

    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).

  • 40%

    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 0.34, 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)
₩12B
Net debt (borrowings and leases − cash and deposits)
−₩1.5B
+ Stakes and investments
₩9.8M
Associates, long-term financial assets and deposits (book value)
Shares
14,118,810
Share price
₩1,761
Market cap
₩25B

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₩17B₩13B₩12B₩10B₩9.7B₩9.4B₩9.4B₩9.6B
Growth−14.4%−20.5%−8.1%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT₩1.9B₩592M₩925M₩437M₩408M₩394M₩393M₩405M
EBIT margin11.1%4.4%7.5%4.2%4.2%4.2%4.2%4.2%
After-tax EBIT₩1.3B₩429M₩671M₩317M₩296M₩285M₩285M₩293M
+ Depreciation———₩10M₩9.7M₩9.4M₩9.4M₩9.6M
− Capital spending₩42M—₩11M₩21M₩19M₩19M₩19M₩19M
− Working capital−₩11B₩16B₩7.3B−₩463M−₩279M−₩136M−₩7.5M₩112M
Free cash flow———₩769M₩565M₩412M₩283M₩172M
Discount factor———0.9320.8680.8090.7540.703
Present value———₩717M₩491M₩333M₩213M₩121M

Terminal value ₩4.1B, worth ₩2.9B today: 61% 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 ₩2,164 a share)Now 0.81×₩2,2581.04×₩7,1273.29×₩20,8109.62×
Price / earnings (last 12 months: ₩451 a share)Now 3.90×₩1,9474.32×₩3,7168.24×₩27,91361.9×

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%₩493₩499₩507₩516₩528
6.8%₩465₩468₩472₩477₩483
7.3%₩441₩442₩444₩446₩449
7.8%₩420₩421₩421₩421₩421
8.3%₩402₩402₩401₩400₩399

Now (TTM)

Market cap
₩25B
Enterprise value
₩23B
P/E
3.9×
P/B
0.8×
P/S
2.1×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩2,600₩2,875₩4,690₩8,570₩20,700
Market cap₩37B₩41B₩66B₩121B₩292B
P/E10.8×9.2×25.2×——
P/B1.4×1.9×4.0×12.7×12.2×
P/S3.0×3.0×3.9×6.2×11.1×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
KineMaster3.9×0.8×2.1×—0.0%
Hyundai Autoever47.8×4.8×2.0×—0.6%
Krafton10.0×1.2×1.9×—1.2%
NC7.0×1.2×2.1×8.4×0.6%
Netmarble7.1×0.5×1.0×—2.6%
PearlAbyss8.0×2.1×3.0×5.2×0.0%
Shift UP9.0×1.8×7.2×—0.0%
Similar companies (median)8.5×1.5×2.0×6.8×0.6%

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

Also known as: KineMaster / 키네마스터 / 139670 / KRX:139670

Source: KRX statistical information