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Intelligent Digital Integrated Security

143160 · KOSDAQ · ₩143160 · 아이디스

₩14,460▼ ₩670 (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

₩38,488

vs the current price (₩14,460)

Enterprise value
₩352B
Equity value
₩412B
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 166% 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 ₩14,460, the model needs an operating margin of 2.8% every year (it uses 7.7%).
  • Today's P/E is 8.1× against a typical 11.2× 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
₩23,262
+60.9%
Base
₩38,488
+166.2%
Bull
₩64,982
+349.4%

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 (7.7%).

Revenue growth

  • 6.7%

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

    Default: the last 3 years' revenue growth (6.7% a year, annual reports), fading to 3% by year 5.

  • 5.8%

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

    Default: the last 3 years' revenue growth (6.7% a year, annual reports), fading to 3% by year 5.

  • 4.8%

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

    Default: the last 3 years' revenue growth (6.7% a year, annual reports), fading to 3% by year 5.

  • 3.9%

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

    Default: the last 3 years' revenue growth (6.7% 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 (6.7% a year, annual reports), fading to 3% by year 5.

Business

  • 7.7%

    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.

  • 1.6%

    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).

  • 1.9%

    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).

  • 19.7%

    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, 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)
₩330B
Net debt (borrowings and leases − cash and deposits)
−₩126B
+ Stakes and investments
₩48B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩113B
Shares
10,716,390
Share price
₩14,460
Market cap
₩155B

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₩278B₩314B₩328B₩352B₩372B₩390B₩405B₩417B
Growth3.1%12.7%4.4%6.7%5.8%4.8%3.9%3.0%
EBIT₩23B₩16B₩21B₩27B₩29B₩30B₩31B₩32B
EBIT margin8.1%5.1%6.5%7.7%7.7%7.7%7.7%7.7%
After-tax EBIT₩16B₩12B₩15B₩20B₩21B₩22B₩23B₩23B
+ Depreciation———₩5.6B₩6B₩6.2B₩6.5B₩6.7B
− Capital spending₩7.4B₩6.2B₩3.9B₩6.7B₩7.1B₩7.4B₩7.7B₩7.9B
− Working capital−₩52B−₩55B₩44B₩4.3B₩4B₩3.5B₩3B₩2.4B
Free cash flow———₩14B₩16B₩17B₩18B₩20B
Discount factor———0.9320.8680.8090.7540.703
Present value———₩13B₩14B₩14B₩14B₩14B

Terminal value ₩403B, worth ₩283B today: 81% 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 ₩22,819 a share)Now 0.63×₩16,1010.71×₩20,6370.90×₩31,4351.38×
Price / earnings (last 12 months: ₩1,784 a share)Now 8.10×₩15,8808.90×₩20,05211.2×₩42,89224.0×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,688 a share)Now 8.57×₩15,0218.90×₩18,96711.2×₩40,57124.0×

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%₩40,742₩43,267₩46,370₩50,282₩55,367
6.8%₩37,591₩39,599₩42,018₩44,993₩48,742
7.3%₩34,942₩36,565₩38,488₩40,806₩43,656
7.8%₩32,684₩34,014₩35,568₩37,410₩39,630
8.3%₩30,738₩31,840₩33,113₩34,600₩36,363

Now (TTM)

Market cap
₩155B
Enterprise value
₩29B
P/E
8.1×
P/B
0.6×
P/S
0.5×
EV/EBITDA
—
Dividend yield
2.8%

Over time (at each year end)

20252024202320222021
Price₩18,080₩16,710₩21,550₩22,150₩23,500
Market cap₩194B₩179B₩231B₩237B₩252B
P/E11.4×12.7×11.5×19.5×10.9×
P/B0.8×0.8×1.1×1.2×1.3×
P/S0.6×0.6×0.8×0.9×1.2×
EV/EBITDA—————
Dividend yield2.2%1.8%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Intelligent Digital Integrated Security8.1×0.6×0.5×—2.8%
Samsung Electronics8.8×2.3×2.7×—0.7%
LG Electronics23.6×0.9×0.3×—0.9%
Hanwha Vision21.8×2.7×1.4×—0.0%
RFHIC39.7×3.5×6.5×—0.8%
KMW—4.9×7.9×—0.0%
Intellian Technologies12.9×2.0×1.6×—0.4%
Similar companies (median)21.8×2.5×2.1×—0.6%

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

Also known as: Intelligent Digital Integrated Security / 아이디스 / 143160 / KRX:143160

Source: KRX statistical information