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GC Cell

144510 · KOSDAQ · ₩144510 · 지씨셀

₩9,750▼ ₩720 (6.88%)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

With these assumptions the model gives no positive value.

Enterprise value
₩14B
Equity value
−₩93B
WACC
6.0%

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 gives no positive value at these assumptions. What we can see:

  • To match today's price of ₩9,750, the model needs an operating margin of 12.4% every year (it uses 1.5%).
  • Margins ranged from −11.5% to 21.6% 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.
  • In the projection, spending on equipment, software and working capital takes most or all of the after-tax operating profit, so free cash flow is thin. Companies that invest heavily often look like this until spending slows.

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
—
Bull
—

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 (1.5%).

Revenue growth

  • -10%

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

    Default: the last 3 years' revenue growth (-11.2% 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 (-11.2% 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 (-11.2% 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 (-11.2% 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 (-11.2% a year, annual reports), fading to 3% by year 5.

Business

  • 1.5%

    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.

  • 4.6%

    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).

  • 5.7%

    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).

  • 6.3%

    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.

  • 4.08%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-29.

  • 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 0.23, 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.

  • 5.58%

    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)
₩162B
Net debt (borrowings and leases − cash and deposits)
₩107B
+ Stakes and investments
₩3.6B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩3.8B
Shares
15,800,344
Share price
₩9,750
Market cap
₩154B

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₩188B₩174B₩166B₩146B₩136B₩131B₩131B₩135B
Growth−20.6%−7.0%−5.1%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT₩4.1B−₩20B−₩14B₩2.2B₩2B₩2B₩2B₩2B
EBIT margin2.2%−11.5%−8.3%1.5%1.5%1.5%1.5%1.5%
After-tax EBIT₩3B−₩14B−₩10B₩1.6B₩1.5B₩1.4B₩1.4B₩1.5B
+ Depreciation———₩6.7B₩6.3B₩6B₩6B₩6.2B
− Capital spending₩18B₩6B₩6.5B₩8.3B₩7.8B₩7.5B₩7.5B₩7.7B
− Working capital₩21B−₩12B−₩151M−₩1B−₩615M−₩300M−₩17M₩248M
Free cash flow———₩1B₩598M₩284M₩164,085−₩264M
Discount factor———0.9430.8900.8390.7920.747
Present value———₩945M₩532M₩238M₩129,897−₩197M

Terminal value ₩17B, worth ₩13B today: 89% 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 ₩11,744 a share)Now 0.83×₩8,3500.71×₩13,5471.15×₩24,2572.07×

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%
5.0%—————
5.5%—————
6.0%—————
6.5%—————
7.0%—————

Now (TTM)

Market cap
₩154B
Enterprise value
₩234B
P/E
—
P/B
0.8×
P/S
1.0×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩24,850₩23,700₩45,500₩47,150₩101,700
Market cap₩393B₩374B₩719B₩745B₩1.6T
P/E———29.8×51.1×
P/B2.1×0.8×1.3×1.4×3.1×
P/S2.4×2.1×3.8×3.2×9.5×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
GC Cell—0.8×1.0×—0.0%
S-124.0×2.1×1.3×—0.0%
Cheil Worldwide9.8×1.3×0.5×—6.5%
Doosan Tesna54.7×4.1×5.7×—0.2%
Lotte Tour Development15.4×2.2×1.1×—0.0%
Soulbrain Holdings1.3×0.4×1.3×—1.3%
Innocean Worldwide5.5×0.6×0.3×—6.7%
Similar companies (median)12.6×1.7×1.2×—0.7%

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

Also known as: GC Cell / 지씨셀 / 144510 / KRX:144510

Source: KRX statistical information