KOSDAQ · 163730 · Software · ₩163730

Finger핑거

163730 · KOSDAQ · ₩163730 · 핑거

₩12,550▲ ₩550 (4.58%)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

₩5,127

vs the current price (₩12,550)

Enterprise value: ₩27B
Equity value: ₩65B
WACC: 9.0%

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 is 59% 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 ₩12,550, the model needs an operating margin of 13.0% every year (it uses 3.2%).
Or revenue growth +46.3 points a year higher than assumed in each of the 5 years.
Margins ranged from −0.7% to 7.8% 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.
91% 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 26.7× against a typical 44.2× 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: ₩3,531; −71.9%
Base: ₩5,127; −59.1%
Bull: ₩7,777; −38.0%

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 (3.2%).

Revenue growth

Revenue growth, year 10.6%
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 21.2%
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 31.8%
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 42.4%
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 margin3.2%
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.
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 & amortisation0.6%
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).
Capital spending0.8%
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 capital8.5%
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 rate4.08%
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.
Beta0.89
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 0.83, 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)5.58%
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): ₩92B
Net debt (borrowings and leases − cash and deposits): −₩42B
− Minority interests: ₩3.8B
Shares: 12,765,717
Share price: ₩12,550
Market cap: ₩160B

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	₩83B	₩72B	₩92B	₩93B	₩94B	₩96B	₩98B	₩101B
Growth	−7.7%	−13.9%	27.9%	0.6%	1.2%	1.8%	2.4%	3.0%
EBIT	₩3.7B	−₩470M	₩1.5B	₩3B	₩3B	₩3.1B	₩3.1B	₩3.2B
EBIT margin	4.4%	−0.7%	1.6%	3.2%	3.2%	3.2%	3.2%	3.2%
After-tax EBIT	₩2.7B	−₩341M	₩1.1B	₩2.2B	₩2.2B	₩2.2B	₩2.3B	₩2.3B
+ Depreciation	—	—	—	₩556M	₩563M	₩573M	₩587M	₩604M
− Capital spending	₩468M	₩993M	₩438M	₩742M	₩751M	₩764M	₩782M	₩806M
− Working capital	−₩3.8B	₩6.2B	−₩7B	₩47M	₩95M	₩144M	₩195M	₩249M
Free cash flow	—	—	—	₩1.9B	₩1.9B	₩1.9B	₩1.9B	₩1.9B
Discount factor	—	—	—	0.918	0.842	0.773	0.709	0.651
Present value	—	—	—	₩1.8B	₩1.6B	₩1.5B	₩1.3B	₩1.2B

Terminal value ₩31B, worth ₩20B today: 73% 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 ₩7,333 a share)Now 1.71×	₩15,6792.14×	₩22,6083.08×	₩38,6705.27×
Price / earnings (last 12 months: ₩470 a share)Now 26.7×	₩12,12725.8×	₩20,78244.2×	₩32,48569.1×
P/E on run-rate earnings (Q2 2026 × 4: ₩2,106 a share)Now 5.96×	₩54,32525.8×	₩93,09444.2×	₩145,52069.1×

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%
8.0%	₩5,266	₩5,370	₩5,491	₩5,634	₩5,805
8.5%	₩5,109	₩5,196	₩5,295	₩5,411	₩5,547
9.0%	₩4,972	₩5,044	₩5,127	₩5,222	₩5,332
9.5%	₩4,851	₩4,912	₩4,981	₩5,060	₩5,151
10.0%	₩4,744	₩4,796	₩4,854	₩4,920	₩4,995

Now (TTM)

Market cap: ₩160B
Enterprise value: ₩114B
P/E: 26.7×
P/B: 1.7×
P/S: 1.7×
EV/EBITDA: —
Dividend yield: 0.8%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩10,010	₩8,500	₩12,740	₩10,650	₩26,800
Market cap	₩128B	₩109B	₩163B	₩136B	₩342B
P/E	431.1×	135.1×	36.6×	78.1×	570.3×
P/B	2.8×	2.3×	3.4×	3.1×	7.6×
P/S	1.4×	1.5×	2.0×	1.5×	3.6×
EV/EBITDA	—	—	—	—	—
Dividend yield	1.0%	1.2%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Finger	26.7×	1.7×	1.7×	—	0.8%
Hyundai Autoever	50.3×	5.1×	2.1×	—	0.5%
Krafton	10.1×	1.2×	1.9×	—	1.2%
NC	7.0×	1.2×	2.1×	8.4×	0.6%
Netmarble	7.0×	0.5×	1.0×	—	2.6%
PearlAbyss	7.9×	2.1×	3.0×	5.2×	0.0%
Shift UP	8.9×	1.8×	7.1×	—	0.0%
Similar companies (median)	8.4×	1.5×	2.1×	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: Finger / 핑거 / 163730 / KRX:163730

Source: KRX statistical information