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Opasnet

173130 · KOSDAQ · ₩173130 · 오파스넷

₩6,320▼ ₩80 (1.25%)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

₩14,431

vs the current price (₩6,320)

Enterprise value
₩166B
Equity value
₩188B
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 128% 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 ₩6,320, the model needs an operating margin of 2.6% every year (it uses 5.4%).
  • Or revenue growth −26.5 points a year higher than assumed in each of the 5 years.
  • 38% 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 6.3× against a typical 11.7× 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
₩6,877
+8.8%
Base
₩14,431
+128.3%
Bull
₩27,751
+339.1%

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 (5.4%).

Revenue growth

  • 11%

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

    Default: the last 3 years' revenue growth (11% a year, annual reports), fading to 3% by year 5.

  • 9%

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

    Default: the last 3 years' revenue growth (11% a year, annual reports), fading to 3% by year 5.

  • 7%

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

    Default: the last 3 years' revenue growth (11% a year, annual reports), fading to 3% by year 5.

  • 5%

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

    Default: the last 3 years' revenue growth (11% 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% a year, annual reports), fading to 3% by year 5.

Business

  • 5.4%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 3%

    The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).

    Default: not in the statements, so a typical level.

  • 4%

    Money spent on factories, equipment, software and other long-term assets (% of revenue).

    Default: not in the statements, so a typical level.

  • 9.3%

    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.

  • 4.01%

    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: 104 weeks of weekly returns against KOSPI (official index); raw beta 0.09, 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)
₩216B
Net debt (borrowings and leases − cash and deposits)
−₩20B
+ Stakes and investments
₩2.9B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩148M
Shares
13,046,473
Share price
₩6,320
Market cap
₩82B

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₩225B₩193B₩233B₩240B₩262B₩280B₩294B₩303B
Growth31.9%−14.3%20.9%11.0%9.0%7.0%5.0%3.0%
EBIT₩14B₩11B₩14B₩13B₩14B₩15B₩16B₩16B
EBIT margin6.2%5.5%6.0%5.4%5.4%5.4%5.4%5.4%
After-tax EBIT₩10B₩7.7B₩10B₩9.4B₩10B₩11B₩12B₩12B
+ Depreciation———₩7.2B₩7.8B₩8.4B₩8.8B₩9.1B
− Capital spending———₩9.6B₩10B₩11B₩12B₩12B
− Working capital−₩24B₩4.1B−₩6.5B₩2.2B₩2B₩1.7B₩1.3B₩820M
Free cash flow———₩4.8B₩5.6B₩6.5B₩7.3B₩8B
Discount factor———0.9320.8680.8090.7540.703
Present value———₩4.5B₩4.9B₩5.2B₩5.5B₩5.6B

Terminal value ₩199B, worth ₩140B today: 85% 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 ₩5,136 a share)Now 1.23×₩7,3221.43×₩11,1732.18×₩21,1874.13×
Price / earnings (last 12 months: ₩1,004 a share)Now 6.29×₩6,1696.14×₩11,69711.7×₩19,42419.3×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,117 a share)Now 5.66×₩6,8616.14×₩13,01011.7×₩21,60519.3×

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%₩15,197₩16,283₩17,618₩19,303₩21,495
6.8%₩13,939₩14,809₩15,858₩17,149₩18,777
7.3%₩12,882₩13,591₩14,431₩15,445₩16,693
7.8%₩11,983₩12,568₩13,252₩14,065₩15,044
8.3%₩11,208₩11,697₩12,262₩12,924₩13,708

Now (TTM)

Market cap
₩82B
Enterprise value
₩62B
P/E
6.3×
P/B
1.2×
P/S
0.4×
EV/EBITDA
—
Dividend yield
4.0%

Over time (at each year end)

20252024202320222021
Price₩6,640₩8,440₩11,720₩7,736₩3,604
Market cap₩87B₩110B₩153B₩101B₩47B
P/E6.8×11.5×14.6×16.6×7.5×
P/B1.3×2.0×3.3×2.9×1.6×
P/S0.4×0.6×0.7×0.6×0.4×
EV/EBITDA—————
Dividend yield3.8%1.2%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Opasnet6.3×1.2×0.4×—4.0%
Samsung SDS24.2×1.5×1.1×—1.6%
LG CNS14.5×2.3×1.1×—2.6%
Itcenglobal6.7×2.9×0.0×—0.0%
DB6.7×0.9×0.6×15.7×0.0%
Lotte Innovate14.9×0.6×0.2×—4.1%
Contec20.8×1.6×2.4×—0.0%
Similar companies (median)14.7×1.6×0.9×15.7×0.8%

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

Also known as: Opasnet / 오파스넷 / 173130 / KRX:173130

Source: KRX statistical information