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DoubleUGames

192080 · KOSPI · ₩192080 · 더블유게임즈

₩54,000▲ ₩1,500 (2.86%)End-of-day · Oct 28, 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

₩206,426

vs the current price (₩54,000)

Enterprise value
₩3.9T
Equity value
₩4.4T
WACC
7.4%

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 282% 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 ₩54,000, the model needs an operating margin of 6.3% every year (it uses 33.0%).
  • Margins ranged from 29.8% to 39.3% 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.
  • Today's P/E is 6.4× against a typical 7.0× 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
₩149,983
+177.7%
Base
₩206,426
+282.3%
Bull
₩296,690
+449.4%

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 (33.0%).

Revenue growth

  • 5.3%

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

    Default: the last 3 years' revenue growth (5.3% a year, annual reports), fading to 3% by year 5.

  • 4.7%

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

    Default: the last 3 years' revenue growth (5.3% a year, annual reports), fading to 3% by year 5.

  • 4.1%

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

    Default: the last 3 years' revenue growth (5.3% a year, annual reports), fading to 3% by year 5.

  • 3.6%

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

    Default: the last 3 years' revenue growth (5.3% 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 (5.3% a year, annual reports), fading to 3% by year 5.

Business

  • 33%

    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.

  • 0.2%

    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).

  • 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.

  • 4.11%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-28.

  • 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 0.12, 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.

  • 5.61%

    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)
₩802B
Net debt (borrowings and leases − cash and deposits)
−₩958B
+ Stakes and investments
₩1.7B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩532B
Shares
21,173,468
Share price
₩54,000
Market cap
₩1.1T

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₩582B₩633B₩720B₩844B₩884B₩920B₩953B₩982B
Growth−5.7%8.8%13.6%5.3%4.7%4.1%3.6%3.0%
EBIT₩213B₩249B₩232B₩279B₩292B₩304B₩315B₩324B
EBIT margin36.6%39.3%32.2%33.0%33.0%33.0%33.0%33.0%
After-tax EBIT₩155B₩180B₩168B₩202B₩211B₩220B₩228B₩235B
+ Depreciation———₩1.7B₩1.8B₩1.8B₩1.9B₩2B
− Capital spending₩689M₩2.5B₩941M₩1.7B₩1.8B₩1.8B₩1.9B₩2B
− Working capital₩165B−₩137B−₩26B₩4B₩3.7B₩3.4B₩3.1B₩2.7B
Free cash flow———₩198B₩208B₩217B₩225B₩232B
Discount factor———0.9310.8670.8070.7510.700
Present value———₩184B₩180B₩175B₩169B₩162B

Terminal value ₩4.4T, worth ₩3.1T today: 78% 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 ₩63,337 a share)Now 0.85×₩56,0360.88×₩63,9551.01×₩71,5311.13×
Price / earnings (last 12 months: ₩8,474 a share)Now 6.37×₩52,1876.16×₩59,1506.98×₩105,97712.5×
P/E on run-rate earnings (Q2 2026 × 4: ₩9,185 a share)Now 5.88×₩56,5676.16×₩64,1146.98×₩114,87212.5×

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%
6.4%₩213,622₩229,517₩249,015₩273,498₩305,160
6.9%₩197,045₩209,981₩225,550₩244,647₩268,627
7.4%₩183,058₩193,754₩206,426₩221,676₩240,383
7.9%₩171,099₩180,063₩190,541₩202,955₩217,894
8.4%₩160,757₩168,355₩177,137₩187,403₩199,565

Now (TTM)

Market cap
₩1.1T
Enterprise value
₩167B
P/E
6.4×
P/B
0.9×
P/S
1.4×
EV/EBITDA
—
Dividend yield
2.2%

Over time (at each year end)

20252024202320222021
Price₩53,600₩53,900₩40,267₩40,013₩49,031
Market cap₩1.1T₩1.1T₩853B₩847B₩1T
P/E8.6×6.1×5.7×—8.3×
P/B1.0×1.0×1.0×1.2×1.2×
P/S1.6×1.8×1.5×1.4×1.7×
EV/EBITDA—————
Dividend yield2.2%2.2%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
DoubleUGames6.4×0.9×1.4×—2.2%
Hyundai Autoever50.3×5.1×2.1×—0.5%
Krafton10.1×1.2×1.9×—1.2%
NC7.0×1.2×2.1×8.4×0.6%
Netmarble7.0×0.5×1.0×—2.6%
PearlAbyss7.9×2.1×3.0×5.2×0.0%
Shift UP8.9×1.8×7.1×—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: DoubleUGames / 더블유게임즈 / 192080 / KRX:192080

Source: KRX statistical information