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Devsisters

194480 · KOSDAQ · ₩194480 · 데브시스터즈

₩11,570▼ ₩220 (1.87%)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
−₩292B
Equity value
−₩377B
WACC
6.1%

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 ₩11,570, the model needs an operating margin of 5.9% every year (it uses −4.1%).
  • Margins ranged from −29.8% to 15.3% 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.
  • 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 (−4.1%).

Revenue growth

  • 11.3%

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

    Default: the last 3 years' revenue growth (11.3% a year, annual reports), fading to 3% by year 5.

  • 9.2%

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

    Default: the last 3 years' revenue growth (11.3% a year, annual reports), fading to 3% by year 5.

  • 7.1%

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

    Default: the last 3 years' revenue growth (11.3% a year, annual reports), fading to 3% by year 5.

  • 5.1%

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

    Default: the last 3 years' revenue growth (11.3% 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 (11.3% a year, annual reports), fading to 3% by year 5.

Business

  • -4.1%

    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.

  • 1.8%

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

    Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).

  • 1.3%

    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).

  • 37.8%

    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)
₩226B
Net debt (borrowings and leases − cash and deposits)
₩92B
+ Stakes and investments
₩11B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩3.2B
Shares
12,169,150
Share price
₩11,570
Market cap
₩141B

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₩161B₩236B₩296B₩251B₩274B₩294B₩309B₩318B
Growth−24.8%46.6%25.1%11.3%9.2%7.1%5.1%3.0%
EBIT−₩48B₩27B₩6.4B−₩10B−₩11B−₩12B−₩13B−₩13B
EBIT margin−29.8%11.5%2.1%−4.1%−4.1%−4.1%−4.1%−4.1%
After-tax EBIT−₩35B₩20B₩4.6B−₩7.5B−₩8.2B−₩8.7B−₩9.2B−₩9.5B
+ Depreciation₩4B₩3.9B₩3.9B₩4.5B₩4.9B₩5.3B₩5.6B₩5.7B
− Capital spending₩2.6B₩2.8B₩3.4B₩3.3B₩3.6B₩3.8B₩4B₩4.1B
− Working capital−₩22B₩40B₩29B₩9.6B₩8.7B₩7.4B₩5.7B₩3.5B
Free cash flow−₩11B−₩19B−₩24B−₩16B−₩16B−₩15B−₩13B−₩11B
Discount factor———0.9430.8890.8380.7900.745
Present value———−₩15B−₩14B−₩12B−₩11B−₩8.5B

Terminal value −₩312B, worth −₩233B today: 79% 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 ₩11,233 a share)Now 1.03×₩18,6251.66×₩36,8323.28×₩51,8474.62×

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%
5.1%—————
5.6%—————
6.1%—————
6.6%—————
7.1%—————

Now (TTM)

Market cap
₩141B
Enterprise value
₩218B
P/E
—
P/B
1.0×
P/S
0.6×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩30,300₩27,700₩48,500₩55,900₩105,200
Market cap₩369B₩337B₩590B₩680B₩1.3T
P/E35.1×12.1×——21.2×
P/B2.2×2.2×4.5×3.8×7.7×
P/S1.2×1.4×3.7×3.2×3.5×
EV/EBITDA43.2×12.7×——21.3×
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Devsisters—1.0×0.6×—0.0%
Hyundai Autoever47.8×4.8×2.0×—0.6%
Krafton10.0×1.2×1.9×—1.2%
NC7.0×1.2×2.1×8.4×0.6%
Netmarble7.1×0.5×1.0×—2.6%
PearlAbyss8.0×2.1×3.0×5.2×0.0%
Shift UP9.0×1.8×7.2×—0.0%
Similar companies (median)8.5×1.5×2.0×6.8×0.6%

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

Also known as: Devsisters / 데브시스터즈 / 194480 / KRX:194480

Source: KRX statistical information