KOSDAQ · 197140 · Software · ₩197140

DigiCAP디지캡

197140 · KOSDAQ · ₩197140 · 디지캡

₩2,410 ₩0 (0.00%)End-of-day · Oct 30, 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

With these assumptions the model gives no positive value.

Enterprise value: −₩31B
Equity value: −₩10B
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 gives no positive value at these assumptions. What we can see:

To match today's price of ₩2,410, the model needs an operating margin of 1.3% every year (it uses −1.4%).
Margins ranged from −5.0% to 4.9% 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.
100% 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.
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: ₩1,617; −32.9%

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 (−1.4%).

Revenue growth

Revenue growth, year 125%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (71.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 219.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (71.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 314%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (71.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 48.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (71.8% 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 (71.8% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-1.4%
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.
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 & amortisation3%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: not in the statements, so a typical level.
Capital spending4%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: not in the statements, so a typical level.
Working capital-0.1%
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 rate4.01%
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.
Beta0.6
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 0.16, 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)5.51%
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): ₩65B
Net debt (borrowings and leases − cash and deposits): −₩15B
+ Stakes and investments: ₩5.7B; Associates, long-term financial assets and deposits (book value)
Shares: 13,013,154
Share price: ₩2,410
Market cap: ₩31B

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	₩15B	₩32B	₩67B	₩81B	₩97B	₩111B	₩120B	₩124B
Growth	13.6%	114.3%	108.1%	25.0%	19.5%	14.0%	8.5%	3.0%
EBIT	₩726M	−₩1.6B	−₩2.5B	−₩1.1B	−₩1.4B	−₩1.6B	−₩1.7B	−₩1.7B
EBIT margin	4.9%	−5.0%	−3.8%	−1.4%	−1.4%	−1.4%	−1.4%	−1.4%
After-tax EBIT	₩527M	−₩1.2B	−₩1.8B	−₩826M	−₩987M	−₩1.1B	−₩1.2B	−₩1.3B
+ Depreciation	—	—	—	₩2.4B	₩2.9B	₩3.3B	₩3.6B	₩3.7B
− Capital spending	—	—	—	₩3.3B	₩3.9B	₩4.4B	₩4.8B	₩5B
− Working capital	−₩4.9B	−₩232M	−₩2.3B	−₩16M	−₩16M	−₩14M	−₩9.4M	−₩3.6M
Free cash flow	—	—	—	−₩1.6B	−₩1.9B	−₩2.2B	−₩2.4B	−₩2.5B
Discount factor	—	—	—	0.932	0.868	0.809	0.754	0.703
Present value	—	—	—	−₩1.5B	−₩1.7B	−₩1.8B	−₩1.8B	−₩1.8B

Terminal value −₩31B, worth −₩22B today: 72% 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

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%	—	—	—	—	—
6.8%	—	—	—	—	—
7.3%	—	—	—	—	—
7.8%	—	—	—	—	—
8.3%	—	—	—	—	—

Now (TTM)

Market cap: ₩31B
Enterprise value: ₩17B
P/E: 197.6×
P/B: —
P/S: 0.5×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩2,445	₩2,325	₩4,965	₩3,980	₩4,505
Market cap	₩32B	₩30B	₩65B	₩52B	₩59B
P/E	—	26.3×	—	—	—
P/B	0.6×	0.5×	1.5×	1.2×	1.4×
P/S	0.5×	0.9×	4.3×	3.9×	3.6×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
DigiCAP	197.6×	—	0.5×	—	0.0%
Krafton	10.0×	1.2×	1.9×	—	1.2%
Hyundai Autoever	41.5×	4.2×	1.7×	—	0.7%
NC	7.0×	1.2×	2.1×	8.5×	0.6%
Netmarble	7.1×	0.5×	1.0×	—	2.6%
PearlAbyss	8.1×	2.1×	3.0×	5.3×	0.0%
Shift UP	9.0×	1.8×	7.1×	—	0.0%
Similar companies (median)	8.5×	1.5×	2.0×	6.9×	0.6%

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

Also known as: DigiCAP / 디지캡 / 197140 / KRX:197140

Source: KRX statistical information