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ME2ON

201490 · KOSDAQ · ₩201490 · 미투온

₩2,605▼ ₩65 (2.43%)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

₩8,598

vs the current price (₩2,605)

Enterprise value
₩287B
Equity value
₩281B
WACC
7.5%

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 230% 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 ₩2,605, the model needs an operating margin of 5.8% every year (it uses 17.3%).
  • Or revenue growth −24.6 points a year higher than assumed in each of the 5 years.
  • Margins ranged from 10.4% to 31.5% 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 72.1× against a typical 13.3× 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
₩5,569
+113.8%
Base
₩8,598
+230.0%
Bull
₩13,520
+419.0%

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 (17.3%).

Revenue growth

  • 2.6%

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

    Default: the last 3 years' revenue growth (2.6% a year, annual reports), fading to 3% by year 5.

  • 2.7%

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

    Default: the last 3 years' revenue growth (2.6% a year, annual reports), fading to 3% by year 5.

  • 2.8%

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

    Default: the last 3 years' revenue growth (2.6% a year, annual reports), fading to 3% by year 5.

  • 2.9%

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

    Default: the last 3 years' revenue growth (2.6% 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 (2.6% a year, annual reports), fading to 3% by year 5.

Business

  • 17.3%

    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.

  • 2.1%

    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).

  • 2.6%

    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).

  • 4.1%

    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

  • 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.

  • 0.64

    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 0.47, 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)
₩123B
Net debt (borrowings and leases − cash and deposits)
−₩88B
+ Stakes and investments
₩14M
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩94B
Shares
32,723,726
Share price
₩2,605
Market cap
₩85B

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₩109B₩94B₩121B₩127B₩130B₩134B₩138B₩142B
Growth−2.7%−13.5%28.2%2.6%2.7%2.8%2.9%3.0%
EBIT₩22B₩12B₩13B₩22B₩23B₩23B₩24B₩25B
EBIT margin20.3%12.5%10.4%17.3%17.3%17.3%17.3%17.3%
After-tax EBIT₩16B₩8.6B₩9.1B₩16B₩16B₩17B₩17B₩18B
+ Depreciation———₩2.7B₩2.7B₩2.8B₩2.9B₩3B
− Capital spending₩6.3B₩1.5B₩736M₩3.3B₩3.4B₩3.5B₩3.6B₩3.7B
− Working capital₩4.7B−₩6.7B₩568M₩132M₩140M₩149M₩159M₩169M
Free cash flow———₩15B₩16B₩16B₩16B₩17B
Discount factor———0.9300.8650.8040.7480.696
Present value———₩14B₩13B₩13B₩12B₩12B

Terminal value ₩320B, worth ₩223B 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 ₩5,050 a share)Now 0.52×₩2,1540.43×₩4,0430.80×₩9,3031.84×
Price / earnings (last 12 months: ₩36 a share)Now 72.1×₩3589.93×₩47913.3×₩78321.7×
P/E on run-rate earnings (Q2 2026 × 4: ₩259 a share)Now 10.0×₩2,5749.93×₩3,43613.3×₩5,62221.7×

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%
6.5%₩8,932₩9,662₩10,554₩11,668₩13,096
7.0%₩8,165₩8,763₩9,479₩10,353₩11,443
7.5%₩7,517₩8,012₩8,598₩9,299₩10,156
8.0%₩6,961₩7,377₩7,863₩8,437₩9,124
8.5%₩6,478₩6,833₩7,241₩7,717₩8,279

Now (TTM)

Market cap
₩85B
Enterprise value
−₩8.7B
P/E
72.1×
P/B
0.5×
P/S
0.7×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩3,610₩1,790₩3,060₩3,890₩7,700
Market cap₩118B₩59B₩100B₩127B₩252B
P/E153.0×106.3×12.9×14.7×27.5×
P/B0.8×0.4×0.8×1.1×2.5×
P/S1.0×0.6×0.9×1.1×2.3×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
ME2ON72.1×0.5×0.7×—0.0%
Krafton10.0×1.2×1.9×—1.2%
Hyundai Autoever41.5×4.2×1.7×—0.7%
NC7.0×1.2×2.1×8.5×0.6%
Netmarble7.1×0.5×1.0×—2.6%
PearlAbyss8.1×2.1×3.0×5.3×0.0%
Shift UP9.0×1.8×7.1×—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: ME2ON / 미투온 / 201490 / KRX:201490

Source: KRX statistical information