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Classys

214150 · KOSDAQ · ₩214150 · 클래시스

₩26,500▼ ₩700 (2.57%)End-of-day · Oct 27, 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

₩63,995

vs the current price (₩26,500)

Enterprise value
₩4.2T
Equity value
₩4.2T
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 141% 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 ₩26,500, the model needs an operating margin of 21.5% every year (it uses 49.8%).
  • Or revenue growth −20.5 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 12.6× against a typical 27.8× 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
₩45,449
+71.5%
Base
₩63,995
+141.5%
Bull
₩93,426
+252.6%

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 (49.8%).

Revenue growth

  • 25%

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

    Default: the last 3 years' revenue growth (33.4% a year, annual reports), fading to 3% by year 5.

  • 19.5%

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

    Default: the last 3 years' revenue growth (33.4% a year, annual reports), fading to 3% by year 5.

  • 14%

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

    Default: the last 3 years' revenue growth (33.4% a year, annual reports), fading to 3% by year 5.

  • 8.5%

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

    Default: the last 3 years' revenue growth (33.4% 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 (33.4% a year, annual reports), fading to 3% by year 5.

Business

  • 49.8%

    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%

    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).

  • 4.5%

    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).

  • 10.5%

    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.

  • 4.03%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-27.

  • 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 0.15, 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.

  • 5.53%

    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)
₩369B
Net debt (borrowings and leases − cash and deposits)
₩12B
+ Stakes and investments
₩21B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩5.6B
Shares
65,235,659
Share price
₩26,500
Market cap
₩1.7T

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₩180B₩243B₩337B₩461B₩551B₩629B₩682B₩702B
Growth27.0%34.9%38.6%25.0%19.5%14.0%8.5%3.0%
EBIT₩90B₩122B₩171B₩230B₩275B₩313B₩340B₩350B
EBIT margin49.8%50.4%50.7%49.8%49.8%49.8%49.8%49.8%
After-tax EBIT₩65B₩89B₩124B₩167B₩199B₩227B₩246B₩254B
+ Depreciation₩3.7B₩4.8B₩6.5B₩9.2B₩11B₩13B₩14B₩14B
− Capital spending₩6.1B₩11B₩19B₩21B₩25B₩28B₩31B₩32B
− Working capital−₩46B₩1.9B₩7.8B₩9.7B₩9.4B₩8.1B₩5.6B₩2.1B
Free cash flow₩108B₩81B₩103B₩145B₩176B₩203B₩224B₩234B
Discount factor———0.9320.8680.8090.7540.703
Present value———₩135B₩153B₩164B₩169B₩164B

Terminal value ₩4.8T, worth ₩3.4T today: 81% 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 ₩8,424 a share)Now 3.15×₩45,4185.39×₩65,1527.73×₩86,43110.3×
Price / earnings (last 12 months: ₩2,110 a share)Now 12.6×₩40,16619.0×₩58,66427.8×₩83,46639.6×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,739 a share)Now 15.2×₩33,11319.0×₩48,36227.8×₩68,80939.6×

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%₩66,462₩72,286₩79,460₩88,518₩100,311
6.8%₩60,489₩65,214₩70,921₩77,951₩86,827
7.3%₩55,467₩59,364₩63,995₩69,588₩76,478
7.8%₩51,186₩54,446₩58,266₩62,804₩68,286
8.3%₩47,496₩50,254₩53,449₩57,193₩61,641

Now (TTM)

Market cap
₩1.7T
Enterprise value
₩1.7T
P/E
12.6×
P/B
3.1×
P/S
4.7×
EV/EBITDA
9.8×
Dividend yield
3.8%

Over time (at each year end)

20252024202320222021
Price₩54,500₩47,650₩37,750₩18,400₩18,800
Market cap₩3.6T₩3.1T₩2.5T₩1.2T₩1.2T
P/E26.9×31.8×33.2×15.9×28.0×
P/B6.4×6.8×8.7×5.2×7.5×
P/S10.6×12.8×13.7×8.5×12.2×
EV/EBITDA19.4×23.9×25.6×16.9×22.4×
Dividend yield1.8%0.5%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Classys12.6×3.1×4.7×9.8×3.8%
TSE27.5×6.1×5.1×—0.2%
Kctech20.8×3.2×3.8×16.1×0.5%
Park Systems68.1×4.6×8.1×—0.2%
Curiox Biosystems—21.9×187.1×—0.0%
DI36.7×5.0×2.2×—0.7%
Seers24.1×14.8×10.4×—0.0%
Similar companies (median)27.5×5.6×6.6×16.1×0.2%

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

Also known as: Classys / 클래시스 / 214150 / KRX:214150

Source: KRX statistical information