KOSDAQ · 214270 · Software · ₩214270

FSNFSN

214270 · KOSDAQ · ₩214270 · FSN

₩1,211▲ ₩19 (1.59%)End-of-day · Oct 28, 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

₩3,250

vs the current price (₩1,211)

Enterprise value: ₩173B
Equity value: ₩147B
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 168% 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 ₩1,211, the model needs an operating margin of 1.8% every year (it uses 3.8%).
Or revenue growth −13.9 points a year higher than assumed in each of the 5 years.
Margins ranged from −3.4% to 11.2% 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.

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: ₩690; −43.0%
Base: ₩3,250; +168.3%
Bull: ₩7,691; +535.1%

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 (3.8%).

Revenue growth

Revenue growth, year 19.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (9.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 28%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (9.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 36.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (9.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 44.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (9.7% 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 (9.7% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin3.8%
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.
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 & amortisation2.3%
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).
Capital spending2.8%
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).
Working capital-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

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 rate4.11%
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.
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 0.26, 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)5.61%
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): ₩276B
Net debt (borrowings and leases − cash and deposits): −₩19B
− Minority interests: ₩46B
Shares: 45,251,636
Share price: ₩1,211
Market cap: ₩55B

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	₩176B	₩266B	₩272B	₩303B	₩328B	₩349B	₩365B	₩376B
Growth	−14.8%	51.3%	2.5%	9.7%	8.0%	6.4%	4.7%	3.0%
EBIT	−₩6B	₩832M	₩31B	₩12B	₩12B	₩13B	₩14B	₩14B
EBIT margin	−3.4%	0.3%	11.2%	3.8%	3.8%	3.8%	3.8%	3.8%
After-tax EBIT	−₩4.3B	₩603M	₩22B	₩8.4B	₩9B	₩9.6B	₩10B	₩10B
+ Depreciation	—	—	—	₩7B	₩7.5B	₩8B	₩8.4B	₩8.6B
− Capital spending	₩1.9B	₩12B	₩7.6B	₩8.5B	₩9.2B	₩9.8B	₩10B	₩11B
− Working capital	−₩19B	−₩83B	₩55B	−₩2.5B	−₩2.3B	−₩1.9B	−₩1.5B	−₩1B
Free cash flow	—	—	—	₩9.3B	₩9.6B	₩9.8B	₩9.8B	₩9.5B
Discount factor	—	—	—	0.931	0.867	0.807	0.751	0.700
Present value	—	—	—	₩8.7B	₩8.4B	₩7.9B	₩7.3B	₩6.6B

Terminal value ₩192B, worth ₩134B 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:

	Low	Typical	High
Price / book (book value ₩1,343 a share)Now 0.90×	₩1,3130.98×	₩1,7321.29×	₩3,5132.62×

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%
6.4%	₩3,279	₩3,657	₩4,122	₩4,706	₩5,462
6.9%	₩2,952	₩3,265	₩3,641	₩4,104	₩4,686
7.4%	₩2,676	₩2,939	₩3,250	₩3,625	₩4,086
7.9%	₩2,440	₩2,663	₩2,924	₩3,234	₩3,608
8.4%	₩2,236	₩2,428	₩2,650	₩2,910	₩3,219

Now (TTM)

Market cap: ₩55B
Enterprise value: ₩32B
P/E: —
P/B: 0.9×
P/S: 0.2×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩1,927	₩1,806	₩2,735	₩3,240	₩13,800
Market cap	₩87B	₩82B	₩124B	₩147B	₩624B
P/E	—	—	—	—	7,131.2×
P/B	1.4×	1.4×	1.6×	1.2×	5.8×
P/S	0.3×	0.3×	0.7×	0.7×	2.9×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
FSN	—	0.9×	0.2×	—	0.0%
Hyundai Autoever	50.3×	5.1×	2.1×	—	0.5%
Krafton	10.1×	1.2×	1.9×	—	1.2%
NC	7.0×	1.2×	2.1×	8.4×	0.6%
Netmarble	7.0×	0.5×	1.0×	—	2.6%
PearlAbyss	7.9×	2.1×	3.0×	5.2×	0.0%
Shift UP	8.9×	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: FSN / 214270 / KRX:214270

Source: KRX statistical information