KOSPI · 214320 · Business services · ₩214320

Innocean Worldwide이노션

214320 · KOSPI · ₩214320 · 이노션

₩17,560▲ ₩200 (1.15%)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

₩79,342

vs the current price (₩17,560)

Enterprise value: ₩2.5T
Equity value: ₩3.2T
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 352% 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 ₩17,560, the model needs an operating margin of 0.4% every year (it uses 7.8%).
Today's P/E is 5.5× against a typical 8.8× 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: ₩50,646; +188.4%
Base: ₩79,342; +351.8%
Bull: ₩127,930; +628.5%

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 (7.8%).

Revenue growth

Revenue growth, year 17%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 26%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 35%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 44%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (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 (7% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin7.8%
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 & amortisation3.3%
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 spending4.1%
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-2.9%
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 0.11, 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): ₩2.1T
Net debt (borrowings and leases − cash and deposits): −₩742B
+ Stakes and investments: ₩15B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩38B
Shares: 40,000,000
Share price: ₩17,560
Market cap: ₩702B

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	₩2.1T	₩2.1T	₩2.1T	₩2.3T	₩2.4T	₩2.6T	₩2.7T	₩2.7T
Growth	19.6%	1.3%	1.2%	7.0%	6.0%	5.0%	4.0%	3.0%
EBIT	₩150B	₩156B	₩163B	₩179B	₩190B	₩199B	₩207B	₩214B
EBIT margin	7.2%	7.3%	7.6%	7.8%	7.8%	7.8%	7.8%	7.8%
After-tax EBIT	₩109B	₩113B	₩118B	₩130B	₩138B	₩145B	₩150B	₩155B
+ Depreciation	—	—	—	₩76B	₩80B	₩84B	₩88B	₩90B
− Capital spending	₩33B	₩210B	₩20B	₩94B	₩100B	₩105B	₩109B	₩112B
− Working capital	−₩56B	−₩7.8B	−₩89B	−₩4.4B	−₩4B	−₩3.5B	−₩3B	−₩2.3B
Free cash flow	—	—	—	₩116B	₩122B	₩128B	₩132B	₩135B
Discount factor	—	—	—	0.931	0.867	0.807	0.751	0.700
Present value	—	—	—	₩108B	₩106B	₩103B	₩99B	₩95B

Terminal value ₩2.8T, worth ₩1.9T 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:

	Low	Typical	High
Price / book (book value ₩28,553 a share)Now 0.62×	₩19,9240.70×	₩26,2390.92×	₩35,0281.23×
Price / earnings (last 12 months: ₩3,196 a share)Now 5.49×	₩21,7736.81×	₩28,1358.80×	₩44,53413.9×
P/E on run-rate earnings (Q2 2026 × 4: ₩3,225 a share)Now 5.44×	₩21,9756.81×	₩28,3978.80×	₩44,94913.9×

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%	₩81,255	₩86,791	₩93,585	₩102,118	₩113,158
6.9%	₩75,764	₩80,289	₩85,736	₩92,421	₩100,818
7.4%	₩71,134	₩74,890	₩79,342	₩84,703	₩91,281
7.9%	₩67,176	₩70,336	₩74,033	₩78,415	₩83,691
8.4%	₩63,754	₩66,444	₩69,555	₩73,194	₩77,507

Now (TTM)

Market cap: ₩702B
Enterprise value: −₩40B
P/E: 5.5×
P/B: 0.6×
P/S: 0.3×
EV/EBITDA: —
Dividend yield: 6.7%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩18,460	₩19,390	₩21,400	₩20,576	₩27,701
Market cap	₩738B	₩776B	₩856B	₩823B	₩1.1T
P/E	8.0×	7.7×	8.4×	11.7×	16.8×
P/B	0.7×	0.8×	0.9×	1.0×	1.4×
P/S	0.3×	0.4×	0.4×	0.5×	0.7×
EV/EBITDA	—	—	—	—	—
Dividend yield	6.4%	6.1%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Innocean Worldwide	5.5×	0.6×	0.3×	—	6.7%
S-1	23.7×	2.1×	1.3×	—	0.0%
Cheil Worldwide	9.7×	1.3×	0.5×	—	6.6%
Doosan Tesna	59.6×	4.5×	6.2×	—	0.2%
Lotte Tour Development	16.0×	2.2×	1.2×	—	0.0%
Soulbrain Holdings	1.3×	0.4×	1.3×	—	1.3%
Korea Ratings	18.0×	4.0×	4.1×	—	8.0%
Similar companies (median)	17.0×	2.2×	1.3×	—	0.7%

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

Also known as: Innocean Worldwide / 이노션 / 214320 / KRX:214320

Source: KRX statistical information