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Mobiis

250060 · KOSDAQ · ₩250060 · 모비스

₩2,665▼ ₩45 (1.66%)End-of-day · Oct 29, 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

₩702

vs the current price (₩2,665)

Enterprise value
−₩9.6B
Equity value
₩23B
WACC
7.8%

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 74% 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:

  • No operating margin up to 90% gets the model to today's price at these growth assumptions.
  • Margins ranged from −205.3% to −39.0% 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.
  • 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
₩758
−71.5%
Base
₩702
−73.7%
Bull
₩625
−76.6%

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 (−20.0%).

Revenue growth

  • 1.1%

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

    Default: the last 3 years' revenue growth (1.1% a year, annual reports), fading to 3% by year 5.

  • 1.6%

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

    Default: the last 3 years' revenue growth (1.1% a year, annual reports), fading to 3% by year 5.

  • 2%

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

    Default: the last 3 years' revenue growth (1.1% a year, annual reports), fading to 3% by year 5.

  • 2.5%

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

    Default: the last 3 years' revenue growth (1.1% 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 (1.1% a year, annual reports), fading to 3% by year 5.

Business

  • -20%

    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.

  • 2.3%

    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).

  • 2.9%

    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).

  • 21.7%

    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.

  • 4.08%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-29.

  • 0.68

    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 0.53, 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.

  • 5.58%

    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)
₩3.6B
Net debt (borrowings and leases − cash and deposits)
−₩32B
+ Stakes and investments
₩10M
Associates, long-term financial assets and deposits (book value)
Shares
32,171,314
Share price
₩2,665
Market cap
₩86B

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₩5.4B₩5B₩5.1B₩3.6B₩3.7B₩3.8B₩3.9B₩4B
Growth10.2%−7.7%1.4%1.1%1.6%2.0%2.5%3.0%
EBIT−₩2.1B−₩2.4B−₩2.9B−₩729M−₩740M−₩755M−₩774M−₩797M
EBIT margin−39.0%−47.6%−57.6%−20.0%−20.0%−20.0%−20.0%−20.0%
After-tax EBIT−₩1.5B−₩1.7B−₩2.1B−₩528M−₩537M−₩548M−₩561M−₩578M
+ Depreciation———₩84M₩85M₩87M₩89M₩92M
− Capital spending₩79M₩139M₩226M₩106M₩107M₩110M₩112M₩116M
− Working capital₩13B₩774M−₩230M₩8.6M₩13M₩16M₩20M₩25M
Free cash flow———−₩559M−₩572M−₩586M−₩605M−₩627M
Discount factor———0.9270.8600.7980.7400.686
Present value———−₩518M−₩492M−₩468M−₩448M−₩430M

Terminal value −₩11B, worth −₩7.3B today: 76% 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 ₩1,018 a share)Now 2.62×₩2,3372.29×₩3,4813.42×₩6,1436.03×

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%
6.8%₩695₩670₩640₩603₩556
7.3%₩719₩698₩674₩644₩608
7.8%₩740₩722₩702₩678₩648
8.3%₩757₩743₩725₩705₩681
8.8%₩773₩760₩746₩729₩709

Now (TTM)

Market cap
₩86B
Enterprise value
₩52B
P/E
—
P/B
2.6×
P/S
23.8×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩3,825₩2,730₩4,350₩1,640₩2,320
Market cap₩123B₩88B₩140B₩53B₩75B
P/E—9.5×31.5×——
P/B3.7×2.5×7.0×3.1×3.6×
P/S24.1×17.5×25.7×10.7×60.4×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Mobiis—2.6×23.8×—0.0%
Samsung SDS24.6×1.5×1.1×—1.5%
LG CNS15.5×2.5×1.2×—2.4%
Itcenglobal7.0×3.0×0.0×—0.0%
DB7.2×1.0×0.7×16.4×0.0%
Lotte Innovate15.0×0.6×0.2×—4.1%
Shinsegae Information & Communication6.3×0.4×0.3×0.8×0.0%
Similar companies (median)11.1×1.3×0.5×8.6×0.8%

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

Also known as: Mobiis / 모비스 / 250060 / KRX:250060

Source: KRX statistical information