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Asiana IDT

267850 · KOSPI · ₩267850 · 아시아나IDT

₩8,970▲ ₩20 (0.22%)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

₩24,192

vs the current price (₩8,970)

Enterprise value
₩131B
Equity value
₩269B
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 170% 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 ₩8,970, the model needs an operating margin of −1.4% every year (it uses 5.2%).
  • 49% of the last 12 months' net profit came from outside operations (stakes in other companies, interest, one-offs). The model adds those stakes at book value but doesn't project that income.
  • Today's P/E is 7.1× against a typical 12.7× 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
₩17,699
+97.3%
Base
₩24,192
+169.7%
Bull
₩35,506
+295.8%

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 (5.2%).

Revenue growth

  • 2.3%

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

    Default: the last 3 years' revenue growth (2.3% 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 (2.3% a year, annual reports), fading to 3% by year 5.

  • 2.6%

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

    Default: the last 3 years' revenue growth (2.3% 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 (2.3% 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 (2.3% a year, annual reports), fading to 3% by year 5.

Business

  • 5.2%

    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.

  • 0.5%

    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).

  • 0.6%

    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).

  • 0.4%

    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.

  • 0.6

    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 0.21, 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)
₩179B
Net debt (borrowings and leases − cash and deposits)
−₩104B
+ Stakes and investments
₩34B
Associates, long-term financial assets and deposits (book value)
Shares
11,100,000
Share price
₩8,970
Market cap
₩100B

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₩188B₩194B₩194B₩183B₩187B₩192B₩198B₩204B
Growth3.9%3.0%0.0%2.3%2.5%2.6%2.8%3.0%
EBIT₩9.1B₩9.2B₩12B₩9.5B₩9.7B₩10B₩10B₩11B
EBIT margin4.8%4.8%6.2%5.2%5.2%5.2%5.2%5.2%
After-tax EBIT₩6.6B₩6.7B₩8.8B₩6.9B₩7.1B₩7.2B₩7.5B₩7.7B
+ Depreciation———₩914M₩937M₩961M₩988M₩1B
− Capital spending₩757M₩1.4B₩1.2B₩1.1B₩1.1B₩1.2B₩1.2B₩1.2B
− Working capital−₩29B₩1.5B₩486M₩16M₩18M₩19M₩22M₩24M
Free cash flow———₩6.7B₩6.9B₩7B₩7.2B₩7.4B
Discount factor———0.9320.8680.8090.7540.703
Present value———₩6.2B₩6B₩5.7B₩5.5B₩5.2B

Terminal value ₩145B, worth ₩102B 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 ₩15,889 a share)Now 0.56×₩10,3320.65×₩15,1870.96×₩20,5611.29×
Price / earnings (last 12 months: ₩1,262 a share)Now 7.11×₩9,2807.35×₩16,04812.7×₩30,21123.9×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,786 a share)Now 5.02×₩13,1357.35×₩22,71512.7×₩42,76223.9×

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%
6.3%₩24,620₩25,660₩26,941₩28,558₩30,665
6.8%₩23,559₩24,403₩25,423₩26,680₩28,267
7.3%₩22,666₩23,363₩24,192₩25,192₩26,425
7.8%₩21,905₩22,488₩23,172₩23,985₩24,967
8.3%₩21,248₩21,742₩22,315₩22,986₩23,783

Now (TTM)

Market cap
₩100B
Enterprise value
−₩11B
P/E
7.1×
P/B
0.6×
P/S
0.6×
EV/EBITDA
—
Dividend yield
5.6%

Over time (at each year end)

20252024202320222021
Price₩11,380₩12,020₩19,450₩15,900₩18,100
Market cap₩126B₩133B₩216B₩176B₩201B
P/E10.0×11.3×19.7×20.5×7.6×
P/B0.7×0.8×1.3×1.1×1.3×
P/S0.7×0.7×1.1×1.0×1.1×
EV/EBITDA—————
Dividend yield4.4%4.2%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Asiana IDT7.1×0.6×0.6×—5.6%
Samsung SDS24.2×1.5×1.1×—1.6%
LG CNS14.5×2.3×1.1×—2.6%
Itcenglobal6.7×2.9×0.0×—0.0%
DB6.7×0.9×0.6×15.7×0.0%
Lotte Innovate14.9×0.6×0.2×—4.1%
Contec20.8×1.6×2.4×—0.0%
Similar companies (median)14.7×1.6×0.9×15.7×0.8%

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

Also known as: Asiana IDT / 아시아나IDT / 267850 / KRX:267850

Source: KRX statistical information