KOSDAQ · 294570 · Internet · ₩294570

coocon쿠콘

294570 · KOSDAQ · ₩294570 · 쿠콘

₩23,450▼ ₩600 (2.49%)End-of-day · Oct 30, 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

₩51,932

vs the current price (₩23,450)

Enterprise value: ₩270B
Equity value: ₩524B
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 121% 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 ₩23,450, the model needs an operating margin of −1.4% every year (it uses 26.7%).
Margins ranged from 22.7% to 31.4% 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.
37% 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 10.8× against a typical 15.6× 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: ₩43,324; +84.8%
Base: ₩51,932; +121.5%
Bull: ₩65,826; +180.7%

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 (26.7%).

Revenue growth

Revenue growth, year 13.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (3.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 23.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (3.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 33.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (3.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 43.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (3.5% 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 (3.5% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin26.7%
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 spending4.2%
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-10%
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 rate4.01%
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.
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 0.4, 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)5.51%
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): ₩69B
Net debt (borrowings and leases − cash and deposits): −₩164B
+ Stakes and investments: ₩91B; Associates, long-term financial assets and deposits (book value)
Shares: 10,091,732
Share price: ₩23,450
Market cap: ₩237B

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	₩68B	₩73B	₩69B	₩72B	₩74B	₩77B	₩79B	₩81B
Growth	8.9%	6.9%	−4.9%	3.5%	3.4%	3.2%	3.1%	3.0%
EBIT	₩17B	₩17B	₩19B	₩19B	₩20B	₩20B	₩21B	₩22B
EBIT margin	24.3%	22.7%	27.2%	26.7%	26.7%	26.7%	26.7%	26.7%
After-tax EBIT	₩12B	₩12B	₩14B	₩14B	₩14B	₩15B	₩15B	₩16B
+ Depreciation	—	—	—	₩2.4B	₩2.5B	₩2.5B	₩2.6B	₩2.7B
− Capital spending	₩3.7B	₩3B	₩2.1B	₩3B	₩3.1B	₩3.2B	₩3.3B	₩3.4B
− Working capital	−₩16B	−₩32B	−₩31B	−₩243M	−₩244M	−₩238M	−₩238M	−₩237M
Free cash flow	—	—	—	₩13B	₩14B	₩14B	₩15B	₩15B
Discount factor	—	—	—	0.932	0.868	0.809	0.754	0.703
Present value	—	—	—	₩13B	₩12B	₩12B	₩11B	₩11B

Terminal value ₩301B, worth ₩211B 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 ₩18,696 a share)Now 1.25×	₩21,5761.15×	₩33,0291.77×	₩70,5423.77×
Price / earnings (last 12 months: ₩2,179 a share)Now 10.8×	₩23,45010.8×	₩33,94915.6×	₩110,04350.5×
P/E on run-rate earnings (Q2 2026 × 4: ₩5,231 a share)Now 4.48×	₩56,30810.8×	₩81,51815.6×	₩264,23750.5×

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%	₩52,768	₩55,197	₩58,191	₩61,971	₩66,895
6.8%	₩50,368	₩52,346	₩54,736	₩57,681	₩61,401
7.3%	₩48,349	₩49,986	₩51,932	₩54,284	₩57,182
7.8%	₩46,627	₩48,001	₩49,612	₩51,527	₩53,841
8.3%	₩45,141	₩46,307	₩47,660	₩49,245	₩51,130

Now (TTM)

Market cap: ₩237B
Enterprise value: ₩73B
P/E: 10.8×
P/B: 1.3×
P/S: 3.4×
EV/EBITDA: —
Dividend yield: 1.3%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩28,400	₩16,280	₩20,150	₩32,750	₩72,600
Market cap	₩287B	₩164B	₩203B	₩331B	₩733B
P/E	13.3×	10.4×	22.6×	67.4×	106.6×
P/B	1.7×	1.1×	1.6×	2.5×	5.7×
P/S	4.1×	2.2×	3.0×	5.3×	12.4×
EV/EBITDA	—	—	—	—	—
Dividend yield	1.1%	0.9%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
coocon	10.8×	1.3×	3.4×	—	1.3%
NAVER	13.0×	0.9×	2.0×	—	1.5%
Kakao	37.7×	1.1×	1.6×	—	0.3%
Daou Technology	1.9×	0.4×	0.0×	—	5.6%
NICE Information Service	11.7×	2.1×	1.6×	6.9×	2.9%
Kinx	35.7×	4.0×	5.2×	15.6×	0.3%
Cafe24	11.1×	1.5×	1.2×	—	0.0%
Similar companies (median)	12.3×	1.3×	1.6×	6.9×	0.9%

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

Also known as: coocon / 쿠콘 / 294570 / KRX:294570

Source: KRX statistical information