KOSDAQ · 303530 · Software · ₩303530

Innodep이노뎁

303530 · KOSDAQ · ₩303530 · 이노뎁

₩2,920▲ ₩70 (2.46%)End-of-day · Oct 27, 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

With these assumptions the model gives no positive value.

Enterprise value: −₩27B
Equity value: −₩34B
WACC: 6.5%

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 gives no positive value at these assumptions. What we can see:

To match today's price of ₩2,920, the model needs an operating margin of 3.3% every year (it uses −2.1%).
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: —
Base: —
Bull: —

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 (−2.1%).

Revenue growth

Revenue growth, year 1-2.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-2.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-1.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-2.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 30.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-2.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 41.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-2.5% 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 (-2.5% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-2.1%
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 & amortisation1.6%
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%
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 capital10.4%
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

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 rate4.03%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-27.
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 0.1, 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)5.53%
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): ₩7.1B
Shares: 7,339,299
Share price: ₩2,920
Market cap: ₩21B

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	₩84B	₩87B	₩71B	₩68B	₩67B	₩67B	₩68B	₩70B
Growth	10.0%	3.3%	−18.5%	−2.5%	−1.2%	0.2%	1.6%	3.0%
EBIT	₩636M	−₩1.9B	−₩2.9B	−₩1.4B	−₩1.4B	−₩1.4B	−₩1.4B	−₩1.5B
EBIT margin	0.8%	−2.2%	−4.1%	−2.1%	−2.1%	−2.1%	−2.1%	−2.1%
After-tax EBIT	₩461M	−₩1.4B	−₩2.1B	−₩1B	−₩1B	−₩1B	−₩1B	−₩1.1B
+ Depreciation	—	—	—	₩1.1B	₩1.1B	₩1.1B	₩1.1B	₩1.1B
− Capital spending	₩3.8B	₩644M	₩522M	₩1.4B	₩1.3B	₩1.3B	₩1.4B	₩1.4B
− Working capital	−₩13B	−₩5.7B	₩24B	−₩180M	−₩84M	₩14M	₩111M	₩212M
Free cash flow	—	—	—	−₩1.1B	−₩1.2B	−₩1.3B	−₩1.4B	−₩1.6B
Discount factor	—	—	—	0.939	0.882	0.828	0.777	0.730
Present value	—	—	—	−₩1.1B	−₩1.1B	−₩1.1B	−₩1.1B	−₩1.1B

Terminal value −₩30B, worth −₩22B today: 80% 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 ₩4,242 a share)Now 0.69×	₩3,6860.87×	₩8,5132.01×	₩15,3123.61×

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%
5.5%	—	—	—	—	—
6.0%	—	—	—	—	—
6.5%	—	—	—	—	—
7.0%	—	—	—	—	—
7.5%	—	—	—	—	—

Now (TTM)

Market cap: ₩21B
Enterprise value: ₩29B
P/E: —
P/B: 0.7×
P/S: 0.3×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩5,520	₩7,090	₩10,840	₩12,400	₩26,500
Market cap	₩41B	₩52B	₩80B	₩91B	₩194B
P/E	—	—	77.5×	161.6×	—
P/B	1.2×	1.4×	2.0×	2.3×	4.8×
P/S	0.6×	0.6×	0.9×	1.2×	3.2×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Innodep	—	0.7×	0.3×	—	0.0%
Hyundai Autoever	46.8×	4.7×	2.0×	—	0.6%
Krafton	10.0×	1.2×	1.9×	—	1.2%
NC	6.9×	1.2×	2.0×	8.3×	0.6%
Netmarble	7.1×	0.5×	1.0×	—	2.6%
PearlAbyss	7.9×	2.0×	3.0×	5.1×	0.0%
Shift UP	9.0×	1.8×	7.1×	—	0.0%
Similar companies (median)	8.4×	1.5×	2.0×	6.7×	0.6%

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

Also known as: Innodep / 이노뎁 / 303530 / KRX:303530

Source: KRX statistical information