InterRoid인터로이드
311960 · KONEX · ₩311960 · 인터로이드
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
- −₩12B
- Equity value
- −₩13B
- WACC
- 6.2%
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 ₩1,519, the model needs an operating margin of 10.1% every year (it uses −7.9%).
- 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
Sign in to change the assumptions and see the results update. Sign in
Cycle options
Margin path
Every year uses the cycle-average margin (−7.9%).
Revenue growth
- -10%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-13.5% a year, annual reports), fading to 3% by year 5.
- -6.7%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-13.5% a year, annual reports), fading to 3% by year 5.
- -3.5%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-13.5% a year, annual reports), fading to 3% by year 5.
- -0.2%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-13.5% 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 1 years' revenue growth (-13.5% a year, annual reports), fading to 3% by year 5.
Business
- -7.9%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 2 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.
- 20.9%
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).
- 26.1%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 2 annual reports (cash flow statements; equipment and intangibles).
- 31.9%
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 2 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 -0.12, 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 (FY 2022)
- ₩7.3B
- Net debt (borrowings and leases − cash and deposits)
- ₩2.3B
- + Stakes and investments
- ₩1.2B
- Associates, long-term financial assets and deposits (book value)
- − Minority interests
- ₩147M
- Shares
- 3,062,664
- Share price
- ₩1,519
- Market cap
- ₩4.7B
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.
| FY2021 | FY2022 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
|---|---|---|---|---|---|---|---|
| Revenue | ₩8.4B | ₩7.3B | ₩6.6B | ₩6.1B | ₩5.9B | ₩5.9B | ₩6.1B |
| Growth | — | −13.5% | −10.0% | −6.7% | −3.5% | −0.2% | 3.0% |
| EBIT | ₩1.1B | −₩1.3B | −₩517M | −₩483M | −₩466M | −₩465M | −₩479M |
| EBIT margin | 13.2% | −18.4% | −7.9% | −7.9% | −7.9% | −7.9% | −7.9% |
| After-tax EBIT | ₩806M | −₩973M | −₩375M | −₩350M | −₩338M | −₩337M | −₩347M |
| + Depreciation | — | — | ₩1.4B | ₩1.3B | ₩1.2B | ₩1.2B | ₩1.3B |
| − Capital spending | ₩577M | ₩3.3B | ₩1.7B | ₩1.6B | ₩1.5B | ₩1.5B | ₩1.6B |
| − Working capital | — | −₩1.9B | −₩232M | −₩140M | −₩68M | −₩3.8M | ₩56M |
| Free cash flow | — | — | −₩484M | −₩528M | −₩576M | −₩639M | −₩719M |
| Discount factor | — | — | 0.942 | 0.886 | 0.835 | 0.786 | 0.740 |
| Present value | — | — | −₩455M | −₩468M | −₩481M | −₩502M | −₩532M |
Terminal value −₩12B, worth −₩9.2B 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 ₩5,220 a share)Now 0.29× | ₩1,6870.32× | ₩3,8400.74× | ₩16,1803.10× |
Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2022, 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% |
|---|---|---|---|---|---|
| 5.2% | — | — | — | — | — |
| 5.7% | — | — | — | — | — |
| 6.2% | — | — | — | — | — |
| 6.7% | — | — | — | — | — |
| 7.2% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩4.7B
- Enterprise value
- ₩6.6B
- P/E
- —
- P/B
- 0.3×
- P/S
- 0.6×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2022 | |
|---|---|
| Price | ₩19,000 |
| Market cap | ₩58B |
| P/E | — |
| P/B | 3.6× |
| P/S | 8.0× |
| EV/EBITDA | — |
| Dividend yield | — |
Loading data for this company — check back soon
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| InterRoid | — | 0.3× | 0.6× | — | 0.0% |
| Krafton | 10.0× | 1.2× | 1.9× | — | 1.2% |
| Hyundai Autoever | 41.5× | 4.2× | 1.7× | — | 0.7% |
| NC | 7.0× | 1.2× | 2.1× | 8.5× | 0.6% |
| Netmarble | 7.1× | 0.5× | 1.0× | — | 2.6% |
| PearlAbyss | 8.1× | 2.1× | 3.0× | 5.3× | 0.0% |
| Shift UP | 9.0× | 1.8× | 7.1× | — | 0.0% |
| Similar companies (median) | 8.5× | 1.5× | 2.0× | 6.9× | 0.6% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: InterRoid / 인터로이드 / 311960 / KRX:311960
Source: KRX statistical information