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Point Mobile

318020 · KOSDAQ · ₩318020 · 포인트모바일

₩2,275▼ ₩5 (0.22%)End-of-day · Oct 28, 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

With these assumptions the model gives no positive value.

Enterprise value
₩12B
Equity value
−₩6.4B
WACC
6.0%

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 ₩2,275, the model needs an operating margin of 4.4% every year (it uses 2.5%).
  • 48% 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.
  • 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.
  • Today's P/E is 2.0× against a typical 18.8× 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
—
Base
—
Bull
₩4,258
+87.2%

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 (2.5%).

Revenue growth

  • -0.1%

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

    Default: the last 3 years' revenue growth (-0.1% a year, annual reports), fading to 3% by year 5.

  • 0.6%

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

    Default: the last 3 years' revenue growth (-0.1% a year, annual reports), fading to 3% by year 5.

  • 1.4%

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

    Default: the last 3 years' revenue growth (-0.1% a year, annual reports), fading to 3% by year 5.

  • 2.2%

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

    Default: the last 3 years' revenue growth (-0.1% 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 (-0.1% a year, annual reports), fading to 3% by year 5.

Business

  • 2.5%

    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.

  • 4.9%

    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).

  • 6.2%

    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).

  • 36.7%

    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.

  • 0.6

    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 0.3, 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)
₩104B
Net debt (borrowings and leases − cash and deposits)
₩19B
Shares
12,301,272
Share price
₩2,275
Market cap
₩28B

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₩80B₩77B₩87B₩104B₩105B₩106B₩108B₩112B
Growth−8.6%−3.4%12.8%−0.1%0.6%1.4%2.2%3.0%
EBIT₩4.6B−₩1.4B₩3B₩2.6B₩2.6B₩2.7B₩2.7B₩2.8B
EBIT margin5.8%−1.8%3.4%2.5%2.5%2.5%2.5%2.5%
After-tax EBIT₩3.4B−₩1B₩2.2B₩1.9B₩1.9B₩1.9B₩2B₩2B
+ Depreciation———₩5.1B₩5.1B₩5.2B₩5.3B₩5.5B
− Capital spending₩688M₩13B₩282M₩6.4B₩6.5B₩6.6B₩6.7B₩6.9B
− Working capital−₩6.7B−₩2.4B₩10B−₩38M₩229M₩538M₩857M₩1.2B
Free cash flow———₩571M₩307M₩6.1M−₩301M−₩621M
Discount factor———0.9430.8890.8390.7910.746
Present value———₩539M₩273M₩5.2M−₩238M−₩463M

Terminal value ₩17B, worth ₩12B today: 99% 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 ₩4,765 a share)Now 0.48×₩3,3040.69×₩9,8052.06×₩14,4253.03×
Price / earnings (last 12 months: ₩1,151 a share)Now 1.98×₩2,6502.30×₩21,67818.8×₩41,38836.0×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,497 a share)Now 1.52×₩3,4462.30×₩28,19118.8×₩53,82336.0×

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%
5.0%₩170₩46———
5.5%—————
6.0%—————
6.5%—————
7.0%—————

Now (TTM)

Market cap
₩28B
Enterprise value
₩46B
P/E
2.0×
P/B
0.5×
P/S
0.3×
EV/EBITDA
—
Dividend yield
4.4%

Over time (at each year end)

20252024202320222021
Price₩3,835₩2,890₩11,500₩11,500₩11,278
Market cap₩47B₩36B₩141B₩141B₩139B
P/E16.5×22.4×29.2×——
P/B0.9×0.7×3.0×3.4×2.7×
P/S0.5×0.5×1.8×1.6×1.8×
EV/EBITDA————60.9×
Dividend yield2.6%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Point Mobile2.0×0.5×0.3×—4.4%
Samsung Electronics9.5×2.5×2.9×—0.7%
LG Electronics25.3×1.0×0.3×—0.8%
Hanwha Vision17.0×2.1×1.1×—0.0%
RFHIC41.3×3.7×6.7×—0.8%
KMW—5.0×8.1×—0.0%
Intellian Technologies13.4×2.0×1.6×—0.4%
Similar companies (median)17.0×2.3×2.3×—0.5%

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

Also known as: Point Mobile / 포인트모바일 / 318020 / KRX:318020

Source: KRX statistical information