Valofe밸로프

Valofe is a small Korean game publisher whose trailing profits are strong, but its share price has fallen sharply over the past year.

Valofe publishes and re-publishes PC online and mobile games in Korea and overseas, and its trailing twelve-month results to H1 2026 show revenue of ₩43.6B... rather, ₩43.6B is shown as ₩43.56B with an operating margin of 12.8%. The shares closed at ₩2,025 on 2026-10-22, down 29.8% over one year, and the market capitalisation is about ₩19.8B.

What stands out

• Trailing revenue of about ₩43.6B and operating income of about ₩5.6B (12.8% margin) are well above 2025 full-year results of ₩37.8B revenue and ₩2.9B operating income.
• Free cash flow on a trailing basis was negative at about -₩7.4B, while borrowings of ₩11.9B exceed cash of ₩13.6B.
• The stock trades at 4.3 times earnings and 0.6 times book value, while the data's DCF base value is ₩2,963 against the ₩2,025 close.
• Foreign ownership fell from 2.9% to 2.5% over the past 60 days, and the latest 20-day flows show retail buying and institutional selling.
• The only recent headline in the data is the global launch of Icarus Online; the filings list is mostly insider shareholding reports, plus the H1 2026 half-year report filed on 2026-08-10.

What to watch

• The next half-year or annual results, to see whether the strong trailing profit holds, since the trailing figures are well above 2025.
• Whether free cash flow turns positive, given the trailing negative figure alongside rising borrowings relative to cash.
• Revenue performance of Icarus after its global launch, which the data does not yet quantify.