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Valofe

331520 · KOSDAQ · ₩331520 · 밸로프

₩2,010▼ ₩50 (2.43%)End-of-day · Oct 30, 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

₩3,054

vs the current price (₩2,010)

Enterprise value
₩24B
Equity value
₩30B
WACC
7.9%

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 52% 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 ₩2,010, the model needs an operating margin of 4.8% every year (it uses 6.4%).
  • Or revenue growth −14.3 points a year higher than assumed in each of the 5 years.
  • Margins ranged from −0.5% to 10.8% over the last 4 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.
  • 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 4.3× against a typical 16.6× 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
₩1,471
−26.8%
Base
₩3,054
+52.0%
Bull
₩5,771
+187.1%

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 (6.4%).

Revenue growth

  • 7.3%

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

    Default: the last 3 years' revenue growth (7.3% a year, annual reports), fading to 3% by year 5.

  • 6.2%

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

    Default: the last 3 years' revenue growth (7.3% a year, annual reports), fading to 3% by year 5.

  • 5.1%

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

    Default: the last 3 years' revenue growth (7.3% a year, annual reports), fading to 3% by year 5.

  • 4.1%

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

    Default: the last 3 years' revenue growth (7.3% 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 (7.3% a year, annual reports), fading to 3% by year 5.

Business

  • 6.4%

    Operating profit as a share of revenue.

    Default: through-the-cycle average of the last 12 months and the last 4 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.

  • 12.5%

    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).

  • 15.6%

    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).

  • 8%

    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.

  • 4.01%

    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.

  • 0.71

    How much the share moves when the market moves: 1 means just like the market.

    Default: 104 weeks of weekly returns against KOSPI (official index); raw beta 0.56, 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 (TTM to H1 2026)
₩44B
Net debt (borrowings and leases − cash and deposits)
−₩6.3B
Shares
9,801,186
Share price
₩2,010
Market cap
₩20B

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₩36B₩36B₩38B₩47B₩50B₩52B₩54B₩56B
Growth17.4%−1.1%6.3%7.3%6.2%5.1%4.1%3.0%
EBIT₩229M−₩195M₩2.9B₩3B₩3.2B₩3.3B₩3.5B₩3.6B
EBIT margin0.6%−0.5%7.6%6.4%6.4%6.4%6.4%6.4%
After-tax EBIT₩166M−₩141M₩2.1B₩2.2B₩2.3B₩2.4B₩2.5B₩2.6B
+ Depreciation———₩5.8B₩6.2B₩6.5B₩6.8B₩7B
− Capital spending₩2.3B₩57M₩15B₩7.3B₩7.7B₩8.1B₩8.5B₩8.7B
− Working capital−₩16B₩2.2B−₩949M₩254M₩232M₩203M₩171M₩130M
Free cash flow———₩465M₩533M₩601M₩665M₩731M
Discount factor———0.9270.8590.7960.7370.683
Present value———₩431M₩457M₩478M₩491M₩500M

Terminal value ₩31B, worth ₩21B today: 90% 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 ₩3,527 a share)Now 0.57×₩2,5250.72×₩4,2181.20×₩8,5092.41×
Price / earnings (last 12 months: ₩469 a share)Now 4.28×₩2,5255.38×₩7,81316.6×₩17,82738.0×
P/E on run-rate earnings (Q2 2026 × 4: ₩502 a share)Now 4.00×₩2,7005.38×₩8,35416.6×₩19,06138.0×

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%
6.9%₩3,198₩3,394₩3,628₩3,916₩4,276
7.4%₩2,966₩3,125₩3,314₩3,541₩3,819
7.9%₩2,767₩2,900₩3,054₩3,237₩3,457
8.4%₩2,597₩2,708₩2,836₩2,985₩3,162
8.9%₩2,448₩2,542₩2,649₩2,773₩2,918

Now (TTM)

Market cap
₩20B
Enterprise value
₩13B
P/E
4.3×
P/B
0.6×
P/S
0.5×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

2025202420232022
Price₩2,865₩3,015₩4,990₩5,350
Market cap₩28B₩30B₩49B₩52B
P/E15.5×17.2×53.8×33.2×
P/B0.9×1.0×1.7×2.1×
P/S0.7×0.8×1.4×1.7×
EV/EBITDA————
Dividend yield0.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Valofe4.3×0.6×0.5×—0.0%
Krafton10.0×1.2×1.9×—1.2%
Hyundai Autoever41.5×4.2×1.7×—0.7%
NC7.0×1.2×2.1×8.5×0.6%
Netmarble7.1×0.5×1.0×—2.6%
PearlAbyss8.1×2.1×3.0×5.3×0.0%
Shift UP9.0×1.8×7.1×—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: Valofe / 밸로프 / 331520 / KRX:331520

Source: KRX statistical information