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332370 · KOSDAQ · ₩332370 · 아이디피

₩4,805▼ ₩20 (0.41%)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

₩12,324

vs the current price (₩4,805)

Enterprise value
₩127B
Equity value
₩164B
WACC
7.3%

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 156% 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 ₩4,805, the model needs an operating margin of 5.5% every year (it uses 19.7%).
  • Margins ranged from 15.0% to 28.7% over the last 5 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.
  • 38% 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.
  • Today's P/E is 6.6× against a typical 6.2× 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
₩9,174
+90.9%
Base
₩12,324
+156.5%
Bull
₩17,568
+265.6%

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 (19.7%).

Revenue growth

  • 4.4%

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

    Default: the last 3 years' revenue growth (4.4% 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 (4.4% a year, annual reports), fading to 3% by year 5.

  • 3.7%

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

    Default: the last 3 years' revenue growth (4.4% a year, annual reports), fading to 3% by year 5.

  • 3.4%

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

    Default: the last 3 years' revenue growth (4.4% 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 (4.4% a year, annual reports), fading to 3% by year 5.

Business

  • 19.7%

    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.

  • 2.2%

    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).

  • 2.7%

    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).

  • 40%

    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.

  • 0.6

    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 -0.01, 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)
₩47B
Net debt (borrowings and leases − cash and deposits)
−₩37B
− Minority interests
₩342M
Shares
13,273,726
Share price
₩4,805
Market cap
₩64B

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₩47B₩49B₩49B₩51B₩53B₩55B₩56B
Growth−15.6%27.9%5.5%4.4%4.1%3.7%3.4%3.0%
EBIT₩5.5B₩11B₩11B₩9.6B₩10B₩10B₩11B₩11B
EBIT margin15.2%23.8%22.2%19.7%19.7%19.7%19.7%19.7%
After-tax EBIT₩4B₩8B₩7.9B₩7B₩7.3B₩7.5B₩7.8B₩8B
+ Depreciation———₩1.1B₩1.1B₩1.2B₩1.2B₩1.2B
− Capital spending₩408M₩1.7B₩1.7B₩1.3B₩1.4B₩1.4B₩1.5B₩1.5B
− Working capital−₩21B−₩1.7B₩1.3B₩824M₩801M₩753M₩717M₩654M
Free cash flow———₩5.9B₩6.2B₩6.5B₩6.8B₩7.1B
Discount factor———0.9320.8680.8090.7540.703
Present value———₩5.5B₩5.4B₩5.3B₩5.1B₩5B

Terminal value ₩143B, worth ₩101B 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:

LowTypicalHigh
Price / book (book value ₩5,597 a share)Now 0.86×₩4,6730.83×₩5,6231.00×₩7,3111.31×
Price / earnings (last 12 months: ₩730 a share)Now 6.59×₩3,7785.18×₩4,5186.19×₩5,6247.71×
P/E on run-rate earnings (Q2 2026 × 4: ₩729 a share)Now 6.59×₩3,7765.18×₩4,5166.19×₩5,6217.71×

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%
6.3%₩12,903₩13,658₩14,587₩15,759₩17,282
6.8%₩12,005₩12,609₩13,338₩14,234₩15,364
7.3%₩11,251₩11,742₩12,324₩13,027₩13,891
7.8%₩10,608₩11,012₩11,486₩12,047₩12,725
8.3%₩10,053₩10,390₩10,780₩11,237₩11,778

Now (TTM)

Market cap
₩64B
Enterprise value
₩27B
P/E
6.6×
P/B
0.9×
P/S
1.4×
EV/EBITDA
—
Dividend yield
3.5%

Over time (at each year end)

20252024202320222021
Price₩5,080₩3,690₩3,400₩4,540₩3,905
Market cap₩67B₩49B₩45B₩60B₩52B
P/E6.5×4.3×7.5×5.8×12.2×
P/B1.0×0.8×0.8×1.2×1.3×
P/S1.4×1.1×1.2×1.4×2.0×
EV/EBITDA—————
Dividend yield3.3%4.6%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
IDP6.6×0.9×1.4×—3.5%
Samsung Electronics8.8×2.3×2.7×—0.7%
LG Electronics23.6×0.9×0.3×—0.9%
Hanwha Vision21.8×2.7×1.4×—0.0%
RFHIC39.7×3.5×6.5×—0.8%
KMW—4.9×7.9×—0.0%
Intellian Technologies12.9×2.0×1.6×—0.4%
Similar companies (median)21.8×2.5×2.1×—0.6%

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

Also known as: IDP / 아이디피 / 332370 / KRX:332370

Source: KRX statistical information