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Wavus

336060 · KOSDAQ · ₩336060 · 웨이버스

₩2,970▲ ₩20 (0.68%)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

₩4,168

vs the current price (₩2,970)

Enterprise value
₩33B
Equity value
₩40B
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 40% 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 ₩2,970, the model needs an operating margin of 2.6% every year (it uses 3.4%).
  • Or revenue growth −15.1 points a year higher than assumed in each of the 5 years.
  • 56% 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 15.6× against a typical 17.4× 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
₩1,217
−59.0%
Base
₩4,168
+40.3%
Bull
₩9,522
+220.6%

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 (3.4%).

Revenue growth

  • 20.1%

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

    Default: the last 3 years' revenue growth (20.1% a year, annual reports), fading to 3% by year 5.

  • 15.8%

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

    Default: the last 3 years' revenue growth (20.1% a year, annual reports), fading to 3% by year 5.

  • 11.5%

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

    Default: the last 3 years' revenue growth (20.1% a year, annual reports), fading to 3% by year 5.

  • 7.3%

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

    Default: the last 3 years' revenue growth (20.1% 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 (20.1% a year, annual reports), fading to 3% by year 5.

Business

  • 3.4%

    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.

  • 1%

    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).

  • 1.2%

    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).

  • 15.7%

    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.

  • 4.01%

    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 -1, 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)
₩64B
Net debt (borrowings and leases − cash and deposits)
−₩6.3B
+ Stakes and investments
₩530M
Associates, long-term financial assets and deposits (book value)
Shares
9,631,040
Share price
₩2,970
Market cap
₩29B

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₩49B₩56B₩70B₩77B₩90B₩100B₩107B₩110B
Growth20.2%15.6%24.6%20.1%15.8%11.5%7.3%3.0%
EBIT₩5.1B₩1.7B₩2B₩2.6B₩3B₩3.4B₩3.6B₩3.8B
EBIT margin10.4%3.0%2.8%3.4%3.4%3.4%3.4%3.4%
After-tax EBIT₩3.7B₩1.2B₩1.4B₩1.9B₩2.2B₩2.5B₩2.6B₩2.7B
+ Depreciation———₩774M₩896M₩999M₩1.1B₩1.1B
− Capital spending₩321M₩1.3B₩410M₩928M₩1.1B₩1.2B₩1.3B₩1.3B
− Working capital₩11B−₩7.8B₩6B₩2B₩1.9B₩1.6B₩1.1B₩505M
Free cash flow———−₩281M₩110M₩645M₩1.3B₩2B
Discount factor———0.9320.8680.8090.7540.703
Present value———−₩261M₩96M₩522M₩968M₩1.4B

Terminal value ₩44B, worth ₩31B today: 92% 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 ₩4,256 a share)Now 0.70×₩3,9560.93×₩8,0511.89×₩13,8303.25×
Price / earnings (last 12 months: ₩191 a share)Now 15.6×₩2,34812.3×₩3,32917.4×₩5,80430.4×

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%
6.3%₩4,552₩4,801₩5,105₩5,488₩5,984
6.8%₩4,165₩4,357₩4,587₩4,869₩5,224
7.3%₩3,841₩3,991₩4,168₩4,381₩4,641
7.8%₩3,565₩3,684₩3,822₩3,985₩4,181
8.3%₩3,328₩3,423₩3,532₩3,658₩3,808

Now (TTM)

Market cap
₩29B
Enterprise value
₩22B
P/E
15.6×
P/B
0.7×
P/S
0.4×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

2025202420232022
Price₩5,045₩6,150₩7,450₩7,550
Market cap₩49B₩59B₩72B₩73B
P/E17.7×18.2×10.2×—
P/B1.1×1.5×2.0×2.7×
P/S0.7×1.1×1.5×1.8×
EV/EBITDA————
Dividend yield0.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Wavus15.6×0.7×0.4×—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: Wavus / 웨이버스 / 336060 / KRX:336060

Source: KRX statistical information