KOSDAQ · 337930 · Internet · ₩337930

Xexymix젝시믹스

337930 · KOSDAQ · ₩337930 · 젝시믹스

₩1,839▼ ₩62 (3.26%)End-of-day · Oct 29, 2026 · End-of-day prices.

Trade

Sell Buy

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

₩10,157

vs the current price (₩1,839)

Enterprise value: ₩291B
Equity value: ₩295B
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 452% 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 ₩1,839, the model needs an operating margin of 1.9% every year (it uses 7.2%).
Today's P/E is 5.0× against a typical 11.1× 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: ₩5,353; +191.1%
Base: ₩10,157; +452.3%
Bull: ₩18,528; +907.5%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (7.2%).

Revenue growth

Revenue growth, year 18.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (8.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 27.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (8.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 35.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (8.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 44.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (8.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (8.8% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin7.2%
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.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation0.7%
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).
Capital spending0.9%
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).
Working capital18.8%
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

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.01%
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.
Beta0.6
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 0.12, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)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): ₩276B
Net debt (borrowings and leases − cash and deposits): −₩7.3B
− Minority interests: ₩3.6B
Shares: 29,048,929
Share price: ₩1,839
Market cap: ₩53B

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.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩233B	₩272B	₩274B	₩300B	₩323B	₩342B	₩357B	₩368B
Growth	9.3%	16.8%	0.9%	8.8%	7.4%	5.9%	4.5%	3.0%
EBIT	₩18B	₩25B	₩17B	₩22B	₩23B	₩25B	₩26B	₩26B
EBIT margin	7.8%	9.2%	6.3%	7.2%	7.2%	7.2%	7.2%	7.2%
After-tax EBIT	₩13B	₩18B	₩13B	₩16B	₩17B	₩18B	₩19B	₩19B
+ Depreciation	—	—	—	₩2.1B	₩2.3B	₩2.4B	₩2.5B	₩2.6B
− Capital spending	₩2B	₩2.6B	₩2.5B	₩2.7B	₩2.9B	₩3.1B	₩3.2B	₩3.3B
− Working capital	−₩746M	−₩365M	₩11B	₩4.6B	₩4.2B	₩3.6B	₩2.9B	₩2B
Free cash flow	—	—	—	₩11B	₩12B	₩14B	₩15B	₩16B
Discount factor	—	—	—	0.932	0.868	0.809	0.754	0.703
Present value	—	—	—	₩9.8B	₩10B	₩11B	₩11B	₩12B

Terminal value ₩337B, worth ₩237B today: 81% 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:

	Low	Typical	High
Price / book (book value ₩4,079 a share)Now 0.45×	₩4,1821.03×	₩7,1861.76×	₩14,0803.45×
Price / earnings (last 12 months: ₩367 a share)Now 5.02×	₩2,8337.73×	₩4,05711.1×	₩8,31022.7×
P/E on run-rate earnings (Q2 2026 × 4: ₩585 a share)Now 3.14×	₩4,5257.73×	₩6,48111.1×	₩13,27322.7×

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%	₩10,852	₩11,631	₩12,589	₩13,795	₩15,364
6.8%	₩9,880	₩10,499	₩11,246	₩12,163	₩13,319
7.3%	₩9,063	₩9,563	₩10,157	₩10,871	₩11,750
7.8%	₩8,367	₩8,777	₩9,256	₩9,824	₩10,508
8.3%	₩7,767	₩8,106	₩8,499	₩8,957	₩9,501

Now (TTM)

Market cap: ₩53B
Enterprise value: ₩32B
P/E: 5.0×
P/B: 0.5×
P/S: 0.2×
EV/EBITDA: —
Dividend yield: 10.9%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩5,170	₩6,190	₩6,350	₩4,770	₩9,700
Market cap	₩150B	₩180B	₩184B	₩139B	₩282B
P/E	12.8×	8.7×	15.1×	13.7×	36.3×
P/B	1.3×	1.6×	2.1×	1.8×	4.1×
P/S	0.5×	0.7×	0.8×	0.7×	1.6×
EV/EBITDA	—	—	—	—	—
Dividend yield	3.9%	2.9%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Xexymix	5.0×	0.5×	0.2×	—	10.9%
NAVER	13.1×	0.9×	2.1×	—	1.5%
Kakao	37.5×	1.1×	1.6×	—	0.3%
Daou Technology	1.9×	0.4×	0.0×	—	5.4%
NICE Information Service	11.6×	2.1×	1.6×	6.8×	3.0%
Kinx	35.9×	4.0×	5.2×	15.7×	0.3%
Cafe24	11.3×	1.5×	1.3×	—	0.0%
Similar companies (median)	12.4×	1.3×	1.6×	6.8×	0.9%

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

Also known as: Xexymix / 젝시믹스 / 337930 / KRX:337930

Source: KRX statistical information