GC Genome지씨지놈
340450 · KOSDAQ · ₩340450 · 지씨지놈
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
₩2,704
vs the current price (₩8,580)
- Enterprise value
- ₩16B
- Equity value
- ₩64B
- 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 68% 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 ₩8,580, the model needs an operating margin of 33.5% every year (it uses 4.3%).
- 79% 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.
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
- ₩2,268
- −73.6%
- Base
- ₩2,704
- −68.5%
- Bull
- ₩3,504
- −59.2%
Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.
Assumptions
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Cycle options
Margin path
Every year uses the cycle-average margin (4.3%).
Revenue growth
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Business
- 4.3%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 1 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.
- 0.9%
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).
- 1.1%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 1 annual reports (cash flow statements; equipment and intangibles).
- 25.7%
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 1 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: 72 weeks of weekly returns against KOSPI (official index); raw beta 0.04, 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)
- ₩33B
- Net debt (borrowings and leases − cash and deposits)
- −₩38B
- + Stakes and investments
- ₩9.7B
- Associates, long-term financial assets and deposits (book value)
- Shares
- 23,650,793
- Share price
- ₩8,580
- Market cap
- ₩203B
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.
| FY2025 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
|---|---|---|---|---|---|---|
| Revenue | ₩32B | ₩34B | ₩35B | ₩36B | ₩37B | ₩38B |
| Growth | — | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% |
| EBIT | ₩1.2B | ₩1.4B | ₩1.5B | ₩1.5B | ₩1.6B | ₩1.6B |
| EBIT margin | 3.9% | 4.3% | 4.3% | 4.3% | 4.3% | 4.3% |
| After-tax EBIT | ₩896M | ₩1B | ₩1.1B | ₩1.1B | ₩1.1B | ₩1.2B |
| + Depreciation | — | ₩303M | ₩312M | ₩321M | ₩331M | ₩341M |
| − Capital spending | ₩354M | ₩370M | ₩381M | ₩392M | ₩404M | ₩416M |
| − Working capital | — | ₩252M | ₩259M | ₩267M | ₩275M | ₩283M |
| Free cash flow | — | ₩729M | ₩751M | ₩774M | ₩797M | ₩821M |
| Discount factor | — | 0.932 | 0.868 | 0.809 | 0.754 | 0.703 |
| Present value | — | ₩679M | ₩652M | ₩626M | ₩601M | ₩577M |
Terminal value ₩18B, worth ₩13B today: 80% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.
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% | ₩2,786 | ₩2,822 | ₩2,866 | ₩2,921 | ₩2,992 |
| 6.8% | ₩2,717 | ₩2,744 | ₩2,776 | ₩2,816 | ₩2,865 |
| 7.3% | ₩2,660 | ₩2,680 | ₩2,704 | ₩2,733 | ₩2,768 |
| 7.8% | ₩2,611 | ₩2,626 | ₩2,644 | ₩2,665 | ₩2,690 |
| 8.3% | ₩2,568 | ₩2,580 | ₩2,594 | ₩2,609 | ₩2,627 |
Now (TTM)
- Market cap
- ₩203B
- Enterprise value
- ₩161B
- P/E
- 37.5×
- P/B
- 2.5×
- P/S
- 6.2×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | |
|---|---|
| Price | ₩6,820 |
| Market cap | ₩161B |
| P/E | 39.9× |
| P/B | 2.1× |
| P/S | 5.1× |
| EV/EBITDA | — |
| Dividend yield | 0.0% |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| GC Genome | 37.5× | 2.5× | 6.2× | — | 0.0% |
| S-1 | 24.0× | 2.1× | 1.3× | — | 0.0% |
| Cheil Worldwide | 9.8× | 1.3× | 0.5× | — | 6.5% |
| Doosan Tesna | 54.7× | 4.1× | 5.7× | — | 0.2% |
| Lotte Tour Development | 15.4× | 2.2× | 1.1× | — | 0.0% |
| Soulbrain Holdings | 1.3× | 0.4× | 1.3× | — | 1.3% |
| Innocean Worldwide | 5.5× | 0.6× | 0.3× | — | 6.7% |
| Similar companies (median) | 12.6× | 1.7× | 1.2× | — | 0.7% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: GC Genome / 지씨지놈 / 340450 / KRX:340450
Source: KRX statistical information