KOSDAQ · 348030 · Software · ₩348030

Mobirix모비릭스

348030 · KOSDAQ · ₩348030 · 모비릭스

₩3,690▲ ₩125 (3.51%)End-of-day · Oct 27, 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

₩2,416

vs the current price (₩3,690)

Enterprise value: −₩18B
Equity value: ₩23B
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.

Bear / Base / Bull

Bear: ₩2,398; −35.0%
Base: ₩2,416; −34.5%
Bull: ₩2,647; −28.3%

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 (−5.0%).

Revenue growth

Revenue growth, year 1-10%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-17.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-6.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-17.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-3.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-17.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 4-0.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-17.5% 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 (-17.5% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-5%
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 & amortisation0.6%
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 spending0.7%
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).
Working capital4.2%
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 rate4.03%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-27.
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 -0.3, 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)5.53%
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): −₩33B
+ Stakes and investments: ₩8.1B; Associates, long-term financial assets and deposits (book value)
Shares: 9,603,800
Share price: ₩3,690
Market cap: ₩35B

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	₩87B	₩53B	₩40B	₩30B	₩28B	₩27B	₩27B	₩28B
Growth	23.5%	−39.3%	−25.1%	−10.0%	−6.7%	−3.5%	−0.2%	3.0%
EBIT	−₩3.6B	−₩10B	−₩8.9B	−₩1.5B	−₩1.4B	−₩1.3B	−₩1.3B	−₩1.4B
EBIT margin	−4.1%	−19.2%	−22.5%	−5.0%	−5.0%	−5.0%	−5.0%	−5.0%
After-tax EBIT	−₩2.6B	−₩7.4B	−₩6.5B	−₩1.1B	−₩1B	−₩975M	−₩973M	−₩1B
+ Depreciation	—	—	—	₩179M	₩167M	₩161M	₩161M	₩166M
− Capital spending	₩596M	₩455M	₩211M	₩209M	₩195M	₩188M	₩188M	₩193M
− Working capital	−₩2.9B	₩1.1B	−₩2.8B	−₩139M	−₩84M	−₩41M	−₩2.3M	₩34M
Free cash flow	—	—	—	−₩973M	−₩954M	−₩961M	−₩997M	−₩1.1B
Discount factor	—	—	—	0.932	0.868	0.809	0.753	0.702
Present value	—	—	—	−₩907M	−₩828M	−₩777M	−₩752M	−₩747M

Terminal value −₩20B, worth −₩14B today: 78% 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 ₩5,175 a share)Now 0.71×	₩2,7060.52×	₩5,0170.97×	₩12,5362.42×

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%	₩2,367	₩2,194	₩1,982	₩1,715	₩1,367
6.8%	₩2,532	₩2,392	₩2,222	₩2,013	₩1,749
7.3%	₩2,672	₩2,555	₩2,416	₩2,249	₩2,042
7.8%	₩2,791	₩2,693	₩2,577	₩2,440	₩2,275
8.3%	₩2,894	₩2,810	₩2,713	₩2,599	₩2,464

Now (TTM)

Market cap: ₩35B
Enterprise value: ₩1.2B
P/E: —
P/B: 0.7×
P/S: 1.1×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩3,200	₩5,090	₩8,020	₩11,350	₩24,000
Market cap	₩31B	₩49B	₩77B	₩109B	₩230B
P/E	—	—	—	18.3×	23.2×
P/B	0.6×	0.9×	1.1×	1.4×	3.1×
P/S	0.8×	0.9×	0.9×	1.5×	4.1×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Mobirix	—	0.7×	1.1×	—	0.0%
Hyundai Autoever	46.8×	4.7×	2.0×	—	0.6%
Krafton	10.0×	1.2×	1.9×	—	1.2%
NC	6.9×	1.2×	2.0×	8.3×	0.6%
Netmarble	7.1×	0.5×	1.0×	—	2.6%
PearlAbyss	7.9×	2.0×	3.0×	5.1×	0.0%
Shift UP	9.0×	1.8×	7.1×	—	0.0%
Similar companies (median)	8.4×	1.5×	2.0×	6.7×	0.6%

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

Also known as: Mobirix / 모비릭스 / 348030 / KRX:348030

Source: KRX statistical information