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Axgate

356680 · KOSDAQ · ₩356680 · 엑스게이트

₩15,500▼ ₩1,610 (9.41%)End-of-day · Oct 29, 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

₩1,028

vs the current price (₩15,500)

Enterprise value
₩23B
Equity value
₩29B
WACC
10.3%

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 93% 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 ₩15,500, the model needs an operating margin of 86.1% every year (it uses 9.5%).
  • In the projection, spending on equipment, software and working capital takes most or all of the after-tax operating profit, so free cash flow is thin. Companies that invest heavily often look like this until spending slows.
  • Today's P/E is 99.7× against a typical 38.0× 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
₩535
−96.5%
Base
₩1,028
−93.4%
Bull
₩1,814
−88.3%

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 (9.5%).

Revenue growth

  • 7.9%

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

    Default: the last 3 years' revenue growth (7.9% a year, annual reports), fading to 3% by year 5.

  • 6.7%

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

    Default: the last 3 years' revenue growth (7.9% a year, annual reports), fading to 3% by year 5.

  • 5.5%

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

    Default: the last 3 years' revenue growth (7.9% a year, annual reports), fading to 3% by year 5.

  • 4.2%

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

    Default: the last 3 years' revenue growth (7.9% 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 (7.9% a year, annual reports), fading to 3% by year 5.

Business

  • 9.5%

    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.

  • 1.9%

    The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).

    Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).

  • 10.7%

    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).

  • 30.7%

    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.

  • 1.14

    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 1.21, 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)
₩52B
Net debt (borrowings and leases − cash and deposits)
−₩6.5B
Shares
28,543,492
Share price
₩15,500
Market cap
₩442B

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₩43B₩43B₩48B₩56B₩60B₩63B₩66B₩68B
Growth11.8%0.9%11.4%7.9%6.7%5.5%4.2%3.0%
EBIT₩4.1B₩3.5B₩3.8B₩5.3B₩5.7B₩6B₩6.2B₩6.4B
EBIT margin9.6%8.1%7.8%9.5%9.5%9.5%9.5%9.5%
After-tax EBIT₩3B₩2.5B₩2.7B₩3.9B₩4.1B₩4.3B₩4.5B₩4.7B
+ Depreciation₩637M₩898M₩1.1B₩1.1B₩1.1B₩1.2B₩1.2B₩1.3B
− Capital spending₩3.5B₩9.2B₩1.3B₩6B₩6.4B₩6.7B₩7B₩7.2B
− Working capital−₩299M−₩1.2B₩5.4B₩1.3B₩1.2B₩1B₩813M₩605M
Free cash flow₩416M−₩4.6B−₩2.9B−₩2.3B−₩2.3B−₩2.2B−₩2.1B−₩1.9B
Discount factor———0.9070.8220.7460.6760.613
Present value———−₩2.1B−₩1.9B−₩1.7B−₩1.4B−₩1.2B

Terminal value ₩51B, worth ₩31B today: 136% 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 ₩1,729 a share)Now 8.97×₩5,9243.43×₩8,3234.81×₩13,0267.54×
Price / earnings (last 12 months: ₩156 a share)Now 99.7×₩3,32021.3×₩5,91438.0×₩12,51880.5×
P/E on run-rate earnings (Q2 2026 × 4: ₩14 a share)Now 1107.8×₩29921.3×₩53238.0×₩1,12680.5×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2023, 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%
9.3%₩1,118₩1,170₩1,229₩1,296₩1,373
9.8%₩1,029₩1,072₩1,121₩1,177₩1,240
10.3%₩950₩987₩1,028₩1,075₩1,127
10.8%₩880₩912₩947₩986₩1,029
11.3%₩818₩845₩875₩908₩944

Now (TTM)

Market cap
₩442B
Enterprise value
₩436B
P/E
99.7×
P/B
9.0×
P/S
8.5×
EV/EBITDA
64.1×
Dividend yield
0.0%

Over time (at each year end)

202520242023
Price₩7,640₩10,390₩6,100
Market cap₩218B₩297B₩174B
P/E56.3×74.2×590.7×
P/B4.5×6.7×4.3×
P/S4.5×6.9×4.1×
EV/EBITDA43.8×65.1×33.1×
Dividend yield0.0%——

Loading data for this company — check back soon

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Axgate99.7×9.0×8.5×64.1×0.0%
Hyundai Autoever47.8×4.8×2.0×—0.6%
Krafton10.0×1.2×1.9×—1.2%
NC7.0×1.2×2.1×8.4×0.6%
Netmarble7.1×0.5×1.0×—2.6%
PearlAbyss8.0×2.1×3.0×5.2×0.0%
Shift UP9.0×1.8×7.2×—0.0%
Similar companies (median)8.5×1.5×2.0×6.8×0.6%

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

Also known as: Axgate / 엑스게이트 / 356680 / KRX:356680

Source: KRX statistical information