Ask Warren

CyberOne

356890 · KOSDAQ · ₩356890 · 싸이버원

₩2,225▲ ₩65 (3.01%)End-of-day · Oct 27, 2026 · End-of-day prices.
Trade
Alert me
SellBuy

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

₩3,118

vs the current price (₩2,225)

Enterprise value
₩28B
Equity value
₩37B
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 ₩2,225, the model needs an operating margin of 4.6% every year (it uses 6.2%).
  • Or revenue growth −22.0 points a year higher than assumed in each of the 5 years.
  • Margins ranged from 1.2% to 23.7% over the last 5 years, so this is a cyclical business. The model uses the average; the price may be set by where the cycle is now. Try the margin fade option.

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
₩1,767
−20.6%
Base
₩3,118
+40.1%
Bull
₩5,546
+149.3%

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 (6.2%).

Revenue growth

  • 14%

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

    Default: the last 3 years' revenue growth (14% a year, annual reports), fading to 3% by year 5.

  • 11.3%

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

    Default: the last 3 years' revenue growth (14% a year, annual reports), fading to 3% by year 5.

  • 8.5%

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

    Default: the last 3 years' revenue growth (14% a year, annual reports), fading to 3% by year 5.

  • 5.8%

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

    Default: the last 3 years' revenue growth (14% 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 (14% a year, annual reports), fading to 3% by year 5.

Business

  • 6.2%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 2.4%

    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).

  • 2.9%

    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).

  • 34.1%

    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.

  • 4.03%

    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.

  • 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 0.19, 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.

  • 5.53%

    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)
₩35B
Net debt (borrowings and leases − cash and deposits)
−₩17B
− Minority interests
₩7.5B
Shares
11,953,825
Share price
₩2,225
Market cap
₩27B

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₩25B₩48B₩34B₩40B₩45B₩48B₩51B₩53B
Growth8.4%93.9%−29.5%14.0%11.3%8.5%5.8%3.0%
EBIT₩1.3B₩11B₩414M₩2.5B₩2.8B₩3B₩3.2B₩3.3B
EBIT margin5.2%23.7%1.2%6.2%6.2%6.2%6.2%6.2%
After-tax EBIT₩925M₩8.2B₩300M₩1.8B₩2B₩2.2B₩2.3B₩2.4B
+ Depreciation———₩963M₩1.1B₩1.2B₩1.2B₩1.3B
− Capital spending₩827M₩1.6B₩708M₩1.2B₩1.3B₩1.4B₩1.5B₩1.5B
− Working capital₩11B−₩6.4B₩6.4B₩1.7B₩1.5B₩1.3B₩958M₩525M
Free cash flow———−₩77M₩238M₩641M₩1.1B₩1.6B
Discount factor———0.9320.8680.8090.7530.702
Present value———−₩72M₩207M₩519M₩821M₩1.1B

Terminal value ₩36B, worth ₩25B today: 91% 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 ₩3,412 a share)Now 0.65×₩3,0780.90×₩4,9651.46×₩7,3142.14×
P/E on run-rate earnings (Q2 2026 × 4: ₩353 a share)Now 6.29×₩1,6604.70×₩7,10720.1×₩10,91730.9×

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%₩3,416₩3,562₩3,741₩3,964₩4,253
6.8%₩3,154₩3,264₩3,396₩3,558₩3,760
7.3%₩2,934₩3,018₩3,118₩3,236₩3,381
7.8%₩2,747₩2,812₩2,887₩2,976₩3,081
8.3%₩2,586₩2,636₩2,694₩2,760₩2,838

Now (TTM)

Market cap
₩27B
Enterprise value
₩9.8B
P/E
—
P/B
0.7×
P/S
0.8×
EV/EBITDA
—
Dividend yield
1.6%

Over time (at each year end)

20252024202320222021
Price₩3,945₩2,810₩3,660₩3,420₩5,380
Market cap₩47B₩34B₩44B₩41B₩64B
P/E—3.4×21.9×19.6×32.6×
P/B1.2×0.8×1.4×1.4×2.4×
P/S1.4×0.7×1.8×1.8×2.9×
EV/EBITDA—————
Dividend yield0.9%1.1%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
CyberOne—0.7×0.8×—1.6%
Hyundai Autoever46.8×4.7×2.0×—0.6%
Krafton10.0×1.2×1.9×—1.2%
NC6.9×1.2×2.0×8.3×0.6%
Netmarble7.1×0.5×1.0×—2.6%
PearlAbyss7.9×2.0×3.0×5.1×0.0%
Shift UP9.0×1.8×7.1×—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: CyberOne / 싸이버원 / 356890 / KRX:356890

Source: KRX statistical information