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Mobidays

363260 · KOSDAQ · ₩363260 · 모비데이즈

₩3,255▼ ₩10 (0.31%)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

₩6,593

vs the current price (₩3,255)

Enterprise value
₩30B
Equity value
₩42B
WACC
8.6%

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 103% 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 ₩3,255, the model needs an operating margin of 4.2% every year (it uses 6.8%).
  • Margins ranged from −8.0% to 28.6% over the last 4 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.
  • 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.

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
₩3,638
+11.8%
Base
₩6,593
+102.5%
Bull
₩11,560
+255.1%

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 (6.8%).

Revenue growth

  • 25%

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

    Default: the last 3 years' revenue growth (40.3% a year, annual reports), fading to 3% by year 5.

  • 19.5%

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

    Default: the last 3 years' revenue growth (40.3% a year, annual reports), fading to 3% by year 5.

  • 14%

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

    Default: the last 3 years' revenue growth (40.3% 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 (40.3% 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 (40.3% a year, annual reports), fading to 3% by year 5.

Business

  • 6.8%

    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.

  • 3%

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

    Default: not in the statements, so a typical level.

  • 4%

    Money spent on factories, equipment, software and other long-term assets (% of revenue).

    Default: not in the statements, so a typical level.

  • 40%

    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.

  • 4.08%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-29.

  • 0.83

    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 0.74, 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.

  • 5.58%

    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)
₩44B
Net debt (borrowings and leases − cash and deposits)
−₩18B
+ Stakes and investments
₩3.9B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩10B
Shares
6,432,753
Share price
₩3,255
Market cap
₩21B

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₩24B₩37B₩44B₩55B₩65B₩74B₩81B₩83B
Growth48.8%55.8%19.1%25.0%19.5%14.0%8.5%3.0%
EBIT−₩1.9B₩315M₩4.5B₩3.7B₩4.4B₩5.1B₩5.5B₩5.6B
EBIT margin−8.0%0.8%10.2%6.8%6.8%6.8%6.8%6.8%
After-tax EBIT−₩1.4B₩228M₩3.3B₩2.7B₩3.2B₩3.7B₩4B₩4.1B
+ Depreciation———₩1.6B₩2B₩2.2B₩2.4B₩2.5B
− Capital spending———₩2.2B₩2.6B₩3B₩3.2B₩3.3B
− Working capital₩218M₩1.7B−₩18B₩4.4B₩4.3B₩3.7B₩2.5B₩968M
Free cash flow———−₩2.2B−₩1.7B−₩730M₩642M₩2.3B
Discount factor———0.9200.8470.7800.7180.661
Present value———−₩2B−₩1.4B−₩569M₩461M₩1.5B

Terminal value ₩49B, worth ₩32B today: 107% 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 ₩6,089 a share)Now 0.53×₩7,0511.16×₩12,3592.03×₩183,25730.1×

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%
7.6%₩7,326₩7,528₩7,764₩8,042₩8,376
8.1%₩6,799₩6,953₩7,129₩7,333₩7,573
8.6%₩6,345₩6,461₩6,593₩6,742₩6,916
9.1%₩5,949₩6,036₩6,134₩6,244₩6,369
9.6%₩5,601₩5,666₩5,738₩5,817₩5,906

Now (TTM)

Market cap
₩21B
Enterprise value
₩1.3B
P/E
16.3×
P/B
0.5×
P/S
0.5×
EV/EBITDA
—
Dividend yield
6.1%

Over time (at each year end)

20252024202320222021
Price₩7,925₩8,440₩16,251₩20,751₩59,251
Market cap₩51B₩54B₩105B₩133B₩381B
P/E19.1×————
P/B1.3×1.5×2.6×3.3×30.1×
P/S1.1×1.5×4.4×8.3×—
EV/EBITDA—————
Dividend yield2.5%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Mobidays16.3×0.5×0.5×—6.1%
S-124.0×2.1×1.3×—0.0%
Cheil Worldwide9.8×1.3×0.5×—6.5%
Doosan Tesna54.7×4.1×5.7×—0.2%
Lotte Tour Development15.4×2.2×1.1×—0.0%
Soulbrain Holdings1.3×0.4×1.3×—1.3%
Innocean Worldwide5.5×0.6×0.3×—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: Mobidays / 모비데이즈 / 363260 / KRX:363260

Source: KRX statistical information