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Iteyes

372800 · KOSDAQ · ₩372800 · 아이티아이즈

₩2,845 ₩0 (0.00%)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

With these assumptions the model gives no positive value.

Enterprise value
−₩121B
Equity value
−₩124B
WACC
6.9%

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 gives no positive value at these assumptions. What we can see:

  • To match today's price of ₩2,845, the model needs an operating margin of 2.1% every year (it uses −8.6%).
  • Margins ranged from −20.8% to 0.2% 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.
  • 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.
  • The group includes a financial business (an insurer, bank or broker), whose investments and minority shareholders are left out here. A sum-of-the-parts view usually fits groups like this better.

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
—
Base
—
Bull
—

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 (−8.6%).

Revenue growth

  • 12.7%

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

    Default: the last 3 years' revenue growth (12.7% a year, annual reports), fading to 3% by year 5.

  • 10.3%

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

    Default: the last 3 years' revenue growth (12.7% a year, annual reports), fading to 3% by year 5.

  • 7.8%

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

    Default: the last 3 years' revenue growth (12.7% a year, annual reports), fading to 3% by year 5.

  • 5.4%

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

    Default: the last 3 years' revenue growth (12.7% 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 (12.7% a year, annual reports), fading to 3% by year 5.

Business

  • -8.6%

    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.

  • 0.4%

    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).

  • 0.4%

    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).

  • 9%

    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.

  • 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 0.17, 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)
₩68B
Net debt (borrowings and leases − cash and deposits)
₩3.1B
Shares
7,037,189
Share price
₩2,845
Market cap
₩20B

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₩75B₩80B₩78B₩77B₩84B₩91B₩96B₩99B
Growth37.3%6.2%−1.9%12.7%10.3%7.8%5.4%3.0%
EBIT−₩6.4B₩167M−₩5.4B−₩6.6B−₩7.3B−₩7.8B−₩8.2B−₩8.5B
EBIT margin−8.5%0.2%−6.9%−8.6%−8.6%−8.6%−8.6%−8.6%
After-tax EBIT−₩4.6B₩121M−₩3.9B−₩4.8B−₩5.3B−₩5.7B−₩6B−₩6.2B
+ Depreciation₩331M₩325M₩326M₩306M₩338M₩364M₩384M₩395M
− Capital spending₩378M₩225M₩402M₩306M₩338M₩364M₩384M₩395M
− Working capital₩2.7B₩1.5B−₩12B₩776M₩709M₩592M₩442M₩259M
Free cash flow−₩7.4B−₩1.3B₩8.2B−₩5.5B−₩6B−₩6.3B−₩6.4B−₩6.4B
Discount factor———0.9360.8760.8190.7670.717
Present value———−₩5.2B−₩5.2B−₩5.1B−₩4.9B−₩4.6B

Terminal value −₩134B, worth −₩96B today: 79% 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 ₩1,557 a share)Now 1.83×₩2,6051.67×₩3,6932.37×₩5,1673.32×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2022, 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%
5.9%—————
6.4%—————
6.9%—————
7.4%—————
7.9%—————

Now (TTM)

Market cap
₩20B
Enterprise value
₩23B
P/E
—
P/B
1.8×
P/S
0.3×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩4,800₩4,670₩7,140₩7,450₩24,300
Market cap₩34B₩33B₩50B₩52B₩171B
P/E—23.0×———
P/B3.8×1.8×3.0×2.2×5.7×
P/S0.4×0.4×0.7×1.0×2.6×
EV/EBITDA—79.9×———
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Iteyes—1.8×0.3×—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: Iteyes / 아이티아이즈 / 372800 / KRX:372800

Source: KRX statistical information