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Wanted Lab

376980 · KOSDAQ · ₩376980 · 원티드랩

₩2,900▼ ₩40 (1.36%)End-of-day · Oct 30, 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

₩4,680

vs the current price (₩2,900)

Enterprise value
₩33B
Equity value
₩46B
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 61% 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 ₩2,900, the model needs an operating margin of 3.5% every year (it uses 7.3%).
  • Or revenue growth −14.0 points a year higher than assumed in each of the 5 years.
  • Margins ranged from −2.2% to 19.1% 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.
  • Today's P/E is 14.2× against a typical 21.2× 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
₩3,073
+6.0%
Base
₩4,680
+61.4%
Bull
₩7,429
+156.2%

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 (7.3%).

Revenue growth

  • -8.8%

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

    Default: the last 3 years' revenue growth (-8.8% 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 (-8.8% a year, annual reports), fading to 3% by year 5.

  • -2.9%

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

    Default: the last 3 years' revenue growth (-8.8% a year, annual reports), fading to 3% by year 5.

  • 0.1%

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

    Default: the last 3 years' revenue growth (-8.8% 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 (-8.8% a year, annual reports), fading to 3% by year 5.

Business

  • 7.3%

    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.

  • 0.9%

    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).

  • 1.1%

    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).

  • -6.4%

    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 0.05, 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)
₩41B
Net debt (borrowings and leases − cash and deposits)
−₩7.2B
+ Stakes and investments
₩6B
Associates, long-term financial assets and deposits (book value)
Shares
9,766,394
Share price
₩2,900
Market cap
₩28B

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₩40B₩37B₩38B₩38B₩35B₩34B₩34B₩35B
Growth−21.1%−7.4%3.9%−8.8%−5.8%−2.9%0.1%3.0%
EBIT₩1.6B−₩818M₩1B₩2.7B₩2.6B₩2.5B₩2.5B₩2.6B
EBIT margin4.0%−2.2%2.7%7.3%7.3%7.3%7.3%7.3%
After-tax EBIT₩1.1B−₩593M₩739M₩2B₩1.9B₩1.8B₩1.8B₩1.9B
+ Depreciation———₩338M₩319M₩309M₩310M₩319M
− Capital spending₩140M₩620M₩457M₩413M₩389M₩378M₩378M₩390M
− Working capital−₩26B−₩1.9B−₩721M₩232M₩139M₩66M−₩2.2M−₩66M
Free cash flow———₩1.7B₩1.7B₩1.7B₩1.8B₩1.9B
Discount factor———0.9320.8680.8090.7540.703
Present value———₩1.6B₩1.4B₩1.4B₩1.3B₩1.3B

Terminal value ₩36B, worth ₩26B 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:

LowTypicalHigh
Price / book (book value ₩4,021 a share)Now 0.72×₩3,3510.83×₩7,6691.91×₩31,7117.89×
Price / earnings (last 12 months: ₩204 a share)Now 14.2×₩2,86814.0×₩4,33721.2×₩10,05849.3×
P/E on run-rate earnings (Q2 2026 × 4: ₩926 a share)Now 3.13×₩13,00514.0×₩19,66821.2×₩45,61449.3×

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%₩4,766₩5,077₩5,461₩5,945₩6,576
6.8%₩4,468₩4,722₩5,030₩5,408₩5,887
7.3%₩4,218₩4,429₩4,680₩4,983₩5,357
7.8%₩4,005₩4,182₩4,391₩4,638₩4,938
8.3%₩3,821₩3,972₩4,147₩4,353₩4,597

Now (TTM)

Market cap
₩28B
Enterprise value
₩11B
P/E
14.2×
P/B
0.7×
P/S
0.7×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩3,500₩5,630₩10,800₩12,550₩37,350
Market cap₩34B₩55B₩105B₩123B₩365B
P/E26.7×—75.1×13.0×117.9×
P/B0.9×1.5×3.0×2.9×11.0×
P/S0.9×1.5×2.7×2.4×11.5×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Wanted Lab14.2×0.7×0.7×—0.0%
Krafton10.0×1.2×1.9×—1.2%
Hyundai Autoever41.5×4.2×1.7×—0.7%
NC7.0×1.2×2.1×8.5×0.6%
Netmarble7.1×0.5×1.0×—2.6%
PearlAbyss8.1×2.1×3.0×5.3×0.0%
Shift UP9.0×1.8×7.1×—0.0%
Similar companies (median)8.5×1.5×2.0×6.9×0.6%

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

Also known as: Wanted Lab / 원티드랩 / 376980 / KRX:376980

Source: KRX statistical information