KOSDAQ · 380550 · Software · ₩380550

Neurophet뉴로핏

380550 · KOSDAQ · ₩380550 · 뉴로핏

₩6,540▲ ₩900 (15.96%)End-of-day · Oct 26, 2026 · End-of-day prices.

Trade

Sell Buy

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

₩2,579

vs the current price (₩6,540)

Enterprise value: −₩6.9B
Equity value: ₩31B
WACC: 8.3%

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:

No operating margin up to 90% gets the model to today's price at these growth assumptions.
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: ₩2,673; −59.1%
Base: ₩2,579; −60.6%
Bull: ₩2,454; −62.5%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (−20.0%).

Revenue growth

Revenue growth, year 13%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Revenue growth, year 23%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Revenue growth, year 33%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Revenue growth, year 43%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.

Business

EBIT margin-20%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 1 annual reports' operating margins.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation9.9%
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).
Capital spending12.4%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 1 annual reports (cash flow statements; equipment and intangibles).
Working capital-10%
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 1 years.

Discount rate

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.03%
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.
Beta0.77
How much the share moves when the market moves: 1 means just like the market.
Default: 66 weeks of weekly returns against KOSPI (official index); raw beta 0.65, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)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): ₩2.6B
Net debt (borrowings and leases − cash and deposits): −₩38B
Shares: 12,198,866
Share price: ₩6,540
Market cap: ₩80B

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.

	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩2.6B	₩2.7B	₩2.7B	₩2.8B	₩2.9B	₩3B
Growth	—	3.0%	3.0%	3.0%	3.0%	3.0%
EBIT	−₩17B	−₩533M	−₩549M	−₩566M	−₩583M	−₩600M
EBIT margin	−632.8%	−20.0%	−20.0%	−20.0%	−20.0%	−20.0%
After-tax EBIT	−₩12B	−₩387M	−₩398M	−₩410M	−₩423M	−₩435M
+ Depreciation	—	₩264M	₩272M	₩280M	₩289M	₩297M
− Capital spending	₩325M	₩331M	₩341M	₩351M	₩361M	₩372M
− Working capital	—	−₩7.8M	−₩8M	−₩8.2M	−₩8.5M	−₩8.7M
Free cash flow	—	−₩446M	−₩459M	−₩473M	−₩487M	−₩502M
Discount factor	—	0.924	0.853	0.788	0.728	0.672
Present value	—	−₩412M	−₩392M	−₩373M	−₩354M	−₩337M

Terminal value −₩7.5B, worth −₩5B today: 73% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

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%
7.3%	₩2,557	₩2,519	₩2,474	₩2,419	₩2,351
7.8%	₩2,600	₩2,568	₩2,531	₩2,487	₩2,433
8.3%	₩2,637	₩2,610	₩2,579	₩2,543	₩2,500
8.8%	₩2,669	₩2,647	₩2,620	₩2,590	₩2,554
9.3%	₩2,698	₩2,678	₩2,656	₩2,630	₩2,601

Now (TTM)

Market cap: ₩80B
Enterprise value: ₩41B
P/E: —
P/B: 2.3×
P/S: 30.8×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025
Price	₩22,250
Market cap	₩271B
P/E	—
P/B	14.0×
P/S	103.8×
EV/EBITDA	—
Dividend yield	0.0%

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Neurophet	—	2.3×	30.8×	—	0.0%
Hyundai Autoever	44.9×	4.5×	1.9×	—	0.6%
Krafton	10.1×	1.2×	1.9×	—	1.2%
NC	7.0×	1.2×	2.1×	8.5×	0.6%
Netmarble	7.0×	0.5×	1.0×	—	2.6%
PearlAbyss	8.0×	2.1×	3.0×	5.2×	0.0%
Shift UP	9.0×	1.8×	7.1×	—	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: Neurophet / 뉴로핏 / 380550 / KRX:380550

Source: KRX statistical information