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BI Matrix

413640 · KOSDAQ · ₩413640 · 비아이매트릭스

₩5,440▼ ₩80 (1.45%)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

₩1,746

vs the current price (₩5,440)

Enterprise value
−₩10B
Equity value
₩13B
WACC
7.4%

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 68% 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 ₩5,440, the model needs an operating margin of 4.1% every year (it uses −0.8%).
  • Margins ranged from −10.4% to 6.6% over the last 3 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.
  • 100% of the last 12 months' net profit came from outside operations (stakes in other companies, interest, one-offs). The model adds those stakes at book value but doesn't project that income.
  • 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
₩1,040
−80.9%
Base
₩1,746
−67.9%
Bull
₩3,259
−40.1%

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 (−0.8%).

Revenue growth

  • 10.3%

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

    Default: the last 2 years' revenue growth (10.3% 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 2 years' revenue growth (10.3% a year, annual reports), fading to 3% by year 5.

  • 6.6%

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

    Default: the last 2 years' revenue growth (10.3% a year, annual reports), fading to 3% by year 5.

  • 4.8%

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

    Default: the last 2 years' revenue growth (10.3% 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 2 years' revenue growth (10.3% a year, annual reports), fading to 3% by year 5.

Business

  • -0.8%

    Operating profit as a share of revenue.

    Default: through-the-cycle average of the last 12 months and the last 3 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%

    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).

  • 2.5%

    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).

  • 17%

    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.

  • 0.61

    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 0.42, 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)
₩32B
Net debt (borrowings and leases − cash and deposits)
−₩23B
Shares
7,206,940
Share price
₩5,440
Market cap
₩39B

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₩26B₩31B₩31B₩36B₩39B₩41B₩43B₩45B
Growth—19.4%1.9%10.3%8.5%6.6%4.8%3.0%
EBIT−₩2.7B₩2B₩866M−₩287M−₩311M−₩331M−₩347M−₩358M
EBIT margin−10.4%6.6%2.8%−0.8%−0.8%−0.8%−0.8%−0.8%
After-tax EBIT−₩2B₩1.5B₩628M−₩208M−₩225M−₩240M−₩252M−₩259M
+ Depreciation———₩716M₩777M₩829M₩868M₩894M
− Capital spending₩684M₩526M₩957M₩895M₩972M₩1B₩1.1B₩1.1B
− Working capital—₩1.8B−₩2.8B₩569M₩518M₩436M₩338M₩221M
Free cash flow———−₩955M−₩937M−₩883M−₩807M−₩704M
Discount factor———0.9310.8660.8060.7510.699
Present value———−₩889M−₩812M−₩712M−₩606M−₩492M

Terminal value −₩9.4B, worth −₩6.6B today: 65% 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 ₩4,398 a share)Now 1.24×₩5,9001.34×₩9,6742.20×₩14,2093.23×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2024, 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%
6.4%₩1,843₩1,678₩1,475₩1,219₩888
6.9%₩1,934₩1,794₩1,624₩1,416₩1,153
7.4%₩2,011₩1,890₩1,746₩1,573₩1,359
7.9%₩2,078₩1,972₩1,848₩1,701₩1,523
8.4%₩2,135₩2,043₩1,935₩1,808₩1,658

Now (TTM)

Market cap
₩39B
Enterprise value
₩15B
P/E
16.4×
P/B
1.2×
P/S
1.2×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

202520242023
Price₩9,520₩7,790₩9,240
Market cap₩69B₩56B₩67B
P/E28.7×15.2×—
P/B2.1×1.8×2.4×
P/S2.2×1.8×2.6×
EV/EBITDA———
Dividend yield0.0%——

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
BI Matrix16.4×1.2×1.2×—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: BI Matrix / 비아이매트릭스 / 413640 / KRX:413640

Source: KRX statistical information