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Obzen

417860 · KOSDAQ · ₩417860 · 오브젠

₩6,330▼ ₩270 (4.09%)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

With these assumptions the model gives no positive value.

Enterprise value
−₩62B
Equity value
−₩50B
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 gives no positive value at these assumptions. What we can see:

  • To match today's price of ₩6,330, the model needs an operating margin of 3.6% every year (it uses −13.4%).
  • Margins ranged from −34.3% to 0.0% 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.
  • 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
—
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 (−13.4%).

Revenue growth

  • -3.4%

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

    Default: the last 3 years' revenue growth (-3.4% a year, annual reports), fading to 3% by year 5.

  • -1.8%

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

    Default: the last 3 years' revenue growth (-3.4% a year, annual reports), fading to 3% by year 5.

  • -0.2%

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

    Default: the last 3 years' revenue growth (-3.4% a year, annual reports), fading to 3% by year 5.

  • 1.4%

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

    Default: the last 3 years' revenue growth (-3.4% 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 (-3.4% a year, annual reports), fading to 3% by year 5.

Business

  • -13.4%

    Operating profit as a share of revenue.

    Default: through-the-cycle average of the last 12 months and the last 4 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: not in the statements, so 80% of capital spending (most spending replaces equipment that wears out).

  • 0.5%

    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).

  • -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 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 0.32, 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)
₩37B
Net debt (borrowings and leases − cash and deposits)
−₩12B
− Minority interests
₩33M
Shares
4,706,906
Share price
₩6,330
Market cap
₩30B

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₩17B₩15B₩23B₩36B₩36B₩35B₩36B₩37B
Growth−34.5%−10.5%54.0%−3.4%−1.8%−0.2%1.4%3.0%
EBIT−₩5.8B−₩4.1B₩6.4M−₩4.9B−₩4.8B−₩4.8B−₩4.8B−₩5B
EBIT margin−34.3%−27.3%0.0%−13.4%−13.4%−13.4%−13.4%−13.4%
After-tax EBIT−₩4.2B−₩3B₩4.6M−₩3.5B−₩3.5B−₩3.4B−₩3.5B−₩3.6B
+ Depreciation———₩145M₩142M₩142M₩144M₩148M
− Capital spending₩120M₩44M₩97M₩181M₩178M₩177M₩180M₩185M
− Working capital−₩2.3B−₩7.6B−₩13B₩127M₩65M₩7.1M−₩50M−₩108M
Free cash flow———−₩3.7B−₩3.6B−₩3.5B−₩3.5B−₩3.5B
Discount factor———0.9320.8680.8090.7540.703
Present value———−₩3.4B−₩3.1B−₩2.8B−₩2.6B−₩2.5B

Terminal value −₩68B, worth −₩48B today: 77% 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 ₩3,167 a share)Now 2.00×₩11,0563.49×₩27,6478.73×₩58,65918.5×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2023, 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%—————
6.8%—————
7.3%—————
7.8%—————
8.3%—————

Now (TTM)

Market cap
₩30B
Enterprise value
₩18B
P/E
2.8×
P/B
2.0×
P/S
0.8×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

202520242023
Price₩12,100₩8,080₩21,900
Market cap₩57B₩38B₩103B
P/E———
P/B5.4×3.8×12.6×
P/S2.4×2.5×6.1×
EV/EBITDA———
Dividend yield0.0%——

Loading data for this company — check back soon

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Obzen2.8×2.0×0.8×—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: Obzen / 오브젠 / 417860 / KRX:417860

Source: KRX statistical information