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GigaVis

420770 · KOSDAQ · ₩420770 · 기가비스

₩104,400▼ ₩3,700 (3.42%)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

₩15,597

vs the current price (₩104,400)

Enterprise value
₩81B
Equity value
₩198B
WACC
8.2%

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 85% 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.
  • Margins ranged from −6.8% to 38.3% 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.
  • 38% 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.

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
₩13,442
−87.1%
Base
₩15,597
−85.1%
Bull
₩19,140
−81.7%

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 (20.2%).

Revenue growth

  • -10%

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

    Default: the last 2 years' revenue growth (-24.3% a year, annual reports), fading to 3% by year 5.

  • -6.7%

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

    Default: the last 2 years' revenue growth (-24.3% a year, annual reports), fading to 3% by year 5.

  • -3.5%

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

    Default: the last 2 years' revenue growth (-24.3% 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 2 years' revenue growth (-24.3% 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 (-24.3% a year, annual reports), fading to 3% by year 5.

Business

  • 20.2%

    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.

  • 36.2%

    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).

  • 45.2%

    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).

  • 40%

    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.

  • 0.74

    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 0.62, 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)
₩67B
Net debt (borrowings and leases − cash and deposits)
−₩115B
+ Stakes and investments
₩2.2B
Associates, long-term financial assets and deposits (book value)
Shares
12,675,758
Share price
₩104,400
Market cap
₩1.3T

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₩91B₩26B₩52B₩61B₩56B₩54B₩54B₩56B
Growth—−71.4%100.6%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT₩35B−₩1.8B₩12B₩12B₩11B₩11B₩11B₩11B
EBIT margin38.3%−6.8%23.1%20.2%20.2%20.2%20.2%20.2%
After-tax EBIT₩25B−₩1.3B₩8.8B₩8.9B₩8.3B₩8B₩8B₩8.2B
+ Depreciation———₩22B₩20B₩20B₩20B₩20B
− Capital spending₩4.4B₩32B₩4.6B₩27B₩26B₩25B₩25B₩25B
− Working capital—−₩11B−₩11B−₩2.7B−₩1.6B−₩790M−₩44M₩652M
Free cash flow———₩6.1B₩4.8B₩3.9B₩3.1B₩2.5B
Discount factor———0.9250.8550.7910.7310.676
Present value———₩5.6B₩4.1B₩3.1B₩2.3B₩1.7B

Terminal value ₩95B, worth ₩64B 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 ₩16,371 a share)Now 6.38×₩26,0791.59×₩56,2863.44×₩106,5856.51×

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%
7.2%₩16,021₩16,421₩16,898₩17,475₩18,190
7.7%₩15,480₩15,806₩16,189₩16,645₩17,198
8.2%₩15,015₩15,285₩15,597₩15,964₩16,400
8.7%₩14,612₩14,837₩15,095₩15,394₩15,745
9.2%₩14,260₩14,449₩14,664₩14,911₩15,197

Now (TTM)

Market cap
₩1.3T
Enterprise value
₩1.2T
P/E
64.0×
P/B
6.4×
P/S
19.7×
EV/EBITDA
—
Dividend yield
0.8%

Over time (at each year end)

202520242023
Price₩31,500₩24,550₩73,800
Market cap₩399B₩311B₩935B
P/E25.8×91.2×28.6×
P/B1.9×1.5×4.4×
P/S7.6×11.9×10.2×
EV/EBITDA———
Dividend yield2.5%3.3%—

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
GigaVis64.0×6.4×19.7×—0.8%
Doosan Enerbility200.6×4.5×2.0×—0.0%
Hanmi Semiconductor84.5×25.1×34.0×76.1×0.4%
Jusung Engineering1,135.2×13.9×36.4×2,185.7×0.0%
Rainbow Robotics4,308.5×55.2×162.6×—0.0%
EO Technics47.1×6.8×11.5×—0.0%
Doosan Bobcat13,805.1×923.8×743.7×—3.5%
Similar companies (median)667.9×19.5×35.2×1,130.9×0.0%

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

Also known as: GigaVis / 기가비스 / 420770 / KRX:420770

Source: KRX statistical information