KOSDAQ · 434480 · Software · ₩434480

Monitorapp모니터랩

434480 · KOSDAQ · ₩434480 · 모니터랩

₩3,120▲ ₩180 (6.12%)End-of-day · Oct 27, 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

₩620

vs the current price (₩3,120)

Enterprise value: −₩5.9B
Equity value: ₩7.6B
WACC: 7.8%

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 80% 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 ₩3,120, the model needs an operating margin of 9.8% every year (it uses 1.6%).
Margins ranged from −4.3% to 4.9% 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.
47% 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.
Today's P/E is 22.6× against a typical 37.9× 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: ₩269; −91.4%
Base: ₩620; −80.1%
Bull: ₩1,316; −57.8%

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 (1.6%).

Revenue growth

Revenue growth, year 116.2%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (16.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 212.9%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (16.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 39.6%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (16.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 46.3%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (16.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (16.2% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin1.6%
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.
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 & amortisation13.5%
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 spending16.8%
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).
Working capital14.6%
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

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.
Beta0.69
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 0.53, 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): ₩21B
Net debt (borrowings and leases − cash and deposits): −₩14B
Shares: 12,310,300
Share price: ₩3,120
Market cap: ₩38B

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.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩14B	₩15B	₩19B	₩25B	₩28B	₩30B	₩32B	₩33B
Growth	—	5.1%	28.6%	16.2%	12.9%	9.6%	6.3%	3.0%
EBIT	₩7.2M	−₩644M	₩943M	₩394M	₩445M	₩488M	₩518M	₩534M
EBIT margin	0.1%	−4.3%	4.9%	1.6%	1.6%	1.6%	1.6%	1.6%
After-tax EBIT	₩5.2M	−₩467M	₩684M	₩286M	₩323M	₩354M	₩376M	₩387M
+ Depreciation	—	—	—	₩3.3B	₩3.8B	₩4.1B	₩4.4B	₩4.5B
− Capital spending	₩196M	₩7.1B	₩239M	₩4.1B	₩4.7B	₩5.1B	₩5.4B	₩5.6B
− Working capital	—	−₩919M	−₩562M	₩501M	₩464M	₩390M	₩280M	₩142M
Free cash flow	—	—	—	−₩1B	−₩1.1B	−₩1B	−₩974M	−₩856M
Discount factor	—	—	—	0.927	0.860	0.798	0.740	0.686
Present value	—	—	—	−₩954M	−₩911M	−₩831M	−₩720M	−₩587M

Terminal value −₩2.8B, worth −₩1.9B today: 33% 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:

	Low	Typical	High
Price / book (book value ₩3,134 a share)Now 1.00×	₩2,7500.88×	₩4,4371.42×	₩7,2832.32×
Price / earnings (last 12 months: ₩138 a share)Now 22.6×	₩3,07922.3×	₩5,22437.9×	₩8,73263.3×
P/E on run-rate earnings (Q2 2026 × 4: ₩321 a share)Now 9.72×	₩7,16522.3×	₩12,15637.9×	₩20,32163.3×

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%
6.8%	₩655	₩617	₩570	₩512	₩439
7.3%	₩671	₩637	₩597	₩548	₩488
7.8%	₩685	₩655	₩620	₩578	₩528
8.3%	₩697	₩671	₩640	₩604	₩560
8.8%	₩708	₩685	₩657	₩626	₩588

Now (TTM)

Market cap: ₩38B
Enterprise value: ₩25B
P/E: 22.6×
P/B: 1.0×
P/S: 1.8×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023
Price	₩3,945	₩3,280	₩5,970
Market cap	₩49B	₩40B	₩73B
P/E	73.0×	19.4×	—
P/B	1.3×	1.1×	2.1×
P/S	2.5×	2.7×	5.2×
EV/EBITDA	—	—	—
Dividend yield	0.0%	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Monitorapp	22.6×	1.0×	1.8×	—	0.0%
Hyundai Autoever	46.8×	4.7×	2.0×	—	0.6%
Krafton	10.0×	1.2×	1.9×	—	1.2%
NC	6.9×	1.2×	2.0×	8.3×	0.6%
Netmarble	7.1×	0.5×	1.0×	—	2.6%
PearlAbyss	7.9×	2.0×	3.0×	5.1×	0.0%
Shift UP	9.0×	1.8×	7.1×	—	0.0%
Similar companies (median)	8.4×	1.5×	2.0×	6.7×	0.6%

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

Also known as: Monitorapp / 모니터랩 / 434480 / KRX:434480

Source: KRX statistical information