Gitsn지슨
446840 · KOSDAQ · ₩446840 · 지슨
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
- −₩63B
- Equity value
- −₩68B
- WACC
- 6.9%
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 ₩3,330, the model needs an operating margin of 15.8% every year (it uses −20.0%).
- 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
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Cycle options
Margin path
Every year uses the cycle-average margin (−20.0%).
Revenue growth
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Business
- -20%
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.
- 1.3%
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).
- 1.6%
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.
- 4.03%
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.
- 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 -0.08, 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.
- 5.53%
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)
- ₩19B
- Net debt (borrowings and leases − cash and deposits)
- ₩5.4B
- Shares
- 11,016,616
- Share price
- ₩3,330
- Market cap
- ₩37B
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 | ₩0 | ₩0 | ₩11B | ₩19B | ₩20B | ₩20B | ₩21B | ₩22B |
| Growth | — | — | — | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% |
| EBIT | −₩21M | −₩26M | −₩6.6B | −₩3.8B | −₩4B | −₩4.1B | −₩4.2B | −₩4.3B |
| EBIT margin | — | — | −58.8% | −20.0% | −20.0% | −20.0% | −20.0% | −20.0% |
| After-tax EBIT | −₩15M | −₩19M | −₩4.8B | −₩2.8B | −₩2.9B | −₩3B | −₩3B | −₩3.1B |
| + Depreciation | — | — | — | ₩250M | ₩257M | ₩265M | ₩273M | ₩281M |
| − Capital spending | — | — | ₩186M | ₩307M | ₩317M | ₩326M | ₩336M | ₩346M |
| − Working capital | — | ₩14M | ₩7.8B | ₩224M | ₩231M | ₩237M | ₩245M | ₩252M |
| Free cash flow | — | — | — | −₩3.1B | −₩3.2B | −₩3.3B | −₩3.4B | −₩3.5B |
| Discount factor | — | — | — | 0.935 | 0.875 | 0.818 | 0.766 | 0.716 |
| Present value | — | — | — | −₩2.9B | −₩2.8B | −₩2.7B | −₩2.6B | −₩2.5B |
Terminal value −₩69B, worth −₩50B 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:
| Low | Typical | High | |
|---|---|---|---|
| Price / book (book value ₩580 a share)Now 5.74× | ₩3,3305.74× | ₩6,04510.4× | ₩6,29910.9× |
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% |
|---|---|---|---|---|---|
| 5.9% | — | — | — | — | — |
| 6.4% | — | — | — | — | — |
| 6.9% | — | — | — | — | — |
| 7.4% | — | — | — | — | — |
| 7.9% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩37B
- Enterprise value
- ₩41B
- P/E
- —
- P/B
- 5.7×
- P/S
- 2.0×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Price | ₩9,134 | ₩10,660 | ₩10,360 |
| Market cap | ₩101B | ₩117B | ₩114B |
| P/E | — | 509.2× | 937.1× |
| P/B | 13.3× | 10.4× | 10.3× |
| P/S | 8.9× | — | — |
| EV/EBITDA | — | — | — |
| Dividend yield | 0.0% | — | — |
Versus similar companies
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Gitsn / 지슨 / 446840 / KRX:446840
Source: KRX statistical information