KOSDAQ · 453450 · Business services · ₩453450

Gridwiz그리드위즈

453450 · KOSDAQ · ₩453450 · 그리드위즈

₩10,890▼ ₩70 (0.64%)End-of-day · Oct 28, 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

₩224

vs the current price (₩10,890)

Enterprise value: −₩40B
Equity value: ₩1.8B
WACC: 7.7%

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 98% 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 ₩10,890, the model needs an operating margin of 4.2% every year (it uses −1.3%).
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: ₩224; −97.9%
Bull: ₩3,898; −64.2%

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 (−1.3%).

Revenue growth

Revenue growth, year 10.7%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (0.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 21.3%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (0.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 31.9%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (0.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 42.4%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (0.7% 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 1 years' revenue growth (0.7% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-1.3%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 2 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 & amortisation1.1%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: average of the last 2 annual reports (cash flow statements; equipment and intangibles).
Capital spending4%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: not in the statements, so a typical level.
Working capital10%
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 2 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 rate4.08%
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.
Beta0.65
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 0.47, 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)5.58%
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): ₩119B
Net debt (borrowings and leases − cash and deposits): −₩22B
+ Stakes and investments: ₩21B; Associates, long-term financial assets and deposits (book value)
Shares: 7,942,750
Share price: ₩10,890
Market cap: ₩86B

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.

	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩125B	₩126B	₩120B	₩121B	₩124B	₩126B	₩130B
Growth	—	0.7%	0.7%	1.3%	1.9%	2.4%	3.0%
EBIT	−₩4.3B	₩816M	−₩1.6B	−₩1.6B	−₩1.6B	−₩1.6B	−₩1.7B
EBIT margin	−3.5%	0.6%	−1.3%	−1.3%	−1.3%	−1.3%	−1.3%
After-tax EBIT	−₩3.1B	₩592M	−₩1.1B	−₩1.1B	−₩1.2B	−₩1.2B	−₩1.2B
+ Depreciation	₩1.3B	₩1.4B	₩1.3B	₩1.3B	₩1.4B	₩1.4B	₩1.4B
− Capital spending	—	—	₩4.8B	₩4.8B	₩4.9B	₩5.1B	₩5.2B
− Working capital	—	₩3.6B	₩83M	₩156M	₩230M	₩296M	₩379M
Free cash flow	—	—	−₩4.7B	−₩4.8B	−₩5B	−₩5.2B	−₩5.4B
Discount factor	—	—	0.929	0.863	0.801	0.744	0.692
Present value	—	—	−₩4.3B	−₩4.2B	−₩4B	−₩3.8B	−₩3.7B

Terminal value −₩29B, worth −₩20B today: 50% 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 ₩16,487 a share)Now 0.66×	₩12,6600.77×	₩17,8801.08×	₩22,3071.35×

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%
6.7%	₩270	—	—	—	—
7.2%	₩556	₩246	—	—	—
7.7%	₩802	₩537	₩224	—	—
8.2%	₩1,017	₩787	₩520	₩204	—
8.7%	₩1,206	₩1,006	₩774	₩504	₩185

Now (TTM)

Market cap: ₩86B
Enterprise value: ₩62B
P/E: 73.1×
P/B: 0.7×
P/S: 0.7×
EV/EBITDA: 577.5×
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024
Price	₩13,640	₩16,580
Market cap	₩108B	₩132B
P/E	50.6×	—
P/B	0.8×	1.0×
P/S	0.9×	1.1×
EV/EBITDA	36.4×	—
Dividend yield	0.0%	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Gridwiz	73.1×	0.7×	0.7×	577.5×	0.0%
S-1	23.7×	2.1×	1.3×	—	0.0%
Cheil Worldwide	9.7×	1.3×	0.5×	—	6.6%
Doosan Tesna	59.6×	4.5×	6.2×	—	0.2%
Lotte Tour Development	16.0×	2.2×	1.2×	—	0.0%
Soulbrain Holdings	1.3×	0.4×	1.3×	—	1.3%
Innocean Worldwide	5.5×	0.6×	0.3×	—	6.7%
Similar companies (median)	12.9×	1.7×	1.2×	—	0.7%

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

Also known as: Gridwiz / 그리드위즈 / 453450 / KRX:453450

Source: KRX statistical information