KOSDAQ · 465480 · Software · ₩465480

Inspien인스피언

465480 · KOSDAQ · ₩465480 · 인스피언

₩3,270▲ ₩50 (1.55%)End-of-day · Oct 29, 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

₩5,981

vs the current price (₩3,270)

Enterprise value: ₩37B
Equity value: ₩61B
WACC: 7.4%

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 83% 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 ₩3,270, the model needs an operating margin of 7.3% every year (it uses 17.5%).
Or revenue growth −27.8 points a year higher than assumed in each of the 5 years.
67% 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.
The group includes a financial business (an insurer, bank or broker), whose investments and minority shareholders are left out here. A sum-of-the-parts view usually fits groups like this better.

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: ₩4,605; +40.8%
Base: ₩5,981; +82.9%
Bull: ₩8,266; +152.8%

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 (17.5%).

Revenue growth

Revenue growth, year 1-0%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (0% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 20.7%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (0% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 31.5%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (0% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 42.2%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (0% 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% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin17.5%
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 & amortisation19.2%
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).
Capital spending24%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 2 annual reports (cash flow statements; equipment and intangibles).
Working capital4.5%
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.
Beta0.6
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 0.3, 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): ₩20B
Net debt (borrowings and leases − cash and deposits): −₩24B
Shares: 10,137,772
Share price: ₩3,270
Market cap: ₩33B

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	₩19B	₩19B	₩20B	₩20B	₩20B	₩21B	₩22B
Growth	—	−0.0%	0.0%	0.7%	1.5%	2.2%	3.0%
EBIT	₩3.8B	₩2.4B	₩3.5B	₩3.5B	₩3.6B	₩3.7B	₩3.8B
EBIT margin	19.9%	12.6%	17.5%	17.5%	17.5%	17.5%	17.5%
After-tax EBIT	₩2.7B	₩1.7B	₩2.5B	₩2.6B	₩2.6B	₩2.7B	₩2.7B
+ Depreciation	—	—	₩3.9B	₩3.9B	₩3.9B	₩4B	₩4.1B
− Capital spending	₩125M	₩9B	₩4.8B	₩4.8B	₩4.9B	₩5B	₩5.2B
− Working capital	—	₩1.1B	₩0	₩6.3M	₩14M	₩20M	₩28M
Free cash flow	—	—	₩1.6B	₩1.6B	₩1.6B	₩1.6B	₩1.7B
Discount factor	—	—	0.931	0.867	0.808	0.752	0.700
Present value	—	—	₩1.5B	₩1.4B	₩1.3B	₩1.2B	₩1.2B

Terminal value ₩44B, worth ₩31B today: 82% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

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%
6.4%	₩6,126	₩6,457	₩6,865	₩7,378	₩8,042
6.9%	₩5,783	₩6,052	₩6,377	₩6,777	₩7,279
7.4%	₩5,494	₩5,717	₩5,981	₩6,299	₩6,690
7.9%	₩5,248	₩5,434	₩5,653	₩5,911	₩6,223
8.4%	₩5,035	₩5,193	₩5,376	₩5,590	₩5,843

Now (TTM)

Market cap: ₩33B
Enterprise value: ₩9.6B
P/E: 3.8×
P/B: 0.6×
P/S: 1.7×
EV/EBITDA: —
Dividend yield: 3.1%

Over time (at each year end)

	2025	2024
Price	₩5,290	₩7,600
Market cap	₩54B	₩77B
P/E	16.9×	18.3×
P/B	1.0×	1.5×
P/S	2.8×	4.0×
EV/EBITDA	—	—
Dividend yield	1.9%	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Inspien	3.8×	0.6×	1.7×	—	3.1%
Hyundai Autoever	47.8×	4.8×	2.0×	—	0.6%
Krafton	10.0×	1.2×	1.9×	—	1.2%
NC	7.0×	1.2×	2.1×	8.4×	0.6%
Netmarble	7.1×	0.5×	1.0×	—	2.6%
PearlAbyss	8.0×	2.1×	3.0×	5.2×	0.0%
Shift UP	9.0×	1.8×	7.2×	—	0.0%
Similar companies (median)	8.5×	1.5×	2.0×	6.8×	0.6%

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

Also known as: Inspien / 인스피언 / 465480 / KRX:465480

Source: KRX statistical information