KOSDAQ · 466410 · Software · ₩466410

Synapsoft사이냅소프트

466410 · KOSDAQ · ₩466410 · 사이냅소프트

₩8,090▼ ₩140 (1.70%)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

₩18,704

vs the current price (₩8,090)

Enterprise value: ₩66B
Equity value: ₩94B
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 131% 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 ₩8,090, the model needs an operating margin of 7.6% every year (it uses 35.2%).
39% 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: ₩14,746; +82.3%
Base: ₩18,704; +131.2%
Bull: ₩25,051; +209.7%

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 (35.2%).

Revenue growth

Revenue growth, year 11.7%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (1.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 22%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (1.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 32.3%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (1.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 42.7%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (1.7% 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 (1.7% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin35.2%
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 & amortisation4%
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 capital17.1%
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: 101 weeks of weekly returns against KOSPI (official index); raw beta 0.2, 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): ₩14B
Net debt (borrowings and leases − cash and deposits): −₩27B
+ Stakes and investments: ₩651M; Associates, long-term financial assets and deposits (book value)
Shares: 5,037,023
Share price: ₩8,090
Market cap: ₩41B

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	₩13B	₩13B	₩14B	₩14B	₩15B	₩15B	₩16B
Growth	—	1.7%	1.7%	2.0%	2.3%	2.7%	3.0%
EBIT	₩5.1B	₩4.7B	₩5B	₩5.1B	₩5.2B	₩5.3B	₩5.5B
EBIT margin	38.3%	34.7%	35.2%	35.2%	35.2%	35.2%	35.2%
After-tax EBIT	₩3.7B	₩3.4B	₩3.6B	₩3.7B	₩3.8B	₩3.9B	₩4B
+ Depreciation	₩505M	₩553M	₩566M	₩578M	₩591M	₩607M	₩625M
− Capital spending	—	—	₩566M	₩578M	₩591M	₩607M	₩625M
− Working capital	—	₩2.5B	₩40M	₩48M	₩57M	₩68M	₩78M
Free cash flow	—	—	₩3.6B	₩3.6B	₩3.7B	₩3.8B	₩3.9B
Discount factor	—	—	0.931	0.867	0.808	0.752	0.700
Present value	—	—	₩3.3B	₩3.2B	₩3B	₩2.9B	₩2.7B

Terminal value ₩73B, worth ₩51B today: 77% 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%	₩19,243	₩20,354	₩21,717	₩23,431	₩25,651
6.9%	₩18,069	₩18,970	₩20,056	₩21,389	₩23,065
7.4%	₩17,078	₩17,822	₩18,704	₩19,765	₩21,069
7.9%	₩16,232	₩16,854	₩17,581	₩18,443	₩19,482
8.4%	₩15,500	₩16,026	₩16,635	₩17,346	₩18,190

Now (TTM)

Market cap: ₩41B
Enterprise value: ₩14B
P/E: 7.6×
P/B: 0.6×
P/S: 2.9×
EV/EBITDA: 2.7×
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024
Price	₩12,540	₩16,490
Market cap	₩63B	₩83B
P/E	11.1×	13.9×
P/B	0.9×	1.3×
P/S	4.7×	6.3×
EV/EBITDA	3.6×	7.6×
Dividend yield	0.0%	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Synapsoft	7.6×	0.6×	2.9×	2.7×	0.0%
Hyundai Autoever	50.3×	5.1×	2.1×	—	0.5%
Krafton	10.1×	1.2×	1.9×	—	1.2%
NC	7.0×	1.2×	2.1×	8.4×	0.6%
Netmarble	7.0×	0.5×	1.0×	—	2.6%
PearlAbyss	7.9×	2.1×	3.0×	5.2×	0.0%
Shift UP	8.9×	1.8×	7.1×	—	0.0%
Similar companies (median)	8.4×	1.5×	2.1×	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: Synapsoft / 사이냅소프트 / 466410 / KRX:466410

Source: KRX statistical information