KOSDAQ · 469750 · Machinery · ₩469750

Ivisionworks아이비젼웍스

469750 · KOSDAQ · ₩469750 · 아이비젼웍스

₩5,550▲ ₩280 (5.31%)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

₩1,481

vs the current price (₩5,550)

Enterprise value: ₩1.3B
Equity value: ₩10B
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 73% 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 ₩5,550, the model needs an operating margin of 13.2% every year (it uses 1.9%).
88% 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: ₩1,053; −81.0%
Base: ₩1,481; −73.3%
Bull: ₩2,380; −57.1%

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 (1.9%).

Revenue growth

Revenue growth, year 1-10%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-34.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-6.7%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-34.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-3.5%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-34.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 4-0.2%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-34.6% 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 (-34.6% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin1.9%
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 & amortisation6.1%
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 spending7.7%
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 capital33.6%
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 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 rate4.11%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-28.
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 -0.19, 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)5.61%
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): ₩24B
Net debt (borrowings and leases − cash and deposits): −₩8.6B
+ Stakes and investments: ₩300M; Associates, long-term financial assets and deposits (book value)
Shares: 6,891,296
Share price: ₩5,550
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.

	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩35B	₩23B	₩21B	₩20B	₩19B	₩19B	₩20B
Growth	—	−34.6%	−10.0%	−6.7%	−3.5%	−0.2%	3.0%
EBIT	₩2.4B	−₩391M	₩406M	₩379M	₩366M	₩365M	₩376M
EBIT margin	6.8%	−1.7%	1.9%	1.9%	1.9%	1.9%	1.9%
After-tax EBIT	₩1.7B	−₩283M	₩295M	₩275M	₩265M	₩265M	₩273M
+ Depreciation	—	—	₩1.3B	₩1.2B	₩1.2B	₩1.2B	₩1.2B
− Capital spending	₩3.5B	₩1.3B	₩1.6B	₩1.5B	₩1.5B	₩1.5B	₩1.5B
− Working capital	—	₩1.1B	−₩799M	−₩482M	−₩235M	−₩13M	₩194M
Free cash flow	—	—	₩751M	₩437M	₩192M	−₩30M	−₩238M
Discount factor	—	—	0.931	0.867	0.807	0.751	0.700
Present value	—	—	₩699M	₩379M	₩155M	−₩22M	−₩166M

Terminal value ₩357M, worth ₩249M today: 19% 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 ₩5,249 a share)Now 1.06×	₩4,4930.86×	₩5,3061.01×	₩6,8191.30×

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%
6.4%	₩1,616	₩1,561	₩1,493	₩1,406	₩1,293
6.9%	₩1,597	₩1,547	₩1,486	₩1,411	₩1,315
7.4%	₩1,581	₩1,536	₩1,481	₩1,414	₩1,332
7.9%	₩1,568	₩1,526	₩1,476	₩1,417	₩1,345
8.4%	₩1,556	₩1,518	₩1,472	₩1,419	₩1,355

Now (TTM)

Market cap: ₩38B
Enterprise value: ₩30B
P/E: 42.0×
P/B: 1.1×
P/S: 1.6×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024
Price	₩6,370	₩5,225
Market cap	₩44B	₩36B
P/E	—	—
P/B	1.2×	1.0×
P/S	1.9×	1.0×
EV/EBITDA	—	—
Dividend yield	0.0%	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Ivisionworks	42.0×	1.1×	1.6×	—	0.0%
Doosan Enerbility	217.2×	4.8×	2.2×	—	0.0%
Hanmi Semiconductor	87.4×	26.0×	35.2×	78.7×	0.4%
Jusung Engineering	1,189.7×	14.6×	38.2×	2,291.7×	0.0%
Rainbow Robotics	4,610.6×	59.1×	174.0×	—	0.0%
EO Technics	47.5×	6.9×	11.6×	—	0.0%
Wonik IPS	28.2×	4.5×	5.3×	42.7×	0.2%
Similar companies (median)	152.3×	10.7×	23.4×	78.7×	0.0%

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

Also known as: Ivisionworks / 아이비젼웍스 / 469750 / KRX:469750

Source: KRX statistical information