Knowmerce노머스
473980 · KOSDAQ · ₩473980 · 노머스
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
₩16,321
vs the current price (₩10,760)
- Enterprise value
- ₩157B
- Equity value
- ₩178B
- 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 52% 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 ₩10,760, the model needs an operating margin of 9.5% every year (it uses 14.3%).
- Or revenue growth −14.0 points a year higher than assumed in each of the 5 years.
- 49% 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
- ₩11,092
- +3.1%
- Base
- ₩16,321
- +51.7%
- Bull
- ₩25,118
- +133.4%
Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.
Assumptions
Sign in to change the assumptions and see the results update. Sign in
Cycle options
Margin path
Every year uses the cycle-average margin (14.3%).
Revenue growth
- 9.9%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (9.9% a year, annual reports), fading to 3% by year 5.
- 8.2%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (9.9% a year, annual reports), fading to 3% by year 5.
- 6.4%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (9.9% a year, annual reports), fading to 3% by year 5.
- 4.7%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (9.9% a year, annual reports), fading to 3% by year 5.
- 3%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (9.9% a year, annual reports), fading to 3% by year 5.
Business
- 14.3%
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.
- 27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
- 0.8%
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).
- 1.1%
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).
- 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 2 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.
- 4.11%
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.
- 0.6
How much the share moves when the market moves: 1 means just like the market.
Default: 102 weeks of weekly returns against KOSPI (official index); raw beta -0.16, 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.
- 5.61%
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)
- ₩75B
- Net debt (borrowings and leases − cash and deposits)
- −₩5.4B
- + Stakes and investments
- ₩15B
- Associates, long-term financial assets and deposits (book value)
- Shares
- 10,882,752
- Share price
- ₩10,760
- Market cap
- ₩117B
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 | ₩69B | ₩76B | ₩83B | ₩90B | ₩95B | ₩100B | ₩103B |
| Growth | — | 9.9% | 9.9% | 8.2% | 6.4% | 4.7% | 3.0% |
| EBIT | ₩8.2B | ₩12B | ₩12B | ₩13B | ₩14B | ₩14B | ₩15B |
| EBIT margin | 11.9% | 16.3% | 14.3% | 14.3% | 14.3% | 14.3% | 14.3% |
| After-tax EBIT | ₩5.9B | ₩8.9B | ₩8.6B | ₩9.3B | ₩9.9B | ₩10B | ₩11B |
| + Depreciation | — | — | ₩662M | ₩716M | ₩762M | ₩798M | ₩822M |
| − Capital spending | ₩778M | ₩746M | ₩910M | ₩985M | ₩1B | ₩1.1B | ₩1.1B |
| − Working capital | — | ₩21B | ₩3B | ₩2.7B | ₩2.3B | ₩1.8B | ₩1.2B |
| Free cash flow | — | — | ₩5.3B | ₩6.3B | ₩7.3B | ₩8.2B | ₩9.1B |
| Discount factor | — | — | 0.931 | 0.867 | 0.807 | 0.751 | 0.700 |
| Present value | — | — | ₩5B | ₩5.5B | ₩5.9B | ₩6.2B | ₩6.4B |
Terminal value ₩184B, worth ₩129B 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% | ₩17,361 | ₩18,446 | ₩19,774 | ₩21,438 | ₩23,587 |
| 6.9% | ₩15,969 | ₩16,833 | ₩17,870 | ₩19,140 | ₩20,732 |
| 7.4% | ₩14,795 | ₩15,495 | ₩16,321 | ₩17,312 | ₩18,526 |
| 7.9% | ₩13,793 | ₩14,366 | ₩15,034 | ₩15,823 | ₩16,770 |
| 8.4% | ₩12,928 | ₩13,403 | ₩13,950 | ₩14,587 | ₩15,340 |
Now (TTM)
- Market cap
- ₩117B
- Enterprise value
- ₩112B
- P/E
- 7.4×
- P/B
- 1.1×
- P/S
- 1.6×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | |
|---|---|---|
| Price | ₩28,000 | ₩20,600 |
| Market cap | ₩305B | ₩224B |
| P/E | 20.5× | 22.7× |
| P/B | 2.9× | 2.6× |
| P/S | 4.0× | 3.3× |
| EV/EBITDA | — | — |
| Dividend yield | 0.0% | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Knowmerce | 7.4× | 1.1× | 1.6× | — | 0.0% |
| HYBE | — | 2.1× | 2.0× | — | 0.3% |
| SM Entertainment | 13.8× | 1.8× | 1.4× | — | 2.0% |
| JYP Entertainment | 12.6× | 2.1× | 1.6× | 7.0× | 2.3% |
| CJ CGV | — | 1.1× | 0.3× | — | 0.0% |
| YG Entertainment | 21.9× | 1.4× | 1.2× | — | 0.8% |
| Studio Dragon | 21.7× | 0.9× | 1.2× | — | 0.0% |
| Similar companies (median) | 17.8× | 1.6× | 1.3× | 7.0× | 0.5% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Knowmerce / 노머스 / 473980 / KRX:473980
Source: KRX statistical information