Black YAK I&C블랙야크아이앤씨
478560 · KOSDAQ · ₩478560 · 블랙야크아이앤씨
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
₩13,023
vs the current price (₩3,210)
- Enterprise value
- ₩351B
- Equity value
- ₩336B
- WACC
- 6.8%
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 306% 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 ₩3,210, the model needs an operating margin of 6.1% every year (it uses 18.6%).
- 34% 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
- ₩8,207
- +155.7%
- Base
- ₩13,023
- +305.7%
- Bull
- ₩21,262
- +562.4%
Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.
Assumptions
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Cycle options
Margin path
Every year uses the cycle-average margin (18.6%).
Revenue growth
- 25%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (51.9% a year, annual reports), fading to 3% by year 5.
- 19.5%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (51.9% a year, annual reports), fading to 3% by year 5.
- 14%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (51.9% a year, annual reports), fading to 3% by year 5.
- 8.5%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (51.9% 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 (51.9% a year, annual reports), fading to 3% by year 5.
Business
- 18.6%
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.
- 0.1%
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).
- 0.2%
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).
- 24.2%
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.
- 4.01%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-30.
- 0.6
How much the share moves when the market moves: 1 means just like the market.
Default: 92 weeks of weekly returns against KOSPI (official index); raw beta -0.02, 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.
- 5.51%
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)
- ₩78B
- Net debt (borrowings and leases − cash and deposits)
- ₩16B
- + Stakes and investments
- ₩2B
- Associates, long-term financial assets and deposits (book value)
- − Minority interests
- ₩238M
- Shares
- 25,830,298
- Share price
- ₩3,210
- Market cap
- ₩83B
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 | ₩38B | ₩57B | ₩97B | ₩116B | ₩132B | ₩144B | ₩148B |
| Growth | — | 51.9% | 25.0% | 19.5% | 14.0% | 8.5% | 3.0% |
| EBIT | ₩8.3B | ₩9.3B | ₩18B | ₩22B | ₩25B | ₩27B | ₩27B |
| EBIT margin | 22.0% | 16.2% | 18.6% | 18.6% | 18.6% | 18.6% | 18.6% |
| After-tax EBIT | ₩6B | ₩6.7B | ₩13B | ₩16B | ₩18B | ₩19B | ₩20B |
| + Depreciation | — | — | ₩97M | ₩116M | ₩132M | ₩144M | ₩148M |
| − Capital spending | ₩0 | ₩199M | ₩194M | ₩232M | ₩265M | ₩287M | ₩296M |
| − Working capital | — | ₩934M | ₩4.7B | ₩4.6B | ₩3.9B | ₩2.7B | ₩1B |
| Free cash flow | — | — | ₩8.3B | ₩11B | ₩14B | ₩16B | ₩19B |
| Discount factor | — | — | 0.937 | 0.877 | 0.822 | 0.769 | 0.721 |
| Present value | — | — | ₩7.8B | ₩9.6B | ₩11B | ₩13B | ₩14B |
Terminal value ₩410B, worth ₩296B today: 84% 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% |
|---|---|---|---|---|---|
| 5.8% | ₩13,745 | ₩15,105 | ₩16,823 | ₩19,066 | ₩22,115 |
| 6.3% | ₩12,308 | ₩13,379 | ₩14,700 | ₩16,370 | ₩18,548 |
| 6.8% | ₩11,121 | ₩11,982 | ₩13,023 | ₩14,306 | ₩15,928 |
| 7.3% | ₩10,125 | ₩10,829 | ₩11,666 | ₩12,677 | ₩13,923 |
| 7.8% | ₩9,277 | ₩9,861 | ₩10,545 | ₩11,358 | ₩12,340 |
Now (TTM)
- Market cap
- ₩83B
- Enterprise value
- ₩97B
- P/E
- 5.5×
- P/B
- 1.9×
- P/S
- 1.1×
- EV/EBITDA
- —
- Dividend yield
- 10.1%
Over time (at each year end)
| 2025 | |
|---|---|
| Price | ₩3,565 |
| Market cap | ₩92B |
| P/E | 998.9× |
| P/B | 2.4× |
| P/S | 1.6× |
| EV/EBITDA | — |
| Dividend yield | 9.1% |
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Versus similar companies
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Black YAK I&C / 블랙야크아이앤씨 / 478560 / KRX:478560
Source: KRX statistical information