GFI지에프아이
493330 · KOSDAQ · ₩493330 · 지에프아이
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
₩15,197
vs the current price (₩9,350)
- Enterprise value
- ₩90B
- Equity value
- ₩122B
- WACC
- 7.5%
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 63% 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 ₩9,350, the model needs an operating margin of 7.6% every year (it uses 15.0%).
- Or revenue growth −17.2 points a year higher than assumed in each of the 5 years.
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
- ₩11,190
- +19.7%
- Base
- ₩15,197
- +62.5%
- Bull
- ₩21,801
- +133.2%
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 (15.0%).
Revenue growth
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Business
- 15%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 1 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.
- 2.7%
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).
- 3.4%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 1 annual reports (cash flow statements; equipment and intangibles).
- 11.6%
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 1 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.
- 0.63
How much the share moves when the market moves: 1 means just like the market.
Default: 41 weeks of weekly returns against KOSPI (official index); raw beta 0.45, 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)
- ₩45B
- Net debt (borrowings and leases − cash and deposits)
- −₩31B
- + Stakes and investments
- ₩912M
- Associates, long-term financial assets and deposits (book value)
- Shares
- 8,039,513
- Share price
- ₩9,350
- Market cap
- ₩75B
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.
| FY2025 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
|---|---|---|---|---|---|---|
| Revenue | ₩45B | ₩46B | ₩48B | ₩49B | ₩51B | ₩52B |
| Growth | — | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% |
| EBIT | ₩6.8B | ₩6.9B | ₩7.2B | ₩7.4B | ₩7.6B | ₩7.8B |
| EBIT margin | 15.0% | 15.0% | 15.0% | 15.0% | 15.0% | 15.0% |
| After-tax EBIT | ₩4.9B | ₩5B | ₩5.2B | ₩5.3B | ₩5.5B | ₩5.7B |
| + Depreciation | — | ₩1.3B | ₩1.3B | ₩1.3B | ₩1.4B | ₩1.4B |
| − Capital spending | ₩1.5B | ₩1.6B | ₩1.6B | ₩1.7B | ₩1.7B | ₩1.8B |
| − Working capital | — | ₩156M | ₩161M | ₩166M | ₩171M | ₩176M |
| Free cash flow | — | ₩4.6B | ₩4.7B | ₩4.8B | ₩5B | ₩5.1B |
| Discount factor | — | 0.930 | 0.866 | 0.806 | 0.750 | 0.697 |
| Present value | — | ₩4.2B | ₩4.1B | ₩3.9B | ₩3.7B | ₩3.6B |
Terminal value ₩101B, worth ₩70B today: 78% 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% |
|---|---|---|---|---|---|
| 6.5% | ₩15,694 | ₩16,610 | ₩17,730 | ₩19,131 | ₩20,935 |
| 7.0% | ₩14,697 | ₩15,442 | ₩16,335 | ₩17,428 | ₩18,795 |
| 7.5% | ₩13,856 | ₩14,470 | ₩15,197 | ₩16,068 | ₩17,135 |
| 8.0% | ₩13,135 | ₩13,649 | ₩14,249 | ₩14,957 | ₩15,808 |
| 8.5% | ₩12,511 | ₩12,946 | ₩13,447 | ₩14,033 | ₩14,724 |
Now (TTM)
- Market cap
- ₩75B
- Enterprise value
- ₩43B
- P/E
- —
- P/B
- 1.2×
- P/S
- 1.7×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
Loading data for this company — check back soon
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| GFI | — | 1.2× | 1.7× | — | 0.0% |
| Doosan Enerbility | 193.9× | 4.3× | 2.0× | — | 0.0% |
| Hanmi Semiconductor | 78.4× | 23.3× | 31.6× | 70.6× | 0.4% |
| Jusung Engineering | 1,058.2× | 13.0× | 34.0× | 2,036.0× | 0.0% |
| Rainbow Robotics | 4,137.6× | 53.0× | 156.2× | — | 0.0% |
| EO Technics | 44.1× | 6.4× | 10.8× | — | 0.0% |
| Doosan Bobcat | 13,622.5× | 911.6× | 733.9× | — | 3.5% |
| Similar companies (median) | 626.0× | 18.1× | 32.8× | 1,053.3× | 0.0% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: GFI / 지에프아이 / 493330 / KRX:493330
Source: KRX statistical information