Anuncio • Apr 28
Doronicum Co., Ltd. proposed to acquire remaining 6.21% stake in Douzone Bizon Co., Ltd. (KOSE:A012510) for approximately KRW 210 billion. Doronicum Co., Ltd. proposed to acquire remaining 6.21% stake in Douzone Bizon Co., Ltd. (KOSE:A012510) for approximately KRW 210 billion on April 27, 2026. The consideration consists of common equity of Doronicum Co., Ltd. to be issued for common equity of Douzone Bizon Co., Ltd. . Upon completion, Doronicum Co., Ltd. will own 100% stake in Douzone Bizon Co., Ltd.
The Board of Directors of Douzone Bizon Co., Ltd. formed a special committee for the transaction. The expected completion of the transaction is June 30, 2026.
Samil accounting firm acted as fairness opinion provider to Douzone Bizon Co., Ltd. Law Firm LIN P.C. acted as legal advisor to Douzone Bizon Co., Ltd. Anuncio • Mar 27
BPEA Private Equity Fund IX, managed by EQT Private Capital Asi acquired 37.60% stake in Douzone Bizon Co., Ltd. (KOSE:A012510) from Kim Young-woo, Shinhan Value Up The First, Co. Ltd., Shinhan Douzone Wehago 1st Co., Ltd and Shinhan Douzone Wehago 2nd Co., Ltd. BPEA Private Equity Fund IX, managed by EQT Private Capital Asia entered into share purchase agreement to acquire 37.60% stake in Douzone Bizon Co., Ltd. (KOSE:A012510) from Kim Young-woo, Shinhan Value Up The First, Co. Ltd., Shinhan Douzone Wehago 1st Co., Ltd and Shinhan Douzone Wehago 2nd Co., Ltd. for KRW 1.2 trillion on November 6, 2025. A cash consideration of KRW 1.3 trillion will be paid by EQT. As part of consideration, KRW 1.2 trillion is paid towards common equity, and KRW 130 billion is paid towards convertible preferred stock of Douzone Bizon Co., Ltd. The stake consists of the entire 23.2% held by Young-woo Kim and 14.4% held by affiliates of Shinhan Financial Group. Upon completion, the transaction would result in EQT holding 37.6% of shares outstanding (34.8% based on shares issued, including treasury shares) in Douzone Bizon.
The transaction is subject to customary regulatory approvals including merger control clearance and licensing authorization from the Ministry of Trade, Industry, and Resources.
BPEA Private Equity Fund IX, managed by EQT Private Capital Asia completed the acquisition of 37.60% stake in Douzone Bizon Co., Ltd. (KOSE:A012510) from Kim Young-woo, Shinhan Value Up The First, Co. Ltd., Shinhan Douzone Wehago 1st Co., Ltd and Shinhan Douzone Wehago 2nd Co., Ltd. on March 26, 2026. Reported Earnings • Mar 24
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: ₩3,104 (up from ₩2,170 in FY 2024). Revenue: ₩446.3b (up 11% from FY 2024). Net income: ₩92.3b (up 57% from FY 2024). Profit margin: 21% (up from 15% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 23%. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Software industry in South Korea. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has increased by 51% per year, which means it is tracking significantly ahead of earnings growth. Anuncio • Feb 27
Douzone Bizon Co., Ltd., Annual General Meeting, Mar 26, 2026 Douzone Bizon Co., Ltd., Annual General Meeting, Mar 26, 2026, at 10:00 Tokyo Standard Time. Location: auditorium, 130, beodeul 1-gil, namsan-myeon, gangwon-do, chuncheon South Korea Anuncio • Feb 23
EQT Partners Korea Co., Ltd. proposed to acquire an additional 57.69% stake in Douzone Bizon Co., Ltd. (KOSE:A012510) for KRW 2.2 trillion. EQT Partners Korea Co., Ltd. proposed to acquire an additional 57.69% stake in Douzone Bizon Co., Ltd. (KOSE:A012510) for KRW 2.2 trillion on February 22, 2026. A cash consideration valued at KRW 12,0000 per share will be paid by EQT Partners Korea Co., Ltd. The price paid in the offer is identical to the amount paid late last year when EQT acquired a 34.85% stake from Chairman Kim Yong-woo and existing financial investors. If EQT secures the full target amount in the tender offer, it will hold a 92.52% stake in Douzone Bizon excluding the Douzone Bizon’s 7.47% treasury shares, EQT would effectively control 100% of Douzone Bizon. Post that, EQT plans to proceed with a delisting and convert Douzone Bizon into a wholly owned subsidiary of EQT Partners. Former controlling shareholder Chairman and controlling shareholder of Douzone Bizon Kim Yong-woo will serve as company advisor and EQT AB industrial advisor for one year. The transaction will be funded through KRW 436.387 billion from Own funds, has been deposited in an account opened at NH Investment & Securities under the purchaser's name as of the date of submission of the public offering report and KRW 1.745 trillion corresponds to borrowed funds, will be deposited in an NH Investment & Securities account under the purchaser's name by March 20, 2026, after the submission of this public offering report.
The Public offering period will commence from February 23, 2026 and expected to close on March 24, 2026.
NH Investment & Securities Co., Ltd. acted as Tender offer agent for the offeror. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improves as stock rises 34% After last week's 34% share price gain to ₩118,600, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 14x in the Software industry in South Korea. Total returns to shareholders of 253% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩109,426 per share. Upcoming Dividend • Feb 19
Upcoming dividend of ₩640 per share Eligible shareholders must have bought the stock before 26 February 2026. Payment date: 25 April 2026. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of South Korean dividend payers (3.4%). Lower than average of industry peers (1.7%). Anuncio • Feb 05
Douzone Bizon Co., Ltd. announces Annual dividend, payable on April 25, 2026 Douzone Bizon Co., Ltd. announced Annual dividend of KRW 640.0000 per share payable on April 25, 2026, ex-date on February 26, 2026 and record date on February 27, 2026. Buy Or Sell Opportunity • Feb 05
Now 21% undervalued Over the last 90 days, the stock has risen 4.6% to ₩86,600. The fair value is estimated to be ₩109,362, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 39%. For the next 3 years, revenue is forecast to grow by 9.2% per annum. Earnings are also forecast to grow by 21% per annum over the same time period. Price Target Changed • Jan 16
Price target increased by 7.4% to ₩96,500 Up from ₩89,813, the current price target is an average from 7 analysts. New target price is 5.0% above last closing price of ₩91,900. Stock is up 61% over the past year. The company is forecast to post earnings per share of ₩2,551 for next year compared to ₩2,170 last year. Buy Or Sell Opportunity • Dec 16
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.2% to ₩85,000. The fair value is estimated to be ₩106,867, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 39%. For the next 3 years, revenue is forecast to grow by 9.0% per annum. Earnings are also forecast to grow by 19% per annum over the same time period. Price Target Changed • Nov 17
Price target increased by 9.9% to ₩89,813 Up from ₩81,714, the current price target is an average from 8 analysts. New target price is 5.1% below last closing price of ₩94,600. Stock is up 42% over the past year. The company is forecast to post earnings per share of ₩2,561 for next year compared to ₩2,170 last year. Major Estimate Revision • Nov 11
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from ₩433.0m to ₩446.0m. EPS estimate increased from ₩2,202 to ₩2,487 per share. Net income forecast to grow 41% next year vs 44% growth forecast for Software industry in South Korea. Consensus price target broadly unchanged at ₩81,571. Share price fell 7.6% to ₩84,700 over the past week. Buy Or Sell Opportunity • Nov 07
Now 22% undervalued Over the last 90 days, the stock has risen 22% to ₩81,700. The fair value is estimated to be ₩104,160, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 35%. Revenue is forecast to grow by 20% in 2 years. Earnings are forecast to grow by 49% in the next 2 years. Anuncio • Nov 07
Douzone Bizon Co., Ltd. announced that it expects to receive KRW 1300 billion in funding from EQT Partners AB Douzone Bizon Co., Ltd. announced that it has entered into share purchase agreement to issue common shares for gross proceeds of KRW 1,300,000,000,000 on November 6, 2025. The transaction includes participation from new investor, EQT Partners AB. Upon completion, the transaction would result in EQT holding 37.6% of shares outstanding in the company. Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩77,200, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 16x in the Software industry in South Korea. Total returns to shareholders of 117% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩89,778 per share. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩79,100, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 16x in the Software industry in South Korea. Total returns to shareholders of 126% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩111,176 per share. New Risk • Jun 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 9.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Jun 25
Now 23% undervalued Over the last 90 days, the stock has risen 23% to ₩72,400. The fair value is estimated to be ₩94,581, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 18%. Revenue is forecast to grow by 21% in 2 years. Earnings are forecast to grow by 58% in the next 2 years. Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩70,100, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 20x in the Software industry in South Korea. Total returns to shareholders of 101% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩94,071 per share. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩61,100, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 15x in the Software industry in South Korea. Total returns to shareholders of 41% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩87,254 per share. Upcoming Dividend • Mar 21
Upcoming dividend of ₩477 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 01 April 2025. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of South Korean dividend payers (3.9%). Lower than average of industry peers (1.8%). Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩57,700, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 12x in the Software industry in South Korea. Total returns to shareholders of 32% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩59,788 per share. New Risk • Mar 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 9.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Anuncio • Feb 26
Douzone Bizon Co., Ltd., Annual General Meeting, Mar 26, 2025 Douzone Bizon Co., Ltd., Annual General Meeting, Mar 26, 2025, at 10:00 Tokyo Standard Time. Location: auditorium, 130, beodeul 1-gil, namsan-myeon, gangwon-do, chuncheon South Korea Price Target Changed • Feb 07
Price target increased by 11% to ₩85,286 Up from ₩77,000, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of ₩85,700. Stock is up 72% over the past year. The company is forecast to post earnings per share of ₩1,760 for next year compared to ₩889 last year. Valuation Update With 7 Day Price Move • Feb 07
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₩85,700, the stock trades at a forward P/E ratio of 40x. Average forward P/E is 13x in the Software industry in South Korea. Total returns to shareholders of 63% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩62,260 per share. Major Estimate Revision • Feb 07
Consensus EPS estimates increase by 19% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from ₩443.0m to ₩462.0m. EPS estimate increased from ₩2,080 to ₩2,468 per share. Net income forecast to grow 28% next year vs 37% growth forecast for Software industry in South Korea. Consensus price target up from ₩81,941 to ₩85,286. Share price rose 24% to ₩85,100 over the past week. Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩65,900, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 12x in the Software industry in South Korea. Total returns to shareholders of 27% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩69,757 per share. Buy Or Sell Opportunity • Jan 06
Now 22% undervalued Over the last 90 days, the stock has risen 20% to ₩56,500. The fair value is estimated to be ₩72,573, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.2% over the last 3 years. Earnings per share has declined by 21%. Revenue is forecast to grow by 20% in 2 years. Earnings are forecast to grow by 31% in the next 2 years. New Risk • Nov 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 8.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Major Estimate Revision • Nov 06
Consensus EPS estimates increase by 14% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from ₩1,868 to ₩2,135. Revenue forecast steady at ₩404.2m. Net income forecast to grow 48% next year vs 48% growth forecast for Software industry in South Korea. Consensus price target broadly unchanged at ₩75,571. Share price rose 8.0% to ₩63,600 over the past week. Valuation Update With 7 Day Price Move • Oct 30
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩58,900, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 9x in the Software industry in South Korea. Total loss to shareholders of 27% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩91,413 per share. Major Estimate Revision • Aug 07
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ₩1,950 to ₩1,699 per share. Revenue forecast steady at ₩407.8m. Net income forecast to grow 79% next year vs 64% growth forecast for Software industry in South Korea. Consensus price target down from ₩77,171 to ₩75,000. Share price fell 7.2% to ₩56,800 over the past week. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to ₩50,700, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 14x in the Software industry in South Korea. Total loss to shareholders of 37% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩100,787 per share. Buy Or Sell Opportunity • Jul 11
Now 21% undervalued Over the last 90 days, the stock has risen 21% to ₩71,300. The fair value is estimated to be ₩90,746, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.4% over the last 3 years. Earnings per share has declined by 39%. Revenue is forecast to grow by 24% in 2 years. Earnings are forecast to grow by 79% in the next 2 years. Price Target Changed • Jul 08
Price target increased by 14% to ₩68,886 Up from ₩60,667, the current price target is an average from 7 analysts. New target price is 8.5% below last closing price of ₩75,300. Stock is up 166% over the past year. The company is forecast to post earnings per share of ₩1,875 for next year compared to ₩889 last year. Buy Or Sell Opportunity • Jul 01
Now 5.3% undervalued Over the last 90 days, the stock has risen 60% to ₩71,700. The fair value is estimated to be ₩75,731, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.4% over the last 3 years. Earnings per share has declined by 39%. Revenue is forecast to grow by 22% in 2 years. Earnings are forecast to grow by 74% in the next 2 years. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₩75,900, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 16x in the Software industry in South Korea. Total loss to shareholders of 7.2% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩73,712 per share. Buy Or Sell Opportunity • Jun 21
Now 21% undervalued Over the last 90 days, the stock has risen 31% to ₩57,100. The fair value is estimated to be ₩72,375, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.4% over the last 3 years. Earnings per share has declined by 39%. Revenue is forecast to grow by 22% in 2 years. Earnings are forecast to grow by 74% in the next 2 years. Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩69,800, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 18x in the Software industry in South Korea. Total loss to shareholders of 15% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩72,641 per share. Buy Or Sell Opportunity • May 22
Now 20% undervalued Over the last 90 days, the stock has risen 12% to ₩59,700. The fair value is estimated to be ₩74,799, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 47%. For the next 3 years, revenue is forecast to grow by 9.9% per annum. Earnings are also forecast to grow by 28% per annum over the same time period. Major Estimate Revision • May 12
Consensus EPS estimates increase by 13%, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from ₩415.2m to ₩404.2m. EPS estimate rose from ₩1,708 to ₩1,923. Net income forecast to grow 135% next year vs 63% growth forecast for Software industry in South Korea. Consensus price target up from ₩56,500 to ₩60,833. Share price fell 7.8% to ₩51,700 over the past week. New Risk • Apr 12
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South Korean stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risk High level of debt (46% net debt to equity). Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₩53,200, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 16x in the Software industry in South Korea. Total loss to shareholders of 38% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩39,612 per share. Buy Or Sell Opportunity • Mar 29
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 49% to ₩43,050. The fair value is estimated to be ₩35,710, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 45%. Revenue is forecast to grow by 23% in 2 years. Earnings are forecast to grow by 102% in the next 2 years. Anuncio • Feb 23
Douzone Bizon Co., Ltd., Annual General Meeting, Mar 21, 2024 Douzone Bizon Co., Ltd., Annual General Meeting, Mar 21, 2024, at 10:00 Korea Standard Time. Location: Main hall at 1F Gangchon Campus of Douzone ICT Group 130, Beodeul 1-gil, Namsan-myeon Chuncheon-si South Korea Agenda: To consider Approval of the 47th (January 1 - December 31, 2023) consolidated and non-consolidated financial statements (including surplus appropriation statement); to consider Appointment of directors (2 inside directors) - No. 2-1 agenda: Appointment of inside director Kim Yong-woo (re-appointed); to consider Changes in executive severance pay provisions; and to transact such other business matters. Major Estimate Revision • Feb 08
Consensus revenue estimates increase by 14% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from ₩362.9m to ₩412.1m. EPS estimate increased from ₩1,433 to ₩1,731 per share. Net income forecast to grow 359% next year vs 94% growth forecast for Software industry in South Korea. Consensus price target up from ₩41,700 to ₩52,200. Share price rose 13% to ₩50,100 over the past week. New Risk • Feb 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 8.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (40% net debt to equity). Share price has been volatile over the past 3 months (8.1% average weekly change). Profit margins are more than 30% lower than last year (3.2% net profit margin). Price Target Changed • Jan 30
Price target increased by 11% to ₩41,700 Up from ₩37,500, the current price target is an average from 5 analysts. New target price is 12% below last closing price of ₩47,150. Stock is up 35% over the past year. The company is forecast to post earnings per share of ₩1,153 for next year compared to ₩550 last year. Anuncio • Oct 27
Douzone Bizon Co., Ltd. (KOSE:A012510) agreed to acquire DOUZONE HOLDINGS Co., Ltd. Douzone Bizon Co., Ltd. (KOSE:A012510) agreed to acquire DOUZONE HOLDINGS Co., Ltd on October 23, 2023. The transaction is expected to close on February 29, 2024. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩31,350, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 12x in the Software industry in South Korea. Total loss to shareholders of 69% over the past three years. Reported Earnings • May 21
First quarter 2023 earnings released: EPS: ₩235 (vs ₩297 in 1Q 2022) First quarter 2023 results: EPS: ₩235 (down from ₩297 in 1Q 2022). Revenue: ₩80.9b (up 6.9% from 1Q 2022). Net income: ₩7.81b (down 20% from 1Q 2022). Profit margin: 9.7% (down from 13% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Software industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has fallen by 32% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • May 05
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from ₩326.2m to ₩331.0m. EPS estimate increased from ₩1,247 to ₩1,402 per share. Net income forecast to grow 109% next year vs 53% growth forecast for Software industry in South Korea. Consensus price target broadly unchanged at ₩36,500. Share price rose 8.0% to ₩32,900 over the past week. Reported Earnings • Mar 18
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: ₩676 (down from ₩1,704 in FY 2021). Revenue: ₩304.3b (down 4.5% from FY 2021). Net income: ₩23.8b (down 56% from FY 2021). Profit margin: 7.8% (down from 17% in FY 2021). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) also missed analyst estimates by 39%. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Software industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 20% per year. Major Estimate Revision • Mar 15
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from ₩1,422 to ₩1,247 per share. Revenue forecast steady at ₩326.2m. Net income forecast to grow 20% next year vs 45% growth forecast for Software industry in South Korea. Consensus price target down from ₩37,450 to ₩36,617. Share price fell 27% to ₩35,600 over the past week. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₩42,850, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 34x in the Software industry in Asia. Total loss to shareholders of 50% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩26,504 per share. Major Estimate Revision • Feb 07
Consensus EPS estimates increase by 16%, revenue downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from ₩342.9m to ₩335.7m. EPS estimate rose from ₩1,472 to ₩1,713. Net income forecast to grow 50% next year vs 45% growth forecast for Software industry in South Korea. Consensus price target up from ₩36,000 to ₩37,117. Share price was steady at ₩35,500 over the past week. Upcoming Dividend • Dec 21
Upcoming dividend of ₩450 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 24 April 2023. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (1.8%). Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 4 non-independent directors. Non-Executive Director Dongwook Kim was the last director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Nov 01
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ₩317.3m to ₩313.8m. EPS estimate also fell from ₩1,386 per share to ₩1,149 per share. Net income forecast to grow 27% next year vs 50% growth forecast for Software industry in South Korea. Consensus price target down from ₩44,333 to ₩37,000. Share price rose 7.6% to ₩30,500 over the past week. Price Target Changed • Jul 31
Price target decreased to ₩45,750 Down from ₩51,425, the current price target is an average from 4 analysts. New target price is 42% above last closing price of ₩32,150. Stock is down 62% over the past year. The company is forecast to post earnings per share of ₩1,386 for next year compared to ₩1,610 last year. Major Estimate Revision • Jul 28
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ₩331.4m to ₩320.0m. EPS estimate also fell from ₩1,659 per share to ₩1,399 per share. Net income forecast to grow 1.7% next year vs 28% growth forecast for Software industry in South Korea. Consensus price target broadly unchanged at ₩50,750. Share price fell 7.1% to ₩32,050 over the past week. Price Target Changed • Jun 23
Price target decreased to ₩51,425 Down from ₩68,140, the current price target is an average from 4 analysts. New target price is 53% above last closing price of ₩33,600. Stock is down 59% over the past year. The company is forecast to post earnings per share of ₩1,659 for next year compared to ₩1,610 last year. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩31,950, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 14x in the Software industry in South Korea. Total loss to shareholders of 51% over the past three years. Price Target Changed • Jun 03
Price target decreased to ₩68,140 Down from ₩73,350, the current price target is an average from 4 analysts. New target price is 82% above last closing price of ₩37,350. Stock is down 54% over the past year. The company is forecast to post earnings per share of ₩1,659 for next year compared to ₩1,610 last year. Price Target Changed • May 04
Price target decreased to ₩73,350 Down from ₩80,071, the current price target is an average from 5 analysts. New target price is 80% above last closing price of ₩40,650. Stock is down 53% over the past year. The company is forecast to post earnings per share of ₩1,732 for next year compared to ₩1,704 last year. Major Estimate Revision • Apr 30
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ₩346.4m to ₩334.0m. EPS estimate also fell from ₩2,006 per share to ₩1,694 per share. Net income forecast to grow 0.2% next year vs 34% growth forecast for Software industry in South Korea. Consensus price target down from ₩80,071 to ₩77,729. Share price fell 2.5% to ₩40,850 over the past week. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 4 non-independent directors. Non-Executive Director Dongwook Kim was the last director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Jan 29
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ₩367.4m to ₩350.8m. EPS estimate also fell from ₩2,371 per share to ₩2,002 per share. Net income forecast to grow 0.3% next year vs 16% growth forecast for Software industry in South Korea. Consensus price target down from ₩102,000 to ₩86,450. Share price fell 9.8% to ₩52,500 over the past week. Price Target Changed • Jan 28
Price target decreased to ₩91,950 Down from ₩102,000, the current price target is an average from 10 analysts. New target price is 75% above last closing price of ₩52,500. Stock is down 47% over the past year. The company is forecast to post earnings per share of ₩1,658 for next year compared to ₩1,710 last year. Price Target Changed • Jan 18
Price target decreased to ₩103,000 Down from ₩113,100, the current price target is an average from 10 analysts. New target price is 67% above last closing price of ₩61,600. Stock is down 45% over the past year. The company is forecast to post earnings per share of ₩1,665 for next year compared to ₩1,710 last year. Upcoming Dividend • Dec 22
Upcoming dividend of ₩450 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 25 April 2022. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (1.0%). Valuation Update With 7 Day Price Move • Oct 28
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩80,500, the stock trades at a forward P/E ratio of 40x. Average forward P/E is 16x in the Software industry in South Korea. Total returns to shareholders of 74% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩125,424 per share. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment improved over the past week After last week's 16% share price gain to ₩96,400, the stock trades at a forward P/E ratio of 42x. Average forward P/E is 17x in the Software industry in South Korea. Total returns to shareholders of 69% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩111,049 per share. Price Target Changed • May 27
Price target decreased to ₩120,818 Down from ₩130,400, the current price target is an average from 8 analysts. New target price is 41% above last closing price of ₩85,400. Stock is down 25% over the past year. Major Estimate Revision • Apr 29
Consensus EPS estimates fall to ₩2,005 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from ₩363.2m to ₩343.9m. EPS estimate also fell from ₩2,245 to ₩2,005. Net income forecast to grow 8.6% next year vs 26% growth forecast for Software industry in South Korea. Consensus price target down from ₩130,400 to ₩121,900. Share price fell 3.2% to ₩85,000 over the past week. Reported Earnings • Mar 21
Full year 2020 earnings released: EPS ₩1,830 (vs ₩1,684 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: ₩306.5b (up 17% from FY 2019). Net income: ₩56.8b (up 12% from FY 2019). Profit margin: 19% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Anuncio • Feb 26
Douzone Bizon Co., Ltd., Annual General Meeting, Mar 25, 2021 Douzone Bizon Co., Ltd., Annual General Meeting, Mar 25, 2021, at 10:00 Korea Standard Time. Is New 90 Day High Low • Jan 31
New 90-day low: ₩99,900 The company is down 3.0% from its price of ₩102,500 on 02 November 2020. The South Korean market is up 29% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩56,430 per share. Is New 90 Day High Low • Jan 11
New 90-day high: ₩112,500 The company is up 4.0% from its price of ₩108,000 on 13 October 2020. The South Korean market is up 29% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩56,542 per share.