Board Change • Aug 06
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Independent Outside Director YeongJun Kim was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩724, the stock trades at a trailing P/E ratio of 19.3x. Average trailing P/E is 10x in the Professional Services industry in South Korea. Total loss to shareholders of 52% over the past three years. New Risk • May 30
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 52% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (52% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (2.7% net profit margin). Market cap is less than US$100m (₩38.2b market cap, or US$25.3m). Valuation Update With 7 Day Price Move • May 12
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩914, the stock trades at a trailing P/E ratio of 16x. Average trailing P/E is 11x in the Professional Services industry in South Korea. Total loss to shareholders of 30% over the past three years. Board Change • Apr 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Independent Outside Director YeongJun Kim was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. New Risk • Mar 27
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 24% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.9% net profit margin). Market cap is less than US$100m (₩47.9b market cap, or US$31.7m). Tillkännagivande • Feb 25
Wavus Co.,Ltd, Annual General Meeting, Mar 26, 2026 Wavus Co.,Ltd, Annual General Meeting, Mar 26, 2026, at 10:00 Tokyo Standard Time. Location: conference room, guro-gu, seoul South Korea New Risk • May 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 37% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.7% net profit margin). Market cap is less than US$100m (₩61.1b market cap, or US$44.4m). Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩1,338, the stock trades at a trailing P/E ratio of 19.8x. Average trailing P/E is 12x in the Professional Services industry in South Korea. Total loss to shareholders of 49% over the past three years. Tillkännagivande • Feb 21
Wavus Co.,Ltd, Annual General Meeting, Mar 27, 2025 Wavus Co.,Ltd, Annual General Meeting, Mar 27, 2025, at 10:00 Tokyo Standard Time. Location: conference room, guro-gu, seoul South Korea New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Market cap is less than US$100m (₩62.4b market cap, or US$43.4m). Buy Or Sell Opportunity • Dec 09
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 37% to ₩1,028. The fair value is estimated to be ₩1,339, 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 67%. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩1,175, the stock trades at a trailing P/E ratio of 16.4x. Average trailing P/E is 11x in the Professional Services industry in South Korea. Total loss to shareholders of 23% over the past year. New Risk • Nov 28
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 28% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Revenue has declined by 0.6% over the past year. Minor Risks Share price has been volatile over the past 3 months (8.8% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.9% net profit margin). Market cap is less than US$100m (₩66.4b market cap, or US$47.6m). New Risk • Aug 26
New major risk - Revenue and earnings growth Revenue has declined by 0.09% over the past year. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Revenue has declined by 0.09% over the past year. Minor Risk Market cap is less than US$100m (₩74.9b market cap, or US$56.6m). Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩1,575, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 11x in the Professional Services industry in South Korea. Total loss to shareholders of 13% over the past year. 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 ₩1,285, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 11x in the Professional Services industry in South Korea. Total loss to shareholders of 28% over the past year. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩1,589, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 12x in the Professional Services industry in South Korea. Total loss to shareholders of 16% over the past year. New Risk • Jun 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 7.8% 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 Share price has been volatile over the past 3 months (7.8% average weekly change). Market cap is less than US$100m (₩70.0b market cap, or US$51.3m). Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to ₩1,602, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 11x in the Professional Services industry in South Korea. Total returns to shareholders of 7.8% over the past year. Buy Or Sell Opportunity • May 13
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to ₩1,386. The fair value is estimated to be ₩1,734, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Buy Or Sell Opportunity • Apr 25
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to ₩1,362. The fair value is estimated to be ₩1,735, however this is not to be taken as a buy recommendation but rather should be used as a guide only. New Risk • Mar 26
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (21% accrual ratio). Minor Risks Shareholders have been diluted in the past year (2.1% increase in shares outstanding). Market cap is less than US$100m (₩72.3b market cap, or US$54.0m). Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩2,040, the stock trades at a trailing P/E ratio of 42.3x. Average trailing P/E is 12x in the Professional Services industry in South Korea. Total returns to shareholders of 15% over the past year. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩1,887, the stock trades at a trailing P/E ratio of 39.1x. Average trailing P/E is 13x in the Professional Services industry in South Korea. Total returns to shareholders of 10% over the past year. New Risk • Jun 23
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 10% 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 Less than 3 years of financial data is available. Share price has been volatile over the past 3 months (10% average weekly change). Shareholders have been diluted in the past year (3.1% increase in shares outstanding). Market cap is less than US$100m (₩79.7b market cap, or US$60.9m). Valuation Update With 7 Day Price Move • Jun 22
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₩1,752, the stock trades at a trailing P/E ratio of 36.3x. Average trailing P/E is 14x in the Professional Services industry in South Korea. Total returns to shareholders of 11% over the past year. Buying Opportunity • May 09
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ₩3,117, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.9% over the last year. Earnings per share has declined by 11%. 
