Douzone Bizon makes ERP software that companies use to handle accounting, tax, HR, payroll and electronic tax invoices; its mainstays are iCUBE for small and mid-sized firms, ERP10 for large enterprises and the cloud platform WEHAGO, and it earns money from license and implementation revenue plus recurring service revenue such as cloud subscriptions, with tax and accounting software's essential-good character generating steady cash. In the first half of 2026 a governance change is overwhelmingly the main story: in March the largest shareholder changed to an entity in the EQT private-equity group, and through a tender offer at ₩120,000 per share and a comprehensive share swap the acquirer's stake reached 100% on June 30, with the common shares scheduled to delist on July 15, 2026; Q1 net profit rose +90% year over year. What stands out lately is that, as effectively the standard operator in Korean ERP and tax-accounting software, the company's earnings have been climbing steeply on recurring revenue and cloud and AI, and the substance of that growth is clear enough that the acquirer bought 100% at a premium price; yet the share price is fixed at the purchase price and no longer reflects business performance, and after the July 15 delisting the shares cannot be traded in the market, leaving only receipt of the purchase price and the delisting schedule.
At-a-glance assessment financial health · growth · profitability · valuation
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 54.9%).
- Revenue rose 10.9% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 18.2% higher than a year earlier.
- Even versus the prior quarter (Q4 2025), revenue was 8.3% lower.
- ROE is 15.0% (controlling-interest basis). It is above the sector average.
- Operating margin is 28.6%.
- P/B is high versus peers, a stretch on an asset basis.
Ownership & governance As of 2020-12-31
Largest shareholder Douzone Holdings 28.44% (corporate)
Controlling bloc incl. related parties 34.29%
With the controlling bloc holding 34%, the ownership structure is stable.
🔎 In-depth analysis
- Douzone Bizon makes and sells ERP (enterprise resource planning) software that companies use to handle management tasks such as accounting, tax, HR, payroll and electronic tax invoices.
- Its mainstays are iCUBE for small and mid-sized firms, ERP10 for large enterprises and the cloud-based integrated platform WEHAGO, and it has recently broadened revenue by layering AI features and electronic-finance and data services on top.
- It makes money in two main streams.
- One is license and implementation revenue from selling software; the other is service revenue that comes in recurringly each month or year, like cloud subscription fees.
- Tax and accounting software in particular is an essential good that tax and accounting offices must keep renewing, so once established it brings a stable stream of steady cash.
- The latest close is ₩120,000 and the market cap is ₩3.5 trillion.
- The price sits above its 20-day line (₩119,955) and above its 60-day line (₩119,830).
- Above both the short- and medium-term moving averages, the trend looks favorable.
- The RSI (a supplementary gauge that scores upward versus downward force over the past 14 days on a 0-100 scale) is 53.8, a neutral level.
- The one-month change is +0.0%, the three-month change is +0.6%, and the price sits -0.2% below its 52-week high.
- Relative strength versus the KOSPI is 48 (on a 1-99 scale that weights recent performance versus the index over the past year more heavily; higher means stronger than the market).
- That places it in roughly the top 52% of all stocks by strength.
- Over the past three months it lagged the index by 18.9%.
- It is best to read the chart alongside trading volume and the dates of disclosures.
- The business itself is solid.
- In 2025, ROE (how much is earned in a year on equity) was 15.0%, operating margin 28.6% and net margin 20.7%, high profitability befitting a software company.
- However, the valuation metrics of a 37.86x P/E ratio (how many times a year's earnings the price is) and a 5.68x P/B (how many times book net assets the price is) need careful interpretation at this point.
- These multiples were not set by the market but calculated against the fixed purchase price (₩120,000) the acquirer paid with a control premium added.
- In other words, this is not the usual meaning of 'the price is expensive relative to earnings' but rather 'a price at which the acquirer pays a premium reflecting the business's future value to buy 100%.' With a debt ratio of 81% and a current ratio of 54.9%, finances are average, and the company's strength lies less in short-term liquidity than in stable cash generation based on recurring revenue.
- Growth is clear.
- Revenue rose from ₩354.6 billion in 2023 to ₩402.3 billion in 2024 and ₩446.3 billion in 2025 (+10.9% in 2025), and operating profit jumped from ₩72.3 billion to ₩88.1 billion to ₩127.7 billion, a +45% surge in 2025.
- Net profit also grew +57% to ₩92.3 billion in 2025 from ₩58.8 billion the prior year, with earnings improving far faster than revenue.
- As the share of cloud and AI revenue grows, operating leverage beyond fixed costs is kicking in in earnest.
- In the first quarter of 2026 too, revenue of ₩116.6 billion (+18.2%), operating profit of ₩35.0 billion (+62.2%) and net profit of ₩22.8 billion (+90.1%) meant profit nearly doubled year over year.
- Given the seasonality of tax and accounting software, in which revenue concentrates at year-end (Q4), the 2026 full-year earnings are on a trajectory to clearly exceed 2025.
- This growth trajectory is the substance of the business, and it is also the backdrop for the acquirer taking the company private at a premium to focus on long-term growth.
- That said, the growth story as a listed stock closes for ordinary investors with the delisting.
- First-half 2026 filings are overwhelmingly about the governance change.
- On March 26 the largest shareholder changed to the EQT private-equity group (special-purpose entity Doronicum Co., Ltd.), and after two tender offers (₩120,000 per share) in March and April, the board on April 27 resolved on a comprehensive share swap/transfer and share cancellation.
- The share-swap price of ₩120,000 equals the tender-offer price, a premium of 25% over the pre-tender close (₩96,000) and 32.6% over the prior one-month weighted average.
- On June 30, a 'report on completion of merger, etc.
- (comprehensive share swap/transfer)' was filed, bringing Doronicum's stake to 100%, with the common shares scheduled to delist on July 15, 2026.
- Separately, the company is also pursuing a long-term investment plan to contribute ₩39.2 billion (a 37.3% stake) in PFV form to the Chuncheon Corporate Innovation Park (an AI data-center-based bio and pharmaceutical cluster).
- This stock must be viewed by separating the quality of the business from its character as an investment.
- On the business side, Douzone Bizon is effectively the standard operator in Korean ERP and tax-accounting software, a high-quality company whose earnings are climbing steeply on a recurring-revenue base plus cloud and AI.
- As shown by Q1 2026 net profit rising +90% year over year, the substance of its growth is clear, and the acquirer buying 100% at the premium price of ₩120,000 to take it private reads as a judgment that highly values this long-term growth.
- As a listed stock, however, the story is drawing to a close.
- The price is fixed at the purchase price and no longer reflects business performance, and after the July 15 delisting the shares cannot be traded in the market.
- Therefore, discussing 'overvalued/undervalued' on the basis of the current P/E and P/B does not hold; what remains is only the events of receiving the purchase price and the delisting schedule.
- The strong condition is 'continued growth of a high-quality software business,' but its fruits accrue to the unlisted shareholder (the acquirer).
🔎 Valuation vs peers Inconclusive
Compared against listed Korean software (security, office) companies, though the limits of direct comparison are large because Douzone Bizon's multiples reflect a fixed purchase price with an acquisition premium rather than a free-market price.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| AhnLab | 10.99x | 1.60x | 14.53% |
| Hancom | 12.05x | 1.13x | 9.37% |
Compared with listed software peers (AhnLab at an 11x P/E, Hancom at a 14x P/E), the surface 37.9x P/E and 5.7x P/B look far higher, but these multiples are not a price formed in a free market; they are back-calculated from the fixed purchase price (₩120,000) the acquirer pays with a control premium added. The quality of the business (15% ROE, 28.6% operating margin, +90% net-profit growth) is clearly superior to peers, and the acquirer buying 100% at a premium reflects a judgment on this long-term growth. But with the delisting imminent, the current price is linked only to the purchase price and delisting schedule, not to business performance, so an 'overvalued/undervalued' valuation verdict does not hold. We therefore leave it Inconclusive.
Price history Close · MA20 · MA60
The latest close is ₩120,000 and the market capitalization is ₩3.5 trillion. The price sits above its 20-day moving average (₩119,955) and above its 60-day moving average (₩119,830). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 53.8, a neutral level. The one-month change is +0.0%, the three-month change is +0.6%, and the position relative to the 52-week high is -0.2%. Relative strength versus the KOSPI is 48 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 48% of all stocks. Over the past three months it lagged the index by 18.9%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -18.93% / 6M -20.43% / 12M -33.66%
Key metrics vs sector median
Valuation
The P/E of 37.86x is above the sector median (19.18x). The P/B of 5.68x is above the sector median (1.93x). That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Intrinsic value (DCF estimate)
DCF (discounted cash flow) estimate — discount rate 10.4%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.245x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 15.0%, above the sector average (10.0%). The operating margin is 28.6%. The debt ratio is 81.0%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $235.0M | $266.7M | $295.8M | +10.93% ↓ slower |
| Operating profit | $48.0M | $58.4M | $84.7M | +45.04% ↑ faster |
| Net profit | $9.2M | $39.0M | $61.2M | +57.07% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $211.3M | $201.7M | $235.0M | $266.7M | $295.8M |
| Operating profit | $47.2M | $30.2M | $48.0M | $58.4M | $84.7M |
| Net profit | $35.6M | $15.8M | $9.2M | $39.0M | $61.2M |
| Revenue CAGR | 4-yr avg 8.78% | ||||
Revenue rose 10.9% year over year (2023 ₩354.6 billion → 2024 ₩402.3 billion → 2025 ₩446.3 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 45.0% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 8.8%. The two-year revenue CAGR is 12.2%. In the most recent quarter (Q1 2026), revenue was 18.2% higher than the same period a year earlier. Because quarterly results are relatively even in this industry, revenue also came in 8.3% lower than the prior quarter (Q4 2025), so the recent trend looks soft.
Latest quarterly results Q1 2026 · vs year-ago + prior quarter
Technical indicators
What stands out
- ROE of 15.0% points to solid profitability.
- Revenue grew 10.9% year over year, a sign of growth.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
- The price is near its 52-week high, so chasing it warrants caution around volatility.
Recent news & events searched · sourced
- 2026-03-27FilingSpecial-purpose entity Doronicum Co., Ltd. (EQT group) filed a tender-offer statement for the common shares at ₩120,000 per share. Start of the procedure to acquire the remaining stake for delisting and full-subsidiary incorporation.The price converges to the tender-offer level (₩120,000), fixed at the purchase price regardless of fundamentals. Entry onto the delisting path. Source
- 2026-04-27FilingThe board resolved on a comprehensive share swap/transfer with Doronicum Co., Ltd. and share cancellation. The swap price is ₩120,000 per share, identical to the tender-offer price (a 0.76% premium to the reference market price of ₩119,099 and above the external-appraisal asset value of ₩18,265).Cleans up even the remaining minority stakes that did not accept the tender offer at the swap price, completing 100% control. The step that confirms delisting. Source
- 2026-06-30FilingFiling of the report on completion of merger, etc. (comprehensive share swap/transfer) ended the share-swap procedure. Doronicum Co., Ltd. reached a 100% stake. Common shares scheduled to delist on July 15, 2026.Trading as a listed stock is nearly over. For ordinary investors, market exit after receiving the purchase price. Source
- 2026-05-15EarningsQ1 2026 quarterly report. Revenue ₩116.6 billion (+18.2%), operating profit ₩35.0 billion (+62.2%), net profit ₩22.8 billion (+90.1%), with profit nearly doubling year over year.Confirms operating leverage from the cloud and AI shift. Supports the strong growth in the underlying business. Source
- 2026-05-29FilingCorrection to future business/management plan (fair disclosure). A cumulative-contribution plan of ₩39.2 billion in total (a 37.3% stake in the established entity) in PFV form to the Chuncheon Corporate Innovation Park (an AI data-center-based bio and pharmaceutical innovation ecosystem). Contribution planned once the requirements of the Ministry of Land's integrated development plan review are met.A long-term infrastructure and real-estate development investment outside the core software business; more an item to observe from a capital-allocation and risk standpoint than an earnings contributor. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-05OwnershipLargest-shareholder ownership change report
- 2026-05-29OwnershipLargest-shareholder ownership change report
- 2026-05-29Corporate governance report
- 2026-05-29Fair-disclosure notice (amended)
- 2026-05-29Amended filing
- 2026-05-28Disclosure
- 2026-05-22OwnershipLargest-shareholder ownership change report
- 2026-05-19Disclosure
- 2026-05-19Material-fact report (amended)
- 2026-05-15Material-fact report (amended)
- 2026-05-15OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.