Rather than an operating company that sells a single product, INVENI is closer to a business holding company that earns money from the dividends and consolidated results flowing from its stakes in several subsidiaries, plus its own head-office operations. Its revenue scale (in the ₩1.3 trillion range a year) comes from the operations of the consolidated subsidiaries, and its value is better viewed as the sum of subsidiary stake value and head-office operating value, which is closer to the actual business. Recent disclosures are concentrated on the equity/governance side rather than new orders, and a June 5 amended business report confirmed 2025 results (revenue of ₩1.33 trillion, operating profit of ₩111.7 billion). What stands out lately is a two-sided picture: strengths include a fast earnings recovery — reaching about 71% of last year's full-year operating profit in Q1 — an ROE of 13.4%, and this year's forward P/B of 0.5x, far below peers' (about 8-10x), signaling undervaluation; on the other hand, with a debt ratio of 241% and a current ratio of 97%, financial headroom is not ample, and as a business holding company its subsidiary stake value must be weighed together, while par-value changes have mixed timing gaps into some displayed metrics.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 241.3%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 96.9%).
- Revenue rose 14.4% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 7.4% higher than a year earlier.
- ROE is 13.4% (controlling-interest basis). It is above the sector average.
- Operating margin is 8.4%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder INVENI 10.35% (corporate)
Controlling bloc incl. related parties 10.95%
With the controlling bloc holding 11%, ownership is dispersed, leaving room for control-related or activist dynamics.
🔎 In-depth analysis
- Rather than an operating company that sells a single product, this company earns money from the dividends and consolidated results flowing from its stakes in several subsidiaries, plus its own head-office operations.
- Its official classification, the pronounced seasonality of revenue and profit concentrating in Q1, and the form of consolidating energy/infrastructure-type subsidiaries all fit together well.
- In other words, the revenue scale (in the ₩1.3 trillion range a year) comes from the operations of the consolidated subsidiaries, and the company's value is better viewed as the sum of those subsidiary stake values and the head office's own operating value, which is closer to the actual business.
- So the key is to look at which subsidiary is driving results and at the equity structure, rather than the industry conditions of a single product.
- The latest closing price is ₩14,000 and the market capitalization is ₩381.5 billion.
- The price sits below the 20-day line (₩14,400) and below the 60-day line (₩15,390).
- Trading below both the short- and mid-term moving averages, the trend is on the soft side.
- The RSI (an auxiliary gauge that weighs upward versus downward strength over the past 14 days on a 0-100 scale) is 34.5, a neutral level.
- The one-month change is -4.2%, the three-month change is -82.9%, and the price sits -83.7% below its 52-week high.
- Relative strength versus the KOSPI is 2 (on a 1-99 scale, calculated from returns against the index over the past year with more weight on recent performance; higher means stronger than the market).
- Among all stocks it ranks in roughly the top 99% by strength.
- Over the past three months it lagged the index by 86.2%.
- Chart readings are best viewed together with trading volume and disclosure dates.
- On confirmed 2025 annual results, the P/E ratio (how many times one year's earnings the price represents) is 4.40x, the P/B (how many times net asset value the price represents) is 0.59x, ROE (how much is earned in a year on equity) is 13.4%, and the operating margin is 8.4%.
- The debt ratio (debt to equity) is somewhat high at 241.3% and the current ratio (assets readily convertible to cash versus debt due within a year) is 96.9%, slightly below 100%, but the interest coverage ratio of 8.97x means operating profit comfortably covers interest, so it is not a level to declare an immediate risk.
- The key here is that the low headline P/E and P/B are not 'a burden from being expensive' but the 'cheaply traded' side.
- This company is at an inflection where profit is rising rapidly, so the forward metrics reflecting this year's profit are closer to the real picture than the trailing metrics tied to last year's results.
- This year's forward P/B is 0.59x, far below peers (Cheil Worldwide at about 10x, Innocean at about 8x), which reads as an undervaluation signal.
- Over five years, revenue traced ₩1.29 trillion in 2021 → ₩1.47 trillion in 2022 → ₩1.14 trillion in 2023 → ₩1.16 trillion in 2024 → ₩1.33 trillion in 2025 — dipping at one point before rising again recently (a two-year average of +7.8%).
- The scale of the profit recovery is larger.
- Operating profit, pressed down to almost zero (₩0.3 billion) in 2022, climbed to ₩111.7 billion in 2025, and year over year the pace of increase accelerated, with revenue +14.4%, operating profit +360.3% and net profit +198.6%.
- In Q1 2026 the recovery carried straight through, with revenue of ₩572.0 billion (+7.4%), operating profit of ₩79.1 billion (+227.0%) and net profit of ₩57.2 billion (+188.9%).
- The reason this year's forecast earnings are this solid is clear: as revenue grew at a double-digit pace, the operating margin rose with it and earnings leverage kicked in strongly, and as subsidiary operations returned as actual results, Q1 already filled about 71% of last year's full-year operating profit.
- This is better viewed as a structural recovery in which revenue growth and margin improvement appeared together, not a temporary rebound.
- The heavy Q1 seasonality is simply an inherent trait of this sector, and this year's forward P/E is a figure reflecting this recovered level of profit.
- Recent disclosures are concentrated on the equity/governance side rather than business events such as new orders or large investments.
- On June 8, several changes in holdings by the largest and major shareholders and large-holding reports were filed on the same day; June 5 saw an amendment to the business report (Dec 2025), June 1 a large-business-group status disclosure, and May 29 a corporate governance report.
- This flow shows the company is managed within a group/holding structure, and the amended business report is primary material confirming 2025 results such as revenue of ₩1.33 trillion and operating profit of ₩111.7 billion.
- An equity-change disclosure does not immediately alter revenue or cash flow, but in a holding-type company a change in a subsidiary's equity structure is a key variable for corporate valuation, so the original documents are worth checking directly.
- The strengths are clear.
- The earnings recovery is fast (reaching about 71% of last year's full-year operating profit in Q1), profitability exceeds the sector average with an ROE of 13.4%, and this year's forward P/B of 0.5x is far below peers' (about 8-10x), so the undervaluation appeal is clear.
- The low headline P/E and P/B are closer to meaning a cheaply bought position than a burden.
- The points to note honestly are that, with a debt ratio of 241% and a current ratio of 97%, financial headroom is not very ample, and because it is in substance a business holding company, its value is properly captured only by weighing the stake value of the subsidiaries it holds alongside the head office's standalone results.
- Also, par-value changes this year have mixed timing gaps into some displayed metrics (such as dividend yield), so those figures are best re-checked after the par-value change is reflected.
- In sum, this company's undervaluation appeal grows especially large in a phase where subsidiary results revive and the holding company's net asset value comes into focus, and shrinks in a phase where subsidiary earnings wobble.
- The key is therefore to track the sustainability of quarterly profit together with subsidiary stake value.
🔎 Valuation vs peers Inconclusive
Within the professional-services (KSIC) category that the base assigned, KOSPI names with verifiable market cap and metrics are taken as the surface peer set, but since it is in substance a business holding company, a net-asset-value perspective is applied alongside rather than a simple P/E comparison.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Cheil Worldwide | 11.08x | 1.46x | 13.20% |
| Innocean | 7.92x | 0.68x | 8.62% |
(a) Versus the surface peers (Cheil Worldwide P/E of 10.7x, Innocean 8.98x), the P/E of 4.67x and P/B of 0.63x sit at a low spot. (b) With an ROE of 13.4%, profitability is similar to or higher than peers while the valuation is lower, which reads on the surface as a discount. (c) However, last year's confirmed P/E has low reliability at an earnings inflection (Q1 achieving 71% of the annual figure), and the forward basis is a seasonality approximation rather than an official company forecast, so estimation reliability is low. Moreover, because it is in substance a business holding company, it should be viewed by summing net asset value and subsidiary stake value to offset the limits of a surface P/E comparison. Because of these three uncertainties (seasonality, par-value change, holding structure), it is left Inconclusive rather than pronounced either way.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩232.4 billion | approx. ₩163.8 billion | approx. ₩147.8 billion |
Price history Close · MA20 · MA60
The latest close is ₩14,000 and the market capitalization is ₩381.5 billion. The price sits below its 20-day moving average (₩14,400) and below its 60-day moving average (₩15,390). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 34.5, a neutral level. The one-month change is -4.2%, the three-month change is -82.9%, and the position relative to the 52-week high is -83.7%. Relative strength versus the KOSPI is 2 (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 1% of all stocks. Over the past three months it lagged the index by 86.2%. 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 -86.23% / 6M -87.07% / 12M -89.65%
Key metrics vs sector median
Valuation
The P/E of 4.40x is below the sector median (11.02x). The P/B is 0.59x. 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.
Profitability & financials
Return on equity (ROE) is 13.4%, above the sector average (7.0%). The operating margin is 8.4%. The debt ratio is 241.3%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $757.0M | $769.1M | $879.9M | +14.41% ↑ faster |
| Operating profit | $8.7M | $16.1M | $74.0M | +360.30% ↑ faster |
| Net profit | $15.7M | $19.2M | $57.5M | +198.61% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $855.0M | $975.3M | $757.0M | $769.1M | $879.9M |
| Operating profit | $43.8M | $207,597 | $8.7M | $16.1M | $74.0M |
| Net profit | $14.3M | -$6.6M | $15.7M | $19.2M | $57.5M |
| Revenue CAGR | 4-yr avg 0.72% | ||||
Revenue rose 14.4% year over year (2023 ₩1.1 trillion → 2024 ₩1.2 trillion → 2025 ₩1.3 trillion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 360.3% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 0.7%. The two-year revenue CAGR is 7.8%. In the most recent quarter (Q1 2026), revenue was 7.4% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- The dividend yield, at 38.6%, is on the high side.
- ROE of 13.4% points to solid profitability.
- Revenue grew 14.4% year over year, a sign of growth.
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2026-06-08FilingMultiple filings on the same day of changes in holdings by the largest and major shareholders and of large-holding statusA signal of equity-structure change within the holding/group system. Affects governance and subsidiary-stake-value assessment more than short-term results. Source
- 2026-06-05UpdateBusiness report (Dec 2025) amendment — material confirming 2025 full-year resultsPrimary basis for confirmed figures such as revenue of ₩1.33 trillion and operating profit of ₩111.7 billion. Should be viewed together with the latest quarter. Source
- 2026-06-01FilingLarge-business-group status disclosure (individual company) — disclosure of group affiliation and affiliate statusOfficially confirms the affiliate structure as a business holding company. A starting point for valuation based on subsidiary stake value. Source
- 2026-05-29FilingCorporate governance report disclosure — disclosure of the board, internal control and shareholder-return policyMaterial for checking governance transparency and shareholder-return direction. A medium-term reference for judging dividend and capital policy. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Trailing P/E (market cap / net profit attributable to owners) | 4.67x | — | Confirmed | link |
| Q1 operating profit's share of the annual figure | ₩79.1 billion = 2025 operating profit(₩111.7 billion) approx. 71% | — | Confirmed | link |
| April par-value change (price adjustment) multiple | approx. 4.9x (₩81,900 → ₩16,680, 2026-04-08→04-09) | — | Unverified | link |
| Seasonality-approximated annual operating profit | approx. ₩365.4 billion | — | Unverified | link |
Recent filings
- 2026-06-08OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-08OwnershipOwnership-change filing
- 2026-06-08OwnershipLargest-shareholder ownership change report
- 2026-06-05PeriodicAnnual business report (amended)
- 2026-06-02OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-02OwnershipOwnership-change filing
- 2026-06-02OwnershipLargest-shareholder ownership change report
- 2026-06-01Large-business-group status disclosure
- 2026-05-29Corporate governance report
- 2026-05-15OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15OwnershipOwnership-change filing
- 2026-05-15OwnershipLargest-shareholder ownership change 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.