NICE (034310) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
NICE is not an operating company but a holding company that holds stakes in affiliates such as credit assessment and credit information (NICE Information Service), the card-payment relay network VAN and payments (Nice Information & Telecommunication, KIS Information & Communications), and corporate information (Nice D&B), earning money from their dividends and from brand and management-advisory fees; its value is better viewed through the value of the subsidiaries it oversees than through the parent's own results. In March its corporate value-up plan set out a pledge to raise the dividend per share by at least 10% each year in 2026-2028, in June it transferred its entire KIS Information & Communications stake (about ₩112.3 billion) to Nice Information & Telecommunication to consolidate its payment affiliates, and on May 15 Q1 profit rose sharply. What stands out recently is that, with a dividend yield of about 5% and a P/B of 0.53x, the Q1 profit surge has brought the P/E down to about 5.9x, a cheap spot on both assets and earnings; the premise is that the parent's results hinge on affiliate earnings and dividends, so continued support from affiliate results is required.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Other Services” (Other), a type typically read first through P/E.
These are mostly service businesses that earn steady profits from fairly stable operations, so price-to-earnings (P/E) — the share price against the profits it generates — is the most intuitive starting point. Value here comes from earning power rather than assets.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt far exceeds equity (debt ratio 321.4%).
- Revenue rose 6.7% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 5.9% higher than a year earlier.
- ROE is 7.6% (controlling-interest basis). It is above the sector average.
- Operating margin is 6.4%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Won-woo 23.68% (individual)
Controlling bloc incl. related parties 50.23%
With the controlling bloc holding 50%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
NICE is not an operating company but a holding company named NICE Holdings. Rather than selling products directly, it holds stakes in affiliates such as credit assessment and credit information (NICE Information Service and others), the VAN card-payment relay network and payments (Nice Information & Telecommunication, KIS Information & Communications), and corporate information (Nice D&B), earning money from the dividends they pay up and from brand and management-advisory fees. The ₩3.2 trillion of revenue on the consolidated statements is the sum of the payment and information-service subsidiaries' sales, and for the holding company on its own the core income source is affiliate dividends. Accordingly, this company's value is better viewed in terms of 'how valuable the subsidiaries it oversees are' than 'how much the parent earns,' which fits the business reality.
The latest close is ₩12,720 and the market capitalization is ₩467.6 billion. The price sits above its 20-day moving average (₩12,356) and above its 60-day moving average (₩12,209). 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 58.8, a neutral level. The one-month change is +11.2%, the three-month change is -9.9%, and the position relative to the 52-week high is -17.6%. Relative strength versus the KOSPI is 27 (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 26% of all stocks. Over the past three months it outpaced the index by 5.7%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On last year's confirmed annual figures (2025), the P/E ratio (how many times one year's profit the price represents) is 12.42x, the P/B (how many times net assets the price represents) is 0.62x, ROE (how much is earned in a year on equity) is 5.0%, and the operating margin is 6.1%. A P/B of 0.53x means the stock trades at about half of book net assets, a range where the price is cheap relative to the value of the assets it holds. The debt ratio (debt against equity) is 300.9%, high by the number alone, but the holding company's consolidation carries a large settlement-related liability that payment and financial subsidiaries hold briefly as they pass card proceeds on to merchants. This is closer to pass-through money than borrowed money the company must repay, so it is hard to judge it risky by the same yardstick as ordinary manufacturing. The trailing P/E of 10.68x is on last year's confirmed results, and on this year's earnings (forward) it falls to about 5.9x. As this is an inflection stretch where profit turns up, the truer picture is closer to the forward side, and this level is on the low side even against comparable payment and information companies.
Over five years, revenue rose steadily from ₩2.4 trillion in 2021 to ₩3.2 trillion in 2025 (about 7.3% a year), and operating profit grew from ₩144.3 billion in 2021 to ₩198.1 billion in 2025. The 2025 controlling-interest net profit of ₩37.6 billion was down 21% from the prior year (₩47.5 billion), but this reflects a one-year absence of equity-method and one-off gains rather than weakness in the core business. Indeed, in Q1 2026 profit surged with revenue of ₩788.8 billion (+5.9%), operating profit of ₩42.4 billion (+38.6%) and net profit of ₩34.8 billion (+129%), climbing back to a normal track. This is the combined result of rising transaction volumes at the payment subsidiaries, margin improvement, and recovering affiliate dividends. The forward P/E on this year's earnings falling to about 5.9x reflects this quarterly flow carrying through for the full year, not a simple extension of last year's single-year weakness. With payment and information businesses that run double-digit margins as the core, the extent of this year's profit recovery is amply explained as long as affiliate results provide support.
Two strands of official flow are key. First, in the 'corporate value-up plan (voluntary disclosure)' of March 31, 2026, it set out that it would raise the dividend per share by at least 10% each year in 2026-2028 and pay out at least 60% of the dividends it receives from affiliates back to shareholders (the 2025 payout ratio was 52.0%). This is an official pledge, as a holding company, to raise shareholder returns step by step. Second, on June 2, 2026 it disclosed a decision to transfer its entire holding of KIS Information & Communications (about ₩112.3 billion) to affiliate Nice Information & Telecommunication. This 'subsidiary portfolio reorganization' gathers the payment affiliates together within the group, and from the parent's standpoint it is a transaction that secures investment resources. Earlier, on May 15, the Q1 report confirmed strong results with sharply higher profit.
This is a stock with relatively clear strengths. It holds barrier-to-entry businesses such as credit information and payments as subsidiaries; on top of a dividend yield of about 5% it has an official plan to raise the dividend by at least 10% a year for three years; and it trades at a P/B of 0.53x, about half of net assets. Moreover, with Q1 2026 profit surging, the forward P/E on this year's earnings has come down to about 5.9x, putting it in a cheap spot on both the assets it holds and the earnings it generates. The point to weigh alongside this is the holding-company structure itself. Because the parent's results hinge on affiliate results and dividends, this picture holds when affiliate transaction volumes and profits provide support. How the affiliate reshuffle (the KIS Information & Communications transaction) actually reflects in group value and the parent's cash flow is something to confirm quarter by quarter. In sum, the strengths of undervaluation, dividend expansion and profit recovery are clear, and the premise for them is that affiliate results keep providing support.
🔎 Valuation vs peers Inconclusive
Rather than a simple industry code, the comparison was made on group substance, placing NICE alongside its listed affiliates (NICE Information Service, Nice Information & Telecommunication) and an advertising holding company with a similar governance structure (Cheil Worldwide) to gauge its holding-company position.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| NICE Information Service | 11.40x | 1.92x | 18.18% |
| NICE Information & Telecommunication | 6.57x | 0.64x | 12.28% |
| Cheil Worldwide | 10.60x | 1.44x | 13.65% |
(a) Position versus true peers: the parent's P/B of 0.60x is lower than affiliates NICE Information Service (1.87x) and Nice Information & Telecommunication (0.72x). Even though it holds solid affiliates through its stakes, the parent's market cap falls short of the sum of the value of those stakes - a discount characteristic of holding companies. (b) Premium/discount: this discount is largely something the market applies by default 'because it is a holding company,' not because the affiliates are weak. If the expansion of shareholder returns (a 10%+ annual dividend increase for three years) is actually carried out, there is room for the discount to narrow. (c) Limits of last year's trailing P/E: the 12.1x is on 2025 confirmed results, and 2025 was a year in which net profit fell year on year, so the P/E looks somewhat high. With Q1 2026 profit rising sharply, the trend is changing, so an accurate judgment requires viewing the full-year confirmed results together with a recovery in affiliate stake value (NAV). It is therefore hard to say definitively cheap or expensive, so the verdict is left inconclusive.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩849.3 billion | approx. ₩118.5 billion | approx. ₩75.4 billion |
Price history Close · MA20 · MA60
The latest close is ₩12,720 and the market capitalization is ₩467.6 billion. The price sits above its 20-day moving average (₩12,356) and above its 60-day moving average (₩12,209). 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 58.8, a neutral level. The one-month change is +11.2%, the three-month change is -9.9%, and the position relative to the 52-week high is -17.6%. Relative strength versus the KOSPI is 27 (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 26% of all stocks. Over the past three months it outpaced the index by 5.7%. 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 +5.74% / 6M -26.42% / 12M -50.82%
Key metrics Computed vs sector median
Valuation
The P/E of 12.42x is above the sector median (9.24x). The P/B is 0.62x. 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 7.6%, above the sector average (5.0%). The operating margin is 6.4%. The debt ratio is 321.4%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $2.0B | $2.1B | $2.3B | +6.72% ↓ slower |
| Operating profit | $68.1M | $122.4M | $139.2M | +13.68% ↓ slower |
| Net profit | $2.7M | $33.4M | $26.4M | -20.76% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.7B | $1.9B | $2.0B | $2.1B | $2.3B |
| Operating profit | $101.3M | $102.0M | $68.1M | $122.4M | $139.2M |
| Net profit | $40.9M | $25.8M | $2.7M | $33.4M | $26.4M |
| Revenue CAGR | 4-yr avg 7.26% | ||||
Revenue rose 6.7% year over year (2023 ₩2.8 trillion → 2024 ₩3.0 trillion → 2025 ₩3.2 trillion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 13.7% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 7.3%. The two-year revenue CAGR is 7.2%. In the most recent quarter (Q1 2026), revenue was 5.9% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- The dividend yield, at 4.4%, is on the high side.
Points to watch
- Revenue rose 6.7% year over year, and the pace is slowing (3-year trend: rising).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-03-31FilingCorporate value-up plan (voluntary disclosure): raise the dividend per share by at least 10% each year in 2026-2028, pay out at least 60% of dividends received from affiliates, and improve capital efficiency through subsidiary-portfolio optimizationThis is material in which the company formalized an expansion of medium-term shareholder returns. It supports dividend appeal and policy consistency, but as forward-looking information it may change if market or business conditions shift. Source
- 2026-06-02FilingDecision on disposal/acquisition of shares in another company: sell the entire holding of KIS Information & Communications (about ₩112.3 billion) to affiliate Nice Information & Telecommunication, for the purpose of grouping the payment affiliates together (synergy through consolidation)In the near term, an in-group business reshuffle that secures investment resources for the parent. In the medium term, a signal showing the actual progress of subsidiary-portfolio optimization; the change in consolidation structure should be checked after the transaction closes (scheduled July 2). Source
- 2026-05-15EarningsQ1 2026 report: revenue ₩788.8 billion (+5.9%), operating profit ₩42.4 billion (+38.6%), net profit ₩34.8 billion (+129%) confirmedOfficial material confirming that the early-year profit flow improved. It supports near-term earnings momentum, but whether this flow carries through for the full year needs to be confirmed quarter by quarter. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-06-05OwnershipOwnership-change filing
- 2026-06-02Disclosure
- 2026-06-02Disclosure
- 2026-05-28OwnershipOwnership-change filing
- 2026-05-28Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-04-08OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-08OwnershipLargest-shareholder ownership change report
- 2026-04-02OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-02OwnershipLargest-shareholder ownership change report
- 2026-03-31Disclosure
- 2026-03-31Disclosure
📖 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.