Loading…
Korean video-game developer behind Goddess of Victory: Nikke (mobile) and Stellar Blade (console), recently listed.
Korean video-game developer behind Goddess of Victory: Nikke (mobile) and Stellar Blade (console), recently listed.
Develops the games but relies on publishers: Tencent's Level Infinite publishes the mobile game Nikke, which earns from in-game purchases of characters, while Sony Interactive Entertainment published Stellar Blade on PlayStation. Revenue therefore comes from a small number of titles and publisher agreements.
Moat: narrow (brand). Two hit titles built a strong fan following, but game-hit dependency remains high.
Headquarters: Seoul, South Korea · Founded: 2013 · Employees: 332
Size SHIFT UP (462870.KS) is a South Korea Information Technology company (Packaged Software) with a market value of $1.33B, the 190th largest of 495 South Korea companies the cockpit tracks. Shares closed at ₩31,250 on 6 Nov 2026.
Performance Over six months the shares fell 4.0%, against +7.5% for the median peer and -24.5% for the South Korea market (cap-weighted) — 9th lowest of 18 in its peer set.
Growth Revenue fell 12.0% over the last twelve months (peer median +10.3%); the operating margin is 56.2% (peer median 2.8%).
Valuation It trades at 13.3× forward earnings against a peer median of 16.8× (4th cheapest of 13).
Price implies For today's price to make sense, revenue must grow about -13% a year for seven years (Req g). Recent delivered growth is +60%, so the hurdle is -73 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 17.3 points above its cost of capital (5.4% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₩243B | ₩295B | ₩224B | ₩169B | ₩66.1B |
| Revenue growth | — | +31% | +33% | +155% | — |
| Gross profit | n/a | ₩228B | ₩163B | ₩127B | ₩38.2B |
| EBITDA | ₩146B | ₩187B | ₩157B | ₩114B | n/a |
| Net income | ₩193B | ₩191B | ₩148B | ₩107B | -₩7.13B |
| Free cash flow | ₩118B | ₩155B | ₩111B | ₩100B | -₩21.7B |
| Capital expenditure | ₩7.51B | ₩2.64B | ₩6.10B | ₩880M | ₩974M |
| Total debt | ₩66.7B | ₩63.3B | ₩11.2B | ₩12.6B | ₩18.3B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| SHIFT UP 462870.KS | $1.33B | -4% | -12% | 56% | 13.3× | -12.9% |
| PearlAbyss 263750.KS | $1.47B | -44% | +114% | 40% | 7.1× | n/a |
| Krafton 259960.KS | $6.94B | -17% | +55% | 30% | 12.4× | -18.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 462870.KS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.3% | -1.9% | 10th highest of 21 |
| 6-month return | -4.0% | +7.5% | 9th lowest of 18 |
| Distance from 52-week high | -23.3% | -33.9% | 8th highest of 21 |
| Revenue growth (TTM) | -12.0% | +10.3% | 2nd lowest of 21 |
| Operating margin | 56.2% | 2.8% | highest of 21 |
| Forward P/E | 13.3× | 16.8× | 4th cheapest of 13 |
| Growth the price implies (Req g, 7 yrs) | -12.9% | 13.8% | least demanding of 13 |
| Growth delivered (Del g) | +59.7% | +14.6% | 2nd highest of 13 |
| Hurdle (Req g minus delivered) | -72.6 pp | +1.2 pp | 2nd least demanding of 13 |
| ROIC minus cost of capital | +17.3 pp | -9.6 pp | 2nd highest of 21 |
| EV / EBITDA | 8.7× | 10.8× | 3rd cheapest of 9 |
| Net debt / EBITDA | -3.7× | -1.1× | 5th least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| SHIFT UP 462870.KS | South Korea | $1.33B | -4% | -12% | 56% | 13.3× | -12.9% | +59.7% |
| WeRide 0800.HK | Hong Kong | $1.33B | -47% | +109% | -221% | n/a | n/a | n/a |
| Transwarp Technology (Shanghai) 6727.HK | Hong Kong | $1.33B | n/a | +32% | -50% | n/a | n/a | n/a |
| Mech-Mind Robotics Technologies 9615.HK | Hong Kong | $1.34B | n/a | +45% | -41% | n/a | n/a | n/a |
| Amagi Media Labs AMAGI.NS | India | $1.32B | +30% | +30% | 3% | 60.2× | n/a | n/a |
| NSD 9759.T | Japan | $1.32B | +12% | +10% | 16% | 16.6× | -10.9% | +12.2% |
| NCR Voyix VYX | United States | $1.35B | +17% | -5% | 7% | 9.9× | n/a | n/a |
| Hangzhou DPTech Technology 300768.SZ | China | $1.35B | -19% | -3% | 5% | 42.3× | 34.9% | +6.5% |
| Opera Limited Sponsored ADR OPRA | United States | $1.31B | -21% | +23% | 16% | 11.9× | 4.5% | +30.1% |
| Bandwidth BAND | United States | $1.31B | -19% | +15% | -1% | 19.6× | 19.3% | +17.0% |
| Richinfo Technology 300634.SZ | China | $1.30B | -15% | -11% | 10% | 31.2× | 20.8% | +19.9% |
| CHAPTERS CHG.DE | Germany | $1.30B | +48% | +63% | -21% | 294.5× | 43.9% | +178.6% |
| Ibotta IBTA | United States | $1.37B | +19% | +2% | -3% | n/a | -1.1% | +17.6% |
| Genimous Technology 000676.SZ | China | $1.30B | -7% | +3% | 6% | n/a | 14.1% | -17.5% |
| Zensar Technologies ZENSARTECH.NS | India | $1.37B | +9% | +9% | 14% | 16.9× | 13.4% | +8.5% |
| Shenzhen HQVT Technology 1392.HK | Hong Kong | $1.28B | n/a | +28% | 5% | n/a | n/a | n/a |
| Lightspeed Commerce LSPD.TO | Canada | $1.38B | +9% | +11% | -9% | 14.4× | 13.5% | +42.0% |
| Corsair Gaming CRSR | United States | $1.28B | +63% | +3% | 3% | 16.1× | 24.3% | -2.9% |
| Wondershare Technology 300624.SZ | China | $1.38B | -25% | -8% | -12% | n/a | n/a | n/a |
| Fengzhushou 301382.SZ | China | $1.28B | -32% | +28% | 8% | n/a | n/a | n/a |
| Playtech PTEC.L | United Kingdom | $1.39B | +7% | -54% | 0% | 11.4× | -6.0% | -7.4% |