NICE Information Service Co., Ltd. 030190

Deep-value analysis — NICE Information Service Co., Ltd. (NICE평가정보)

Symbol: 030190 (KOSPI / KRX) · Yahoo: 030190.KS · ISIN: KR7030190003 Price: … (08.24.2026) · Market cap: … (~…) Shares issued: 58,911,527 · treasury: 424,154 (0.72%) · outstanding: 58,487,373 Report date: August 24, 2026 · Analyst: deep-value agent (Claude Opus 5)

Identification note — symbol collision. "030190" is a Korean numeric code. Yahoo doesn't resolve it without a suffix (404 "Quote not found"), and the .KQ (KOSDAQ) suffix returns an empty quote. The company is listed on KOSPI, so the correct symbol is 030190.KS. It has no SEC CIK — primary filings are with DART (dart.fss.or.kr) and KIND (kind.krx.co.kr), not EDGAR. The alias was added to deep_data_pack.py (_BVB_ALIASES) in this session. Do NOT confuse with NICE Ltd. (NASDAQ: NICE, Israeli contact-center software) or with NICE정보통신 (KOSDAQ 036800, payments/VAN, a different company in the same group).

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Executive summary

The thesis, in one sentence: one of Korea's two licensed credit bureaus, with 62.8% of revenue from individual credit scoring, operating margin expanding from 13.5% (2023) to 18.1% (TTM), 793 employees producing … of standalone revenue, net cash of 130–… (15… of market cap), and 12 consecutive years of dividend increases — trading at 10.1x TTM profit and 5.1x EV/EBITDA, with a single brokerage house still covering it.

The figures that matter. TTM revenue (through 06/30/2026) … (… y/y), operating profit … (18.1% margin), attributable net profit …, EPS …. At …: P/E 10.14x, P/B 1.82x (BVPS …), dividend yield 3.40% (…/share, paid March 2026), FCFE yield 11.6%. TTM ROE 19.1%, ROIC reported by the covering broker 39.3% for 2025. Real financial debt is … (short-term borrowings at 03/31/2026) — the rest of the "debt" on automated screens is … of lease obligations.

Estimated value — a range, not a point. Five triangulated models give a band of 15,500–…/share, with the median at ~… (median margin of safety …). The FCFE DCF model with conservative assumptions (owner earnings …, growth 6% in years 1–5 and 3% in years 6–10, discount …, terminal 2%, net debt treated as zero) gives …, i.e. …. The Monte Carlo simulation over the same model, with 20,000 scenarios, gives a median of … and a …% probability of undervaluation — but with a P10 of only …, which says exactly how much the result hangs on the base flow assumption. The pessimistic end of the triangulation (DCF bear: OE 80 bn, growth 3%, discount …) gives …: under prudent assumptions, the stock is fairly priced, not cheap.

What's in the price and what isn't. Two real things are in the price. First: the credit amnesty ("신용사면") — the Korean state wiped the delinquency history for ~2.9 million people in 2024 and launched a second wave in August 2025, with 3.24 million eligible and actual erasure from September 30, 2025 for debts under … repaid by December 31, 2025. Beneficiaries' average score rose 31 points (653 → 684), and for self-employed workers 101 points (624 → 725). This compresses the score distribution, i.e. erodes the very discriminatory power that is the company's product. Second: much of the recent growth is bought, not earned — the "big data + advertising agency + DB" segment rose from … revenue (2023) to ~57.1 bn (2025), almost entirely through consolidating four acquisitions (NICE P&I 76.82%, Eins Media 100%, Well Communications, J.Bridge). What's NOT in the price: normalization of the multiple to its own 5-year average and the value of net cash, which alone represents 15… of market cap.

Verdict: BUY, with a moderate position — not "strong buy." The core bull case is solid (licensed duopoly, debt-free balance sheet, 19% profitability, capital consistently returned, a 10x multiple), but the triangulated median of … is below the Buffett threshold of a 20% margin of safety, and the main risk — regulated erosion of credit-score value — attacks the moat directly, not just next year's profit. The tracker's GBL score (24.75/30 = 82.5%, "STRONG BUY," 08.22.2026) is more generous than my conclusion; the divergence is explained point by point in the final chapter.

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