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KREDKRED
462870KOSPI

Shift UP

30,750
-600 (-1.91%)

Price chart

  • MA5
  • MA20
  • MA60
Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

Shift UP Corporation is a company established on December 2, 2013. It is headquartered in Seoul and is listed on the KOSPI market.

The company operates as a global game developer. It develops game intellectual properties for mobile, PC, and console platforms, which are distributed in domestic and overseas markets through global publishers.

Business overview as filed

당사는 2013년 12월 2일 설립된 글로벌 게임 개발사로 게임 개발을 주요 사업으로 영위하고 있으며, 당사가 개발한 게임을 글로벌 퍼블리셔를 통해 국내 및 해외에 서비스하고 있습니다.당사의 대표 게임 타이틀이자 주요 매출원으로는 전 세계 약 150여개국 이상에서 모바일과 PC로 서비스되고 있는 와 AAA급 콘솔 게임 등의 게임 IP로 구성되어 있으며, 출시 이후에도 글로벌 이용자의 눈높이에 맞는 콘텐츠 개발과 서비스를 제공해 나가고 있습니다.당사 제13기 (2025.01.01~2025.12.31) 영업수익은 2,945억원입니다. 이 중 의 영업수익은 1,653억원(매출 비중 56.1%), 의 영업수익은 1,176억원(매출 비중 39.9%)으로 구성되어 있습니다. 또한 당사는 , , IP 이외에도 신규 IP의 개발 및 확보를 통한 게임 포트폴리오 다각화를 진행하고 있으며, 그 밖에 보유 IP를 활용한 를 단계적으로 확대해 나갈 예정입니다.

Company overview

가. 연결대상 종속회사 현황(요약)

1) 연결대상 종속회사 개황

2) 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 '주식회사 시프트업'이며, 영문명은 'SHIFT UP Corporation.' 입니다.

다. 설립일자 및 존속기간

당사는 2013년 12월 02일 '주식회사 시프트업' 으로 설립되었습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

1) 본사의 주소 : 서울특별시 서초구 서초대로77길 55, 12층, 13층, 14층, 15층(서초동, 에이프로 스퀘어)2) 전화번호 : 070-8672-55973) 홈페이지 : https://shiftup.co.kr

마. 중소기업 등 해당 여부

중소기업확인서 2025.04.01~2026.03.31_1.jpg 중소기업확인서 (주)시프트업 벤처기업확인서(2024.11.18~2027.11.17)_1.jpg 벤처기업확인서

바. 주요 사업의 내용 및 향후 추진하려는 신규사업

당사는 게임 개발을 주요 사업으로 영위하는 글로벌 게임 개발사로, 당사가 개발한 게임을 글로벌 퍼블리셔를 통해 국내 및 해외에 서비스하고 있습니다.당사의 대표 게임 타이틀이자 주요 매출원으로는 전 세계 약 150여개국 이상에서 모바일과 PC로 서비스되고 있는 와 AAA급 콘솔 게임 등의 게임 IP로 구성되어 있으며, 출시 이후에도 글로벌 이용자의 눈높이에 맞는 콘텐츠 개발과 서비스를 제공해 나가고 있습니다.당사 제13기 (2025.01.01~2025.12.31) 영업수익은 2,945억원입니다. 이 중 의 영업수익은 1,653억원(매출 비중 56.1%), 의 영업수익은 1,176억원(매출 비중 39.9%)으로 구성되어 있습니다. 또한 당사는 , , IP 이외에도 신규 IP의 개발 및 확보를 통한 게임 포트폴리오 다각화를 진행하고 있으며, 그 밖에 보유 IP를 활용한 를 단계적으로 확대해 나갈 예정입니다.

사. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.18), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

2.67%
[1.87%, 3.94%] · As of 2026-10-02
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 31.3% (2026-03-04). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.25
Beta [0.13, 0.37] · KOSPI200 · As of 2026-10-08
Intercept
-0.185%[-0.455%, +0.085%]
R squared
0.14
Observations
252
Trading-time corrected beta
0.05[-0.13, 0.24]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSPI200 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

2023Separate basis2024Separate basis2025Consolidated basis
RevenueKRW 100M1,6862,2412,945
Revenue growth%—32.91—
Operating incomeKRW 100M1,1111,5271,814
Operating income growth%—37.47—
Net incomeKRW 100M1,0671,4801,914
Net income growth%—38.69—
Attributable to ownersKRW 100M——1,914
Attributable to minoritiesKRW 100M——0
Operating margin%65.8868.1361.59
Net margin%63.2866.0364.99
ROE%——20.78
ROA%52.3218.4117.67
Debt ratio%12.635.1617.60
Current ratio%1,582.292,687.23818.74
Quick ratioNot applicableNot applicableNot applicable
Reserve ratio%1,684.056,398.487,994.52
Free cash flowKRW 100M1,0011,1151,546
FCF margin%59.3949.7552.49
OCF conversion%94.1477.1482.10
Capex to revenue%0.181.180.87
EPSKRW3,0042,7343,293
PERx—23.1910.78
BPSKRW——15,624
PBRx——2.27
Dividend per shareNot applicableNot applicableNot applicable

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Free cash flow breakdownKRW 100M

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

202320242025
2,0398,03810,833
2293941,621
1,8117,6449,212

Income statement

202320242025
1,6862,2412,945
1,1111,5271,814
1,1431,7882,330
1,0671,4801,914
Basic earnings per shareKRW3,0042,7343,293
Diluted earnings per shareKRW2,0422,6593,260
1,0661,4802,052

Cash flow statement

202320242025
Net incomefrom the income statement1,0671,4801,914
Total adjustments to operating cash flowcomputed-63-338-343
1,0041,1411,572
39-3,683-2,832
-54,269-514
Cash at beginning of periodKRW 100M1241,1612,893
1,1612,8931,101
Net change in cash and cash equivalentsKRW 100MNot applicableNot applicableNot applicable

In the latest fiscal year cash generated by operations covered both investing outflows and financing outflows.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.18.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 13한영회계법인2025-12-31
2024적정의견Term 12한영회계법인2025-12-31
2023적정의견Term 11삼정회계법인2025-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 1Y0.25
%
%
Cost of equity5.66%
Weighted average cost of capital—
Initial growth20.8%
Effective tax rate17.9%
Base fiscal year2025
Current priceKRW30,750

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth modelNo dividend
Dividend discount model DDMNo dividend
Discounted cash flow FCFFNo borrowing line filed
Discounted cash flow FCFE110,970+260.9%
Residual income model RIM136,881+345.1%
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.25 × 5.00% = 5.66%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(20.78% × (1 − 0.00%), 0) = 20.78%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 15,624 KRW, ROE = 20.78%, payout ratio = 0.00%, r = 5.66%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
115,6243,2478842,3620.94642,236
218,8703,9211,0682,8530.89572,556
322,7924,7361,2903,4460.84772,922
427,5285,7211,5584,1620.80233,340
533,2496,9091,8825,0270.75943,818
Terminal value140,1020.7594106,387

P_0 = 15,624 + 14,870 + 106,387 = 136,881 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 1,571.7 − 25.6 + 0.0 (net borrowing) = 1,546.1 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
120.78%1,867.40.94641,767.4
216.09%2,167.80.89571,941.8
311.39%2,414.70.84772,047.1
46.70%2,576.40.80232,067.1
52.00%2,627.90.75941,995.5
Terminal value2.00%73,234.00.759455,610.5
Total65,429.3

P_0 = 65,429.3 KRW hundred million ÷ 58,961,440 (shares) = 110,970 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

Other issues on the same market

Neighbours in the market capitalisation order.

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