# DoubleU Games (192080.KO)

Canonical: https://gigainvestors.com/s/192080.KO

Analysis as of: 2026-10-16T07:44:47.013Z. Financial observations: FY2015–FY2026.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: KRW 56,300.00 per share; close as of 2026-10-15.

Estimated value: low KRW 145,431.81 per share, central KRW 160,287.18 per share, high KRW 180,062.82 per share. Buy at or below the central value KRW 160,287.18 per share. Valuation as of 2026-10-16T07:44:47.013Z; scenarios are not confidence intervals.

Expected annual return: 53.3% at the stated quote. About 53.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; KR 10-year bond 4.2% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.25×

- FY2018: 0.28×

- FY2019: 0.30×

- FY2020: 0.30×

- FY2021: 0.31×

- FY2022: 0.30×

- FY2023: 0.37×

- FY2024: 0.39×

- FY2025: 0.32×

- LTM to Jun 2026: 0.33×

### moat: pass

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC, median of available years: 19.4%

- ROIC, second-lowest year: 15.7%

- Typical minus recent gross margin: 0.0 pp

- Typical gross margin (annual median): 100.0%

- Recent gross margin (lower of latest and 3-year median): 100.0%

- Years with nonpositive capital: 6

- Capital spending / revenue: 0.2%

- ROIC including acquisitions, ten-year median: 28.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 34.8%

- FY2017: 37.2%

- FY2018: 69.4%

- FY2019: 87.5%

- FY2020: 20.5%

- FY2021: 15.7%

- FY2022: 18.4%

- FY2023: 18.3%

- FY2024: 17.0%

- FY2025: 15.2%

### economics: pass

- Owner earnings / net income, 5-yr: 1.11×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 510B

- Net income, five-year total: KRW 461B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: 0.1 pp

- Working capital / revenue, final three-year average: 2.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.19×

- FY2022: 0.93×

- FY2023: 1.01×

- FY2024: 1.02×

- FY2025: 1.08×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 37.2% vs 17.0%

- Per-share earnings: 5208.89 to 7516.73 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 2.9%

- Market cap gain: KRW 351B

- Cumulative retained earnings: KRW 861B

- Diluted shares, 5-year annual growth: 2.9%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 6.3%

- Per-share value change: KRW 2K

- Per-share value, starting three-year median: KRW 5K

- Per-share value, ending three-year median: KRW 8K

- Buybacks concentrated in cheaper years (correlation): -0.60

- Average buyback yield: 1.5%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- Acquisition spending: KRW 1.21T

- Cumulative net income, 10 years: KRW 855B

- ROIC, first three-year median: 37.2%

- ROIC, last three-year median: 17.0%

Chart: Earnings per share; fiscal year observations.

- FY2017: KRW 2K

- FY2018: KRW 5K

- FY2019: KRW 7K

- FY2020: KRW 7K

- FY2021: KRW 7K

- FY2022: KRW -7K

- FY2023: KRW 8K

- FY2024: KRW 9K

- FY2025: KRW 7K

### accounting: pass

- Sloan accruals: -5.7%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: -0.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.81×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.74×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.2%

- FY2017: -4.7%

- FY2018: -6.9%

- FY2019: -5.0%

- FY2020: -8.7%

- FY2021: -4.6%

- FY2022: -20.3%

- FY2023: 4.1%

- FY2024: -5.3%

- FY2025: -5.7%

## Holders

## Price story

Price needs cash profits to shrink 24.2% a year for ten years · sales +11.3%

Story as of 2026-10-16T10:00:13.183Z; price observation 2026-10-15.

Price needs cash profits to shrink 24.2% a year for ten years

### Sales · FY2025–2026

sales +11.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 319B 

- FY2018: KRW 483B 

- FY2019: KRW 514B 

- FY2020: KRW 658B 

- FY2021: KRW 624B 

- FY2022: KRW 617B 

- FY2023: KRW 582B 

- FY2024: KRW 633B 

- FY2025: KRW 720B 

- FY2026: KRW 802B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in electronic gaming & multimedia; annual sales are KRW 719.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:47.013Z); FY2025: revenue 719897452500; grossProfit 719897452500; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 192080.KO: DoubleUGames Co., Ltd. develops and services mobile games worldwide. It offers DoubleDown Casino; DoubleU Casino, a social casino game; Take5 Slots, a multiplayer slot room game; DoubleU Bingo; and Undead World. The company was founded in 2012 and is based in Seoul, South Korea.

### Why customers stay

Margins ranged from 100% to 100% during 2023–25; it earns 19.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:47.013Z); FY2023: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:47.013Z); FY2024: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:47.013Z); FY2025: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:47.013Z); 10-year return on capital observations [[2016,0.34817618131506334],[2017,0.3715297144337795],[2018,0.6942962587215824],[2019,0.8745804918949422],[2020,0.204689881967985],[2021,0.15705780297039493],[2022,0.18415356191106677],[2023,0.1829677615869095],[2024,0.1698360720191107],[2025,0.15183705944590387]]; median 0.1944217219395259. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back KRW 35 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:47.013Z); FY2016: growth capex 0; upkeep 445243030; owner earnings 53808779960. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:47.013Z); FY2017: growth capex 0; upkeep 634539750; owner earnings 81772662650. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:47.013Z); FY2018: growth capex 0; upkeep 729505310; owner earnings 155555524810. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:47.013Z); FY2019: growth capex 0; upkeep 1072963960; owner earnings 149672907754. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:47.013Z); FY2020: growth capex 0; upkeep 494030690; owner earnings 151996684756. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:47.013Z); FY2021: growth capex 0; upkeep 596551800; owner earnings 149313018924. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:47.013Z); FY2023: growth capex 0; upkeep 688552340; owner earnings 150718216545.96466. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:47.013Z); FY2024: growth capex 0; upkeep 2745135740; owner earnings 190653086071.72513. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:47.013Z); FY2025: growth capex 0; upkeep 941275490; owner earnings 142045249219.04422. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:47.013Z); Dividend observations: [[2016,10289877000],[2017,10289877000],[2018,5668788300],[2019,5896912700],[2020,5901534100],[2021,5941434100],[2022,11882868200],[2023,9975567000],[2024,16949975490],[2025,23911190870]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:47.013Z); FY2025: cash repurchases 34999973270 KRW.

### Are managers owners

Insiders own 43.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 192080.KO SharesStats.PercentInsiders = 43.277 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 24.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:47.013Z); Ten-year compound average after fade. Initial solved rate -0.3434741655502703. Price 56300; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (KRW per share)

- 2016-11: KRW 26,458.33 per share

- 2016-12: KRW 33,208.33 per share

- 2017-01: KRW 32,208.33 per share

- 2017-02: KRW 34,708.33 per share

- 2017-03: KRW 32,916.67 per share

- 2017-04: KRW 45,666.67 per share

- 2017-05: KRW 45,750.00 per share

- 2017-06: KRW 51,416.67 per share

- 2017-07: KRW 52,500.00 per share

- 2017-08: KRW 44,500.00 per share

- 2017-09: KRW 47,083.33 per share

- 2017-10: KRW 42,750.00 per share

- 2017-11: KRW 44,083.33 per share

- 2017-12: KRW 43,083.33 per share

- 2018-01: KRW 51,166.67 per share

- 2018-02: KRW 51,583.33 per share

- 2018-03: KRW 58,833.33 per share

- 2018-04: KRW 52,083.33 per share

- 2018-05: KRW 46,416.67 per share

- 2018-06: KRW 44,750.00 per share

- 2018-07: KRW 45,750.00 per share

- 2018-08: KRW 58,083.33 per share

- 2018-09: KRW 57,500.00 per share

- 2018-10: KRW 54,333.33 per share

- 2018-11: KRW 50,750.00 per share

- 2018-12: KRW 49,833.33 per share

- 2019-01: KRW 46,583.33 per share

- 2019-02: KRW 51,083.33 per share

- 2019-03: KRW 51,166.67 per share

- 2019-04: KRW 62,916.67 per share

- 2019-05: KRW 56,333.33 per share

- 2019-06: KRW 51,583.33 per share

- 2019-07: KRW 46,583.33 per share

- 2019-08: KRW 46,166.67 per share

- 2019-09: KRW 46,000.00 per share

- 2019-10: KRW 40,000.00 per share

- 2019-11: KRW 40,208.33 per share

- 2019-12: KRW 41,541.67 per share

- 2020-01: KRW 39,375.00 per share

- 2020-02: KRW 34,250.00 per share

- 2020-03: KRW 36,166.67 per share

- 2020-04: KRW 48,333.33 per share

- 2020-05: KRW 55,833.33 per share

- 2020-06: KRW 66,500.00 per share

- 2020-07: KRW 63,333.33 per share

- 2020-08: KRW 60,916.67 per share

- 2020-09: KRW 62,083.33 per share

- 2020-10: KRW 51,250.00 per share

- 2020-11: KRW 48,666.67 per share

- 2020-12: KRW 50,166.67 per share

- 2021-01: KRW 52,083.33 per share

- 2021-02: KRW 46,083.33 per share

- 2021-03: KRW 57,083.33 per share

- 2021-04: KRW 53,083.33 per share

- 2021-05: KRW 56,333.33 per share

- 2021-06: KRW 49,666.67 per share

- 2021-07: KRW 50,750.00 per share

- 2021-08: KRW 52,750.00 per share

- 2021-09: KRW 52,500.00 per share

- 2021-10: KRW 53,500.00 per share

- 2021-11: KRW 46,416.67 per share

- 2021-12: KRW 48,250.00 per share

- 2022-01: KRW 41,666.67 per share

- 2022-02: KRW 41,083.33 per share

- 2022-03: KRW 43,000.00 per share

- 2022-04: KRW 41,500.00 per share

- 2022-05: KRW 36,625.00 per share

- 2022-06: KRW 32,000.00 per share

- 2022-07: KRW 35,208.33 per share

- 2022-08: KRW 35,833.33 per share

- 2022-09: KRW 36,583.33 per share

- 2022-10: KRW 39,958.33 per share

- 2022-11: KRW 40,583.33 per share

- 2022-12: KRW 39,375.00 per share

- 2023-01: KRW 41,000.00 per share

- 2023-02: KRW 38,583.33 per share

- 2023-03: KRW 36,833.33 per share

- 2023-04: KRW 37,750.00 per share

- 2023-05: KRW 37,041.67 per share

- 2023-06: KRW 35,125.00 per share

- 2023-07: KRW 33,416.67 per share

- 2023-08: KRW 35,583.33 per share

- 2023-09: KRW 33,333.33 per share

- 2023-10: KRW 34,500.00 per share

- 2023-11: KRW 37,458.33 per share

- 2023-12: KRW 39,625.00 per share

- 2024-01: KRW 42,000.00 per share

- 2024-02: KRW 46,350.00 per share

- 2024-03: KRW 41,350.00 per share

- 2024-04: KRW 43,750.00 per share

- 2024-05: KRW 44,250.00 per share

- 2024-06: KRW 46,100.00 per share

- 2024-07: KRW 46,500.00 per share

- 2024-08: KRW 49,200.00 per share

- 2024-09: KRW 50,000.00 per share

- 2024-10: KRW 53,200.00 per share

- 2024-11: KRW 51,300.00 per share

- 2024-12: KRW 53,900.00 per share

- 2025-01: KRW 49,000.00 per share

- 2025-02: KRW 47,900.00 per share

- 2025-03: KRW 49,850.00 per share

- 2025-04: KRW 56,400.00 per share

- 2025-05: KRW 50,700.00 per share

- 2025-06: KRW 57,100.00 per share

- 2025-07: KRW 56,000.00 per share

- 2025-08: KRW 52,700.00 per share

- 2025-09: KRW 52,000.00 per share

- 2025-10: KRW 50,200.00 per share

- 2025-11: KRW 52,700.00 per share

- 2025-12: KRW 53,600.00 per share

- 2026-01: KRW 53,500.00 per share

- 2026-02: KRW 53,000.00 per share

- 2026-03: KRW 49,700.00 per share

- 2026-04: KRW 61,100.00 per share

- 2026-05: KRW 68,400.00 per share

- 2026-06: KRW 63,700.00 per share

- 2026-07: KRW 60,100.00 per share

- 2026-08: KRW 58,500.00 per share

- 2026-09: KRW 58,000.00 per share

- 2026-10: KRW 57,100.00 per share

## Annual estimated value (KRW per share)

- FY2019: low KRW 104,080.85 per share, central KRW 117,458.25 per share, high KRW 135,266.41 per share

- FY2020: low KRW 132,387.13 per share, central KRW 149,406.88 per share, high KRW 172,063.79 per share

- FY2021: low KRW 130,113.53 per share, central KRW 144,300.08 per share, high KRW 163,185.38 per share

- FY2022: low KRW 99,014.15 per share, central KRW 110,171.00 per share, high KRW 125,023.13 per share

- FY2023: low KRW 96,329.38 per share, central KRW 106,917.66 per share, high KRW 121,012.92 per share

- FY2024: low KRW 114,415.81 per share, central KRW 125,937.07 per share, high KRW 141,274.30 per share

- FY2025: low KRW 127,647.46 per share, central KRW 140,909.09 per share, high KRW 158,563.13 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:50:35.715Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations