> For the complete documentation index, see [llms.txt](https://arc-10.gitbook.io/arc/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://arc-10.gitbook.io/arc/356680_/t3.md).

# Valuation

## 1. 현재 멀티플

| 지표        |          값 |
| --------- | ---------: |
| PER (TTM) |     121.9x |
| PBR       | **10.96x** |
| BPS       |     1,557원 |
| ROE       |       8.0% |
| OPM       |       7.8% |

## 2. Peer Comparison

네트워크 보안 niche. 양자보안·홈네트워크 보안 옵션 + 가비아 그룹 시너지. PBR 10.96x = Peer (안랩·SGA솔루션즈) 대비 명백한 프리미엄.

## 3. PBR 시나리오

| 시나리오 | PBR |   적정주가 |   대비 |
| ---- | --: | -----: | ---: |
| 보수   |  5x |  7,785 | -54% |
| 기본   |  8x | 12,456 | -27% |
| 낙관   | 11x | 17,127 |   0% |
| 극낙관  | 15x | 23,355 | +37% |

### 확률가중 적정주가

* 약 **13,000원 (-24%)**

## 4. 결론

PBR 10.96x = 양자보안·가비아 그룹 옵션 가치 선반영. 확률가중 -24% 다운사이드 가능. **MA60 영역 분할 매수 권장 + 포지션 사이즈 제한**.


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