KOSPI · 019680 · Education · ₩019680

Daekyo대교

019680 · KOSPI · ₩019680 · 대교

₩1,484▼ ₩13 (0.87%)End-of-day · Oct 28, 2026 · End-of-day prices.

Trade

Sell Buy

Valuation model · Discounted cash flow (DCF)

We use a 5-year discounted cash flow: the value of the cash the business is expected to produce, in today's money.

Fair value per share

With these assumptions the model gives no positive value.

Enterprise value: −₩398B
Equity value: −₩474B
WACC: 5.3%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.

Why the model and the price differ

The model gives no positive value at these assumptions. What we can see:

To match today's price of ₩1,484, the model needs an operating margin of 1.4% every year (it uses −2.7%).
In the projection, spending on equipment, software and working capital takes most or all of the after-tax operating profit, so free cash flow is thin. Companies that invest heavily often look like this until spending slows.

Treat the model as a starting point: change the assumptions to the story you believe, and compare with the multiples check below.

Bear / Base / Bull

Bear: —
Base: —
Bull: —

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (−2.7%).

Revenue growth

Revenue growth, year 1-1.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-1.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-0.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-1.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 30.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-1.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 41.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-1.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-1.6% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-2.7%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 5 annual reports' operating margins.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation3.1%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: not in the statements, so 80% of capital spending (most spending replaces equipment that wears out).
Capital spending3.8%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
Working capital-10%
Stock and unpaid customer bills, less unpaid supplier bills, as a % of revenue. Each year's extra revenue ties up this much more cash.
Default: working capital (current assets less cash and deposits, minus current liabilities other than borrowings) as a share of revenue, averaged over the last 3 years.

Discount rate

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.11%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-28.
Beta0.6
How much the share moves when the market moves: 1 means just like the market.
Default: 105 weeks of weekly returns against KOSPI (official index); raw beta 0.02, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)5.61%
The interest rate the company would pay to borrow.
Default: the 10-year yield plus a 1.5% credit spread.

Starting point

Revenue (TTM to H1 2026): ₩638B
Net debt (borrowings and leases − cash and deposits): ₩120B
+ Stakes and investments: ₩44B; Associates, long-term financial assets and deposits (book value)
Shares: 49,947,345; incl. 9,713,495 preferred
Share price: ₩1,484
Market cap: ₩69B

TTM = trailing 12 months: the last four reported quarters added together. "TTM to H1 2026" is the 12 months up to the latest quarterly or half-year report (H1 = to the end of June). Year 1 grows from there.

Past years and projection

Grey columns are reported results from the annual reports (after-tax EBIT at the model's tax rate), so you can check the growth and margin assumptions against the past. Years 1–5 are the model.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩660B	₩664B	₩650B	₩628B	₩625B	₩629B	₩640B	₩660B
Growth	−3.4%	0.6%	−2.0%	−1.6%	−0.5%	0.7%	1.8%	3.0%
EBIT	−₩28B	−₩1.6B	−₩3.4B	−₩17B	−₩17B	−₩17B	−₩17B	−₩18B
EBIT margin	−4.2%	−0.2%	−0.5%	−2.7%	−2.7%	−2.7%	−2.7%	−2.7%
After-tax EBIT	−₩20B	−₩1.1B	−₩2.5B	−₩12B	−₩12B	−₩12B	−₩13B	−₩13B
+ Depreciation	—	—	—	₩19B	₩19B	₩20B	₩20B	₩20B
− Capital spending	₩31B	₩21B	₩24B	₩24B	₩24B	₩24B	₩24B	₩25B
− Working capital	−₩2.5B	−₩21B	−₩5.9B	₩1B	₩314M	−₩437M	−₩1.1B	−₩1.9B
Free cash flow	—	—	—	−₩18B	−₩17B	−₩16B	−₩16B	−₩16B
Discount factor	—	—	—	0.950	0.902	0.857	0.814	0.773
Present value	—	—	—	−₩17B	−₩15B	−₩14B	−₩13B	−₩12B

Terminal value −₩423B, worth −₩327B today: 82% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

Cross-check: what the market has paid before

For cyclical businesses, analysts check a DCF against the multiples the stock has traded at through past cycles. Price / book is the usual anchor for them: P/E looks highest at the bottom of a cycle, when earnings are smallest, and lowest at the top. The price each band would give today:

	Low	Typical	High
Price / book (book value ₩5,495 a share)Now 0.27×	₩2,5050.46×	₩3,6270.66×	₩4,1820.76×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2021, each against the latest report out by then, per share at today's share count; loss years and P/E above 100 are left out. Run-rate earnings are one quarter × 4, not a forecast. Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Sensitivity

Fair value per share as two inputs change; the middle is the current case.

WACC ↓ · Terminal growth →	1.0%	1.5%	2.0%	2.5%	3.0%
4.3%	—	—	—	—	—
4.8%	—	—	—	—	—
5.3%	—	—	—	—	—
5.8%	—	—	—	—	—
6.3%	—	—	—	—	—

Now (TTM)

Market cap: ₩60B
Enterprise value: ₩88B
P/E: —
P/B: 0.2×
P/S: 0.1×
EV/EBITDA: —
Dividend yield: 8.1%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩3,792	₩5,040	₩5,180	₩5,230	₩7,790
Market cap	₩153B	₩203B	₩208B	₩210B	₩313B
P/E	—	312.4×	—	—	—
P/B	0.5×	0.7×	0.7×	0.5×	0.6×
P/S	0.2×	0.3×	0.3×	0.3×	0.5×
EV/EBITDA	—	—	—	—	—
Dividend yield	3.2%	0.0%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Daekyo	—	0.2×	0.1×	—	8.1%
MegaStudyEdu	4.7×	0.8×	0.4×	2.1×	7.9%
Digital Daesung	6.8×	1.6×	0.9×	—	5.7%
Multicampus	7.0×	0.7×	0.5×	—	5.0%
Ibkimyoung	6.1×	1.7×	0.8×	—	13.3%
JLS	12.1×	1.0×	0.9×	—	9.2%
Creverse	8.6×	1.6×	0.4×	—	9.7%
Similar companies (median)	6.9×	1.3×	0.7×	2.1×	8.6%

Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.

Also known as: Daekyo / 대교 / 019680 / KRX:019680

Source: KRX statistical information