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TBC

033830 · KOSDAQ · ₩033830 · 티비씨

₩1,691▲ ₩15 (0.89%)End-of-day · Oct 29, 2026 · End-of-day prices.
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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

₩5,815

vs the current price (₩1,691)

Enterprise value
₩28B
Equity value
₩110B
WACC
7.3%

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 is 244% away from today's price. A gap this size usually means the market expects something the past figures don't show yet, or the model leaves something out. What we can see:

  • To match today's price of ₩1,691, the model needs an operating margin of −8.0% every year (it uses 6.5%).
  • 86% of the last 12 months' net profit came from outside operations (stakes in other companies, interest, one-offs). The model adds those stakes at book value but doesn't project that income.
  • Today's P/E is 10.7× against a typical 16.2× over the last 10 years.

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
₩5,104
+201.8%
Base
₩5,815
+243.9%
Bull
₩7,108
+320.3%

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

Assumptions

Sign in to change the assumptions and see the results update. Sign in

Cycle options

Margin path

Every year uses the cycle-average margin (6.5%).

Revenue growth

  • 0.2%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (0.2% a year, annual reports), fading to 3% by year 5.

  • 0.9%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (0.2% a year, annual reports), fading to 3% by year 5.

  • 1.6%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (0.2% a year, annual reports), fading to 3% by year 5.

  • 2.3%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (0.2% a year, annual reports), fading to 3% by year 5.

  • 3%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (0.2% a year, annual reports), fading to 3% by year 5.

Business

  • 6.5%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 1.6%

    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).

  • 2%

    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).

  • 40%

    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

  • 2%

    How fast cash flows keep growing every year after year 5.

    Default: about Korea's long-run inflation plus real growth.

  • 4.01%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-30.

  • 0.6

    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 -0.66, adjusted toward 1 and kept between 0.6 and 2.0.

  • 5.5%

    The extra return investors want for owning shares instead of bonds.

    Default: a typical premium for Korean shares.

  • 5.51%

    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)
₩39B
Net debt (borrowings and leases − cash and deposits)
−₩78B
+ Stakes and investments
₩3.7B
Associates, long-term financial assets and deposits (book value)
Shares
18,907,130
Share price
₩1,691
Market cap
₩32B

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.

FY2023FY2024FY2025Year 1Year 2Year 3Year 4Year 5
Revenue₩44B₩40B₩43B₩40B₩40B₩41B₩41B₩43B
Growth2.4%−7.4%6.0%0.2%0.9%1.6%2.3%3.0%
EBIT₩4.1B₩1.5B₩1.5B₩2.6B₩2.6B₩2.6B₩2.7B₩2.8B
EBIT margin9.5%3.6%3.5%6.5%6.5%6.5%6.5%6.5%
After-tax EBIT₩3B₩1.1B₩1.1B₩1.9B₩1.9B₩1.9B₩2B₩2B
+ Depreciation———₩632M₩638M₩648M₩663M₩683M
− Capital spending₩1.4B₩449M₩763M₩790M₩797M₩810M₩829M₩854M
− Working capital−₩2.4B−₩8.9B−₩8.6B₩32M₩142M₩255M₩373M₩497M
Free cash flow———₩1.7B₩1.6B₩1.5B₩1.4B₩1.3B
Discount factor———0.9320.8680.8090.7540.703
Present value———₩1.6B₩1.4B₩1.2B₩1.1B₩944M

Terminal value ₩31B, worth ₩22B today: 78% 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:

LowTypicalHigh
Price / book (book value ₩6,909 a share)Now 0.24×₩2,9390.43×₩4,5440.66×₩6,4490.93×
Price / earnings (last 12 months: ₩158 a share)Now 10.7×₩2,00912.7×₩2,56016.2×₩3,84224.4×
P/E on run-rate earnings (Q2 2026 × 4: ₩100 a share)Now 16.9×₩1,27712.7×₩1,62716.2×₩2,44124.4×

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%
6.3%₩5,993₩6,067₩6,156₩6,269₩6,415
6.8%₩5,848₩5,902₩5,968₩6,048₩6,148
7.3%₩5,726₩5,767₩5,815₩5,872₩5,942
7.8%₩5,622₩5,652₩5,688₩5,730₩5,780
8.3%₩5,532₩5,555₩5,582₩5,612₩5,648

Now (TTM)

Market cap
₩32B
Enterprise value
−₩46B
P/E
10.7×
P/B
0.2×
P/S
0.8×
EV/EBITDA
—
Dividend yield
4.1%

Over time (at each year end)

20252024202320222021
Price₩3,055₩4,085₩4,900₩5,550₩6,975
Market cap₩58B₩77B₩93B₩105B₩132B
P/E15.2×20.3×15.0×21.3×28.5×
P/B0.4×0.6×0.7×0.9×1.1×
P/S1.4×1.9×2.1×2.5×3.1×
EV/EBITDA—————
Dividend yield2.3%1.3%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
TBC10.7×0.2×0.8×—4.1%
CJ ENM—0.3×0.2×—0.0%
Seoul Broadcasting System109.8×0.2×0.2×—3.0%
KT Skylife76.7×0.3×0.2×—9.2%
Mega Study5.3×0.5×1.3×—10.1%
LG HelloVision—0.2×0.1×3.1×0.0%
The Korea Economic Broadcasting18.1×0.7×1.1×—3.3%
Similar companies (median)47.4×0.3×0.2×3.1×3.1%

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

Also known as: TBC / 티비씨 / 033830 / KRX:033830

Source: KRX statistical information