KOSDAQ · 035900 · Entertainment · ₩035900

JYP EntertainmentJYP Ent.

035900 · KOSDAQ · ₩035900 · JYP Ent.

₩39,400▲ ₩500 (1.29%)End-of-day · Oct 30, 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

₩132,521

vs the current price (₩39,400)

Enterprise value: ₩4.4T
Equity value: ₩4.7T
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 236% 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 ₩39,400, the model needs an operating margin of 7.6% every year (it uses 24.5%).
Margins ranged from 18.9% to 29.9% over the last 5 years, so this is a cyclical business. The model uses the average; the price may be set by where the cycle is now. Try the margin fade option.
Today's P/E is 12.9× against a typical 23.9× 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: ₩90,988; +130.9%
Base: ₩132,521; +236.3%
Bull: ₩199,948; +407.5%

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 (24.5%).

Revenue growth

Revenue growth, year 125%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (33.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 219.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (33.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 314%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (33.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 48.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (33.4% 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 (33.4% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin24.5%
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.
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 & amortisation1.3%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
Capital spending7.8%
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 capital0.4%
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 rate4.01%
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.
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 0.1, 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)5.51%
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): ₩834B
Net debt (borrowings and leases − cash and deposits): −₩261B
+ Stakes and investments: ₩58B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩4.6B
Shares: 35,532,492
Share price: ₩39,400
Market cap: ₩1.4T

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	₩567B	₩602B	₩822B	₩1T	₩1.2T	₩1.4T	₩1.5T	₩1.6T
Growth	63.8%	6.2%	36.6%	25.0%	19.5%	14.0%	8.5%	3.0%
EBIT	₩169B	₩128B	₩155B	₩256B	₩305B	₩348B	₩378B	₩389B
EBIT margin	29.9%	21.3%	18.9%	24.5%	24.5%	24.5%	24.5%	24.5%
After-tax EBIT	₩123B	₩93B	₩113B	₩185B	₩221B	₩252B	₩274B	₩282B
+ Depreciation	₩5.7B	₩9B	₩11B	₩14B	₩16B	₩18B	₩20B	₩21B
− Capital spending	₩13B	₩111B	₩23B	₩81B	₩97B	₩111B	₩120B	₩124B
− Working capital	₩3.3B	₩877M	−₩2B	₩834M	₩814M	₩698M	₩483M	₩185M
Free cash flow	₩112B	−₩10B	₩103B	₩117B	₩140B	₩159B	₩173B	₩179B
Discount factor	—	—	—	0.932	0.868	0.809	0.754	0.703
Present value	—	—	—	₩109B	₩121B	₩129B	₩131B	₩126B

Terminal value ₩5.4T, worth ₩3.8T today: 86% 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 ₩18,253 a share)Now 2.16×	₩64,2723.52×	₩120,4006.60×	₩188,04610.3×
Price / earnings (last 12 months: ₩3,057 a share)Now 12.9×	₩42,55713.9×	₩73,05023.9×	₩118,94138.9×
P/E on run-rate earnings (Q2 2026 × 4: ₩2,456 a share)Now 16.0×	₩34,19113.9×	₩58,69023.9×	₩95,56038.9×

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%	₩137,057	₩149,127	₩163,999	₩182,776	₩207,228
6.8%	₩124,958	₩134,763	₩146,607	₩161,201	₩179,626
7.3%	₩114,801	₩122,898	₩132,521	₩144,145	₩158,466
7.8%	₩106,159	₩112,939	₩120,886	₩130,330	₩141,738
8.3%	₩98,719	₩104,463	₩111,118	₩118,918	₩128,188

Now (TTM)

Market cap: ₩1.4T
Enterprise value: ₩1.1T
P/E: 12.9×
P/B: 2.2×
P/S: 1.7×
EV/EBITDA: 7.2×
Dividend yield: 2.2%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩72,600	₩69,900	₩101,300	₩67,800	₩50,700
Market cap	₩2.6T	₩2.5T	₩3.6T	₩2.4T	₩1.8T
P/E	16.1×	25.4×	34.1×	35.7×	26.7×
P/B	4.2×	5.2×	9.1×	8.0×	7.3×
P/S	3.1×	4.1×	6.4×	7.0×	9.3×
EV/EBITDA	13.8×	16.8×	19.4×	22.5×	28.3×
Dividend yield	1.2%	0.8%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
JYP Entertainment	12.9×	2.2×	1.7×	7.2×	2.2%
HYBE	—	2.0×	1.9×	—	0.3%
SM Entertainment	13.3×	1.7×	1.4×	—	2.1%
CJ CGV	—	1.1×	0.4×	—	0.0%
YG Entertainment	20.9×	1.4×	1.1×	—	0.8%
Studio Dragon	21.8×	0.9×	1.2×	—	0.0%
The Pinkfong	4.2×	0.8×	1.9×	1.9×	0.0%
Similar companies (median)	17.1×	1.2×	1.3×	1.9×	0.2%

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

Also known as: JYP Entertainment / JYP Ent. / 035900 / KRX:035900

Source: KRX statistical information