KOSDAQ · 036000 · Media & Publishing · ₩036000

YeaRimDang Publishing예림당

036000 · KOSDAQ · ₩036000 · 예림당

₩2,600▼ ₩125 (4.59%)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

₩7,488

vs the current price (₩2,600)

Enterprise value: ₩1.5B
Equity value: ₩172B
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 188% 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:

No operating margin up to 90% gets the model to today's price at these growth assumptions.
Margins ranged from −13.8% to 14.4% 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.
100% 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.
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.
Today's P/E is 6.3× against a typical 18.0× 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: ₩7,391; +184.3%
Base: ₩7,488; +188.0%
Bull: ₩7,664; +194.8%

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 (1.9%).

Revenue growth

Revenue growth, year 1-10%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-11.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-6.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-11.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-3.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-11.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 4-0.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-11.8% 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 (-11.8% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin1.9%
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 & amortisation3.5%
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 spending4.4%
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 rate4.01%
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 0.26, 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): ₩11B
Net debt (borrowings and leases − cash and deposits): −₩141B
+ Stakes and investments: ₩30B; Associates, long-term financial assets and deposits (book value)
Shares: 23,034,277
Share price: ₩2,600
Market cap: ₩60B

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	₩13B	₩12B	₩10B	₩9.5B	₩8.9B	₩8.5B	₩8.5B	₩8.8B
Growth	−14.2%	−7.9%	−13.1%	−10.0%	−6.7%	−3.5%	−0.2%	3.0%
EBIT	₩279M	₩361M	−₩1.4B	₩180M	₩168M	₩162M	₩162M	₩167M
EBIT margin	2.2%	3.1%	−13.8%	1.9%	1.9%	1.9%	1.9%	1.9%
After-tax EBIT	₩202M	₩262M	−₩1B	₩131M	₩122M	₩118M	₩117M	₩121M
+ Depreciation	—	—	—	₩332M	₩310M	₩299M	₩298M	₩307M
− Capital spending	₩89M	₩95M	₩1.2B	₩417M	₩389M	₩376M	₩375M	₩386M
− Working capital	−₩32B	−₩2.3B	−₩42B	₩105M	₩64M	₩31M	₩1.7M	−₩26M
Free cash flow	—	—	—	−₩60M	−₩21M	₩9.8M	₩39M	₩67M
Discount factor	—	—	—	0.932	0.868	0.809	0.754	0.703
Present value	—	—	—	−₩56M	−₩18M	₩7.9M	₩29M	₩47M

Terminal value ₩2.1B, worth ₩1.5B today: 99% 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 ₩11,494 a share)Now 0.23×	₩3,1610.28×	₩4,2680.37×	₩5,9260.52×
Price / earnings (last 12 months: ₩412 a share)Now 6.31×	₩2290.56×	₩7,40118.0×	₩20,01448.6×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,696 a share)Now 1.53×	₩9420.56×	₩30,48718.0×	₩82,45048.6×

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%	₩7,485	₩7,495	₩7,506	₩7,521	₩7,541
6.8%	₩7,479	₩7,486	₩7,496	₩7,508	₩7,523
7.3%	₩7,473	₩7,480	₩7,488	₩7,498	₩7,510
7.8%	₩7,468	₩7,474	₩7,481	₩7,489	₩7,499
8.3%	₩7,464	₩7,469	₩7,475	₩7,482	₩7,490

Now (TTM)

Market cap: ₩60B
Enterprise value: −₩81B
P/E: 6.3×
P/B: 0.2×
P/S: 5.7×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩3,270	₩1,876	₩1,780	₩1,810	₩2,470
Market cap	₩75B	₩43B	₩41B	₩42B	₩57B
P/E	0.6×	31.5×	28.1×	17.2×	21.3×
P/B	0.3×	0.4×	0.3×	0.4×	0.5×
P/S	7.3×	3.7×	3.2×	2.8×	3.6×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
YeaRimDang Publishing	6.3×	0.2×	5.7×	—	0.0%
CJ ENM	—	0.3×	0.2×	—	0.0%
Seoul Broadcasting System	109.3×	0.2×	0.2×	—	3.0%
KT Skylife	73.5×	0.3×	0.2×	—	9.5%
Mega Study	5.3×	0.5×	1.3×	—	10.1%
LG HelloVision	—	0.2×	0.1×	3.1×	0.0%
The Korea Economic Broadcasting	17.9×	0.7×	1.1×	—	3.3%
Similar companies (median)	45.7×	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: YeaRimDang Publishing / 예림당 / 036000 / KRX:036000

Source: KRX statistical information