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JLS

040420 · KOSDAQ · ₩040420 · 정상제이엘에스

₩5,740▲ ₩20 (0.35%)End-of-day · Oct 28, 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

₩10,586

vs the current price (₩5,740)

Enterprise value
₩159B
Equity value
₩166B
WACC
7.2%

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 84% 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 ₩5,740, the model needs an operating margin of 6.5% every year (it uses 12.2%).
  • Or revenue growth −12.9 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 12.1× against a typical 8.8× 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
₩6,566
+14.4%
Base
₩10,586
+84.4%
Bull
₩17,328
+201.9%

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 (12.2%).

Revenue growth

  • -2.4%

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

    Default: the last 3 years' revenue growth (-2.4% a year, annual reports), fading to 3% by year 5.

  • -1%

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

    Default: the last 3 years' revenue growth (-2.4% a year, annual reports), fading to 3% by year 5.

  • 0.3%

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

    Default: the last 3 years' revenue growth (-2.4% a year, annual reports), fading to 3% by year 5.

  • 1.7%

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

    Default: the last 3 years' revenue growth (-2.4% 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 (-2.4% a year, annual reports), fading to 3% by year 5.

Business

  • 12.2%

    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.

  • 2.4%

    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).

  • 3%

    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).

  • -6.7%

    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.

  • 4.08%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-29.

  • 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 0.02, 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.

  • 5.58%

    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)
₩102B
Net debt (borrowings and leases − cash and deposits)
₩4.5B
+ Stakes and investments
₩11B
Associates, long-term financial assets and deposits (book value)
Shares
15,677,552
Share price
₩5,740
Market cap
₩90B

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₩113B₩106B₩103B₩100B₩99B₩99B₩101B₩104B
Growth2.3%−6.6%−2.6%−2.4%−1.0%0.3%1.7%3.0%
EBIT₩16B₩10B₩9.8B₩12B₩12B₩12B₩12B₩13B
EBIT margin14.4%9.6%9.5%12.2%12.2%12.2%12.2%12.2%
After-tax EBIT₩12B₩7.3B₩7.1B₩8.8B₩8.8B₩8.8B₩8.9B₩9.2B
+ Depreciation———₩2.4B₩2.4B₩2.4B₩2.4B₩2.5B
− Capital spending₩1.8B₩6.6B₩1.3B₩3B₩3B₩3B₩3B₩3.1B
− Working capital₩2B₩5.7B−₩7.5B₩165M₩67M−₩20M−₩113M−₩203M
Free cash flow———₩8.1B₩8.1B₩8.2B₩8.4B₩8.8B
Discount factor———0.9330.8700.8110.7570.706
Present value———₩7.5B₩7B₩6.7B₩6.4B₩6.2B

Terminal value ₩177B, worth ₩125B today: 79% 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 ₩5,524 a share)Now 1.04×₩5,9861.08×₩7,2501.31×₩9,1841.66×
Price / earnings (last 12 months: ₩473 a share)Now 12.1×₩3,8138.06×₩4,1568.79×₩6,51013.8×
P/E on run-rate earnings (Q2 2026 × 4: ₩726 a share)Now 7.91×₩5,8518.06×₩6,3768.79×₩9,98813.8×

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%
6.2%₩10,883₩11,834₩13,010₩14,503₩16,459
6.7%₩9,960₩10,733₩11,670₩12,828₩14,299
7.2%₩9,186₩9,825₩10,586₩11,509₩12,650
7.7%₩8,528₩9,063₩9,692₩10,442₩11,351
8.2%₩7,960₩8,414₩8,942₩9,562₩10,301

Now (TTM)

Market cap
₩90B
Enterprise value
₩90B
P/E
12.1×
P/B
1.0×
P/S
0.9×
EV/EBITDA
—
Dividend yield
9.2%

Over time (at each year end)

20252024202320222021
Price₩5,990₩6,090₩7,000₩7,140₩7,270
Market cap₩94B₩95B₩110B₩112B₩114B
P/E14.1×12.6×8.2×8.4×8.4×
P/B1.1×1.1×1.3×1.4×1.6×
P/S0.9×0.9×1.0×1.0×1.1×
EV/EBITDA———5.9×6.5×
Dividend yield8.8%8.7%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
JLS12.1×1.0×0.9×—9.2%
MegaStudyEdu4.7×0.8×0.4×2.1×7.9%
Digital Daesung6.8×1.6×0.9×—5.7%
Multicampus7.0×0.7×0.5×—5.0%
Ibkimyoung6.1×1.7×0.8×—13.3%
Creverse8.6×1.6×0.4×—9.7%
Woongjin Thinkbig—0.3×0.1×—14.6%
Similar companies (median)6.8×1.2×0.5×2.1×8.8%

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

Also known as: JLS / 정상제이엘에스 / 040420 / KRX:040420

Source: KRX statistical information