KOSDAQ · 047820 · Entertainment · ₩047820

Chorokbaem Media초록뱀미디어

047820 · KOSDAQ · ₩047820 · 초록뱀미디어

₩3,015▲ ₩45 (1.52%)End-of-day · Oct 27, 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

₩4,548

vs the current price (₩3,015)

Enterprise value: −₩15B
Equity value: ₩111B
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 51% 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 ₩3,015, the model needs an operating margin of −1.2% every year (it uses 1.1%).
Margins ranged from −7.3% to 2.9% 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.
95% 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.

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: ₩3,735; +23.9%
Base: ₩4,548; +50.8%
Bull: ₩6,207; +105.9%

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 (1.1%).

Revenue growth

Revenue growth, year 1-3.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-0.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 41.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3.7% 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 (-3.7% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin1.1%
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 & amortisation9.9%
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 spending12.3%
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).
Working capital9.8%
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 rate4.03%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-27.
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 0.19, 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)5.53%
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): ₩134B
Net debt (borrowings and leases − cash and deposits): −₩133B
+ Stakes and investments: ₩7.8B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩14B
Shares: 24,453,930
Share price: ₩3,015
Market cap: ₩74B

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	₩241B	₩210B	₩172B	₩129B	₩126B	₩126B	₩127B	₩131B
Growth	25.3%	−12.9%	−18.1%	−3.7%	−2.0%	−0.3%	1.3%	3.0%
EBIT	−₩297M	−₩15B	₩2.8B	₩1.4B	₩1.4B	₩1.4B	₩1.4B	₩1.4B
EBIT margin	−0.1%	−7.3%	1.6%	1.1%	1.1%	1.1%	1.1%	1.1%
After-tax EBIT	−₩215M	−₩11B	₩2.1B	₩1B	₩1B	₩1B	₩1B	₩1B
+ Depreciation	—	—	—	₩13B	₩12B	₩12B	₩13B	₩13B
− Capital spending	₩20B	₩44B	₩13B	₩16B	₩16B	₩15B	₩16B	₩16B
− Working capital	₩24B	−₩92B	−₩29B	−₩485M	−₩252M	−₩37M	₩160M	₩375M
Free cash flow	—	—	—	−₩1.6B	−₩1.8B	−₩2B	−₩2.2B	−₩2.5B
Discount factor	—	—	—	0.932	0.868	0.809	0.753	0.702
Present value	—	—	—	−₩1.5B	−₩1.5B	−₩1.6B	−₩1.7B	−₩1.7B

Terminal value −₩9.8B, worth −₩6.9B today: 46% 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 ₩10,896 a share)Now 0.28×	₩4,2930.39×	₩7,3480.67×	₩29,8722.74×

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%	₩4,601	₩4,537	₩4,457	₩4,356	₩4,224
6.8%	₩4,629	₩4,574	₩4,507	₩4,424	₩4,319
7.3%	₩4,653	₩4,605	₩4,548	₩4,478	₩4,392
7.8%	₩4,675	₩4,632	₩4,582	₩4,523	₩4,451
8.3%	₩4,693	₩4,656	₩4,612	₩4,561	₩4,499

Now (TTM)

Market cap: ₩74B
Enterprise value: −₩62B
P/E: 22.1×
P/B: 0.3×
P/S: 0.6×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩4,510	₩8,100	₩8,100	₩15,975	₩46,500
Market cap	₩110B	₩198B	₩198B	₩391B	₩1.1T
P/E	39.1×	—	—	—	—
P/B	0.4×	0.8×	0.7×	1.4×	3.4×
P/S	0.6×	0.9×	0.8×	2.0×	7.6×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Chorokbaem Media	22.1×	0.3×	0.6×	—	0.0%
HYBE	—	2.1×	2.0×	—	0.3%
SM Entertainment	13.8×	1.8×	1.4×	—	2.0%
JYP Entertainment	12.6×	2.1×	1.6×	7.0×	2.3%
CJ CGV	—	1.1×	0.3×	—	0.0%
YG Entertainment	21.9×	1.4×	1.2×	—	0.8%
Studio Dragon	21.7×	0.9×	1.2×	—	0.0%
Similar companies (median)	17.8×	1.6×	1.3×	7.0×	0.5%

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

Also known as: Chorokbaem Media / 초록뱀미디어 / 047820 / KRX:047820

Source: KRX statistical information