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YBM Net

057030 · KOSDAQ · ₩057030 · YBM넷

₩1,818▼ ₩51 (2.73%)End-of-day · Oct 30, 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

₩2,699

vs the current price (₩1,818)

Enterprise value
₩29B
Equity value
₩44B
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 48% 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 ₩1,818, the model needs an operating margin of 2.9% every year (it uses 5.3%).
  • Or revenue growth −19.7 points a year higher than assumed in each of the 5 years.
  • 46% 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 16.1× against a typical 18.2× 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
₩1,736
−4.5%
Base
₩2,699
+48.5%
Bull
₩4,414
+142.8%

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 (5.3%).

Revenue growth

  • -6.1%

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

    Default: the last 3 years' revenue growth (-6.1% a year, annual reports), fading to 3% by year 5.

  • -3.8%

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

    Default: the last 3 years' revenue growth (-6.1% a year, annual reports), fading to 3% by year 5.

  • -1.5%

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

    Default: the last 3 years' revenue growth (-6.1% a year, annual reports), fading to 3% by year 5.

  • 0.7%

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

    Default: the last 3 years' revenue growth (-6.1% 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 (-6.1% a year, annual reports), fading to 3% by year 5.

Business

  • 5.3%

    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.

  • 1.8%

    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).

  • 2.3%

    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).

  • 12.1%

    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: 104 weeks of weekly returns against KOSPI (official index); raw beta 0.04, 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)
₩51B
Net debt (borrowings and leases − cash and deposits)
−₩15B
− Minority interests
₩121,353
Shares
16,312,697
Share price
₩1,818
Market cap
₩30B

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₩60B₩58B₩52B₩48B₩46B₩46B₩46B₩47B
Growth−3.3%−3.6%−11.1%−6.1%−3.8%−1.5%0.7%3.0%
EBIT₩5.1B₩2.8B₩950M₩2.6B₩2.5B₩2.4B₩2.4B₩2.5B
EBIT margin8.5%4.8%1.8%5.3%5.3%5.3%5.3%5.3%
After-tax EBIT₩3.7B₩2B₩689M₩1.9B₩1.8B₩1.8B₩1.8B₩1.8B
+ Depreciation———₩868M₩835M₩822M₩828M₩853M
− Capital spending₩1.3B₩1.3B₩1.4B₩1.1B₩1.1B₩1.1B₩1.1B₩1.1B
− Working capital₩2.3B₩2.3B−₩2.2B−₩379M−₩222M−₩84M₩39M₩167M
Free cash flow———₩2B₩1.8B₩1.6B₩1.5B₩1.4B
Discount factor———0.9320.8680.8090.7540.703
Present value———₩1.9B₩1.5B₩1.3B₩1.1B₩996M

Terminal value ₩31B, worth ₩22B today: 76% 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 ₩3,180 a share)Now 0.57×₩2,5930.82×₩4,0941.29×₩7,0852.23×
Price / earnings (last 12 months: ₩113 a share)Now 16.1×₩9628.50×₩2,06518.2×₩2,98026.3×
P/E on run-rate earnings (Q2 2026 × 4: ₩103 a share)Now 17.7×₩8728.50×₩1,87318.2×₩2,70326.3×

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%₩2,809₩2,940₩3,100₩3,303₩3,566
6.8%₩2,649₩2,753₩2,879₩3,033₩3,227
7.3%₩2,515₩2,599₩2,699₩2,819₩2,968
7.8%₩2,400₩2,469₩2,550₩2,646₩2,762
8.3%₩2,301₩2,358₩2,425₩2,502₩2,595

Now (TTM)

Market cap
₩30B
Enterprise value
₩14B
P/E
16.1×
P/B
0.6×
P/S
0.6×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩3,055₩4,410₩4,820₩3,360₩6,980
Market cap₩50B₩72B₩79B₩55B₩114B
P/E31.1×22.7×15.5×7.2×44.7×
P/B1.0×1.4×1.5×1.1×2.7×
P/S1.0×1.2×1.3×0.9×2.0×
EV/EBITDA—————
Dividend yield0.0%0.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
YBM Net16.1×0.6×0.6×—0.0%
MegaStudyEdu4.7×0.8×0.4×2.1×7.8%
Digital Daesung6.8×1.6×0.9×—5.7%
Multicampus6.9×0.7×0.5×—5.1%
Ibkimyoung6.0×1.6×0.8×—13.5%
JLS12.1×1.0×0.9×—9.3%
Creverse8.6×1.6×0.4×—9.8%
Similar companies (median)6.9×1.3×0.6×2.1×8.5%

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

Also known as: YBM Net / YBM넷 / 057030 / KRX:057030

Source: KRX statistical information