KOSDAQ · 060570 · Media & Publishing · ₩060570

Dreamus드림어스컴퍼니

060570 · KOSDAQ · ₩060570 · 드림어스컴퍼니

₩4,895▲ ₩65 (1.35%)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

₩5,023

vs the current price (₩4,895)

Enterprise value: −₩7.9B
Equity value: ₩74B
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.

Bear / Base / Bull

Bear: ₩2,567; −47.6%
Base: ₩5,023; +2.6%
Bull: ₩9,683; +97.8%

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 (−0.4%).

Revenue growth

Revenue growth, year 1-6.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-6.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-6.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-1.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-6.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 40.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-6.4% 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 (-6.4% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-0.4%
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 & amortisation1.5%
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 spending1.2%
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 -0.4, 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): ₩211B
Net debt (borrowings and leases − cash and deposits): −₩52B
+ Stakes and investments: ₩30B; Associates, long-term financial assets and deposits (book value)
Shares: 14,820,314
Share price: ₩4,895
Market cap: ₩73B

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	₩270B	₩225B	₩225B	₩198B	₩190B	₩187B	₩188B	₩194B
Growth	−1.5%	−16.7%	−0.0%	−6.4%	−4.0%	−1.7%	0.7%	3.0%
EBIT	−₩3.5B	−₩3.2B	₩593M	−₩791M	−₩760M	−₩747M	−₩752M	−₩775M
EBIT margin	−1.3%	−1.4%	0.3%	−0.4%	−0.4%	−0.4%	−0.4%	−0.4%
After-tax EBIT	−₩2.5B	−₩2.3B	₩430M	−₩574M	−₩551M	−₩541M	−₩545M	−₩562M
+ Depreciation	₩4.4B	₩4.1B	₩2.6B	₩3B	₩2.8B	₩2.8B	₩2.8B	₩2.9B
− Capital spending	₩3.3B	₩3.6B	₩1.5B	₩2.4B	₩2.3B	₩2.2B	₩2.3B	₩2.3B
− Working capital	₩16B	−₩17B	₩13B	₩1.4B	₩791M	₩323M	−₩131M	−₩564M
Free cash flow	−₩17B	₩15B	−₩12B	−₩1.3B	−₩772M	−₩304M	₩150M	₩583M
Discount factor	—	—	—	0.932	0.868	0.809	0.754	0.703
Present value	—	—	—	−₩1.2B	−₩671M	−₩246M	₩113M	₩410M

Terminal value −₩8.9B, worth −₩6.3B 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:

	Low	Typical	High
Price / book (book value ₩9,844 a share)Now 0.50×	₩6,1850.63×	₩11,9001.21×	₩33,8023.43×

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%	₩4,824	₩4,857	₩4,900	₩4,954	₩5,027
6.8%	₩4,891	₩4,925	₩4,968	₩5,022	₩5,091
7.3%	₩4,947	₩4,982	₩5,023	₩5,075	₩5,140
7.8%	₩4,995	₩5,029	₩5,069	₩5,118	₩5,178
8.3%	₩5,036	₩5,068	₩5,107	₩5,154	₩5,209

Now (TTM)

Market cap: ₩73B
Enterprise value: ₩17B
P/E: 12.1×
P/B: 0.5×
P/S: 0.3×
EV/EBITDA: 4.1×
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩7,155	₩8,410	₩14,675	₩13,925	₩29,400
Market cap	₩106B	₩125B	₩217B	₩206B	₩436B
P/E	40.8×	—	—	7.6×	—
P/B	0.7×	0.8×	1.3×	1.2×	5.5×
P/S	0.5×	0.6×	0.8×	0.8×	1.8×
EV/EBITDA	—	20.4×	136.7×	—	34.4×
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Dreamus	12.1×	0.5×	0.3×	4.1×	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: Dreamus / 드림어스컴퍼니 / 060570 / KRX:060570

Source: KRX statistical information