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Bucket Studio

066410 · KOSDAQ · ₩066410 · 버킷스튜디오

₩1,153 ₩0 (0.00%)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

With these assumptions the model gives no positive value.

Enterprise value
−₩41B
Equity value
−₩72B
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 gives no positive value at these assumptions. What we can see:

  • No operating margin up to 90% gets the model to today's price at these growth assumptions.
  • Margins ranged from −47.3% to −7.9% 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.
  • 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
—
Base
—
Bull
—

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 (−20.0%).

Revenue growth

  • -10%

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

    Default: the last 3 years' revenue growth (-27.1% a year, annual reports), fading to 3% by year 5.

  • -6.7%

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

    Default: the last 3 years' revenue growth (-27.1% a year, annual reports), fading to 3% by year 5.

  • -3.5%

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

    Default: the last 3 years' revenue growth (-27.1% a year, annual reports), fading to 3% by year 5.

  • -0.2%

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

    Default: the last 3 years' revenue growth (-27.1% 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 (-27.1% a year, annual reports), fading to 3% by year 5.

Business

  • -20%

    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%

    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).

  • 2.5%

    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).

  • -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

  • 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: 105 weeks of weekly returns against KOSPI (official index); raw beta 0, 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)
₩19B
Net debt (borrowings and leases − cash and deposits)
₩1.4B
− Minority interests
₩29B
Shares
138,453,818
Share price
₩1,153
Market cap
₩160B

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₩19B₩17B₩17B₩17B₩16B₩15B₩15B₩16B
Growth−57.7%−7.6%−1.1%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT−₩6.5B−₩8.3B−₩6.2B−₩3.4B−₩3.2B−₩3.1B−₩3.1B−₩3.2B
EBIT margin−34.5%−47.3%−35.8%−20.0%−20.0%−20.0%−20.0%−20.0%
After-tax EBIT−₩4.7B−₩6B−₩4.5B−₩2.5B−₩2.3B−₩2.2B−₩2.2B−₩2.3B
+ Depreciation———₩344M₩321M₩310M₩309M₩318M
− Capital spending₩1.2B₩135M₩44M₩430M₩401M₩387M₩386M₩398M
− Working capital₩15B₩21B₩51B₩191M₩115M₩56M₩3.1M−₩46M
Free cash flow———−₩2.8B−₩2.5B−₩2.4B−₩2.3B−₩2.3B
Discount factor———0.9320.8690.8100.7550.704
Present value———−₩2.6B−₩2.2B−₩1.9B−₩1.8B−₩1.6B

Terminal value −₩45B, worth −₩31B 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 ₩847 a share)Now 1.36×₩6570.78×₩8090.96×₩3,1283.69×

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%—————
6.8%—————
7.3%—————
7.8%—————
8.3%—————

Now (TTM)

Market cap
₩160B
Enterprise value
₩161B
P/E
—
P/B
1.4×
P/S
8.4×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩1,153₩1,153₩1,153₩1,620₩5,550
Market cap₩160B₩160B₩160B₩224B₩768B
P/E——41.8×—15.1×
P/B1.2×0.9×0.9×1.4×5.3×
P/S9.2×9.1×8.5×5.0×29.1×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Bucket Studio—1.4×8.4×—0.0%
SK Telecom21.7×1.0×0.9×4.9×2.2%
KT9.0×0.6×0.4×—5.2%
LG Uplus11.3×0.7×0.4×2.9×0.0%
Hyundai Futurenet36.8×0.5×1.2×—4.8%
NICE Information & Telecommunication5.5×0.8×0.3×1.6×3.1%
Korea Information & Communication8.0×0.8×0.3×2.1×3.8%
Similar companies (median)10.1×0.7×0.4×2.5×3.5%

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

Also known as: Bucket Studio / 버킷스튜디오 / 066410 / KRX:066410

Source: KRX statistical information