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Multicampus

067280 · KOSDAQ · ₩067280 · 멀티캠퍼스

₩26,450▼ ₩300 (1.12%)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

₩96,121

vs the current price (₩26,450)

Enterprise value
₩428B
Equity value
₩570B
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 263% 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 ₩26,450, the model needs an operating margin of 0.5% every year (it uses 10.1%).
  • Today's P/E is 6.9× against a typical 6.6× 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
₩66,155
+150.1%
Base
₩96,121
+263.4%
Bull
₩146,657
+454.5%

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

Start from

Preliminary results are the company's early announcement of a quarter's sales and operating profit, before the full report. Including them swaps that quarter in for the same quarter a year earlier.

Margin path

Every year uses the cycle-average margin (10.1%).

Revenue growth

  • -2.6%

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

    Default: the last 3 years' revenue growth (-2.6% a year, annual reports), fading to 3% by year 5.

  • -1.2%

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

    Default: the last 3 years' revenue growth (-2.6% 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 (-2.6% a year, annual reports), fading to 3% by year 5.

  • 1.6%

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

    Default: the last 3 years' revenue growth (-2.6% 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 (-2.6% a year, annual reports), fading to 3% by year 5.

Business

  • 10.1%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 1.3%

    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).

  • 1.6%

    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).

  • -1.7%

    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.

  • 4.01%

    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 -0.02, 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.

  • 5.51%

    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)
₩338B
Net debt (borrowings and leases − cash and deposits)
−₩148B
+ Stakes and investments
₩253M
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩5.8B
Shares
5,926,779
Share price
₩26,450
Market cap
₩157B

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₩359B₩353B₩331B₩330B₩326B₩326B₩331B₩341B
Growth0.3%−1.6%−6.2%−2.6%−1.2%0.2%1.6%3.0%
EBIT₩40B₩39B₩32B₩33B₩33B₩33B₩33B₩34B
EBIT margin11.2%11.0%9.6%10.1%10.1%10.1%10.1%10.1%
After-tax EBIT₩29B₩28B₩23B₩24B₩24B₩24B₩24B₩25B
+ Depreciation———₩4.3B₩4.2B₩4.2B₩4.3B₩4.4B
− Capital spending₩2.6B₩12B₩2.8B₩5.3B₩5.2B₩5.2B₩5.3B₩5.5B
− Working capital−₩75B₩7.4B₩4.7B₩150M₩67M−₩11M−₩89M−₩169M
Free cash flow———₩23B₩23B₩23B₩23B₩24B
Discount factor———0.9320.8680.8090.7540.703
Present value———₩21B₩20B₩19B₩18B₩17B

Terminal value ₩474B, worth ₩333B today: 78% 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 ₩39,177 a share)Now 0.68×₩27,5530.70×₩40,2831.03×₩70,8161.81×
Price / earnings (last 12 months: ₩3,816 a share)Now 6.93×₩21,5965.66×₩24,9946.55×₩32,2578.45×
P/E on run-rate earnings (preliminary Q3 2026 × 4: ₩5,499 a share)Now 4.81×₩31,1225.66×₩36,0206.55×₩46,4878.45×

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%₩98,538₩104,984₩112,929₩122,960₩136,025
6.8%₩92,073₩97,316₩103,650₩111,456₩121,312
7.3%₩86,634₩90,969₩96,121₩102,345₩110,015
7.8%₩81,995₩85,629₩89,889₩94,952₩101,069
8.3%₩77,992₩81,074₩84,645₩88,832₩93,808

Now (TTM)

Market cap
₩157B
Enterprise value
−₩20B
P/E
6.9×
P/B
0.7×
P/S
0.5×
EV/EBITDA
—
Dividend yield
5.1%

Over time (at each year end)

20252024202320222021
Price₩31,000₩29,900₩34,100₩35,300₩46,200
Market cap₩184B₩177B₩202B₩209B₩274B
P/E7.0×5.6×6.3×6.9×13.3×
P/B0.8×0.8×1.0×1.2×2.0×
P/S0.6×0.5×0.6×0.6×0.9×
EV/EBITDA—————
Dividend yield4.4%7.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Multicampus6.9×0.7×0.5×—5.1%
MegaStudyEdu4.7×0.8×0.4×2.1×7.8%
Digital Daesung6.8×1.6×0.9×—5.7%
Ibkimyoung6.0×1.6×0.8×—13.5%
JLS12.1×1.0×0.9×—9.3%
Creverse8.6×1.6×0.4×—9.8%
Woongjin Thinkbig—0.3×0.1×—15.0%
Similar companies (median)6.8×1.3×0.6×2.1×9.5%

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

Also known as: Multicampus / 멀티캠퍼스 / 067280 / KRX:067280

Source: KRX statistical information