KOSDAQ · 072870 · Media & Publishing · ₩072870

Mega Study메가스터디

072870 · KOSDAQ · ₩072870 · 메가스터디

₩13,050▲ ₩100 (0.77%)End-of-day · Oct 29, 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

₩32,970

vs the current price (₩13,050)

Enterprise value: ₩221B
Equity value: ₩393B
WACC: 7.4%

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 153% 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 ₩13,050, the model needs an operating margin of −0.5% every year (it uses 13.3%).
Margins ranged from 9.6% to 17.7% 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.
53% 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 5.3× against a typical 6.1× 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: ₩25,838; +98.0%
Base: ₩32,970; +152.6%
Bull: ₩44,734; +242.8%

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 (13.3%).

Revenue growth

Revenue growth, year 11.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (1.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 21.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (1.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 32.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (1.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 42.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (1.5% 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 (1.5% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin13.3%
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.
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 & amortisation4%
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 spending4.9%
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 rate4.08%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-29.
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 0.04, 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)5.58%
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): ₩124B
Net debt (borrowings and leases − cash and deposits): −₩81B
+ Stakes and investments: ₩130B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩39B
Shares: 11,920,959
Share price: ₩13,050
Market cap: ₩156B

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	₩108B	₩134B	₩127B	₩126B	₩128B	₩131B	₩134B	₩138B
Growth	−11.4%	24.6%	−5.2%	1.5%	1.9%	2.3%	2.6%	3.0%
EBIT	₩10B	₩24B	₩21B	₩17B	₩17B	₩17B	₩18B	₩18B
EBIT margin	9.6%	17.7%	16.1%	13.3%	13.3%	13.3%	13.3%	13.3%
After-tax EBIT	₩7.5B	₩17B	₩15B	₩12B	₩12B	₩13B	₩13B	₩13B
+ Depreciation	—	—	—	₩5B	₩5.1B	₩5.2B	₩5.4B	₩5.5B
− Capital spending	₩11B	₩2.2B	₩3.9B	₩6.2B	₩6.3B	₩6.4B	₩6.6B	₩6.8B
− Working capital	−₩106B	−₩15B	₩6.3B	−₩186M	−₩239M	−₩295M	−₩341M	−₩403M
Free cash flow	—	—	—	₩11B	₩11B	₩12B	₩12B	₩13B
Discount factor	—	—	—	0.931	0.867	0.808	0.752	0.700
Present value	—	—	—	₩10B	₩9.9B	₩9.5B	₩9.1B	₩8.8B

Terminal value ₩248B, worth ₩174B 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:

	Low	Typical	High
Price / book (book value ₩28,051 a share)Now 0.47×	₩11,2240.40×	₩12,0790.43×	₩13,5740.48×
Price / earnings (last 12 months: ₩2,462 a share)Now 5.30×	₩12,4645.06×	₩15,0706.12×	₩19,5017.92×
P/E on run-rate earnings (Q2 2026 × 4: ₩3,136 a share)Now 4.16×	₩15,8775.06×	₩19,1966.12×	₩24,8417.92×

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%
6.4%	₩33,469	₩35,170	₩37,261	₩39,892	₩43,302
6.9%	₩31,825	₩33,217	₩34,895	₩36,958	₩39,553
7.4%	₩30,439	₩31,597	₩32,970	₩34,626	₩36,660
7.9%	₩29,255	₩30,231	₩31,373	₩32,728	₩34,361
8.4%	₩28,232	₩29,063	₩30,026	₩31,153	₩32,489

Now (TTM)

Market cap: ₩156B
Enterprise value: ₩42B
P/E: 5.3×
P/B: 0.5×
P/S: 1.3×
EV/EBITDA: —
Dividend yield: 10.1%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩10,970	₩10,690	₩10,890	₩10,850	₩13,350
Market cap	₩131B	₩127B	₩130B	₩129B	₩159B
P/E	4.8×	7.9×	6.0×	6.8×	6.3×
P/B	0.4×	0.4×	0.4×	0.4×	0.5×
P/S	1.0×	0.9×	1.2×	1.1×	1.2×
EV/EBITDA	—	—	—	—	—
Dividend yield	12.0%	7.5%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Mega Study	5.3×	0.5×	1.3×	—	10.1%
CJ ENM	—	0.3×	0.2×	—	0.0%
Seoul Broadcasting System	109.8×	0.2×	0.2×	—	3.0%
KT Skylife	76.7×	0.3×	0.2×	—	9.2%
LG HelloVision	—	0.2×	0.1×	3.1×	0.0%
The Korea Economic Broadcasting	18.1×	0.7×	1.1×	—	3.3%
KX Innovation	5.7×	0.3×	0.3×	1.3×	0.0%
Similar companies (median)	47.4×	0.3×	0.2×	2.2×	1.5%

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

Also known as: Mega Study / 메가스터디 / 072870 / KRX:072870

Source: KRX statistical information