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086980 · KOSDAQ · ₩086980 · 쇼박스

₩1,584▼ ₩46 (2.82%)End-of-day · Oct 29, 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
−₩62B
Equity value
−₩71B
WACC
7.1%

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:

  • To match today's price of ₩1,584, the model needs an operating margin of 5.2% every year (it uses −1.0%).
  • Margins ranged from −70.4% to 26.3% 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 (−1.0%).

Revenue growth

  • 3.4%

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

    Default: the last 3 years' revenue growth (3.4% a year, annual reports), fading to 3% by year 5.

  • 3.3%

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

    Default: the last 3 years' revenue growth (3.4% a year, annual reports), fading to 3% by year 5.

  • 3.2%

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

    Default: the last 3 years' revenue growth (3.4% a year, annual reports), fading to 3% by year 5.

  • 3.1%

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

    Default: the last 3 years' revenue growth (3.4% 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 (3.4% a year, annual reports), fading to 3% by year 5.

Business

  • -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.

  • 0%

    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).

  • 0.1%

    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).

  • 40%

    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.

  • 4.08%

    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.

  • 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 0.29, 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.

  • 5.58%

    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)
₩179B
Net debt (borrowings and leases − cash and deposits)
₩8.8B
Shares
62,438,000
Share price
₩1,584
Market cap
₩99B

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₩40B₩93B₩63B₩185B₩191B₩197B₩203B₩209B
Growth−29.1%131.8%−32.6%3.4%3.3%3.2%3.1%3.0%
EBIT−₩28B₩25B−₩12B−₩1.8B−₩1.9B−₩2B−₩2B−₩2.1B
EBIT margin−70.4%26.3%−18.6%−1.0%−1.0%−1.0%−1.0%−1.0%
After-tax EBIT−₩21B₩18B−₩8.4B−₩1.3B−₩1.4B−₩1.4B−₩1.5B−₩1.5B
+ Depreciation₩42M₩21M₩9.7M₩0₩0₩0₩0₩0
− Capital spending₩44M——₩185M₩191M₩197M₩203M₩209M
− Working capital−₩39B−₩5B₩20B₩2.4B₩2.4B₩2.4B₩2.4B₩2.4B
Free cash flow₩19B——−₩4B−₩4B−₩4.1B−₩4.1B−₩4.2B
Discount factor———0.9340.8720.8140.7600.709
Present value———−₩3.7B−₩3.5B−₩3.3B−₩3.1B−₩3B

Terminal value −₩64B, worth −₩45B today: 73% 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 ₩2,165 a share)Now 0.73×₩2,8741.33×₩3,5691.65×₩5,2162.41×

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%
6.1%—————
6.6%—————
7.1%—————
7.6%—————
8.1%—————

Now (TTM)

Market cap
₩99B
Enterprise value
₩107B
P/E
129.6×
P/B
0.7×
P/S
0.6×
EV/EBITDA
3.6×
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩2,435₩3,150₩3,315₩3,675₩6,060
Market cap₩152B₩197B₩207B₩229B₩378B
P/E—7.2×——168.3×
P/B1.4×1.5×2.0×1.7×2.8×
P/S2.4×2.1×5.2×4.0×7.4×
EV/EBITDA—5.8×——186.2×
Dividend yield0.0%4.8%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Showbox129.6×0.7×0.6×3.6×0.0%
HYBE—2.0×1.9×—0.3%
SM Entertainment13.7×1.7×1.4×—2.1%
JYP Entertainment12.7×2.1×1.7×7.1×2.3%
CJ CGV—1.1×0.3×—0.0%
YG Entertainment21.7×1.4×1.2×—0.8%
Studio Dragon21.8×0.9×1.2×—0.0%
Similar companies (median)17.7×1.6×1.3×7.1×0.5%

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

Also known as: Showbox / 쇼박스 / 086980 / KRX:086980

Source: KRX statistical information