KOSDAQ · 096240 · Education · ₩096240

Creverse크레버스

096240 · KOSDAQ · ₩096240 · 크레버스

₩8,230▼ ₩30 (0.36%)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

₩20,145

vs the current price (₩8,230)

Enterprise value: ₩232B
Equity value: ₩206B
WACC: 6.6%

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 145% 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 ₩8,230, the model needs an operating margin of 3.4% every year (it uses 7.0%).
Or revenue growth −13.7 points a year higher than assumed in each of the 5 years.
Margins ranged from 1.0% to 14.8% 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.
79% 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 8.6× against a typical 17.8× 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: ₩8,689; +5.6%
Base: ₩20,145; +144.8%
Bull: ₩40,833; +396.1%

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 (7.0%).

Revenue growth

Revenue growth, year 1-1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 20%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 31%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 42%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-1% 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% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin7%
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 & amortisation2.2%
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).
Capital spending2.7%
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 0.08, 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): ₩220B
Net debt (borrowings and leases − cash and deposits): ₩27B
+ Stakes and investments: ₩952M; Associates, long-term financial assets and deposits (book value)
Shares: 10,238,180
Share price: ₩8,230
Market cap: ₩84B

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	₩233B	₩228B	₩221B	₩218B	₩218B	₩220B	₩224B	₩231B
Growth	2.6%	−2.3%	−3.2%	−1.0%	0.0%	1.0%	2.0%	3.0%
EBIT	₩25B	₩10B	₩2.2B	₩15B	₩15B	₩15B	₩16B	₩16B
EBIT margin	10.8%	4.5%	1.0%	7.0%	7.0%	7.0%	7.0%	7.0%
After-tax EBIT	₩18B	₩7.5B	₩1.6B	₩11B	₩11B	₩11B	₩11B	₩12B
+ Depreciation	—	—	—	₩4.8B	₩4.8B	₩4.8B	₩4.9B	₩5.1B
− Capital spending	₩7.3B	₩5.1B	₩6.1B	₩5.9B	₩5.9B	₩5.9B	₩6.1B	₩6.2B
− Working capital	−₩135M	−₩6.4B	−₩4.6B	₩220M	₩0	−₩218M	−₩440M	−₩673M
Free cash flow	—	—	—	₩9.7B	₩10B	₩10B	₩11B	₩11B
Discount factor	—	—	—	0.938	0.880	0.826	0.775	0.727
Present value	—	—	—	₩9.1B	₩8.8B	₩8.5B	₩8.3B	₩8.2B

Terminal value ₩260B, worth ₩189B today: 82% 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 ₩5,230 a share)Now 1.57×	₩12,1892.33×	₩20,4483.91×	₩23,2634.45×
Price / earnings (last 12 months: ₩957 a share)Now 8.60×	₩8,4408.82×	₩16,99217.8×	₩28,78930.1×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,286 a share)Now 6.40×	₩11,3478.82×	₩22,84417.8×	₩38,70530.1×

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%
5.6%	₩20,586	₩23,206	₩26,562	₩31,009	₩37,183
6.1%	₩18,281	₩20,364	₩22,960	₩26,283	₩30,687
6.6%	₩16,391	₩18,082	₩20,145	₩22,716	₩26,007
7.1%	₩14,811	₩16,210	₩17,886	₩19,929	₩22,475
7.6%	₩13,473	₩14,646	₩16,031	₩17,691	₩19,715

Now (TTM)

Market cap: ₩84B
Enterprise value: ₩111B
P/E: 8.6×
P/B: 1.6×
P/S: 0.4×
EV/EBITDA: —
Dividend yield: 9.7%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩12,460	₩14,600	₩16,630	₩18,150	₩33,000
Market cap	₩128B	₩149B	₩170B	₩186B	₩338B
P/E	19.3×	19.7×	11.1×	38.5×	18.2×
P/B	2.7×	3.7×	3.9×	4.1×	4.1×
P/S	0.6×	0.7×	0.7×	0.8×	1.6×
EV/EBITDA	—	—	—	—	—
Dividend yield	6.4%	10.3%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Creverse	8.6×	1.6×	0.4×	—	9.7%
MegaStudyEdu	4.7×	0.8×	0.4×	2.1×	7.9%
Digital Daesung	6.8×	1.6×	0.9×	—	5.6%
Multicampus	7.0×	0.7×	0.5×	—	5.0%
Ibkimyoung	6.0×	1.6×	0.8×	—	13.5%
JLS	12.2×	1.0×	0.9×	—	9.2%
Woongjin Thinkbig	—	0.3×	0.1×	—	15.1%
Similar companies (median)	6.8×	0.9×	0.6×	2.1×	8.6%

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

Also known as: Creverse / 크레버스 / 096240 / KRX:096240

Source: KRX statistical information