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TN entertainment

131100 · KOSDAQ · ₩131100 · 티엔엔터테인먼트

₩3,555▼ ₩105 (2.87%)End-of-day · Oct 27, 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

₩13,502

vs the current price (₩3,555)

Enterprise value
₩78B
Equity value
₩87B
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 280% 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 ₩3,555, the model needs an operating margin of 0.6% every year (it uses 3.7%).
  • Margins ranged from −53.7% to 9.0% 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.

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
₩5,483
+54.2%
Base
₩13,502
+279.8%
Bull
₩27,357
+669.5%

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

Margin path

Every year uses the cycle-average margin (3.7%).

Revenue growth

  • 25%

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

    Default: the last 3 years' revenue growth (26.9% a year, annual reports), fading to 3% by year 5.

  • 19.5%

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

    Default: the last 3 years' revenue growth (26.9% a year, annual reports), fading to 3% by year 5.

  • 14%

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

    Default: the last 3 years' revenue growth (26.9% a year, annual reports), fading to 3% by year 5.

  • 8.5%

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

    Default: the last 3 years' revenue growth (26.9% 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 (26.9% a year, annual reports), fading to 3% by year 5.

Business

  • 3.7%

    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.

  • 2.9%

    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).

  • 3.6%

    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).

  • -9.4%

    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.

  • 4.11%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-28.

  • 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 -0.15, 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.

  • 5.61%

    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)
₩91B
Net debt (borrowings and leases − cash and deposits)
−₩7B
+ Stakes and investments
₩2.4B
Associates, long-term financial assets and deposits (book value)
Shares
6,449,344
Share price
₩3,555
Market cap
₩23B

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₩150B₩143B₩118B₩114B₩137B₩156B₩169B₩174B
Growth159.6%−4.9%−17.2%25.0%19.5%14.0%8.5%3.0%
EBIT₩14B₩9.7B₩3.4B₩4.2B₩5.1B₩5.8B₩6.3B₩6.4B
EBIT margin9.0%6.8%2.8%3.7%3.7%3.7%3.7%3.7%
After-tax EBIT₩9.8B₩7B₩2.4B₩3.1B₩3.7B₩4.2B₩4.5B₩4.7B
+ Depreciation———₩3.3B₩4B₩4.5B₩4.9B₩5B
− Capital spending₩2.7B₩3.5B₩7.6B₩4.1B₩4.9B₩5.6B₩6.1B₩6.3B
− Working capital−₩6.1B−₩653M₩5.6B−₩2.1B−₩2.1B−₩1.8B−₩1.2B−₩477M
Free cash flow———₩4.4B₩4.8B₩4.9B₩4.6B₩3.9B
Discount factor———0.9310.8670.8070.7510.700
Present value———₩4.1B₩4.2B₩3.9B₩3.5B₩2.7B

Terminal value ₩85B, worth ₩59B 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 ₩8,521 a share)Now 0.42×₩4,9980.59×₩6,5850.77×₩25,5172.99×

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%₩13,576₩14,755₩16,203₩18,024₩20,382
6.9%₩12,565₩13,540₩14,715₩16,158₩17,974
7.4%₩11,712₩12,530₩13,502₩14,673₩16,112
7.9%₩10,981₩11,678₩12,494₩13,462₩14,629
8.4%₩10,349₩10,949₩11,643₩12,456₩13,421

Now (TTM)

Market cap
₩23B
Enterprise value
₩13B
P/E
—
P/B
0.4×
P/S
0.3×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩6,495₩6,400₩11,150₩12,100₩19,251
Market cap₩42B₩41B₩72B₩78B₩124B
P/E132.3×18.8×———
P/B0.6×0.6×1.1×1.0×4.8×
P/S0.4×0.3×0.5×1.3×7.6×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
TN entertainment—0.4×0.3×—0.0%
HYBE—2.1×2.0×—0.3%
SM Entertainment13.8×1.8×1.4×—2.0%
JYP Entertainment12.6×2.1×1.6×7.0×2.3%
CJ CGV—1.1×0.3×—0.0%
YG Entertainment21.9×1.4×1.2×—0.8%
Studio Dragon21.7×0.9×1.2×—0.0%
Similar companies (median)17.8×1.6×1.3×7.0×0.5%

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

Also known as: TN entertainment / 티엔엔터테인먼트 / 131100 / KRX:131100

Source: KRX statistical information