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MegaMD

133750 · KOSDAQ · ₩133750 · 메가엠디

₩1,239▼ ₩31 (2.44%)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

₩3,257

vs the current price (₩1,239)

Enterprise value
₩20B
Equity value
₩76B
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 163% 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 ₩1,239, the model needs an operating margin of −7.1% every year (it uses 6.0%).
  • Margins ranged from −9.7% to 14.6% 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.
  • 48% 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 10.1× against a typical 10.8× 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
₩2,783
+124.6%
Base
₩3,257
+162.8%
Bull
₩4,071
+228.6%

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 (6.0%).

Revenue growth

  • -10%

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

    Default: the last 3 years' revenue growth (-14.7% a year, annual reports), fading to 3% by year 5.

  • -6.7%

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

    Default: the last 3 years' revenue growth (-14.7% a year, annual reports), fading to 3% by year 5.

  • -3.5%

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

    Default: the last 3 years' revenue growth (-14.7% 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 (-14.7% 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 (-14.7% a year, annual reports), fading to 3% by year 5.

Business

  • 6%

    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.

  • 3.6%

    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).

  • 4.4%

    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).

  • -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

  • 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 0.08, 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)
₩35B
Net debt (borrowings and leases − cash and deposits)
−₩39B
+ Stakes and investments
₩17B
Associates, long-term financial assets and deposits (book value)
Shares
23,407,077
Share price
₩1,239
Market cap
₩29B

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₩29B₩31B₩35B₩31B₩29B₩28B₩28B₩29B
Growth−48.3%8.8%10.2%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT−₩2.8B₩1.6B₩1.8B₩1.9B₩1.7B₩1.7B₩1.7B₩1.7B
EBIT margin−9.7%5.0%5.2%6.0%6.0%6.0%6.0%6.0%
After-tax EBIT−₩2B₩1.1B₩1.3B₩1.4B₩1.3B₩1.2B₩1.2B₩1.3B
+ Depreciation———₩1.1B₩1B₩1B₩1B₩1B
− Capital spending₩2.5B₩289M₩1.3B₩1.4B₩1.3B₩1.2B₩1.2B₩1.3B
− Working capital−₩6.4B−₩499M−₩1.6B₩347M₩209M₩102M₩5.6M−₩84M
Free cash flow———₩761M₩824M₩895M₩989M₩1.1B
Discount factor———0.9310.8670.8070.7510.700
Present value———₩708M₩714M₩722M₩743M₩776M

Terminal value ₩23B, worth ₩16B today: 81% 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 ₩2,928 a share)Now 0.42×₩1,6800.57×₩2,0720.71×₩3,3191.13×
Price / earnings (last 12 months: ₩123 a share)Now 10.1×₩8807.14×₩1,33010.8×₩2,61021.2×

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%₩3,270₩3,353₩3,456₩3,585₩3,751
6.9%₩3,195₩3,263₩3,346₩3,448₩3,576
7.4%₩3,131₩3,188₩3,257₩3,339₩3,440
7.9%₩3,077₩3,125₩3,182₩3,250₩3,332
8.4%₩3,030₩3,072₩3,120₩3,176₩3,243

Now (TTM)

Market cap
₩29B
Enterprise value
−₩12B
P/E
10.1×
P/B
0.4×
P/S
0.8×
EV/EBITDA
—
Dividend yield
4.8%

Over time (at each year end)

20252024202320222021
Price₩1,815₩2,045₩2,490₩2,645₩4,500
Market cap₩42B₩48B₩58B₩62B₩105B
P/E15.2×15.5×—33.2×10.8×
P/B0.6×0.6×0.8×0.8×1.4×
P/S1.2×1.5×2.0×1.1×1.5×
EV/EBITDA—————
Dividend yield3.3%2.9%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
MegaMD10.1×0.4×0.8×—4.8%
MegaStudyEdu4.8×0.8×0.5×2.1×7.7%
Digital Daesung6.8×1.6×0.9×—5.6%
Multicampus7.0×0.7×0.5×—5.1%
Ibkimyoung6.1×1.7×0.8×—13.3%
JLS12.1×1.0×0.9×—9.3%
Creverse8.4×1.5×0.4×—10.0%
Similar companies (median)6.9×1.3×0.6×2.1×8.5%

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

Also known as: MegaMD / 메가엠디 / 133750 / KRX:133750

Source: KRX statistical information