KOSDAQ · 169330 · Business services · ₩169330

Macromill Embrain엠브레인

169330 · KOSDAQ · ₩169330 · 엠브레인

₩1,776▼ ₩3 (0.17%)End-of-day · Oct 30, 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

₩3,074

vs the current price (₩1,776)

Enterprise value: ₩45B
Equity value: ₩56B
WACC: 7.3%

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 73% 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 ₩1,776, the model needs an operating margin of 3.0% every year (it uses 5.9%).
Or revenue growth −17.6 points a year higher than assumed in each of the 5 years.
Margins ranged from −2.2% to 14.4% 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: ₩1,800; +1.3%
Base: ₩3,074; +73.1%
Bull: ₩5,287; +197.7%

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 (5.9%).

Revenue growth

Revenue growth, year 13.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (3.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 23.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (3.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 33%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (3.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 43%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (3.1% 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 (3.1% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin5.9%
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 & amortisation2.9%
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).
Capital spending2.5%
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 capital5%
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 rate4.03%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-11-02.
Beta0.6
How much the share moves when the market moves: 1 means just like the market.
Default: 104 weeks of weekly returns against KOSPI (official index); raw beta 0.13, 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)5.53%
The interest rate the company would pay to borrow.
Default: the 10-year yield plus a 1.5% credit spread.

Starting point

Revenue (FY 2025): ₩56B
Net debt (borrowings and leases − cash and deposits): −₩12B
+ Stakes and investments: ₩1.3B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩1.9B
Shares: 18,316,918
Share price: ₩1,776
Market cap: ₩33B

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	₩55B	₩54B	₩56B	₩58B	₩60B	₩61B	₩63B	₩65B
Growth	7.2%	−2.2%	4.6%	3.1%	3.1%	3.0%	3.0%	3.0%
EBIT	₩4.7B	₩1.7B	−₩1.3B	₩3.4B	₩3.5B	₩3.6B	₩3.7B	₩3.8B
EBIT margin	8.6%	3.1%	−2.2%	5.9%	5.9%	5.9%	5.9%	5.9%
After-tax EBIT	₩3.4B	₩1.2B	−₩912M	₩2.5B	₩2.6B	₩2.6B	₩2.7B	₩2.8B
+ Depreciation	₩1.3B	₩1.4B	₩2.1B	₩1.7B	₩1.7B	₩1.8B	₩1.8B	₩1.9B
− Capital spending	₩1.5B	₩933M	₩1.7B	₩1.4B	₩1.5B	₩1.5B	₩1.6B	₩1.6B
− Working capital	₩4.7B	−₩3.4B	₩218M	₩87M	₩90M	₩90M	₩92M	₩95M
Free cash flow	−₩1.5B	₩5B	−₩786M	₩2.6B	₩2.7B	₩2.8B	₩2.9B	₩3B
Discount factor	—	—	—	0.932	0.868	0.809	0.753	0.702
Present value	—	—	—	₩2.4B	₩2.3B	₩2.3B	₩2.2B	₩2.1B

Terminal value ₩48B, worth ₩34B today: 75% 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 ₩1,426 a share)Now 1.25×	₩1,8111.27×	₩2,5191.77×	₩4,2092.95×

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%
6.3%	₩3,186	₩3,385	₩3,629	₩3,938	₩4,338
6.8%	₩2,968	₩3,129	₩3,323	₩3,561	₩3,862
7.3%	₩2,785	₩2,917	₩3,074	₩3,263	₩3,495
7.8%	₩2,628	₩2,738	₩2,867	₩3,020	₩3,204
8.3%	₩2,493	₩2,586	₩2,693	₩2,819	₩2,968

Now (TTM)

Market cap: ₩33B
Enterprise value: ₩20B
P/E: —
P/B: 1.2×
P/S: 0.6×
EV/EBITDA: 24.2×
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩1,887	₩1,995	₩3,115	₩2,790	₩4,305
Market cap	₩35B	₩37B	₩57B	₩51B	₩79B
P/E	—	26.0×	15.2×	8.6×	16.1×
P/B	1.3×	1.3×	1.9×	1.7×	3.1×
P/S	0.6×	0.7×	1.0×	1.0×	1.8×
EV/EBITDA	26.8×	7.5×	6.9×	3.5×	8.3×
Dividend yield	0.0%	0.0%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Macromill Embrain	—	1.2×	0.6×	24.2×	0.0%
S-1	24.3×	2.2×	1.3×	—	0.0%
Cheil Worldwide	8.5×	1.2×	0.4×	—	6.7%
Doosan Tesna	50.9×	3.9×	5.3×	—	0.2%
Lotte Tour Development	15.2×	2.1×	1.1×	—	0.0%
Soulbrain Holdings	1.3×	0.4×	1.2×	—	1.3%
Innocean Worldwide	5.4×	0.6×	0.3×	—	6.8%
Similar companies (median)	11.8×	1.6×	1.2×	—	0.8%

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

Also known as: Macromill Embrain / 엠브레인 / 169330 / KRX:169330

Source: KRX statistical information