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MegaStudyEdu

215200 · KOSDAQ · ₩215200 · 메가스터디교육

₩38,000▼ ₩1,150 (2.94%)End-of-day · Oct 28, 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

₩170,037

vs the current price (₩38,000)

Enterprise value
₩1.8T
Equity value
₩1.8T
WACC
6.9%

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 347% 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 ₩38,000, the model needs an operating margin of 3.6% every year (it uses 13.6%).
  • Or revenue growth −25.7 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 4.7× against a typical 6.3× 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
₩102,067
+168.6%
Base
₩170,037
+347.5%
Bull
₩285,878
+652.3%

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 (13.6%).

Revenue growth

  • 1.9%

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

    Default: the last 3 years' revenue growth (1.9% a year, annual reports), fading to 3% by year 5.

  • 2.2%

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

    Default: the last 3 years' revenue growth (1.9% a year, annual reports), fading to 3% by year 5.

  • 2.5%

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

    Default: the last 3 years' revenue growth (1.9% a year, annual reports), fading to 3% by year 5.

  • 2.7%

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

    Default: the last 3 years' revenue growth (1.9% 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 (1.9% a year, annual reports), fading to 3% by year 5.

Business

  • 13.6%

    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.

  • 6.6%

    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).

  • 5.8%

    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 -0.01, 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)
₩888B
Net debt (borrowings and leases − cash and deposits)
₩76B
+ Stakes and investments
₩19B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩21B
Shares
10,365,216
Share price
₩38,000
Market cap
₩394B

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₩935B₩942B₩885B₩904B₩924B₩947B₩973B₩1T
Growth11.9%0.8%−6.1%1.9%2.2%2.5%2.7%3.0%
EBIT₩127B₩124B₩121B₩123B₩126B₩129B₩132B₩136B
EBIT margin13.6%13.1%13.7%13.6%13.6%13.6%13.6%13.6%
After-tax EBIT₩92B₩90B₩88B₩89B₩91B₩93B₩96B₩99B
+ Depreciation₩63B₩63B₩57B₩60B₩61B₩63B₩64B₩66B
− Capital spending₩82B₩35B₩44B₩52B₩54B₩55B₩56B₩58B
− Working capital₩105B−₩65B₩68B−₩1.7B−₩2B−₩2.3B−₩2.6B−₩2.9B
Free cash flow−₩31B₩182B₩32B₩98B₩101B₩103B₩106B₩110B
Discount factor———0.9360.8760.8190.7670.717
Present value———₩92B₩88B₩85B₩81B₩79B

Terminal value ₩2T, worth ₩1.4T today: 77% 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 ₩48,888 a share)Now 0.78×₩41,9970.86×₩59,4661.22×₩127,3252.60×
Price / earnings (last 12 months: ₩8,139 a share)Now 4.67×₩39,9624.91×₩50,9786.26×₩84,75010.4×
P/E on run-rate earnings (Q2 2026 × 4: ₩8,067 a share)Now 4.71×₩39,6094.91×₩50,5266.26×₩83,99910.4×

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%
5.9%₩174,844₩192,513₩214,757₩243,615₩282,544
6.4%₩158,243₩172,418₩189,846₩211,787₩240,251
6.9%₩144,460₩156,054₩170,037₩187,228₩208,871
7.4%₩132,832₩142,468₩153,906₩167,699₩184,658
7.9%₩122,887₩131,005₩140,512₩151,796₩165,404

Now (TTM)

Market cap
₩394B
Enterprise value
₩360B
P/E
4.7×
P/B
0.8×
P/S
0.4×
EV/EBITDA
2.1×
Dividend yield
7.9%

Over time (at each year end)

20252024202320222021
Price₩42,150₩43,800₩60,700₩79,600₩82,400
Market cap₩437B₩454B₩629B₩825B₩854B
P/E5.1×9.8×6.7×8.0×10.5×
P/B0.9×1.0×1.3×2.0×2.5×
P/S0.5×0.5×0.7×1.0×1.2×
EV/EBITDA2.2×2.2×3.5×4.6×5.2×
Dividend yield7.1%3.4%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
MegaStudyEdu4.7×0.8×0.4×2.1×7.9%
Digital Daesung6.8×1.6×0.9×—5.7%
Multicampus7.0×0.7×0.5×—5.0%
Ibkimyoung6.1×1.7×0.8×—13.3%
JLS12.1×1.0×0.9×—9.2%
Creverse8.6×1.6×0.4×—9.7%
Woongjin Thinkbig—0.3×0.1×—14.6%
Similar companies (median)7.0×1.3×0.7×—9.5%

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

Also known as: MegaStudyEdu / 메가스터디교육 / 215200 / KRX:215200

Source: KRX statistical information