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Astory

241840 · KOSDAQ · ₩241840 · 에이스토리

₩1,937 ₩0 (0.00%)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

With these assumptions the model gives no positive value.

Enterprise value
−₩25B
Equity value
−₩26B
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 gives no positive value at these assumptions. What we can see:

  • To match today's price of ₩1,937, the model needs an operating margin of 11.2% every year (it uses −13.6%).
  • Margins ranged from −61.7% to 12.2% 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.
  • In the projection, spending on equipment, software and working capital takes most or all of the after-tax operating profit, so free cash flow is thin. Companies that invest heavily often look like this until spending slows.

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
—
Base
—
Bull
—

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

  • -10%

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

    Default: the last 3 years' revenue growth (-45.2% 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 (-45.2% 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 (-45.2% 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 (-45.2% 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 (-45.2% 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.

  • 1.9%

    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).

  • 2.4%

    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).

  • 40%

    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 0.12, 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)
₩17B
Net debt (borrowings and leases − cash and deposits)
₩328M
Shares
9,539,994
Share price
₩1,937
Market cap
₩18B

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₩57B₩15B₩12B₩15B₩14B₩14B₩14B₩14B
Growth−20.7%−74.0%−20.3%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT₩6.9B−₩3.5B−₩7.3B−₩2.1B−₩1.9B−₩1.9B−₩1.9B−₩1.9B
EBIT margin12.2%−23.7%−61.7%−13.6%−13.6%−13.6%−13.6%−13.6%
After-tax EBIT₩5B−₩2.5B−₩5.3B−₩1.5B−₩1.4B−₩1.3B−₩1.3B−₩1.4B
+ Depreciation———₩288M₩268M₩259M₩258M₩266M
− Capital spending₩4.8M₩214M₩672M₩363M₩339M₩327M₩326M₩336M
− Working capital₩10B−₩2.5B−₩14B−₩673M−₩406M−₩198M−₩11M₩163M
Free cash flow———−₩896M−₩1.1B−₩1.2B−₩1.4B−₩1.6B
Discount factor———0.9320.8680.8080.7530.701
Present value———−₩834M−₩918M−₩982M−₩1.1B−₩1.1B

Terminal value −₩29B, worth −₩20B 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 ₩4,874 a share)Now 0.40×₩5,0881.04×₩8,6791.78×₩26,8545.51×
P/E on run-rate earnings (Q2 2026 × 4: ₩292 a share)Now 6.64×₩4,01013.8×₩5,12117.6×₩15,45253.0×

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%—————
6.8%—————
7.3%—————
7.8%—————
8.3%—————

Now (TTM)

Market cap
₩18B
Enterprise value
₩18B
P/E
—
P/B
0.4×
P/S
1.1×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩7,180₩7,760₩13,550₩25,350₩30,050
Market cap₩68B₩74B₩129B₩242B₩287B
P/E——26.3×59.2×16.8×
P/B1.4×1.3×2.1×4.1×6.0×
P/S5.8×5.0×2.3×3.4×4.9×
EV/EBITDA———25.5×41.9×
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Astory—0.4×1.1×—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: Astory / 에이스토리 / 241840 / KRX:241840

Source: KRX statistical information