D&C Media디앤씨미디어

D&C Media's shares have fallen sharply over the past year, while its latest half-year filings show a profitable business with lower revenue growth than in 2024.

D&C Media is a Korean web novel and webtoon publisher that sells e-books to digital platforms and print books through bookstores and rental shops. On trailing figures to H1 2026 it reported revenue of ₩76.3B, operating income of ₩16.4B and net income of ₩9.9B, with low debt and a share price of ₩6,150, down 57.6% over one year. The data does not explain the sharp share price decline.

What stands out

• Trailing operating margin is 21.4% and net margin 13%, but 2025 net income of ₩8.0B was well below 2024's ₩11.1B even though 2025 revenue rose 2.3%.
• Revenue grew 38.3% in 2024 but only 2.3% in 2025, and 2023 revenue fell 1.4%, so growth has been uneven.
• Liabilities are 17.2% of equity and trailing cash of ₩8.4B exceeds borrowings of ₩1.3B, while trailing free cash flow is ₩11.2B.
• Valuation metrics are low: trailing P/E of 7.6, P/B of 0.8, and a DCF base-case value of ₩22,035 against the ₩6,150 close, though this is a model output, not a forecast.
• Filings in August 2026 include a share cancellation decision, a shareholder return policy notice and the termination of a trust agreement for own share acquisition; no dividend yield is reported.

What to watch

• Upcoming quarterly and annual results, and whether margins hold near the trailing 21% level.
• Details of the share cancellation and the shareholder return policy, which the filings reference but the data does not describe in full.
• Foreign ownership has fallen from 1.9% to 1.4% over 60 days and foreign investors were net sellers over the last 20 days; no recent news headlines were available to explain this.