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D&C Media

263720 · KOSDAQ · ₩263720 · 디앤씨미디어

₩6,080▼ ₩60 (0.98%)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

₩22,000

vs the current price (₩6,080)

Enterprise value
₩208B
Equity value
₩269B
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 262% 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 ₩6,080, the model needs an operating margin of 1.2% every year (it uses 15.9%).
  • Margins ranged from 5.8% to 22.5% 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.
  • Today's P/E is 7.5× against a typical 25.0× 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
₩15,964
+162.6%
Base
₩22,000
+261.8%
Bull
₩31,841
+423.7%

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 (15.9%).

Revenue growth

  • 11.8%

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

    Default: the last 3 years' revenue growth (11.8% a year, annual reports), fading to 3% by year 5.

  • 9.6%

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

    Default: the last 3 years' revenue growth (11.8% a year, annual reports), fading to 3% by year 5.

  • 7.4%

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

    Default: the last 3 years' revenue growth (11.8% a year, annual reports), fading to 3% by year 5.

  • 5.2%

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

    Default: the last 3 years' revenue growth (11.8% 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 (11.8% a year, annual reports), fading to 3% by year 5.

Business

  • 15.9%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 3%

    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).

  • 3.7%

    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).

  • -6%

    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 0.26, 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)
₩76B
Net debt (borrowings and leases − cash and deposits)
−₩54B
+ Stakes and investments
₩7.9B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩630M
Shares
12,245,561
Share price
₩6,080
Market cap
₩74B

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₩60B₩84B₩85B₩85B₩94B₩100B₩106B₩109B
Growth−1.4%38.3%2.3%11.8%9.6%7.4%5.2%3.0%
EBIT₩3.5B₩10B₩17B₩14B₩15B₩16B₩17B₩17B
EBIT margin5.8%12.3%20.3%15.9%15.9%15.9%15.9%15.9%
After-tax EBIT₩2.5B₩7.5B₩13B₩9.8B₩11B₩12B₩12B₩13B
+ Depreciation———₩2.6B₩2.8B₩3B₩3.2B₩3.3B
− Capital spending₩424M₩7B₩1.7B₩3.2B₩3.5B₩3.7B₩3.9B₩4B
− Working capital−₩33B−₩676M−₩3.2B−₩540M−₩492M−₩415M−₩313M−₩190M
Free cash flow———₩9.8B₩11B₩11B₩12B₩12B
Discount factor———0.9310.8670.8070.7510.700
Present value———₩9.1B₩9.2B₩9.1B₩8.8B₩8.4B

Terminal value ₩233B, worth ₩163B today: 79% 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 ₩7,958 a share)Now 0.76×₩11,7281.47×₩22,2932.80×₩44,1545.55×
Price / earnings (last 12 months: ₩808 a share)Now 7.53×₩7,5859.39×₩20,16425.0×₩51,82164.1×
P/E on run-rate earnings (Q2 2026 × 4: ₩702 a share)Now 8.66×₩6,5919.39×₩17,52025.0×₩45,02664.1×

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%₩22,530₩24,044₩25,903₩28,238₩31,258
6.9%₩21,024₩22,262₩23,752₩25,581₩27,879
7.4%₩19,754₩20,782₩22,000₩23,466₩25,266
7.9%₩18,668₩19,533₩20,544₩21,743₩23,186
8.4%₩17,729₩18,465₩19,316₩20,311₩21,491

Now (TTM)

Market cap
₩74B
Enterprise value
₩19B
P/E
7.5×
P/B
0.8×
P/S
1.0×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩12,300₩21,000₩25,100₩22,600₩41,350
Market cap₩151B₩257B₩307B₩277B₩506B
P/E18.9×23.1×77.6×45.1×32.7×
P/B1.6×2.9×3.8×3.7×7.4×
P/S1.8×3.1×5.1×4.5×7.5×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
D&C Media7.5×0.8×1.0×—0.0%
CJ ENM—0.3×0.2×—0.0%
Seoul Broadcasting System107.3×0.2×0.2×—3.0%
KT Skylife78.4×0.3×0.2×—9.0%
Mega Study5.3×0.5×1.3×—10.1%
LG HelloVision—0.2×0.1×3.1×0.0%
The Korea Economic Broadcasting19.1×0.7×1.1×—3.1%
Similar companies (median)48.8×0.3×0.2×3.1×3.1%

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

Also known as: D&C Media / 디앤씨미디어 / 263720 / KRX:263720

Source: KRX statistical information