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Aniplus

310200 · KOSDAQ · ₩310200 · 애니플러스

₩2,080▼ ₩15 (0.72%)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

₩10,612

vs the current price (₩2,080)

Enterprise value
₩581B
Equity value
₩554B
WACC
7.0%

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 410% 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 ₩2,080, the model needs an operating margin of 6.3% every year (it uses 17.8%).
  • Or revenue growth −29.8 points a year higher than assumed in each of the 5 years.
  • Margins ranged from 15.1% to 26.5% 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 12.5× against a typical 12.7× 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
₩6,461
+210.6%
Base
₩10,612
+410.2%
Bull
₩17,589
+745.6%

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 (17.8%).

Revenue growth

  • 25%

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

    Default: the last 3 years' revenue growth (37.3% a year, annual reports), fading to 3% by year 5.

  • 19.5%

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

    Default: the last 3 years' revenue growth (37.3% a year, annual reports), fading to 3% by year 5.

  • 14%

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

    Default: the last 3 years' revenue growth (37.3% a year, annual reports), fading to 3% by year 5.

  • 8.5%

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

    Default: the last 3 years' revenue growth (37.3% 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 (37.3% a year, annual reports), fading to 3% by year 5.

Business

  • 17.8%

    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.

  • 18.8%

    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).

  • 23.5%

    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).

  • -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 -0.05, 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)
₩154B
Net debt (borrowings and leases − cash and deposits)
₩17B
− Minority interests
₩9.9B
Shares
52,162,836
Share price
₩2,080
Market cap
₩108B

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₩111B₩131B₩150B₩193B₩230B₩263B₩285B₩294B
Growth91.5%17.6%14.8%25.0%19.5%14.0%8.5%3.0%
EBIT₩23B₩25B₩23B₩34B₩41B₩47B₩51B₩52B
EBIT margin20.5%19.2%15.1%17.8%17.8%17.8%17.8%17.8%
After-tax EBIT₩17B₩18B₩16B₩25B₩30B₩34B₩37B₩38B
+ Depreciation———₩36B₩43B₩49B₩54B₩55B
− Capital spending₩27B₩33B₩32B₩45B₩54B₩62B₩67B₩69B
− Working capital₩1.3B−₩23B−₩18B−₩3.9B−₩3.8B−₩3.2B−₩2.2B−₩855M
Free cash flow———₩20B₩23B₩25B₩26B₩25B
Discount factor———0.9350.8740.8170.7640.715
Present value———₩18B₩20B₩20B₩20B₩18B

Terminal value ₩678B, worth ₩485B today: 83% 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 ₩2,342 a share)Now 0.89×₩2,7901.19×₩4,6111.97×₩11,3664.85×
Price / earnings (last 12 months: ₩167 a share)Now 12.5×₩1,3197.90×₩2,11512.7×₩4,56327.3×
P/E on run-rate earnings (Q2 2026 × 4: ₩57 a share)Now 36.2×₩4547.90×₩72812.7×₩1,57127.3×

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%
6.0%₩10,930₩12,103₩13,574₩15,472₩18,012
6.5%₩9,825₩10,769₩11,926₩13,376₩15,246
7.0%₩8,907₩9,681₩10,612₩11,752₩13,181
7.5%₩8,133₩8,777₩9,540₩10,458₩11,581
8.0%₩7,471₩8,014₩8,650₩9,402₩10,306

Now (TTM)

Market cap
₩108B
Enterprise value
₩118B
P/E
12.5×
P/B
0.9×
P/S
0.7×
EV/EBITDA
—
Dividend yield
3.4%

Over time (at each year end)

20252024202320222021
Price₩3,370₩2,575₩3,310₩4,740₩5,200
Market cap₩176B₩134B₩173B₩247B₩271B
P/E14.6×8.6×19.4×61.5×13.4×
P/B1.5×1.2×1.9×3.3×6.0×
P/S1.2×1.0×1.6×4.3×5.5×
EV/EBITDA———19.8×16.9×
Dividend yield2.1%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Aniplus12.5×0.9×0.7×—3.4%
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: Aniplus / 애니플러스 / 310200 / KRX:310200

Source: KRX statistical information