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Copus Korea

322780 · KOSDAQ · ₩322780 · 코퍼스코리아

₩1,273▲ ₩1 (0.08%)End-of-day · Oct 29, 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
−₩14B
Equity value
−₩33B
WACC
7.9%

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 gives no positive value at these assumptions. What we can see:

  • To match today's price of ₩1,273, the model needs an operating margin of 8.4% every year (it uses −0.5%).
  • Margins ranged from −70.2% to 31.2% 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 (−0.5%).

Revenue growth

  • 4%

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

    Default: the last 3 years' revenue growth (4% a year, annual reports), fading to 3% by year 5.

  • 3.7%

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

    Default: the last 3 years' revenue growth (4% 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 (4% a year, annual reports), fading to 3% by year 5.

  • 3.2%

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

    Default: the last 3 years' revenue growth (4% 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 (4% a year, annual reports), fading to 3% by year 5.

Business

  • -0.5%

    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%

    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).

  • 7.5%

    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).

  • 21.9%

    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.

  • 4.08%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-29.

  • 1.39

    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 1.58, 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.

  • 5.58%

    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)
₩44B
Net debt (borrowings and leases − cash and deposits)
₩19B
+ Stakes and investments
₩372M
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩859M
Shares
15,230,974
Share price
₩1,273
Market cap
₩19B

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₩45B₩42B₩33B₩46B₩48B₩50B₩51B₩53B
Growth52.6%−6.3%−21.4%4.0%3.7%3.5%3.2%3.0%
EBIT₩1.7B−₩29B−₩7.1B−₩231M−₩239M−₩248M−₩256M−₩263M
EBIT margin3.8%−70.2%−21.6%−0.5%−0.5%−0.5%−0.5%−0.5%
After-tax EBIT₩1.2B−₩21B−₩5.1B−₩167M−₩174M−₩180M−₩185M−₩191M
+ Depreciation———₩2.8B₩2.9B₩3B₩3.1B₩3.2B
− Capital spending₩9.9B₩2M₩93M₩3.5B₩3.6B₩3.7B₩3.8B₩3.9B
− Working capital₩1.2B−₩12B₩6B₩389M₩374M₩367M₩347M₩336M
Free cash flow———−₩1.2B−₩1.3B−₩1.3B−₩1.3B−₩1.3B
Discount factor———0.9270.8590.7960.7370.683
Present value———−₩1.2B−₩1.1B−₩1B−₩958M−₩900M

Terminal value −₩13B, worth −₩8.7B today: 63% 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 ₩1,696 a share)Now 0.75×₩2,1491.27×₩4,5382.68×₩7,8354.62×

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%
6.9%—————
7.4%—————
7.9%—————
8.4%—————
8.9%—————

Now (TTM)

Market cap
₩19B
Enterprise value
₩38B
P/E
—
P/B
0.8×
P/S
0.4×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩4,395₩3,820₩9,715₩13,724₩14,949
Market cap₩67B₩58B₩148B₩209B₩228B
P/E——44.8×—28.1×
P/B2.7×1.8×2.6×4.4×4.7×
P/S2.0×1.4×3.3×7.1×6.7×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Copus Korea—0.8×0.4×—0.0%
HYBE—2.0×1.9×—0.3%
SM Entertainment13.7×1.7×1.4×—2.1%
JYP Entertainment12.7×2.1×1.7×7.1×2.3%
CJ CGV—1.1×0.3×—0.0%
YG Entertainment21.7×1.4×1.2×—0.8%
Studio Dragon21.8×0.9×1.2×—0.0%
Similar companies (median)17.7×1.6×1.3×7.1×0.5%

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

Also known as: Copus Korea / 코퍼스코리아 / 322780 / KRX:322780

Source: KRX statistical information