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Ibkimyoung

339950 · KOSDAQ · ₩339950 · 아이비김영

₩2,225▲ ₩5 (0.23%)End-of-day · Oct 30, 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

₩6,111

vs the current price (₩2,225)

Enterprise value
₩273B
Equity value
₩275B
WACC
7.1%

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 175% 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 ₩2,225, the model needs an operating margin of 4.8% every year (it uses 12.6%).
  • Or revenue growth −21.5 points a year higher than assumed in each of the 5 years.
  • Margins ranged from 3.6% to 16.0% 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 6.0× against a typical 9.1× 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
₩3,748
+68.5%
Base
₩6,111
+174.7%
Bull
₩10,095
+353.7%

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 (12.6%).

Revenue growth

  • 11.4%

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

    Default: the last 3 years' revenue growth (11.4% a year, annual reports), fading to 3% by year 5.

  • 9.3%

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

    Default: the last 3 years' revenue growth (11.4% a year, annual reports), fading to 3% by year 5.

  • 7.2%

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

    Default: the last 3 years' revenue growth (11.4% a year, annual reports), fading to 3% by year 5.

  • 5.1%

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

    Default: the last 3 years' revenue growth (11.4% 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 (11.4% a year, annual reports), fading to 3% by year 5.

Business

  • 12.6%

    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.

  • 3.1%

    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).

  • 3.9%

    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).

  • -4%

    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.

  • 4.01%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-30.

  • 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 -0.1, 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.

  • 5.51%

    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)
₩122B
Net debt (borrowings and leases − cash and deposits)
₩7.2B
+ Stakes and investments
₩9.3B
Associates, long-term financial assets and deposits (book value)
Shares
44,946,655
Share price
₩2,225
Market cap
₩100B

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₩95B₩107B₩119B₩136B₩148B₩159B₩167B₩172B
Growth9.5%13.1%11.6%11.4%9.3%7.2%5.1%3.0%
EBIT₩8.9B₩16B₩19B₩17B₩19B₩20B₩21B₩22B
EBIT margin9.4%15.4%16.0%12.6%12.6%12.6%12.6%12.6%
After-tax EBIT₩6.5B₩12B₩14B₩12B₩14B₩15B₩15B₩16B
+ Depreciation———₩4.2B₩4.6B₩4.9B₩5.2B₩5.3B
− Capital spending₩4.7B₩3.6B₩4B₩5.3B₩5.8B₩6.2B₩6.5B₩6.7B
− Working capital₩14B−₩21B₩8.4B−₩555M−₩504M−₩427M−₩324M−₩200M
Free cash flow———₩12B₩13B₩14B₩14B₩15B
Discount factor———0.9340.8720.8140.7600.710
Present value———₩11B₩11B₩11B₩11B₩10B

Terminal value ₩307B, worth ₩218B today: 80% 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 ₩1,350 a share)Now 1.65×₩1,9771.46×₩2,6561.97×₩5,0533.74×
Price / earnings (last 12 months: ₩369 a share)Now 6.03×₩1,8234.94×₩3,3749.15×₩18,27549.6×
P/E on run-rate earnings (Q2 2026 × 4: ₩186 a share)Now 12.0×₩9184.94×₩1,6999.15×₩9,20249.6×

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%
6.1%₩6,306₩6,893₩7,623₩8,558₩9,795
6.6%₩5,734₩6,208₩6,785₩7,503₩8,422
7.1%₩5,256₩5,645₩6,111₩6,679₩7,385
7.6%₩4,851₩5,176₩5,558₩6,017₩6,575
8.1%₩4,503₩4,777₩5,097₩5,473₩5,924

Now (TTM)

Market cap
₩100B
Enterprise value
₩95B
P/E
6.0×
P/B
1.6×
P/S
0.8×
EV/EBITDA
—
Dividend yield
13.5%

Over time (at each year end)

20252024202320222021
Price₩1,946₩2,020₩1,858₩1,915₩3,865
Market cap₩87B₩91B₩84B₩86B₩174B
P/E4.2×7.2×10.7×330.3×33.8×
P/B1.2×1.7×1.9×2.3×4.8×
P/S0.7×0.8×0.9×1.0×2.2×
EV/EBITDA—————
Dividend yield15.4%1.5%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Ibkimyoung6.0×1.6×0.8×—13.5%
MegaStudyEdu4.7×0.8×0.4×2.1×7.8%
Digital Daesung6.8×1.6×0.9×—5.7%
Multicampus6.9×0.7×0.5×—5.1%
JLS12.1×1.0×0.9×—9.3%
Creverse8.6×1.6×0.4×—9.8%
Woongjin Thinkbig—0.3×0.1×—15.0%
Similar companies (median)6.9×0.9×0.5×2.1×8.5%

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

Also known as: Ibkimyoung / 아이비김영 / 339950 / KRX:339950

Source: KRX statistical information