KOSPI · 352820 · Entertainment · ₩352820

HYBE하이브

352820 · KOSPI · ₩352820 · 하이브

₩168,000▼ ₩1,400 (0.83%)End-of-day · Oct 28, 2026 · End-of-day prices.

Trade

Sell Buy

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

₩108,017

vs the current price (₩168,000)

Enterprise value: ₩4.9T
Equity value: ₩4.7T
WACC: 7.3%

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 36% 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 ₩168,000, the model needs an operating margin of 13.1% every year (it uses 9.2%).
Or revenue growth +12.9 points a year higher than assumed in each of the 5 years.
Analysts' forecasts for 2026: revenue ₩4.9T, operating profit ₩291B (5.9% margin) (1 broker). The model starts from the last 12 months reported.
Analysts' forecasts for 2027: revenue ₩4.4T, operating profit ₩499B (11.3% margin) (1 broker). The model starts from the last 12 months reported.
Margins ranged from 1.9% to 15.1% 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.

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: ₩57,448; −65.8%
Base: ₩108,017; −35.7%
Bull: ₩195,731; +16.5%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (9.2%).

Revenue growth

Revenue growth, year 114.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (14.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 211.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (14.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 38.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (14.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 45.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (14.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (14.3% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin9.2%
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.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation2.5%
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).
Capital spending3.2%
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).
Working capital32.2%
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

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.08%
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.
Beta0.6
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 0.09, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)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): ₩3.6T
Net debt (borrowings and leases − cash and deposits): ₩75B
+ Stakes and investments: ₩165B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩292B
Shares: 43,106,836
Share price: ₩168,000
Market cap: ₩7.2T

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.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩2.2T	₩2.3T	₩2.6T	₩4.1T	₩4.6T	₩5T	₩5.3T	₩5.4T
Growth	22.6%	3.6%	17.5%	14.3%	11.4%	8.6%	5.8%	3.0%
EBIT	₩296B	₩184B	₩49B	₩378B	₩421B	₩457B	₩483B	₩498B
EBIT margin	13.6%	8.2%	1.9%	9.2%	9.2%	9.2%	9.2%	9.2%
After-tax EBIT	₩214B	₩133B	₩36B	₩274B	₩305B	₩331B	₩351B	₩361B
+ Depreciation	—	—	—	₩103B	₩114B	₩124B	₩131B	₩135B
− Capital spending	₩92B	₩68B	₩61B	₩131B	₩146B	₩159B	₩168B	₩173B
− Working capital	−₩382B	₩61B	₩450B	₩165B	₩151B	₩127B	₩93B	₩51B
Free cash flow	—	—	—	₩80B	₩122B	₩170B	₩221B	₩272B
Discount factor	—	—	—	0.932	0.868	0.808	0.753	0.702
Present value	—	—	—	₩74B	₩106B	₩137B	₩166B	₩191B

Terminal value ₩6T, worth ₩4.2T today: 86% 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:

	Low	Typical	High
Price / book (book value ₩79,618 a share)Now 2.11×	₩174,8012.20×	₩251,4273.16×	₩403,5875.07×

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%
6.3%	₩117,798	₩126,236	₩136,581	₩149,577	₩166,411
6.8%	₩106,191	₩112,832	₩120,813	₩130,597	₩142,887
7.3%	₩96,436	₩101,744	₩108,017	₩115,556	₩124,797
7.8%	₩88,126	₩92,422	₩97,430	₩103,349	₩110,460
8.3%	₩80,965	₩84,481	₩88,529	₩93,247	₩98,822

Now (TTM)

Market cap: ₩7.2T
Enterprise value: ₩7.1T
P/E: —
P/B: 2.1×
P/S: 2.0×
EV/EBITDA: —
Dividend yield: 0.3%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩330,000	₩193,400	₩233,500	₩173,500	₩349,000
Market cap	₩14T	₩8.3T	₩10T	₩7.5T	₩15T
P/E	—	888.8×	53.8×	155.7×	106.8×
P/B	4.4×	2.6×	3.4×	2.7×	5.4×
P/S	5.4×	3.7×	4.6×	4.2×	12.0×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.2%	0.1%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
HYBE	—	2.1×	2.0×	—	0.3%
SM Entertainment	14.0×	1.8×	1.4×	—	2.0%
JYP Entertainment	13.1×	2.2×	1.7×	7.3×	2.2%
CJ CGV	—	1.1×	0.4×	—	0.0%
YG Entertainment	22.0×	1.4×	1.2×	—	0.8%
Studio Dragon	21.9×	0.9×	1.2×	—	0.0%
The Pinkfong	4.3×	0.8×	2.0×	2.3×	0.0%
Similar companies (median)	14.0×	1.3×	1.3×	4.8×	0.4%

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

Also known as: HYBE / 하이브 / 352820 / KRX:352820

Source: KRX statistical information