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Studio Mir

408900 · KOSDAQ · ₩408900 · 스튜디오미르

₩840▼ ₩27 (3.11%)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

₩283

vs the current price (₩840)

Enterprise value
−₩12B
Equity value
₩9.3B
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 66% 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 ₩840, the model needs an operating margin of 4.5% every year (it uses −5.9%).
  • Margins ranged from −13.1% to 13.0% over the last 4 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
₩322
−61.7%
Base
₩283
−66.3%
Bull
₩256
−69.6%

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 (−5.9%).

Revenue growth

  • -10%

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

    Default: the last 3 years' revenue growth (-14% a year, annual reports), fading to 3% by year 5.

  • -6.7%

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

    Default: the last 3 years' revenue growth (-14% 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 (-14% a year, annual reports), fading to 3% by year 5.

  • -0.2%

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

    Default: the last 3 years' revenue growth (-14% 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 (-14% a year, annual reports), fading to 3% by year 5.

Business

  • -5.9%

    Operating profit as a share of revenue.

    Default: through-the-cycle average of the last 12 months and the last 4 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.

  • 5.4%

    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).

  • 6.8%

    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).

  • 25.6%

    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.

  • 4.01%

    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 0.29, 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)
₩16B
Net debt (borrowings and leases − cash and deposits)
−₩20B
+ Stakes and investments
₩1.9B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩680M
Shares
32,752,929
Share price
₩840
Market cap
₩28B

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₩23B₩18B₩16B₩15B₩14B₩13B₩13B₩14B
Growth−10.2%−24.1%−6.7%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT₩861M−₩1.9B−₩2.1B−₩872M−₩813M−₩785M−₩783M−₩807M
EBIT margin3.7%−10.8%−13.1%−5.9%−5.9%−5.9%−5.9%−5.9%
After-tax EBIT₩624M−₩1.4B−₩1.6B−₩632M−₩590M−₩569M−₩568M−₩585M
+ Depreciation———₩798M₩745M₩718M₩717M₩739M
− Capital spending₩4.5B₩107M₩65M₩1B₩938M₩905M₩903M₩930M
− Working capital₩4.7B−₩5.7B₩539M−₩420M−₩253M−₩124M−₩6.8M₩102M
Free cash flow———−₩419M−₩529M−₩632M−₩747M−₩878M
Discount factor———0.9320.8680.8090.7540.703
Present value———−₩390M−₩460M−₩511M−₩563M−₩617M

Terminal value −₩14B, worth −₩9.8B 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 ₩1,144 a share)Now 0.73×₩1,1801.03×₩3,3612.94×₩6,0085.25×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2023, 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%₩284₩243₩193₩129₩46
6.8%₩317₩284₩243₩192₩128
7.3%₩345₩317₩283₩242₩192
7.8%₩369₩345₩316₩282₩242
8.3%₩389₩368₩344₩316₩282

Now (TTM)

Market cap
₩28B
Enterprise value
₩6.7B
P/E
—
P/B
0.7×
P/S
1.7×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

202520242023
Price₩3,020₩2,420₩4,839
Market cap₩99B₩79B₩158B
P/E—730.4×63.3×
P/B2.6×2.0×4.3×
P/S6.0×4.5×6.8×
EV/EBITDA———
Dividend yield0.0%——

Loading data for this company — check back soon

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Studio Mir—0.7×1.7×—0.0%
HYBE—2.0×1.9×—0.3%
SM Entertainment13.3×1.7×1.4×—2.1%
JYP Entertainment12.9×2.2×1.7×7.2×2.2%
CJ CGV—1.1×0.4×—0.0%
YG Entertainment20.9×1.4×1.1×—0.8%
Studio Dragon21.8×0.9×1.2×—0.0%
Similar companies (median)17.1×1.5×1.3×7.2×0.6%

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

Also known as: Studio Mir / 스튜디오미르 / 408900 / KRX:408900

Source: KRX statistical information