ESteem에스팀

ESteem's filed results show a profitable events and content business, but its share price has fallen sharply over the past three months.

ESteem is a Korean fashion and trend content business that plans and produces fashion shows, brand events and digital content, and also earns management fees from its artist roster. On trailing results to H1 2026 it reported revenue of ₩35.2B, operating income of ₩2.5B and net income of ₩2.1B, with a cash balance of ₩23.3B. The share price closed at ₩2,790 on 2026-10-16, down 28.7% over three months and well below its 52-week high of ₩42,350.

What stands out

• Trailing operating margin is 7% and net margin is 5.9%, with ROE of 7.2% against 13.5% for the 2025 year.
• The filed balance sheet shows liabilities at 32.8% of equity and no borrowings reported, with cash of ₩23.3B.
• Trailing free cash flow is ₩1.7B, and the company paid no dividend (yield 0%).
• The model's DCF base value is ₩6,676, below the current price's implied case only if you accept its assumptions; the bear case is ₩4,797 and the bull case ₩9,861, and the price sits below all three.
• Filings in 2026 include a buyback trust contract (June) and status reports on share acquisition under a trust agreement (September), and foreign ownership fell from 3.2% to 2.8% over 60 days.
• No recent news headlines are included in the data.

What to watch

• The next quarterly and annual filings, to confirm whether revenue and margins hold up after the sharp share price decline.
• Further status reports on the trust-agreement share acquisition and any new 5%+ holding reports.
• Recent 20-day investor flows were net negative for foreign and institutional investors, so watch whether that continues; the data does not include forward forecasts or analyst ratings.