i-Scream Media아이스크림미디어
461300 · KOSDAQ · ₩461300 · 아이스크림미디어
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
₩127,095
vs the current price (₩17,250)
- Enterprise value
- ₩1.5T
- Equity value
- ₩1.7T
- 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 637% 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 ₩17,250, the model needs an operating margin of 2.1% every year (it uses 31.9%).
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
- ₩92,167
- +434.3%
- Base
- ₩127,095
- +636.8%
- Bull
- ₩183,087
- +961.4%
Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.
Assumptions
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Cycle options
Margin path
Every year uses the cycle-average margin (31.9%).
Revenue growth
- 25%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (28.7% a year, annual reports), fading to 3% by year 5.
- 19.5%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (28.7% a year, annual reports), fading to 3% by year 5.
- 14%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (28.7% a year, annual reports), fading to 3% by year 5.
- 8.5%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (28.7% 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 1 years' revenue growth (28.7% a year, annual reports), fading to 3% by year 5.
Business
- 31.9%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 2 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%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: not in the statements, so a typical level.
- 4%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: not in the statements, so a typical level.
- 7.2%
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 2 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: 104 weeks of weekly returns against KOSPI (official index); raw beta 0.04, 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)
- ₩210B
- Net debt (borrowings and leases − cash and deposits)
- −₩126B
- + Stakes and investments
- ₩48B
- Associates, long-term financial assets and deposits (book value)
- Shares
- 13,333,933
- Share price
- ₩17,250
- Market cap
- ₩230B
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.
| FY2024 | FY2025 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
|---|---|---|---|---|---|---|---|
| Revenue | ₩152B | ₩196B | ₩263B | ₩314B | ₩358B | ₩389B | ₩400B |
| Growth | — | 28.7% | 25.0% | 19.5% | 14.0% | 8.5% | 3.0% |
| EBIT | ₩46B | ₩62B | ₩84B | ₩100B | ₩114B | ₩124B | ₩128B |
| EBIT margin | 30.3% | 31.5% | 31.9% | 31.9% | 31.9% | 31.9% | 31.9% |
| After-tax EBIT | ₩33B | ₩45B | ₩61B | ₩73B | ₩83B | ₩90B | ₩93B |
| + Depreciation | — | — | ₩7.9B | ₩9.4B | ₩11B | ₩12B | ₩12B |
| − Capital spending | — | — | ₩11B | ₩13B | ₩14B | ₩16B | ₩16B |
| − Working capital | — | −₩21B | ₩3.8B | ₩3.7B | ₩3.2B | ₩2.2B | ₩839M |
| Free cash flow | — | — | ₩54B | ₩66B | ₩76B | ₩84B | ₩88B |
| Discount factor | — | — | 0.932 | 0.868 | 0.809 | 0.754 | 0.703 |
| Present value | — | — | ₩51B | ₩57B | ₩62B | ₩63B | ₩62B |
Terminal value ₩1.7T, worth ₩1.2T today: 81% 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 ₩17,935 a share)Now 0.96× | ₩17,2500.96× | ₩20,0821.12× | ₩26,4661.48× |
Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2024, 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% | ₩131,512 | ₩141,823 | ₩154,526 | ₩170,563 | ₩191,446 |
| 6.8% | ₩120,912 | ₩129,277 | ₩139,380 | ₩151,827 | ₩167,541 |
| 7.3% | ₩111,999 | ₩118,898 | ₩127,095 | ₩136,995 | ₩149,192 |
| 7.8% | ₩104,402 | ₩110,170 | ₩116,931 | ₩124,964 | ₩134,667 |
| 8.3% | ₩97,849 | ₩102,730 | ₩108,384 | ₩115,010 | ₩122,883 |
Now (TTM)
- Market cap
- ₩230B
- Enterprise value
- ₩86B
- P/E
- 3.2×
- P/B
- 1.0×
- P/S
- 1.1×
- EV/EBITDA
- —
- Dividend yield
- 9.0%
Over time (at each year end)
| 2025 | 2024 | |
|---|---|---|
| Price | ₩17,400 | ₩11,740 |
| Market cap | ₩232B | ₩157B |
| P/E | 4.7× | 5.0× |
| P/B | 1.1× | 0.9× |
| P/S | 1.2× | 1.0× |
| EV/EBITDA | — | — |
| Dividend yield | 8.9% | 6.3% |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| i-Scream Media | 3.2× | 1.0× | 1.1× | — | 9.0% |
| Krafton | 10.0× | 1.2× | 1.9× | — | 1.2% |
| Hyundai Autoever | 41.5× | 4.2× | 1.7× | — | 0.7% |
| NC | 7.0× | 1.2× | 2.1× | 8.5× | 0.6% |
| Netmarble | 7.1× | 0.5× | 1.0× | — | 2.6% |
| PearlAbyss | 8.1× | 2.1× | 3.0× | 5.3× | 0.0% |
| Shift UP | 9.0× | 1.8× | 7.1× | — | 0.0% |
| Similar companies (median) | 8.5× | 1.5× | 2.0× | 6.9× | 0.6% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: i-Scream Media / 아이스크림미디어 / 461300 / KRX:461300
Source: KRX statistical information