New Risk • May 20
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩149.9b (US$99.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₩149.9b market cap, or US$99.6m). Annonce • Feb 14
Multicampus Corporation, Annual General Meeting, Mar 18, 2026 Multicampus Corporation, Annual General Meeting, Mar 18, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 212, teheran-ro, gangnam-gu, seoul South Korea New Risk • Jan 29
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 4.5% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Upcoming Dividend • Dec 22
Upcoming dividend of ₩2,100 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 20 April 2026. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 6.3%. Within top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (4.9%). Declared Dividend • Nov 08
Dividend of ₩2,100 announced Dividend of ₩2,100 is the same as last year. Ex-date: 29th December 2025 Payment date: 20th April 2026 Dividend yield will be 6.6%, which is higher than the industry average of 3.9%. Sustainability & Growth Dividend is well covered by both earnings (44% earnings payout ratio) and cash flows (34% cash payout ratio). The dividend has increased by an average of 27% per year over the past 6 years and payments have been stable during that time. Earnings per share has grown by 20% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Annonce • Nov 07
Multicampus Corporation announces Annual dividend, payable on April 20, 2026 Multicampus Corporation announced Annual dividend of KRW 2100.0000 per share payable on April 20, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. New Risk • Aug 30
New minor risk - Financial data availability Less than 3 years of financial data is available. This is considered a minor risk. If the company has been trading for less than 3 years, then it has not had the opportunity to establish a long-term track record. This makes it difficult for investors to assess the true growth potential, sustainability and resilience of the business under different economic conditions. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 06
Full year 2024 earnings released: EPS: ₩5,242 (vs ₩5,316 in FY 2023) Full year 2024 results: EPS: ₩5,242 (down from ₩5,316 in FY 2023). Revenue: ₩352.7b (down 1.6% from FY 2023). Net income: ₩31.1b (down 1.4% from FY 2023). Profit margin: 8.8% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Annonce • Feb 21
Multicampus Corporation, Annual General Meeting, Mar 19, 2025 Multicampus Corporation, Annual General Meeting, Mar 19, 2025, at 09:01 Tokyo Standard Time. Location: conference room, 212, teheran-ro, gangnam-gu, seoul South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩1,600 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 21 April 2025. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 5.4%. Within top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (4.5%). New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. This is currently the only risk that has been identified for the company. New Risk • Dec 07
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 89% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (89% accrual ratio). Minor Risk Less than 3 years of financial data is available. Buy Or Sell Opportunity • Mar 27
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 9.2% to ₩37,250. The fair value is estimated to be ₩30,934, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 32%. Reported Earnings • Mar 02
Full year 2023 earnings released: EPS: ₩5,316 (vs ₩5,106 in FY 2022) Full year 2023 results: EPS: ₩5,316 (up from ₩5,106 in FY 2022). Revenue: ₩358.6b (flat on FY 2022). Net income: ₩31.5b (up 4.1% from FY 2022). Profit margin: 8.8% (up from 8.5% in FY 2022). Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 20
Upcoming dividend of ₩800 per share at 2.4% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 15 April 2024. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (3.5%). Reported Earnings • Mar 09
Full year 2022 earnings released: EPS: ₩5,106 (vs ₩3,439 in FY 2021) Full year 2022 results: EPS: ₩5,106 (up from ₩3,439 in FY 2021). Revenue: ₩357.5b (up 16% from FY 2021). Net income: ₩30.3b (up 49% from FY 2021). Profit margin: 8.5% (up from 6.6% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 21
Upcoming dividend of ₩600 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 17 April 2023. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (3.4%). Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. 1 independent director (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. 1 independent director (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 12
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: ₩3,439 (up from ₩1,690 in FY 2020). Revenue: ₩308.3b (up 19% from FY 2020). Net income: ₩20.4b (up 105% from FY 2020). Profit margin: 6.6% (up from 3.8% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 16%. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 7% per year. Upcoming Dividend • Dec 22
Upcoming dividend of ₩500 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 18 April 2022. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of South Korean dividend payers (2.4%). Lower than average of industry peers (2.3%). Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment improved over the past week After last week's 34% share price gain to ₩49,000, the stock trades at a trailing P/E ratio of 14.8x. Average trailing P/E is 13x in the Consumer Services industry in South Korea. Total returns to shareholders of 9.7% over the past three years. Reported Earnings • Mar 10
Full year 2020 earnings released: EPS ₩1,690 (vs ₩3,162 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ₩260.0b (down 9.7% from FY 2019). Net income: ₩9.96b (down 47% from FY 2019). Profit margin: 3.8% (down from 6.5% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Annonce • Feb 17
Multicampus Corporation, Annual General Meeting, Mar 17, 2021 Multicampus Corporation, Annual General Meeting, Mar 17, 2021, at 09:00 Korea Standard Time. Is New 90 Day High Low • Jan 28
New 90-day low: ₩32,000 The company is down 12% from its price of ₩36,350 on 30 October 2020. The South Korean market is up 32% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Services industry, which is up 4.0% over the same period. Valuation Update With 7 Day Price Move • Oct 29
Market bids up stock over the past week After last week's 15% share price gain to ₩33,800, the stock is trading at a trailing P/E ratio of 17.7x, up from the previous P/E ratio of 15.3x. This compares to an average P/E of 17x in the Consumer Services industry in South Korea. Total returns to shareholders over the past three years are 7.4%. Is New 90 Day High Low • Oct 26
New 90-day high: ₩33,850 The company is up 14% from its price of ₩29,700 on 28 July 2020. The South Korean market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Services industry, which is up 5.0% over the same period.