Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩2,095, the stock trades at a trailing P/E ratio of 30.4x. Average trailing P/E is 10x in the Entertainment industry in South Korea. Total loss to shareholders of 44% over the past three years. New Risk • Jun 08
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩151.4b (US$97.1m) 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. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.3% net profit margin). Market cap is less than US$100m (₩151.4b market cap, or US$97.1m). New Risk • Mar 27
New major risk - Revenue and earnings growth Earnings have declined by 2.4% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 2.4% per year over the past 5 years. Announcement • Mar 13
Showbox Corp., Annual General Meeting, Mar 26, 2026 Showbox Corp., Annual General Meeting, Mar 26, 2026, at 09:01 Tokyo Standard Time. Location: seminar room, 3104, nambusunhwan-ro, gangnam-gu, seoul South Korea Reported Earnings • Nov 19
Third quarter 2025 earnings released: ₩32.00 loss per share (vs ₩1.00 loss in 3Q 2024) Third quarter 2025 results: ₩32.00 loss per share (further deteriorated from ₩1.00 loss in 3Q 2024). Revenue: ₩17.3b (up 256% from 3Q 2024). Net loss: ₩2.01b (loss widened ₩1.94b from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. New Risk • Nov 12
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩146.4b (US$99.7m) 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: Major Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risk Market cap is less than US$100m (₩146.4b market cap, or US$99.7m). Reported Earnings • Mar 22
Full year 2024 earnings released: EPS: ₩439 (vs ₩485 loss in FY 2023) Full year 2024 results: EPS: ₩439 (up from ₩485 loss in FY 2023). Revenue: ₩93.1b (up 132% from FY 2023). Net income: ₩27.4b (up ₩57.7b from FY 2023). Profit margin: 30% (up from net loss in FY 2023). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Announcement • Mar 12
Showbox Corp., Annual General Meeting, Mar 25, 2025 Showbox Corp., Annual General Meeting, Mar 25, 2025, at 09:00 Tokyo Standard Time. Location: auditorium, 286, bamgogae-ro, gangnam-gu, seoul South Korea New Risk • Mar 05
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: 4.9% 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. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 37% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Dec 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 37% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (10% average weekly change). Valuation Update With 7 Day Price Move • Dec 27
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to ₩3,185, the stock trades at a trailing P/E ratio of 14.8x. Average trailing P/E is 24x in the Entertainment industry in South Korea. Total loss to shareholders of 47% over the past three years. New Risk • Dec 07
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended September 2013. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩3,660, the stock trades at a trailing P/E ratio of 17x. Average trailing P/E is 26x in the Entertainment industry in South Korea. Total loss to shareholders of 34% over the past three years. New Risk • Sep 17
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. Announcement • Apr 30
Showbox Corp. to Report Q1, 2024 Results on May 07, 2024 Showbox Corp. announced that they will report Q1, 2024 results on May 07, 2024 Buy Or Sell Opportunity • Mar 20
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 23% to ₩3,870. The fair value is estimated to be ₩3,222, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has declined by 87%. Reported Earnings • Mar 16
Full year 2023 earnings released: ₩485 loss per share (vs ₩34.00 loss in FY 2022) Full year 2023 results: ₩485 loss per share (further deteriorated from ₩34.00 loss in FY 2022). Revenue: ₩40.2b (down 29% from FY 2022). Net loss: ₩30.3b (loss widened ₩28.2b from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 19
Full year 2022 earnings released: ₩34.00 loss per share (vs ₩36.00 profit in FY 2021) Full year 2022 results: ₩34.00 loss per share (down from ₩36.00 profit in FY 2021). Revenue: ₩56.7b (up 11% from FY 2021). Net loss: ₩2.12b (down 195% from profit in FY 2021). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. 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. 7 experienced directors. No highly experienced directors. 3 independent directors (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. 7 experienced directors. No highly experienced directors. 3 independent directors (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. Buying Opportunity • Mar 15
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 2.6%. The fair value is estimated to be ₩6,482, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 30% per annum over the last 3 years. The company has become profitable over the last year. Buying Opportunity • Feb 22
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be ₩6,350, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 30% per annum over the last 3 years. The company has become profitable over the last year. Buying Opportunity • Jan 17
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 24%. The fair value is estimated to be ₩6,350, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 30% per annum over the last 3 years. The company has become profitable over the last year. Reported Earnings • Mar 13
Full year 2020 earnings released: ₩42.00 loss per share (vs ₩52.00 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: ₩46.8b (down 41% from FY 2019). Net loss: ₩2.63b (down 181% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 86% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 15
New 90-day high: ₩4,600 The company is up 59% from its price of ₩2,900 on 17 November 2020. The South Korean market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Entertainment industry, which is up 25% over the same period. Is New 90 Day High Low • Dec 30
New 90-day high: ₩3,385 The company is up 19% from its price of ₩2,840 on 29 September 2020. The South Korean market is up 20% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Entertainment industry, which is flat over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩50.00 Per Share Will be paid on the 8th of April to those who are registered shareholders by the 29th of December. The trailing yield of 1.8% is below the top quartile of South Korean dividend payers (2.6%), but it is higher than industry peers (0.7%). Is New 90 Day High Low • Nov 24
New 90-day high: ₩3,010 The company is up 13% from its price of ₩2,655 on 26 August 2020. The South Korean market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Entertainment industry, which is down 1.0% over the same period. Announcement • Sep 21
Showbox Corp.(KOSDAQ:A086980) dropped from S&P Global BMI Index Showbox Corp.(KOSDAQ:A086980) dropped from S&P Global BMI Index