Sebang Global Battery: Low Multiples and Steady Cash Flow, With Margins Below Their 2024 Peak

Thesis

The data supports a picture of a profitable, modestly leveraged company valued at low multiples. P/E is 5.9x, P/B is 0.5x, and the dividend yield is 4.4%. Liabilities are 43.4% of equity, and free cash flow of ₩280.0B is large relative to the market cap.

What the data does not support is a story of improving profitability. Operating margin fell from 8.7% in 2024 to 7.2% in 2025 and 6.4% on a trailing basis, and ROE fell from 12.2% to 9.0%. Revenue growth slowed from 22.2% in 2024 to 4.0% in 2025. The low multiples may reflect these trends, but the data does not say why the market prices the stock this way.

The July 2026 filings on a rights offering and a share acquisition in another company are marked as amended. The data gives no details on their size or purpose, so their effect cannot be judged.

Business overview

Sebang Global Battery is a KOSPI-listed company in the batteries sector. It was founded on 1952-09-10 and listed on 1987-11-28, with 13,860,000 listed shares. The CEO is listed as 박정희.

Revenue grew from ₩1.35T in 2021 to ₩2.14T in 2025. Trailing revenue to H1 2026 is ₩2.12T. The shares trade within a 52-week range of ₩46,900 to ₩77,700. Returns are -0.7% over one month, 9.6% over three months and -6.8% over one year.

Model estimate of fair value

Bear

₩41,004

-29%

Base

₩103,541

+78%

Bull

₩212,873

+266%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Base case of the 5-year discounted cash flow model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 7.5%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

• 5%+ holding reportOct 2, 2026
• Decision on Loan ExtensionSep 14, 2026
• Insider shareholding reportSep 4, 2026
• Decision on Guarantee of Debt for Another PartyAug 28, 2026
• Half-year report (Jun 2026)Aug 14, 2026
• Preliminary earningsAug 4, 2026
• Investor relations (IR) eventAug 4, 2026
• Change in largest shareholder's holdingsJul 29, 2026
• Amended: Rights offering (paid-in capital increase) decisionJul 27, 2026
• Amended: Acquisition of shares in another companyJul 27, 2026
• Amended: Rights offering (paid-in capital increase) decisionJul 24, 2026
• Amended: Acquisition of shares in another companyJul 24, 2026
• Daily prices up to 2026-10-16
• Financial statements, trailing 12 months as of H1 2026
• Our fair value model, statements as of TTM to H1 2026

Report history

1. Oct 21, 2026Update noteModel fair value changeSebang Global Battery: Model Fair Value Estimate Roughly Doubles to ₩205,339 Base Case
2. Oct 19, 2026InitiationStart of coverage (reader request)Sebang Global Battery: Low Multiples and Steady Cash Flow, With Margins Below Their 2024 Peak