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SG Global

001380 · KOSPI · ₩001380 · SG글로벌

₩814▲ ₩12 (1.50%)End-of-day · Oct 28, 2026 · End-of-day prices.
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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

₩2,314

vs the current price (₩814)

Enterprise value
₩50B
Equity value
₩52B
WACC
7.4%

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 184% 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 ₩814, the model needs an operating margin of 2.0% every year (it uses 3.9%).
  • Margins ranged from −2.1% to 6.8% over the last 5 years, so this is a cyclical business. The model uses the average; the price may be set by where the cycle is now. Try the margin fade option.
  • Today's P/E is 5.0× against a typical 14.4× over the last 10 years.

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
₩598
−26.5%
Base
₩2,314
+184.3%
Bull
₩5,384
+561.4%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Sign in to change the assumptions and see the results update. Sign in

Cycle options

Margin path

Every year uses the cycle-average margin (3.9%).

Revenue growth

  • 11.4%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (11.4% a year, annual reports), fading to 3% by year 5.

  • 9.3%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (11.4% a year, annual reports), fading to 3% by year 5.

  • 7.2%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (11.4% a year, annual reports), fading to 3% by year 5.

  • 5.1%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (11.4% 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 3 years' revenue growth (11.4% a year, annual reports), fading to 3% by year 5.

Business

  • 3.9%

    Operating profit as a share of revenue.

    Default: through-the-cycle average of the last 12 months and the last 5 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.

  • 8.7%

    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 3 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.

  • 4.08%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-29.

  • 0.6

    How much the share moves when the market moves: 1 means just like the market.

    Default: 105 weeks of weekly returns against KOSPI (official index); raw beta 0.23, 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.

  • 5.58%

    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)
₩100B
Net debt (borrowings and leases − cash and deposits)
−₩1.6B
Shares
22,482,071
Share price
₩814
Market cap
₩18B

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.

FY2023FY2024FY2025Year 1Year 2Year 3Year 4Year 5
Revenue₩97B₩99B₩93B₩111B₩121B₩130B₩137B₩141B
Growth42.7%3.0%−6.0%11.4%9.3%7.2%5.1%3.0%
EBIT₩6.6B₩6.2B₩5B₩4.3B₩4.7B₩5.1B₩5.3B₩5.5B
EBIT margin6.8%6.2%5.3%3.9%3.9%3.9%3.9%3.9%
After-tax EBIT₩4.8B₩4.5B₩3.6B₩3.1B₩3.4B₩3.7B₩3.9B₩4B
+ Depreciation———₩3.3B₩3.6B₩3.9B₩4.1B₩4.2B
− Capital spending———₩4.4B₩4.9B₩5.2B₩5.5B₩5.6B
− Working capital₩2.9B−₩432M−₩810M₩989M₩899M₩761M₩578M₩357M
Free cash flow———₩1B₩1.3B₩1.6B₩1.9B₩2.2B
Discount factor———0.9310.8670.8080.7520.700
Present value———₩970M₩1.1B₩1.3B₩1.4B₩1.6B

Terminal value ₩63B, worth ₩44B today: 87% 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:

LowTypicalHigh
Price / book (book value ₩6,993 a share)Now 0.12×₩2,2760.33×₩3,7150.53×₩5,7410.82×
Price / earnings (last 12 months: ₩162 a share)Now 5.03×₩7624.71×₩2,33014.4×₩4,41127.3×
P/E on run-rate earnings (Q2 2026 × 4: ₩284 a share)Now 2.87×₩1,3364.71×₩4,08614.4×₩7,73827.3×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2021, 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%
6.4%₩2,471₩2,657₩2,885₩3,171₩3,541
6.9%₩2,243₩2,392₩2,570₩2,788₩3,063
7.4%₩2,051₩2,171₩2,314₩2,485₩2,695
7.9%₩1,888₩1,986₩2,102₩2,238₩2,403
8.4%₩1,747₩1,829₩1,924₩2,034₩2,165

Now (TTM)

Market cap
₩18B
Enterprise value
₩12B
P/E
5.0×
P/B
0.1×
P/S
0.2×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩3,737₩6,652₩3,098₩3,416₩3,667
Market cap₩84B₩150B₩70B₩77B₩82B
P/E29.9×23.7×3.5×——
P/B0.6×1.0×0.5×0.6×0.7×
P/S0.9×1.5×0.7×1.1×1.4×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
SG Global5.0×0.1×0.2×—0.0%
Hyundai Mobis8.7×0.6×0.5×—1.8%
SL6.1×0.9×0.4×3.7×0.0%
HL Mando10.7×0.6×0.2×—1.9%
Samhyun—13.4×18.9×—0.0%
Hyundai WIA19.3×0.4×0.2×—2.4%
SNT Dynamics13.4×0.7×0.9×—6.8%
Similar companies (median)10.7×0.7×0.5×3.7×1.9%

Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.

Also known as: SG Global / SG글로벌 / 001380 / KRX:001380

Source: KRX statistical information