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SeAH Besteel Holdings

001430 · KOSPI · ₩001430 · 세아베스틸지주

₩28,400▼ ₩1,850 (6.12%)End-of-day · Oct 30, 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

₩11,007

vs the current price (₩28,400)

Enterprise value
₩1.5T
Equity value
₩395B
WACC
5.5%

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 61% 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 ₩28,400, the model needs an operating margin of 4.3% every year (it uses 3.4%).
  • Or revenue growth +14.7 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 11.5× against a typical 8.3× 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
—
Base
₩11,007
−61.2%
Bull
₩95,686
+236.9%

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

Start from

Preliminary results are the company's early announcement of a quarter's sales and operating profit, before the full report. Including them swaps that quarter in for the same quarter a year earlier.

Margin path

Every year uses the cycle-average margin (3.4%).

Revenue growth

  • -5.9%

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

    Default: the last 3 years' revenue growth (-5.9% a year, annual reports), fading to 3% by year 5.

  • -3.7%

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

    Default: the last 3 years' revenue growth (-5.9% a year, annual reports), fading to 3% by year 5.

  • -1.5%

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

    Default: the last 3 years' revenue growth (-5.9% a year, annual reports), fading to 3% by year 5.

  • 0.8%

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

    Default: the last 3 years' revenue growth (-5.9% 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 (-5.9% a year, annual reports), fading to 3% by year 5.

Business

  • 3.4%

    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: average of the last 3 annual reports (cash flow statements; equipment and intangibles).

  • 4.5%

    Money spent on factories, equipment, software and other long-term assets (% of revenue).

    Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).

  • 25.6%

    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.

  • 4.01%

    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: 105 weeks of weekly returns against KOSPI (official index); raw beta 0.31, 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)
₩3.9T
Net debt (borrowings and leases − cash and deposits)
₩1.2T
+ Stakes and investments
₩64B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩11B
Shares
35,862,119
Share price
₩28,400
Market cap
₩1T

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₩4.1T₩3.6T₩3.7T₩3.7T₩3.5T₩3.5T₩3.5T₩3.6T
Growth−6.9%−11.0%0.4%−5.9%−3.7%−1.5%0.8%3.0%
EBIT₩197B₩52B₩98B₩124B₩120B₩118B₩119B₩123B
EBIT margin4.8%1.4%2.7%3.4%3.4%3.4%3.4%3.4%
After-tax EBIT₩143B₩38B₩71B₩90B₩87B₩86B₩86B₩89B
+ Depreciation₩103B₩113B₩118B₩110B₩106B₩104B₩105B₩108B
− Capital spending₩143B₩167B₩202B₩165B₩159B₩156B₩158B₩162B
− Working capital₩35B−₩225B₩98B−₩59B−₩35B−₩14B₩7.1B₩27B
Free cash flow₩67B₩208B−₩111B₩94B₩69B₩47B₩27B₩7.9B
Discount factor———0.9480.8980.8510.8070.765
Present value———₩89B₩62B₩40B₩22B₩6B

Terminal value ₩1.7T, worth ₩1.3T today: 86% 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 ₩55,195 a share)Now 0.51×₩17,8260.32×₩23,3800.42×₩44,9500.81×
Price / earnings (last 12 months: ₩2,472 a share)Now 11.5×₩8,4493.42×₩20,6018.33×₩66,04426.7×

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%
4.5%₩18,471₩22,577₩28,274₩36,743₩50,725
5.0%₩11,999₩14,675₩18,204₩23,096₩30,363
5.5%₩6,969₩8,749₩11,007₩13,981₩18,097
6.0%₩2,951₩4,144₩5,609₩7,464₩9,902
6.5%—₩464₩1,413₩2,576₩4,042

Now (TTM)

Market cap
₩1T
Enterprise value
₩2.2T
P/E
11.5×
P/B
0.5×
P/S
0.3×
EV/EBITDA
9.2×
Dividend yield
4.2%

Over time (at each year end)

20252024202320222021
Price₩50,200₩19,760₩24,850₩16,300₩19,900
Market cap₩1.8T₩709B₩891B₩585B₩714B
P/E32.0×35.0×6.9×6.4×3.8×
P/B0.9×0.4×0.5×0.3×0.4×
P/S0.5×0.2×0.2×0.1×0.2×
EV/EBITDA13.1×9.0×5.6×6.0×4.0×
Dividend yield2.4%6.1%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
SeAH Besteel Holdings11.5×0.5×0.3×9.2×4.2%
POSCO Holdings16.1×0.4×0.3×7.7×3.7%
Korea Zinc18.6×1.6×0.9×—2.3%
Hyundai Steel—0.2×0.1×—1.9%
Poongsan8.0×0.7×0.3×5.9×3.0%
Sama Aluminium—4.0×2.9×—0.0%
HVM1,211.5×5.4×8.4×59.0×0.0%
Similar companies (median)17.3×1.1×0.6×7.7×2.1%

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

Also known as: SeAH Besteel Holdings / 세아베스틸지주 / 001430 / KRX:001430

Source: KRX statistical information