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Sbsungbo

003080 · KOSPI · ₩003080 · SB성보

₩2,200▼ ₩15 (0.68%)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

With these assumptions the model gives no positive value.

Enterprise value
−₩100B
Equity value
−₩111B
WACC
6.5%

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 gives no positive value at these assumptions. What we can see:

  • To match today's price of ₩2,200, the model needs an operating margin of 11.3% every year (it uses −3.9%).
  • Margins ranged from −12.7% to 2.9% 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.
  • In the projection, spending on equipment, software and working capital takes most or all of the after-tax operating profit, so free cash flow is thin. Companies that invest heavily often look like this until spending slows.

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
—
Bull
—

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

  • -1%

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

    Default: the last 3 years' revenue growth (-1% a year, annual reports), fading to 3% by year 5.

  • -0%

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

    Default: the last 3 years' revenue growth (-1% a year, annual reports), fading to 3% by year 5.

  • 1%

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

    Default: the last 3 years' revenue growth (-1% a year, annual reports), fading to 3% by year 5.

  • 2%

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

    Default: the last 3 years' revenue growth (-1% 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 (-1% 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.

  • 27.6%

    The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).

    Default: not in the statements, so 80% of capital spending (most spending replaces equipment that wears out).

  • 34.5%

    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).

  • 40%

    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 0.04, 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)
₩66B
Net debt (borrowings and leases − cash and deposits)
₩15B
+ Stakes and investments
₩4.2B
Associates, long-term financial assets and deposits (book value)
Shares
20,020,000
Share price
₩2,200
Market cap
₩44B

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₩63B₩60B₩64B₩65B₩65B₩66B₩67B₩69B
Growth−5.7%−4.4%7.5%−1.0%0.0%1.0%2.0%3.0%
EBIT₩201M−₩2.9B−₩8.1B−₩2.5B−₩2.5B−₩2.6B−₩2.6B−₩2.7B
EBIT margin0.3%−4.9%−12.7%−3.9%−3.9%−3.9%−3.9%−3.9%
After-tax EBIT₩146M−₩2.1B−₩5.9B−₩1.8B−₩1.8B−₩1.9B−₩1.9B−₩2B
+ Depreciation———₩18B₩18B₩18B₩18B₩19B
− Capital spending₩4.2B₩55B₩2.9B₩22B₩22B₩23B₩23B₩24B
− Working capital₩460M₩3B−₩15B−₩263M₩0₩260M₩526M₩804M
Free cash flow———−₩6.1B−₩6.3B−₩6.7B−₩7B−₩7.5B
Discount factor———0.9390.8810.8270.7760.729
Present value———−₩5.7B−₩5.6B−₩5.5B−₩5.5B−₩5.5B

Terminal value −₩99B, worth −₩72B today: 72% 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 ₩7,648 a share)Now 0.29×₩2,4500.32×₩3,2180.42×₩4,0940.54×

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%
5.5%—————
6.0%—————
6.5%—————
7.0%—————
7.5%—————

Now (TTM)

Market cap
₩44B
Enterprise value
₩57B
P/E
—
P/B
0.3×
P/S
0.7×
EV/EBITDA
—
Dividend yield
9.3%

Over time (at each year end)

20252024202320222021
Price₩2,800₩2,480₩2,930₩3,275₩3,980
Market cap₩56B₩50B₩59B₩66B₩80B
P/E1.6×—45.9×16.3×58.6×
P/B0.4×0.4×0.4×0.5×0.6×
P/S0.9×0.8×0.9×1.0×1.4×
EV/EBITDA—————
Dividend yield7.3%5.4%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Sbsungbo—0.3×0.7×—9.3%
LG Chem—0.5×0.3×—0.8%
Hanwha Solutions—0.6×0.4×—0.0%
Hanwha6.3×0.4×0.1×—1.4%
SKC—2.1×2.0×—0.0%
KCC0.9×0.3×0.5×8.9×0.0%
Kumho Petro Chemical5.3×0.4×0.4×—1.6%
Similar companies (median)5.3×0.4×0.4×8.9×0.4%

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

Also known as: Sbsungbo / SB성보 / 003080 / KRX:003080

Source: KRX statistical information