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SNT Dynamics

003570 · KOSPI · ₩003570 · SNT다이내믹스

₩25,550▼ ₩950 (3.58%)End-of-day · Oct 29, 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

₩63,692

vs the current price (₩25,550)

Enterprise value
₩1.2T
Equity value
₩1.6T
WACC
7.3%

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 149% 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 ₩25,550, the model needs an operating margin of 3.4% every year (it uses 9.3%).
  • Margins ranged from 6.1% to 18.0% 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 13.0× against a typical 10.9× 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
₩41,136
+61.0%
Base
₩63,692
+149.3%
Bull
₩102,150
+299.8%

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 (9.3%).

Revenue growth

  • 20.4%

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

    Default: the last 3 years' revenue growth (20.4% a year, annual reports), fading to 3% by year 5.

  • 16%

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

    Default: the last 3 years' revenue growth (20.4% a year, annual reports), fading to 3% by year 5.

  • 11.7%

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

    Default: the last 3 years' revenue growth (20.4% a year, annual reports), fading to 3% by year 5.

  • 7.3%

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

    Default: the last 3 years' revenue growth (20.4% 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 (20.4% a year, annual reports), fading to 3% by year 5.

Business

  • 9.3%

    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.

  • 4.9%

    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).

  • 6.2%

    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).

  • 11.5%

    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 0.39, 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)
₩752B
Net debt (borrowings and leases − cash and deposits)
−₩324B
+ Stakes and investments
₩13B
Associates, long-term financial assets and deposits (book value)
Shares
24,918,118
Share price
₩25,550
Market cap
₩637B

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₩486B₩614B₩712B₩905B₩1T₩1.2T₩1.3T₩1.3T
Growth19.1%26.4%15.9%20.4%16.0%11.7%7.3%3.0%
EBIT₩42B₩111B₩85B₩84B₩98B₩109B₩117B₩121B
EBIT margin8.6%18.0%12.0%9.3%9.3%9.3%9.3%9.3%
After-tax EBIT₩30B₩80B₩62B₩61B₩71B₩79B₩85B₩87B
+ Depreciation———₩44B₩51B₩57B₩62B₩63B
− Capital spending—₩41B₩40B₩56B₩65B₩73B₩78B₩80B
− Working capital−₩286B₩74B₩139B₩18B₩17B₩14B₩9.8B₩4.3B
Free cash flow———₩32B₩40B₩50B₩59B₩66B
Discount factor———0.9320.8680.8090.7540.703
Present value———₩29B₩35B₩40B₩44B₩47B

Terminal value ₩1.5T, worth ₩1.1T today: 84% 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 ₩37,242 a share)Now 0.69×₩12,1460.33×₩23,6340.63×₩59,5601.60×
Price / earnings (last 12 months: ₩1,973 a share)Now 13.0×₩12,2146.19×₩21,40810.9×₩37,45719.0×
P/E on run-rate earnings (Q2 2026 × 4: ₩2,105 a share)Now 12.1×₩13,0356.19×₩22,84710.9×₩39,97519.0×

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%
6.3%₩66,364₩70,795₩76,250₩83,131₩92,086
6.8%₩61,444₩65,010₩69,314₩74,611₩81,294
7.3%₩57,311₩60,229₩63,692₩67,872₩73,017
7.8%₩53,792₩56,212₩59,046₩62,410₩66,469
8.3%₩50,761₩52,792₩55,143₩57,895₩61,162

Now (TTM)

Market cap
₩637B
Enterprise value
₩312B
P/E
13.0×
P/B
0.7×
P/S
0.8×
EV/EBITDA
—
Dividend yield
7.0%

Over time (at each year end)

20252024202320222021
Price₩46,600₩18,710₩14,400₩9,340₩8,960
Market cap₩1.2T₩466B₩359B₩233B₩223B
P/E18.9×4.8×7.2×10.1×3.8×
P/B1.3×0.6×0.5×0.4×0.3×
P/S1.6×0.8×0.7×0.6×0.7×
EV/EBITDA—————
Dividend yield3.9%6.9%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
SNT Dynamics13.0×0.7×0.8×—7.0%
Hyundai Mobis8.7×0.6×0.5×—1.8%
SL6.0×0.9×0.4×3.7×0.0%
HL Mando10.7×0.6×0.2×—1.9%
Samhyun—12.1×17.1×—0.0%
Hyundai WIA19.4×0.4×0.2×—2.4%
SNT Motiv7.0×0.6×0.6×—7.0%
Similar companies (median)8.7×0.6×0.5×3.7×1.9%

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

Also known as: SNT Dynamics / SNT다이내믹스 / 003570 / KRX:003570

Source: KRX statistical information