KOSDAQ · 006730 · Hotels & Leisure · ₩006730

Seobu T&D서부T&D

006730 · KOSDAQ · ₩006730 · 서부T&D

₩11,540▲ ₩230 (2.03%)End-of-day · Oct 28, 2026 · End-of-day prices.

Trade

Sell Buy

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

₩17,821

vs the current price (₩11,540)

Enterprise value: ₩1.8T
Equity value: ₩1.1T
WACC: 6.4%

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 54% 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 ₩11,540, the model needs an operating margin of 17.3% every year (it uses 22.3%).
Or revenue growth −6.2 points a year higher than assumed in each of the 5 years.
Margins ranged from −5.5% to 28.3% 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.
39% of the last 12 months' net profit came from outside operations (stakes in other companies, interest, one-offs). The model adds those stakes at book value but doesn't project that income.
Today's P/E is 7.6× against a typical 10.6× 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: ₩8,368; −27.5%
Base: ₩17,821; +54.4%
Bull: ₩34,254; +196.8%

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

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (22.3%).

Revenue growth

Revenue growth, year 122.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (22.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 217.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (22.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 312.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (22.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 47.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (22.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (22.4% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin22.3%
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.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation8.3%
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).
Capital spending4%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: not in the statements, so a typical level.
Working capital4.8%
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

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.11%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-28.
Beta0.6
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 -0.09, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)5.61%
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): ₩301B
Net debt (borrowings and leases − cash and deposits): ₩325B
+ Stakes and investments: ₩2.2B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩332B
Shares: 64,276,923
Share price: ₩11,540
Market cap: ₩742B

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.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩169B	₩187B	₩248B	₩369B	₩434B	₩489B	₩527B	₩543B
Growth	25.0%	10.8%	32.5%	22.4%	17.6%	12.7%	7.9%	3.0%
EBIT	₩37B	₩48B	₩70B	₩82B	₩97B	₩109B	₩118B	₩121B
EBIT margin	22.0%	25.6%	28.3%	22.3%	22.3%	22.3%	22.3%	22.3%
After-tax EBIT	₩27B	₩35B	₩51B	₩60B	₩70B	₩79B	₩85B	₩88B
+ Depreciation	₩16B	₩16B	₩17B	₩31B	₩36B	₩41B	₩44B	₩45B
− Capital spending	—	—	—	₩15B	₩17B	₩20B	₩21B	₩22B
− Working capital	−₩10B	−₩145B	₩517B	₩3.2B	₩3.1B	₩2.6B	₩1.9B	₩760M
Free cash flow	—	—	—	₩72B	₩86B	₩97B	₩106B	₩110B
Discount factor	—	—	—	0.940	0.883	0.830	0.781	0.734
Present value	—	—	—	₩68B	₩76B	₩81B	₩83B	₩81B

Terminal value ₩1.9T, worth ₩1.4T today: 78% 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:

	Low	Typical	High
Price / book (book value ₩16,561 a share)Now 0.70×	₩7,6800.46×	₩11,0770.67×	₩14,5240.88×
Price / earnings (last 12 months: ₩1,528 a share)Now 7.55×	₩4,1982.75×	₩16,18410.6×	₩42,24227.6×
P/E on run-rate earnings (Q2 2026 × 4: ₩373 a share)Now 30.9×	₩1,0252.75×	₩3,95310.6×	₩10,31627.6×

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%
5.4%	₩18,907	₩21,932	₩25,848	₩31,119	₩38,592
5.9%	₩16,000	₩18,358	₩21,321	₩25,157	₩30,321
6.4%	₩13,629	₩15,511	₩17,821	₩20,724	₩24,483
6.9%	₩11,658	₩13,189	₩15,033	₩17,297	₩20,141
7.4%	₩9,994	₩11,259	₩12,760	₩14,567	₩16,785

Now (TTM)

Market cap: ₩742B
Enterprise value: ₩1.1T
P/E: 7.6×
P/B: 0.7×
P/S: 2.5×
EV/EBITDA: 11.0×
Dividend yield: 0.9%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩13,100	₩5,420	₩7,200	₩7,070	₩8,167
Market cap	₩842B	₩348B	₩463B	₩454B	₩525B
P/E	10.6×	10.1×	3.3×	27.2×	13.0×
P/B	0.8×	0.3×	0.5×	0.7×	0.8×
P/S	3.4×	1.9×	2.7×	3.4×	5.4×
EV/EBITDA	24.2×	21.6×	24.6×	35.5×	135.9×
Dividend yield	0.8%	1.8%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Seobu T&D	7.6×	0.7×	2.5×	11.0×	0.9%
Kangwon Land	8.9×	0.7×	2.0×	8.9×	0.0%
Paradise	12.0×	0.5×	0.7×	—	1.6%
Grand Korea Leisure	10.8×	1.1×	1.1×	4.8×	5.0%
Ananti	—	0.6×	1.7×	—	0.0%
Mona Yongpyong	—	0.2×	0.5×	—	0.0%
Namhwa Industrial	9.4×	0.3×	3.8×	—	0.0%
Similar companies (median)	10.1×	0.5×	1.4×	6.9×	0.0%

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

Also known as: Seobu T&D / 서부T&D / 006730 / KRX:006730

Source: KRX statistical information