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Suheung

008490 · KOSPI · ₩008490 · 서흥

₩17,850▼ ₩40 (0.22%)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

₩61,384

vs the current price (₩17,850)

Enterprise value
₩1.1T
Equity value
₩710B
WACC
5.3%

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 244% 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 ₩17,850, the model needs an operating margin of 5.3% every year (it uses 8.0%).
  • Or revenue growth −19.6 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 5.3× against a typical 9.1× 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
₩10,338
−42.1%
Base
₩61,384
+243.9%
Bull
₩176,293
+887.6%

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 (8.0%).

Revenue growth

  • 4.4%

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

    Default: the last 3 years' revenue growth (4.4% a year, annual reports), fading to 3% by year 5.

  • 4%

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

    Default: the last 3 years' revenue growth (4.4% 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 (4.4% a year, annual reports), fading to 3% by year 5.

  • 3.3%

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

    Default: the last 3 years' revenue growth (4.4% 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 (4.4% a year, annual reports), fading to 3% by year 5.

Business

  • 8%

    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.

  • 5.7%

    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).

  • 7.1%

    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.

  • 4.11%

    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.

  • 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 0.14, 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.

  • 5.61%

    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)
₩766B
Net debt (borrowings and leases − cash and deposits)
₩375B
+ Stakes and investments
₩47B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩58B
Shares
11,569,113
Share price
₩17,850
Market cap
₩207B

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₩595B₩653B₩722B₩800B₩832B₩862B₩891B₩918B
Growth−6.4%9.9%10.6%4.4%4.0%3.7%3.3%3.0%
EBIT₩43B₩34B₩50B₩64B₩67B₩69B₩71B₩73B
EBIT margin7.2%5.2%7.0%8.0%8.0%8.0%8.0%8.0%
After-tax EBIT₩31B₩25B₩36B₩46B₩48B₩50B₩52B₩53B
+ Depreciation———₩46B₩47B₩49B₩51B₩52B
− Capital spending₩52B₩39B₩47B₩57B₩59B₩61B₩63B₩65B
− Working capital₩31B₩7.1B−₩13B₩13B₩13B₩12B₩11B₩11B
Free cash flow———₩22B₩24B₩26B₩28B₩30B
Discount factor———0.9500.9030.8580.8150.774
Present value———₩21B₩21B₩22B₩23B₩23B

Terminal value ₩1.3T, worth ₩987B today: 90% 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 ₩44,860 a share)Now 0.40×₩17,8500.40×₩29,8300.66×₩52,1311.16×
Price / earnings (last 12 months: ₩3,384 a share)Now 5.28×₩18,0475.33×₩30,9519.15×₩144,01642.6×
P/E on run-rate earnings (Q2 2026 × 4: ₩4,740 a share)Now 3.77×₩25,2855.33×₩43,3649.15×₩201,77542.6×

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%
4.3%₩72,956₩86,311₩105,537₩135,656₩189,708
4.8%₩57,969₩67,074₩79,440₩97,239₩125,119
5.3%₩46,525₩52,981₩61,384₩72,795₩89,216
5.8%₩37,505₩42,219₩48,156₩55,881₩66,369
6.3%₩30,217₩33,734₩38,051₩43,487₩50,558

Now (TTM)

Market cap
₩207B
Enterprise value
₩580B
P/E
5.3×
P/B
0.4×
P/S
0.3×
EV/EBITDA
—
Dividend yield
2.8%

Over time (at each year end)

20252024202320222021
Price₩21,650₩12,690₩28,700₩33,650₩44,200
Market cap₩250B₩147B₩332B₩389B₩511B
P/E5.8×8.0×54.3×11.5×9.5×
P/B0.5×0.3×0.8×0.9×1.3×
P/S0.3×0.2×0.6×0.6×0.9×
EV/EBITDA—————
Dividend yield2.3%1.6%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Suheung5.3×0.4×0.3×—2.8%
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: Suheung / 서흥 / 008490 / KRX:008490

Source: KRX statistical information