Sewoo Global세우글로벌
013000 · KOSPI · ₩013000 · 세우글로벌
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
₩1,148
vs the current price (₩1,165)
- Enterprise value
- ₩32B
- Equity value
- ₩33B
- 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.
Bear / Base / Bull
- Bear
- ₩627
- −46.2%
- Base
- ₩1,148
- −1.5%
- Bull
- ₩2,079
- +78.5%
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 (7.2%).
Revenue growth
- 5.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (5.2% a year, annual reports), fading to 3% by year 5.
- 4.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (5.2% a year, annual reports), fading to 3% by year 5.
- 4.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (5.2% a year, annual reports), fading to 3% by year 5.
- 3.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (5.2% 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 (5.2% a year, annual reports), fading to 3% by year 5.
Business
- 7.2%
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.
- 0.3%
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).
- 0.3%
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.
- 4.03%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-27.
- 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 0.1, 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.
- 5.53%
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)
- ₩36B
- Net debt (borrowings and leases − cash and deposits)
- −₩1.1B
- Shares
- 28,705,031
- Share price
- ₩1,165
- Market cap
- ₩33B
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 | ₩36B | ₩36B | ₩33B | ₩38B | ₩39B | ₩41B | ₩43B | ₩44B |
| Growth | 28.7% | −0.7% | −8.9% | 5.2% | 4.7% | 4.1% | 3.6% | 3.0% |
| EBIT | ₩2.4B | ₩2.5B | ₩2.4B | ₩2.7B | ₩2.8B | ₩3B | ₩3.1B | ₩3.2B |
| EBIT margin | 6.6% | 6.8% | 7.4% | 7.2% | 7.2% | 7.2% | 7.2% | 7.2% |
| After-tax EBIT | ₩1.7B | ₩1.8B | ₩1.8B | ₩2B | ₩2.1B | ₩2.1B | ₩2.2B | ₩2.3B |
| + Depreciation | — | — | — | ₩113M | ₩118M | ₩123M | ₩128M | ₩132M |
| − Capital spending | ₩199M | ₩84M | ₩83M | ₩113M | ₩118M | ₩123M | ₩128M | ₩132M |
| − Working capital | ₩4.5B | −₩1.6B | ₩9.1B | ₩746M | ₩709M | ₩648M | ₩592M | ₩511M |
| Free cash flow | — | — | — | ₩1.2B | ₩1.4B | ₩1.5B | ₩1.6B | ₩1.8B |
| Discount factor | — | — | — | 0.932 | 0.868 | 0.809 | 0.753 | 0.702 |
| Present value | — | — | — | ₩1.1B | ₩1.2B | ₩1.2B | ₩1.2B | ₩1.2B |
Terminal value ₩37B, worth ₩26B today: 81% 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 ₩2,006 a share)Now 0.58× | ₩1,2380.62× | ₩1,6100.80× | ₩2,2031.10× |
| Price / earnings (last 12 months: ₩175 a share)Now 6.66× | ₩1,5248.71× | ₩2,76915.8× | ₩5,02528.7× |
| P/E on run-rate earnings (Q2 2026 × 4: ₩87 a share)Now 13.4× | ₩7598.71× | ₩1,37915.8× | ₩2,50228.7× |
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% |
|---|---|---|---|---|---|
| 6.3% | ₩1,273 | ₩1,337 | ₩1,415 | ₩1,513 | ₩1,640 |
| 6.8% | ₩1,161 | ₩1,210 | ₩1,268 | ₩1,339 | ₩1,428 |
| 7.3% | ₩1,067 | ₩1,104 | ₩1,148 | ₩1,201 | ₩1,265 |
| 7.8% | ₩986 | ₩1,015 | ₩1,049 | ₩1,088 | ₩1,136 |
| 8.3% | ₩917 | ₩940 | ₩966 | ₩995 | ₩1,031 |
Now (TTM)
- Market cap
- ₩33B
- Enterprise value
- ₩32B
- P/E
- 6.7×
- P/B
- 0.6×
- P/S
- 0.9×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Price | ₩1,186 | ₩1,416 | ₩1,349 | ₩1,640 | ₩1,725 |
| Market cap | ₩34B | ₩41B | ₩39B | ₩47B | ₩50B |
| P/E | 9.1× | 11.7× | 15.1× | 36.0× | 23.4× |
| P/B | 0.6× | 0.8× | 0.8× | 1.0× | 1.1× |
| P/S | 1.0× | 1.1× | 1.1× | 1.7× | 1.5× |
| EV/EBITDA | — | — | — | — | — |
| Dividend yield | 0.0% | 2.1% | — | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Sewoo Global | 6.7× | 0.6× | 0.9× | — | 0.0% |
| Samsung C&T | 17.5× | 0.5× | 1.1× | — | 0.9% |
| POSCO International | 10.6× | 1.3× | 0.3× | — | 3.7% |
| ISC | 41.4× | 5.5× | 11.5× | — | 0.6% |
| Youngone | 5.1× | 0.7× | 0.7× | — | 3.1% |
| Dong SUH Companies | 19.0× | 1.6× | 5.1× | — | 4.1% |
| Shinsegae | 13.7× | 0.4× | 0.3× | — | 2.1% |
| Similar companies (median) | 15.6× | 1.0× | 0.9× | — | 2.6% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Sewoo Global / 세우글로벌 / 013000 / KRX:013000
Source: KRX statistical information