Sewoo Global

013000 · KOSPI · ₩013000 · 세우글로벌

₩1,165▲ ₩2 (0.17%)End-of-day · Oct 27, 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

₩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.

FY2023FY2024FY2025Year 1Year 2Year 3Year 4Year 5
Revenue₩36B₩36B₩33B₩38B₩39B₩41B₩43B₩44B
Growth28.7%−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 margin6.6%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———0.9320.8680.8090.7530.702
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:

LowTypicalHigh
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)

20252024202320222021
Price₩1,186₩1,416₩1,349₩1,640₩1,725
Market cap₩34B₩41B₩39B₩47B₩50B
P/E9.1×11.7×15.1×36.0×23.4×
P/B0.6×0.8×0.8×1.0×1.1×
P/S1.0×1.1×1.1×1.7×1.5×
EV/EBITDA—————
Dividend yield0.0%2.1%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Sewoo Global6.7×0.6×0.9×—0.0%
Samsung C&T17.5×0.5×1.1×—0.9%
POSCO International10.6×1.3×0.3×—3.7%
ISC41.4×5.5×11.5×—0.6%
Youngone5.1×0.7×0.7×—3.1%
Dong SUH Companies19.0×1.6×5.1×—4.1%
Shinsegae13.7×0.4×0.3×—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