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Sungwoo Hitech

015750 · KOSDAQ · ₩015750 · 성우하이텍

₩5,190▼ ₩120 (2.26%)End-of-day · Oct 30, 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

₩22,999

vs the current price (₩5,190)

Enterprise value
₩1.6T
Equity value
₩1.8T
WACC
7.6%

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 343% 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 ₩5,190, the model needs an operating margin of 2.2% every year (it uses 4.6%).
  • In the projection, spending on equipment, software and working capital takes most or all of the after-tax operating profit, so free cash flow is thin. Companies that invest heavily often look like this until spending slows.
  • Today's P/E is 2.3× against a typical 5.4× 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
₩5,542
+6.8%
Base
₩22,999
+343.1%
Bull
₩53,858
+937.7%

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 (4.6%).

Revenue growth

  • 3.3%

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

    Default: the last 3 years' revenue growth (3.3% a year, annual reports), fading to 3% by year 5.

  • 3.2%

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

    Default: the last 3 years' revenue growth (3.3% a year, annual reports), fading to 3% by year 5.

  • 3.1%

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

    Default: the last 3 years' revenue growth (3.3% a year, annual reports), fading to 3% by year 5.

  • 3.1%

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

    Default: the last 3 years' revenue growth (3.3% 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 (3.3% a year, annual reports), fading to 3% by year 5.

Business

  • 4.6%

    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.

  • 5.2%

    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).

  • 9.5%

    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).

  • 2.5%

    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.

  • 0.66

    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 0.5, 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)
₩4.4T
Net debt (borrowings and leases − cash and deposits)
−₩520B
+ Stakes and investments
₩132B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩379B
Shares
80,000,000
Share price
₩5,190
Market cap
₩415B

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₩4.3T₩4.2T₩4.4T₩4.5T₩4.7T₩4.8T₩5T₩5.1T
Growth8.7%−1.8%3.2%3.3%3.2%3.1%3.1%3.0%
EBIT₩257B₩206B₩243B₩208B₩215B₩221B₩228B₩235B
EBIT margin5.9%4.8%5.5%4.6%4.6%4.6%4.6%4.6%
After-tax EBIT₩186B₩149B₩176B₩151B₩156B₩160B₩165B₩170B
+ Depreciation₩215B₩221B₩242B₩235B₩243B₩250B₩258B₩266B
− Capital spending₩356B₩484B₩390B₩429B₩443B₩457B₩471B₩485B
− Working capital₩34B−₩810B−₩81B₩3.6B₩3.6B₩3.6B₩3.7B₩3.7B
Free cash flow₩12B₩696B₩109B−₩47B−₩49B−₩50B−₩52B−₩53B
Discount factor———0.9290.8630.8020.7450.692
Present value———−₩44B−₩42B−₩40B−₩38B−₩37B

Terminal value ₩2.6T, worth ₩1.8T today: 113% 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 ₩22,494 a share)Now 0.23×₩6,3870.28×₩8,1570.36×₩13,2100.59×
Price / earnings (last 12 months: ₩2,297 a share)Now 2.26×₩6,0602.64×₩12,3985.40×₩33,42414.6×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,541 a share)Now 3.37×₩4,0662.64×₩8,3185.40×₩22,42414.6×

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%
6.6%₩23,965₩26,229₩28,978₩32,391₩36,741
7.1%₩21,624₩23,476₩25,686₩28,372₩31,706
7.6%₩19,653₩21,190₩22,999₩25,158₩27,782
8.1%₩17,973₩19,265₩20,767₩22,534₩24,644
8.6%₩16,527₩17,625₩18,887₩20,354₩22,081

Now (TTM)

Market cap
₩415B
Enterprise value
−₩105B
P/E
2.3×
P/B
0.2×
P/S
0.1×
EV/EBITDA
—
Dividend yield
3.9%

Over time (at each year end)

20252024202320222021
Price₩6,810₩4,965₩9,480₩4,675₩5,710
Market cap₩545B₩397B₩758B₩374B₩457B
P/E3.1×2.9×4.5×9.6×10.2×
P/B0.3×0.3×0.6×0.3×0.4×
P/S0.1×0.1×0.2×0.1×0.1×
EV/EBITDA0.5×0.5×3.8×4.9×5.4×
Dividend yield2.9%3.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Sungwoo Hitech2.3×0.2×0.1×—3.9%
Hyundai Mobis8.3×0.6×0.5×—1.9%
SL5.9×0.8×0.4×3.6×0.0%
HL Mando10.3×0.6×0.2×—2.0%
Hyundai WIA18.9×0.4×0.2×—2.4%
Samhyun—11.2×15.8×—0.0%
SNT Dynamics12.5×0.7×0.8×—7.3%
Similar companies (median)10.3×0.6×0.4×3.6×2.0%

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

Also known as: Sungwoo Hitech / 성우하이텍 / 015750 / KRX:015750

Source: KRX statistical information