KOSDAQ · 018310 · Metal products · ₩018310

Sammok S-Form삼목에스폼

018310 · KOSDAQ · ₩018310 · 삼목에스폼

₩14,720▼ ₩50 (0.34%)End-of-day · Oct 29, 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

₩26,391

vs the current price (₩14,720)

Enterprise value: ₩364B
Equity value: ₩388B
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.

Why the model and the price differ

The model is 79% 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 ₩14,720, the model needs an operating margin of 6.3% every year (it uses 10.7%).
Or revenue growth −23.2 points a year higher than assumed in each of the 5 years.
Margins ranged from 1.8% 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.
100% 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 41.7× against a typical 4.2× 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: ₩16,907; +14.9%
Base: ₩26,391; +79.3%
Bull: ₩42,920; +191.6%

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 (10.7%).

Revenue growth

Revenue growth, year 1-2.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-2.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-0.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-2.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 30.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-2.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 41.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-2.1% 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 (-2.1% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin10.7%
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 & amortisation2.7%
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).
Capital spending3.4%
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).
Working capital40%
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 rate4.01%
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.
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 0.22, 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)5.51%
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): ₩303B
Net debt (borrowings and leases − cash and deposits): −₩24B
Shares: 14,700,000
Share price: ₩14,720
Market cap: ₩216B

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	₩439B	₩402B	₩317B	₩296B	₩294B	₩296B	₩301B	₩310B
Growth	30.1%	−8.5%	−21.1%	−2.1%	−0.8%	0.5%	1.7%	3.0%
EBIT	₩124B	₩75B	₩6.4B	₩32B	₩31B	₩32B	₩32B	₩33B
EBIT margin	28.3%	18.7%	2.0%	10.7%	10.7%	10.7%	10.7%	10.7%
After-tax EBIT	₩90B	₩55B	₩4.7B	₩23B	₩23B	₩23B	₩23B	₩24B
+ Depreciation	—	—	—	₩8B	₩7.9B	₩8B	₩8.1B	₩8.4B
− Capital spending	₩12B	₩5.4B	₩19B	₩10B	₩10B	₩10B	₩10B	₩11B
− Working capital	₩166B	₩93B	₩38B	−₩2.5B	−₩949M	₩588M	₩2B	₩3.6B
Free cash flow	—	—	—	₩23B	₩22B	₩20B	₩19B	₩18B
Discount factor	—	—	—	0.932	0.868	0.809	0.754	0.703
Present value	—	—	—	₩22B	₩19B	₩16B	₩14B	₩13B

Terminal value ₩398B, worth ₩280B today: 77% 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 ₩44,512 a share)Now 0.33×	₩18,8630.42×	₩21,6630.49×	₩31,0360.70×
Price / earnings (last 12 months: ₩353 a share)Now 41.7×	₩1,0452.96×	₩1,4774.18×	₩8,02722.7×
P/E on run-rate earnings (Q2 2026 × 4: ₩643 a share)Now 22.9×	₩1,9012.96×	₩2,6884.18×	₩14,60522.7×

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%	₩28,437	₩30,071	₩32,078	₩34,604	₩37,884
6.8%	₩26,117	₩27,398	₩28,939	₩30,830	₩33,210
7.3%	₩24,166	₩25,185	₩26,391	₩27,840	₩29,620
7.8%	₩22,503	₩23,324	₩24,281	₩25,414	₩26,776
8.3%	₩21,068	₩21,736	₩22,507	₩23,405	₩24,466

Now (TTM)

Market cap: ₩216B
Enterprise value: ₩188B
P/E: 41.7×
P/B: 0.3×
P/S: 0.7×
EV/EBITDA: —
Dividend yield: 2.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩19,700	₩21,000	₩16,690	₩16,700	₩13,850
Market cap	₩290B	₩309B	₩245B	₩245B	₩204B
P/E	28.3×	4.2×	2.1×	4.2×	6.7×
P/B	0.4×	0.5×	0.4×	0.5×	0.5×
P/S	0.9×	0.8×	0.6×	0.7×	1.0×
EV/EBITDA	—	—	—	—	—
Dividend yield	1.5%	1.0%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Sammok S-Form	41.7×	0.3×	0.7×	—	2.0%
CS Wind	372.3×	1.3×	0.6×	—	2.6%
Hankuk Carbon	7.8×	1.2×	0.9×	—	2.1%
Taewoong	63.8×	0.8×	1.3×	20.4×	0.0%
YG-1	5.3×	0.8×	0.5×	—	1.8%
Bosung Power Technology	18.9×	2.1×	1.8×	8.6×	0.0%
Hansun Engineering	36.1×	2.6×	3.0×	14.4×	0.0%
Similar companies (median)	27.5×	1.2×	1.1×	14.4×	0.9%

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

Also known as: Sammok S-Form / 삼목에스폼 / 018310 / KRX:018310

Source: KRX statistical information