KOSDAQ · 019770 · Machinery · ₩019770

Seoyon Topmetal서연탑메탈

019770 · KOSDAQ · ₩019770 · 서연탑메탈

₩3,250▼ ₩60 (1.81%)End-of-day · Oct 30, 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

₩15,967

vs the current price (₩3,250)

Enterprise value: ₩162B
Equity value: ₩186B
WACC: 6.9%

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 391% 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 ₩3,250, the model needs an operating margin of 1.6% every year (it uses 5.5%).
Today's P/E is 3.7× against a typical 7.0× 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: ₩7,755; +138.6%
Base: ₩15,967; +391.3%
Bull: ₩31,156; +858.6%

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 (5.5%).

Revenue growth

Revenue growth, year 18.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (8.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 26.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (8.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 35.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (8.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 44.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (8.2% 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 (8.2% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin5.5%
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 & amortisation2.4%
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%
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 capital22.3%
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 0.08, 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): ₩213B
Net debt (borrowings and leases − cash and deposits): ₩5.7B
+ Stakes and investments: ₩30B; Associates, long-term financial assets and deposits (book value)
Shares: 11,650,000
Share price: ₩3,250
Market cap: ₩38B

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	₩173B	₩182B	₩207B	₩230B	₩246B	₩260B	₩271B	₩279B
Growth	5.8%	5.4%	13.5%	8.2%	6.9%	5.6%	4.3%	3.0%
EBIT	₩8.7B	₩9.7B	₩12B	₩13B	₩14B	₩14B	₩15B	₩15B
EBIT margin	5.0%	5.3%	5.8%	5.5%	5.5%	5.5%	5.5%	5.5%
After-tax EBIT	₩6.3B	₩7B	₩8.6B	₩9.2B	₩9.8B	₩10B	₩11B	₩11B
+ Depreciation	—	—	—	₩5.5B	₩5.9B	₩6.2B	₩6.5B	₩6.7B
− Capital spending	₩1.2B	₩10B	₩5.4B	₩6.9B	₩7.4B	₩7.8B	₩8.1B	₩8.4B
− Working capital	₩4.3B	−₩7.1B	−₩2.8B	₩3.9B	₩3.5B	₩3.1B	₩2.5B	₩1.8B
Free cash flow	—	—	—	₩3.9B	₩4.8B	₩5.7B	₩6.7B	₩7.7B
Discount factor	—	—	—	0.936	0.875	0.819	0.766	0.717
Present value	—	—	—	₩3.7B	₩4.2B	₩4.7B	₩5.1B	₩5.5B

Terminal value ₩193B, worth ₩138B today: 86% 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 ₩9,200 a share)Now 0.35×	₩3,9500.43×	₩4,8810.53×	₩7,7910.85×
Price / earnings (last 12 months: ₩889 a share)Now 3.65×	₩3,3793.80×	₩6,2477.02×	₩13,12814.8×
P/E on run-rate earnings (Q2 2026 × 4: ₩422 a share)Now 7.70×	₩1,6043.80×	₩2,9667.02×	₩6,23214.8×

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%
5.9%	₩17,311	₩18,422	₩19,815	₩21,614	₩24,032
6.4%	₩15,777	₩16,629	₩17,670	₩18,975	₩20,660
6.9%	₩14,507	₩15,171	₩15,967	₩16,941	₩18,161
7.4%	₩13,439	₩13,964	₩14,584	₩15,327	₩16,235
7.9%	₩12,528	₩12,949	₩13,438	₩14,015	₩14,706

Now (TTM)

Market cap: ₩38B
Enterprise value: ₩44B
P/E: 3.7×
P/B: 0.4×
P/S: 0.2×
EV/EBITDA: —
Dividend yield: 2.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩3,800	₩3,390	₩4,400	₩3,965	₩7,420
Market cap	₩44B	₩39B	₩51B	₩46B	₩86B
P/E	4.8×	4.8×	7.5×	13.8×	11.2×
P/B	0.4×	0.4×	0.6×	0.6×	1.1×
P/S	0.2×	0.2×	0.3×	0.3×	0.6×
EV/EBITDA	—	—	—	—	—
Dividend yield	1.7%	1.9%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Seoyon Topmetal	3.7×	0.4×	0.2×	—	2.0%
Doosan Enerbility	193.9×	4.3×	2.0×	—	0.0%
Hanmi Semiconductor	78.4×	23.3×	31.6×	70.6×	0.4%
Jusung Engineering	1,058.2×	13.0×	34.0×	2,036.0×	0.0%
Rainbow Robotics	4,137.6×	53.0×	156.2×	—	0.0%
EO Technics	44.1×	6.4×	10.8×	—	0.0%
Doosan Bobcat	13,622.5×	911.6×	733.9×	—	3.5%
Similar companies (median)	626.0×	18.1×	32.8×	1,053.3×	0.0%

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

Also known as: Seoyon Topmetal / 서연탑메탈 / 019770 / KRX:019770

Source: KRX statistical information