KOSDAQ · 024830 · Auto parts · ₩024830

Sewon세원물산

024830 · KOSDAQ · ₩024830 · 세원물산

₩8,030▲ ₩60 (0.75%)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

₩30,070

vs the current price (₩8,030)

Enterprise value: ₩26B
Equity value: ₩251B
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 274% 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 ₩8,030, the model needs an operating margin of −2.6% every year (it uses 3.1%).
Margins ranged from 0.6% to 8.8% 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.
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 5.6× 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: ₩23,381; +191.2%
Base: ₩30,070; +274.5%
Bull: ₩42,690; +431.6%

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 (3.1%).

Revenue growth

Revenue growth, year 17.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 26.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 35.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 44.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.3% 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 (7.3% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin3.1%
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 & amortisation10.3%
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).
Capital spending13.1%
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 capital9.4%
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 0.26, 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): ₩202B
Net debt (borrowings and leases − cash and deposits): −₩185B
+ Stakes and investments: ₩40B; Associates, long-term financial assets and deposits (book value)
Shares: 8,350,000
Share price: ₩8,030
Market cap: ₩67B

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	₩193B	₩231B	₩212B	₩217B	₩231B	₩243B	₩253B	₩260B
Growth	12.8%	19.6%	−8.4%	7.3%	6.3%	5.2%	4.1%	3.0%
EBIT	₩5.9B	₩1.3B	₩3.1B	₩6.7B	₩7.2B	₩7.5B	₩7.8B	₩8.1B
EBIT margin	3.1%	0.6%	1.4%	3.1%	3.1%	3.1%	3.1%	3.1%
After-tax EBIT	₩4.3B	₩973M	₩2.2B	₩4.9B	₩5.2B	₩5.5B	₩5.7B	₩5.9B
+ Depreciation	₩22B	₩21B	—	₩22B	₩24B	₩25B	₩26B	₩27B
− Capital spending	₩27B	₩37B	₩20B	₩28B	₩30B	₩32B	₩33B	₩34B
− Working capital	−₩41B	−₩1.5B	₩20B	₩1.4B	₩1.3B	₩1.1B	₩936M	₩713M
Free cash flow	₩41B	−₩14B	—	−₩2.6B	−₩2.6B	−₩2.5B	−₩2.3B	−₩2.2B
Discount factor	—	—	—	0.932	0.868	0.809	0.754	0.703
Present value	—	—	—	−₩2.4B	−₩2.2B	−₩2B	−₩1.8B	−₩1.5B

Terminal value ₩52B, worth ₩36B today: 138% 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 ₩47,669 a share)Now 0.17×	₩7,5900.16×	₩10,3410.22×	₩20,4420.43×
Price / earnings (last 12 months: ₩1,429 a share)Now 5.62×	₩4,1812.93×	₩6,0424.23×	₩8,3105.82×
P/E on run-rate earnings (Q2 2026 × 4: ₩130 a share)Now 62.0×	₩3792.93×	₩5484.23×	₩7545.82×

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%	₩30,613	₩30,923	₩31,302	₩31,777	₩32,393
6.8%	₩30,102	₩30,337	₩30,619	₩30,964	₩31,396
7.3%	₩29,677	₩29,858	₩30,070	₩30,325	₩30,637
7.8%	₩29,319	₩29,459	₩29,621	₩29,812	₩30,041
8.3%	₩29,013	₩29,123	₩29,248	₩29,393	₩29,563

Now (TTM)

Market cap: ₩67B
Enterprise value: −₩118B
P/E: 5.6×
P/B: 0.2×
P/S: 0.3×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩10,300	₩5,780	₩6,490	₩7,960	₩12,000
Market cap	₩86B	₩48B	₩54B	₩66B	₩100B
P/E	4.6×	2.2×	4.3×	4.1×	3.7×
P/B	0.2×	0.1×	0.2×	0.3×	0.4×
P/S	0.4×	0.2×	0.3×	0.4×	0.5×
EV/EBITDA	—	—	—	1.1×	2.1×
Dividend yield	0.0%	0.0%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Sewon	5.6×	0.2×	0.3×	—	0.0%
Hyundai Mobis	8.7×	0.6×	0.5×	—	1.8%
SL	6.0×	0.9×	0.4×	3.7×	0.0%
HL Mando	10.7×	0.6×	0.2×	—	1.9%
Samhyun	—	12.1×	17.1×	—	0.0%
Hyundai WIA	19.4×	0.4×	0.2×	—	2.4%
SNT Dynamics	13.0×	0.7×	0.8×	—	7.0%
Similar companies (median)	10.7×	0.7×	0.5×	3.7×	1.9%

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

Also known as: Sewon / 세원물산 / 024830 / KRX:024830

Source: KRX statistical information