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Sindoh

029530 · KOSPI · ₩029530 · 신도리코

₩36,700▼ ₩950 (2.52%)End-of-day · Oct 29, 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

₩51,993

vs the current price (₩36,700)

Enterprise value
₩37B
Equity value
₩505B
WACC
7.4%

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 42% 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 ₩36,700, the model needs an operating margin of −1.7% every year (it uses 2.2%).
  • 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 9.2× against a typical 7.6× 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
₩46,452
+26.6%
Base
₩51,993
+41.7%
Bull
₩63,039
+71.8%

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 (2.2%).

Revenue growth

  • -5.7%

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

    Default: the last 3 years' revenue growth (-5.7% a year, annual reports), fading to 3% by year 5.

  • -3.5%

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

    Default: the last 3 years' revenue growth (-5.7% a year, annual reports), fading to 3% by year 5.

  • -1.3%

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

    Default: the last 3 years' revenue growth (-5.7% a year, annual reports), fading to 3% by year 5.

  • 0.8%

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

    Default: the last 3 years' revenue growth (-5.7% 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 (-5.7% a year, annual reports), fading to 3% by year 5.

Business

  • 2.2%

    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.

  • 4.2%

    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).

  • 5.2%

    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).

  • 29.1%

    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.

  • 4.08%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-29.

  • 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 0.09, 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.

  • 5.58%

    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)
₩323B
Net debt (borrowings and leases − cash and deposits)
−₩414B
+ Stakes and investments
₩54B
Associates, long-term financial assets and deposits (book value)
Shares
9,715,729
Share price
₩36,700
Market cap
₩357B

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₩396B₩341B₩317B₩305B₩294B₩291B₩293B₩302B
Growth4.7%−13.9%−6.9%−5.7%−3.5%−1.3%0.8%3.0%
EBIT₩25B₩20B₩6.2B₩6.7B₩6.5B₩6.4B₩6.4B₩6.6B
EBIT margin6.4%5.9%2.0%2.2%2.2%2.2%2.2%2.2%
After-tax EBIT₩18B₩15B₩4.5B₩4.9B₩4.7B₩4.6B₩4.7B₩4.8B
+ Depreciation———₩13B₩12B₩12B₩12B₩13B
− Capital spending₩15B₩16B₩23B₩16B₩15B₩15B₩15B₩16B
− Working capital−₩388B−₩108B−₩34B−₩5.4B−₩3.1B−₩1.1B₩676M₩2.6B
Free cash flow———₩7.2B₩4.9B₩2.8B₩1.1B−₩762M
Discount factor———0.9310.8670.8080.7520.700
Present value———₩6.7B₩4.2B₩2.3B₩802M−₩534M

Terminal value ₩34B, worth ₩24B today: 64% 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 ₩112,626 a share)Now 0.33×₩36,6330.33×₩40,4390.36×₩50,0710.44×
Price / earnings (last 12 months: ₩3,997 a share)Now 9.18×₩12,1133.03×₩30,2257.56×₩49,41512.4×

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%
6.4%₩53,352₩53,070₩52,717₩52,264₩51,667
6.9%₩52,939₩52,661₩52,318₩51,890₩51,344
7.4%₩52,592₩52,321₩51,993₩51,592₩51,093
7.9%₩52,295₩52,034₩51,723₩51,349₩50,892
8.4%₩52,039₩51,789₩51,496₩51,147₩50,728

Now (TTM)

Market cap
₩357B
Enterprise value
−₩59B
P/E
9.2×
P/B
0.3×
P/S
1.1×
EV/EBITDA
—
Dividend yield
2.7%

Over time (at each year end)

20252024202320222021
Price₩48,600₩37,500₩32,700₩32,350₩33,050
Market cap₩472B₩364B₩318B₩314B₩321B
P/E23.5×5.0×5.8×7.0×3.4×
P/B0.4×0.3×0.3×0.3×0.3×
P/S1.5×1.1×0.8×0.8×1.0×
EV/EBITDA—————
Dividend yield2.1%4.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Sindoh9.2×0.3×1.1×—2.7%
Samsung Electronics9.1×2.4×2.8×—0.7%
LG Electronics24.3×0.9×0.3×—0.9%
Hanwha Vision20.8×2.6×1.3×—0.0%
RFHIC41.5×3.7×6.8×—0.8%
KMW—5.3×8.6×—0.0%
Intellian Technologies13.9×2.1×1.7×—0.4%
Similar companies (median)20.8×2.5×2.2×—0.5%

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

Also known as: Sindoh / 신도리코 / 029530 / KRX:029530

Source: KRX statistical information