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SJG Sejong

033530 · KOSPI · ₩033530 · SJG세종

₩5,820▲ ₩70 (1.22%)End-of-day · Oct 27, 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

₩25,645

vs the current price (₩5,820)

Enterprise value
₩736B
Equity value
₩694B
WACC
6.3%

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 341% 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 ₩5,820, the model needs an operating margin of 1.5% every year (it uses 3.1%).
  • Today's P/E is 1.6× against a typical 3.8× 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
₩608
−89.6%
Base
₩25,645
+340.6%
Bull
₩75,866
+1,203.5%

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 (3.1%).

Revenue growth

  • 0.7%

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

    Default: the last 3 years' revenue growth (0.7% 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 (0.7% a year, annual reports), fading to 3% by year 5.

  • 1.8%

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

    Default: the last 3 years' revenue growth (0.7% a year, annual reports), fading to 3% by year 5.

  • 2.4%

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

    Default: the last 3 years' revenue growth (0.7% 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 (0.7% a year, annual reports), fading to 3% by year 5.

Business

  • 3.1%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 3.9%

    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).

  • 4.8%

    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).

  • 8.9%

    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.

  • 4.11%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-28.

  • 0.62

    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 0.44, 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.

  • 5.61%

    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)
₩2T
Net debt (borrowings and leases − cash and deposits)
₩86B
+ Stakes and investments
₩50B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩6.4B
Shares
27,052,299
Share price
₩5,820
Market cap
₩157B

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₩1.8T₩1.8T₩1.9T₩2T₩2T₩2T₩2.1T₩2.2T
Growth−3.6%1.4%4.4%0.7%1.3%1.8%2.4%3.0%
EBIT₩52B₩61B₩85B₩62B₩62B₩63B₩65B₩67B
EBIT margin2.9%3.3%4.5%3.1%3.1%3.1%3.1%3.1%
After-tax EBIT₩38B₩44B₩62B₩45B₩45B₩46B₩47B₩49B
+ Depreciation———₩77B₩78B₩80B₩82B₩84B
− Capital spending₩81B₩98B₩88B₩95B₩97B₩98B₩101B₩104B
− Working capital−₩96B₩20B₩28B₩1.2B₩2.3B₩3.2B₩4.4B₩5.6B
Free cash flow———₩26B₩25B₩24B₩24B₩23B
Discount factor———0.9410.8850.8330.7830.737
Present value———₩24B₩22B₩20B₩19B₩17B

Terminal value ₩860B, worth ₩634B 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:

LowTypicalHigh
Price / book (book value ₩22,515 a share)Now 0.26×₩5,7480.26×₩8,3150.37×₩11,8910.53×
Price / earnings (last 12 months: ₩3,560 a share)Now 1.63×₩7,0101.97×₩13,3613.75×₩59,40616.7×
P/E on run-rate earnings (Q2 2026 × 4: ₩4,975 a share)Now 1.17×₩9,7961.97×₩18,6713.75×₩83,01816.7×

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%
5.3%₩27,929₩30,708₩34,321₩39,214₩46,222
5.8%₩24,673₩26,769₩29,409₩32,841₩37,489
6.3%₩22,037₩23,656₩25,645₩28,150₩31,407
6.8%₩19,859₩21,134₩22,669₩24,555₩26,930
7.3%₩18,031₩19,051₩20,258₩21,712₩23,498

Now (TTM)

Market cap
₩157B
Enterprise value
₩243B
P/E
1.6×
P/B
0.3×
P/S
0.1×
EV/EBITDA
—
Dividend yield
3.4%

Over time (at each year end)

20252024202320222021
Price₩10,050₩3,950₩5,940₩5,480₩8,710
Market cap₩272B₩107B₩161B₩148B₩236B
P/E4.0×3.2×39.9×86.2×—
P/B0.5×0.2×0.4×0.4×0.6×
P/S0.1×0.1×0.1×0.1×0.1×
EV/EBITDA—————
Dividend yield2.0%3.8%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
SJG Sejong1.6×0.3×0.1×—3.4%
Hyundai Mobis8.2×0.6×0.5×—2.0%
SL6.0×0.8×0.4×3.7×0.0%
HL Mando10.5×0.6×0.2×—2.0%
Samhyun—13.0×18.3×—0.0%
Hyundai WIA19.0×0.4×0.2×—2.4%
SNT Dynamics13.6×0.7×0.9×—6.7%
Similar companies (median)10.5×0.7×0.4×3.7×2.0%

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

Also known as: SJG Sejong / SJG세종 / 033530 / KRX:033530

Source: KRX statistical information