KOSDAQ · 035610 · Business services · ₩035610

Solborn솔본

035610 · KOSDAQ · ₩035610 · 솔본

₩4,805▲ ₩5 (0.10%)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

₩22,401

vs the current price (₩4,805)

Enterprise value: ₩397B
Equity value: ₩613B
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 366% 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 ₩4,805, the model needs an operating margin of −4.2% every year (it uses 19.2%).
Margins ranged from −28.6% to 25.7% 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.
41% 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.
The group includes a financial business (an insurer, bank or broker), whose investments and minority shareholders are left out here. A sum-of-the-parts view usually fits groups like this better.
Today's P/E is 3.7× against a typical 3.1× 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: ₩17,501; +264.2%
Base: ₩22,401; +366.2%
Bull: ₩30,353; +531.7%

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 (19.2%).

Revenue growth

Revenue growth, year 18.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (8.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 27.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (8.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 35.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (8.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 44.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (8.7% 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 (8.7% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin19.2%
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.
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 & amortisation0.4%
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 spending0.5%
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 capital-3.9%
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

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 rate4.08%
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.
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)5.58%
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): ₩126B
Net debt (borrowings and leases − cash and deposits): −₩216B
Shares: 27,345,997
Share price: ₩4,805
Market cap: ₩131B

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	₩123B	₩116B	₩121B	₩137B	₩147B	₩156B	₩162B	₩167B
Growth	31.5%	−5.9%	3.9%	8.7%	7.3%	5.9%	4.4%	3.0%
EBIT	₩32B	₩21B	₩25B	₩26B	₩28B	₩30B	₩31B	₩32B
EBIT margin	25.7%	18.2%	20.4%	19.2%	19.2%	19.2%	19.2%	19.2%
After-tax EBIT	₩23B	₩15B	₩18B	₩19B	₩20B	₩22B	₩23B	₩23B
+ Depreciation	—	—	—	₩548M	₩588M	₩622M	₩650M	₩669M
− Capital spending	₩720M	₩427M	₩528M	₩684M	₩734M	₩778M	₩812M	₩836M
− Working capital	−₩2.2B	−₩11B	−₩3.5B	−₩427M	−₩390M	−₩338M	−₩267M	−₩190M
Free cash flow	—	—	—	₩19B	₩21B	₩22B	₩23B	₩23B
Discount factor	—	—	—	0.931	0.867	0.808	0.752	0.700
Present value	—	—	—	₩18B	₩18B	₩18B	₩17B	₩16B

Terminal value ₩443B, worth ₩310B today: 78% 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 ₩8,845 a share)Now 0.54×	₩4,1940.47×	₩5,6810.64×	₩8,2860.94×
Price / earnings (last 12 months: ₩1,288 a share)Now 3.73×	₩3,6352.82×	₩3,9923.10×	₩8,4136.53×
P/E on run-rate earnings (Q2 2026 × 4: ₩3,555 a share)Now 1.35×	₩10,0322.82×	₩11,0183.10×	₩23,2166.53×

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%	₩22,884	₩24,168	₩25,745	₩27,728	₩30,299
6.9%	₩21,593	₩22,640	₩23,902	₩25,451	₩27,401
7.4%	₩20,504	₩21,372	₩22,401	₩23,641	₩25,164
7.9%	₩19,574	₩20,303	₩21,156	₩22,167	₩23,386
8.4%	₩18,770	₩19,390	₩20,106	₩20,944	₩21,939

Now (TTM)

Market cap: ₩131B
Enterprise value: −₩86B
P/E: 3.7×
P/B: 0.5×
P/S: 1.0×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩3,645	₩3,925	₩4,055	₩3,630	₩5,550
Market cap	₩100B	₩107B	₩111B	₩99B	₩152B
P/E	4.8×	3.2×	2.9×	—	8.5×
P/B	0.5×	0.5×	0.7×	0.8×	0.9×
P/S	0.8×	0.9×	0.9×	1.1×	1.5×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Solborn	3.7×	0.5×	1.0×	—	0.0%
S-1	24.0×	2.1×	1.3×	—	0.0%
Cheil Worldwide	9.8×	1.3×	0.5×	—	6.5%
Doosan Tesna	54.7×	4.1×	5.7×	—	0.2%
Lotte Tour Development	15.4×	2.2×	1.1×	—	0.0%
Soulbrain Holdings	1.3×	0.4×	1.3×	—	1.3%
Innocean Worldwide	5.5×	0.6×	0.3×	—	6.7%
Similar companies (median)	12.6×	1.7×	1.2×	—	0.7%

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

Also known as: Solborn / 솔본 / 035610 / KRX:035610

Source: KRX statistical information