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SY Dong-A

041930 · KOSDAQ · ₩041930 · SY동아

₩4,730▼ ₩20 (0.42%)End-of-day · Oct 30, 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

₩14,586

vs the current price (₩4,730)

Enterprise value
₩245B
Equity value
₩222B
WACC
6.5%

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 208% 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 ₩4,730, the model needs an operating margin of 2.6% every year (it uses 4.7%).
  • 47% 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 4.2× against a typical 6.4× 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
₩3,990
−15.6%
Base
₩14,586
+208.4%
Bull
₩35,110
+642.3%

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 (4.7%).

Revenue growth

  • 4.9%

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

    Default: the last 3 years' revenue growth (4.9% a year, annual reports), fading to 3% by year 5.

  • 4.4%

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

    Default: the last 3 years' revenue growth (4.9% a year, annual reports), fading to 3% by year 5.

  • 3.9%

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

    Default: the last 3 years' revenue growth (4.9% 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 (4.9% 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 (4.9% a year, annual reports), fading to 3% by year 5.

Business

  • 4.7%

    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.

  • 2.4%

    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).

  • 3%

    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).

  • 23.7%

    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.

  • 4.01%

    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.

  • 0.6

    How much the share moves when the market moves: 1 means just like the market.

    Default: 104 weeks of weekly returns against KOSPI (official index); raw beta 0.4, 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.

  • 5.51%

    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)
₩392B
Net debt (borrowings and leases − cash and deposits)
₩22B
+ Stakes and investments
₩175M
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩1.4B
Shares
15,200,000
Share price
₩4,730
Market cap
₩72B

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₩369B₩383B₩403B₩411B₩429B₩446B₩461B₩475B
Growth5.5%3.9%5.3%4.9%4.4%3.9%3.5%3.0%
EBIT₩22B₩18B₩17B₩19B₩20B₩21B₩22B₩22B
EBIT margin5.9%4.8%4.3%4.7%4.7%4.7%4.7%4.7%
After-tax EBIT₩16B₩13B₩12B₩14B₩15B₩15B₩16B₩16B
+ Depreciation———₩9.9B₩10B₩11B₩11B₩11B
− Capital spending₩9.3B₩12B₩13B₩12B₩13B₩13B₩14B₩14B
− Working capital₩3.9B₩15B₩2.3B₩4.5B₩4.3B₩4B₩3.7B₩3.3B
Free cash flow———₩7B₩7.8B₩8.5B₩9.3B₩10B
Discount factor———0.9390.8810.8270.7760.729
Present value———₩6.6B₩6.8B₩7.1B₩7.2B₩7.3B

Terminal value ₩288B, worth ₩210B 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 ₩12,553 a share)Now 0.38×₩6,0160.48×₩9,0480.72×₩14,2471.13×
Price / earnings (last 12 months: ₩1,125 a share)Now 4.20×₩4,5564.05×₩7,1826.38×₩19,35817.2×

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%
5.5%₩16,440₩17,749₩19,421₩21,636₩24,714
6.0%₩14,527₩15,498₩16,702₩18,240₩20,276
6.5%₩12,963₩13,697₩14,586₩15,689₩17,097
7.0%₩11,661₩12,223₩12,892₩13,703₩14,708
7.5%₩10,561₩10,997₩11,507₩12,114₩12,849

Now (TTM)

Market cap
₩72B
Enterprise value
₩94B
P/E
4.2×
P/B
0.4×
P/S
0.2×
EV/EBITDA
—
Dividend yield
6.3%

Over time (at each year end)

20252024202320222021
Price₩6,880₩5,360₩8,230₩8,700₩12,100
Market cap₩105B₩81B₩125B₩132B₩184B
P/E3.8×5.6×8.8×8.6×14.0×
P/B0.6×0.5×0.8×0.9×1.4×
P/S0.3×0.2×0.3×0.4×0.6×
EV/EBITDA—————
Dividend yield4.4%2.8%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
SY Dong-A4.2×0.4×0.2×—6.3%
Hankook Tire & Technology5.8×0.5×0.3×—4.0%
Kumho Tire3.1×0.6×0.3×—0.0%
Pum-Tech Korea19.5×2.5×2.1×—0.7%
Dongwon Systems9.7×0.7×0.4×5.7×2.8%
Nexen Tire3.7×0.3×0.2×—3.4%
PI Advanced Materials12.0×1.2×1.6×4.8×2.4%
Similar companies (median)7.7×0.6×0.4×5.3×2.6%

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

Also known as: SY Dong-A / SY동아 / 041930 / KRX:041930

Source: KRX statistical information