KOSDAQ · 050960 · Software · ₩050960

Soosan INT수산아이앤티

050960 · KOSDAQ · ₩050960 · 수산아이앤티

₩8,100▼ ₩550 (6.36%)End-of-day · Oct 30, 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

₩23,031

vs the current price (₩8,100)

Enterprise value: ₩120B
Equity value: ₩155B
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 184% 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 ₩8,100, the model needs an operating margin of 5.0% every year (it uses 22.7%).
Margins ranged from 16.6% to 27.7% 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.
62% 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 7.5× against a typical 18.5× 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: ₩17,236; +112.8%
Base: ₩23,031; +184.3%
Bull: ₩32,528; +301.6%

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 (22.7%).

Revenue growth

Revenue growth, year 112.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (12.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 29.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (12.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 37.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (12.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 45.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (12.1% 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 (12.1% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin22.7%
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.
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 & amortisation3.2%
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).
Capital spending4%
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 capital25.7%
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

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 0.17, 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): ₩32B
Net debt (borrowings and leases − cash and deposits): −₩28B
+ Stakes and investments: ₩7.5B; Associates, long-term financial assets and deposits (book value)
Shares: 6,751,000
Share price: ₩8,100
Market cap: ₩55B

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	₩24B	₩27B	₩31B	₩36B	₩39B	₩42B	₩44B	₩46B
Growth	9.5%	11.7%	15.1%	12.1%	9.8%	7.5%	5.3%	3.0%
EBIT	₩6.5B	₩5.7B	₩5.1B	₩8.1B	₩8.9B	₩9.6B	₩10B	₩10B
EBIT margin	27.3%	21.3%	16.6%	22.7%	22.7%	22.7%	22.7%	22.7%
After-tax EBIT	₩4.7B	₩4.1B	₩3.7B	₩5.9B	₩6.5B	₩7B	₩7.3B	₩7.5B
+ Depreciation	—	—	—	₩1.1B	₩1.3B	₩1.4B	₩1.4B	₩1.5B
− Capital spending	₩493M	₩577M	₩2.4B	₩1.4B	₩1.6B	₩1.7B	₩1.8B	₩1.8B
− Working capital	−₩13B	−₩1.4B	₩1.2B	₩992M	₩901M	₩757M	₩575M	₩343M
Free cash flow	—	—	—	₩4.6B	₩5.2B	₩5.9B	₩6.4B	₩6.8B
Discount factor	—	—	—	0.932	0.868	0.809	0.754	0.703
Present value	—	—	—	₩4.3B	₩4.6B	₩4.7B	₩4.8B	₩4.8B

Terminal value ₩138B, worth ₩97B today: 81% 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 ₩13,997 a share)Now 0.58×	₩9,1820.66×	₩11,8320.85×	₩15,8961.14×
Price / earnings (last 12 months: ₩1,084 a share)Now 7.47×	₩12,44311.5×	₩20,05318.5×	₩44,55141.1×
P/E on run-rate earnings (Q2 2026 × 4: ₩2,294 a share)Now 3.53×	₩26,32811.5×	₩42,42918.5×	₩94,26341.1×

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%	₩23,914	₩25,431	₩27,299	₩29,656	₩32,723
6.8%	₩22,244	₩23,466	₩24,942	₩26,759	₩29,051
7.3%	₩20,839	₩21,841	₩23,031	₩24,466	₩26,234
7.8%	₩19,642	₩20,475	₩21,449	₩22,606	₩24,003
8.3%	₩18,610	₩19,310	₩20,119	₩21,067	₩22,193

Now (TTM)

Market cap: ₩55B
Enterprise value: ₩27B
P/E: 7.5×
P/B: 0.6×
P/S: 1.7×
EV/EBITDA: —
Dividend yield: 3.8%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩9,720	₩16,210	₩10,270	₩10,700	₩18,400
Market cap	₩66B	₩109B	₩69B	₩72B	₩124B
P/E	12.6×	24.7×	14.6×	23.7×	165.7×
P/B	0.7×	1.3×	0.8×	0.9×	1.5×
P/S	2.1×	4.1×	2.9×	3.3×	6.0×
EV/EBITDA	—	—	—	—	—
Dividend yield	3.2%	1.2%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Soosan INT	7.5×	0.6×	1.7×	—	3.8%
Krafton	10.0×	1.2×	1.9×	—	1.2%
Hyundai Autoever	41.5×	4.2×	1.7×	—	0.7%
NC	7.0×	1.2×	2.1×	8.5×	0.6%
Netmarble	7.1×	0.5×	1.0×	—	2.6%
PearlAbyss	8.1×	2.1×	3.0×	5.3×	0.0%
Shift UP	9.0×	1.8×	7.1×	—	0.0%
Similar companies (median)	8.5×	1.5×	2.0×	6.9×	0.6%

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

Also known as: Soosan INT / 수산아이앤티 / 050960 / KRX:050960

Source: KRX statistical information