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Stcube

052020 · KOSDAQ · ₩052020 · 에스티큐브

₩6,720▼ ₩110 (1.61%)End-of-day · Oct 28, 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

₩405

vs the current price (₩6,720)

Enterprise value
−₩22B
Equity value
₩27B
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 94% 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:

  • No operating margin up to 90% gets the model to today's price at these growth assumptions.
  • Margins ranged from −446.9% to −200.2% 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.
  • In the projection, spending on equipment, software and working capital takes most or all of the after-tax operating profit, so free cash flow is thin. Companies that invest heavily often look like this until spending slows.

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
₩477
−92.9%
Base
₩405
−94.0%
Bull
₩301
−95.5%

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 (−20.0%).

Revenue growth

  • 3.5%

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

    Default: the last 3 years' revenue growth (3.5% a year, annual reports), fading to 3% by year 5.

  • 3.4%

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

    Default: the last 3 years' revenue growth (3.5% a year, annual reports), fading to 3% by year 5.

  • 3.2%

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

    Default: the last 3 years' revenue growth (3.5% a year, annual reports), fading to 3% by year 5.

  • 3.1%

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

    Default: the last 3 years' revenue growth (3.5% 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 (3.5% a year, annual reports), fading to 3% by year 5.

Business

  • -20%

    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.

  • 18.6%

    The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).

    Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).

  • 13.3%

    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).

  • 40%

    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.

  • 0.6

    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 0.04, 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)
₩7.1B
Net debt (borrowings and leases − cash and deposits)
−₩49B
+ Stakes and investments
₩607M
Associates, long-term financial assets and deposits (book value)
Shares
67,983,291
Share price
₩6,720
Market cap
₩457B

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₩5.8B₩11B₩7B₩7.4B₩7.6B₩7.8B₩8.1B₩8.3B
Growth−7.5%93.9%−38.2%3.5%3.4%3.2%3.1%3.0%
EBIT−₩26B−₩23B−₩23B−₩1.5B−₩1.5B−₩1.6B−₩1.6B−₩1.7B
EBIT margin−446.9%−200.2%−336.1%−20.0%−20.0%−20.0%−20.0%−20.0%
After-tax EBIT−₩19B−₩16B−₩17B−₩1.1B−₩1.1B−₩1.1B−₩1.2B−₩1.2B
+ Depreciation₩1.1B₩1.2B₩1.9B₩1.4B₩1.4B₩1.5B₩1.5B₩1.6B
− Capital spending——₩929M₩978M₩1B₩1B₩1.1B₩1.1B
− Working capital−₩29B₩4B₩100M₩99M₩100M₩97M₩97M₩97M
Free cash flow——−₩16B−₩776M−₩800M−₩819M−₩842M−₩864M
Discount factor———0.9310.8670.8070.7510.700
Present value———−₩723M−₩693M−₩661M−₩632M−₩604M

Terminal value −₩27B, worth −₩19B today: 85% 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 ₩887 a share)Now 7.58×₩5,3666.05×₩13,47715.2×₩24,34627.5×

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%₩399₩366₩324₩272₩204
6.9%₩430₩402₩368₩327₩275
7.4%₩456₩432₩405₩371₩330
7.9%₩477₩458₩434₩407₩374
8.4%₩496₩479₩460₩437₩410

Now (TTM)

Market cap
₩457B
Enterprise value
₩398B
P/E
—
P/B
7.6×
P/S
64.3×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩8,200₩8,540₩10,937₩13,211₩6,955
Market cap₩557B₩581B₩744B₩898B₩473B
P/E—————
P/B7.7×6.2×21.1×17.5×29.2×
P/S79.8×51.4×127.6×142.5×59.7×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Stcube—7.6×64.3×—0.0%
Samsung C&T18.8×0.5×1.2×—0.9%
POSCO International10.6×1.3×0.3×—3.7%
ISC45.3×6.0×12.6×—0.5%
Youngone5.1×0.7×0.7×—3.1%
Dong SUH Companies18.9×1.6×5.1×—4.2%
Shinsegae14.4×0.5×0.3×—2.0%
Similar companies (median)16.6×1.0×1.0×—2.6%

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

Also known as: Stcube / 에스티큐브 / 052020 / KRX:052020

Source: KRX statistical information