KOSDAQ · 053060 · Auto parts · ₩053060

SAE Dong세동

053060 · KOSDAQ · ₩053060 · 세동

₩1,236▼ ₩9 (0.72%)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

₩12,052

vs the current price (₩1,236)

Enterprise value: ₩242B
Equity value: ₩213B
WACC: 5.5%

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 875% 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 ₩1,236, the model needs an operating margin of 1.7% every year (it uses 5.5%).
Today's P/E is 4.1× against a typical 2.8× 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: ₩3,754; +203.7%
Base: ₩12,052; +875.1%
Bull: ₩29,768; +2,308.4%

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 (5.5%).

Revenue growth

Revenue growth, year 16.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (6.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 25.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (6.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 34.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (6.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 43.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (6.7% 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 (6.7% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin5.5%
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 & amortisation2.9%
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).
Capital spending3.7%
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 capital6.2%
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 0.17, 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)5.58%
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): ₩208B
Net debt (borrowings and leases − cash and deposits): ₩29B
Shares: 17,657,419
Share price: ₩1,236
Market cap: ₩22B

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	₩170B	₩171B	₩189B	₩222B	₩235B	₩246B	₩255B	₩263B
Growth	8.9%	0.7%	10.7%	6.7%	5.8%	4.8%	3.9%	3.0%
EBIT	₩13B	₩11B	₩9.1B	₩12B	₩13B	₩14B	₩14B	₩14B
EBIT margin	7.4%	6.3%	4.8%	5.5%	5.5%	5.5%	5.5%	5.5%
After-tax EBIT	₩9.1B	₩7.8B	₩6.6B	₩8.8B	₩9.4B	₩9.8B	₩10B	₩10B
+ Depreciation	₩5.2B	₩5B	₩5.2B	₩6.4B	₩6.8B	₩7.1B	₩7.4B	₩7.6B
− Capital spending	₩5B	₩6.5B	₩8.4B	₩8.2B	₩8.7B	₩9.1B	₩9.5B	₩9.7B
− Working capital	₩8.9B	₩16B	−₩4.5B	₩863M	₩797M	₩698M	₩594M	₩475M
Free cash flow	₩330M	−₩10B	₩7.9B	₩6.2B	₩6.7B	₩7.1B	₩7.5B	₩7.9B
Discount factor	—	—	—	0.948	0.899	0.852	0.808	0.766
Present value	—	—	—	₩5.9B	₩6B	₩6.1B	₩6.1B	₩6.1B

Terminal value ₩277B, worth ₩212B today: 88% 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 ₩2,447 a share)Now 0.51×	₩1,2660.52×	₩1,6300.67×	₩3,1521.29×
Price / earnings (last 12 months: ₩299 a share)Now 4.13×	₩6952.32×	₩8412.81×	₩1,1964.00×

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%
4.5%	₩12,781	₩14,869	₩17,802	₩22,226	₩29,668
5.0%	₩10,894	₩12,412	₩14,441	₩17,293	₩21,594
5.5%	₩9,430	₩10,576	₩12,052	₩14,025	₩16,797
6.0%	₩8,262	₩9,153	₩10,268	₩11,703	₩13,621
6.5%	₩7,310	₩8,018	₩8,884	₩9,967	₩11,362

Now (TTM)

Market cap: ₩22B
Enterprise value: ₩49B
P/E: 4.1×
P/B: 0.5×
P/S: 0.1×
EV/EBITDA: 3.8×
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩1,281	₩992	₩1,879	₩1,405	₩1,370
Market cap	₩23B	₩18B	₩33B	₩25B	₩24B
P/E	3.8×	—	3.4×	2.0×	—
P/B	0.6×	0.5×	0.9×	0.9×	1.4×
P/S	0.1×	0.1×	0.2×	0.2×	0.2×
EV/EBITDA	3.4×	3.0×	3.4×	3.0×	8.0×
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
SAE Dong	4.1×	0.5×	0.1×	3.8×	0.0%
Hyundai Mobis	8.7×	0.6×	0.5×	—	1.8%
SL	6.0×	0.9×	0.4×	3.7×	0.0%
HL Mando	10.7×	0.6×	0.2×	—	1.9%
Samhyun	—	12.1×	17.1×	—	0.0%
Hyundai WIA	19.4×	0.4×	0.2×	—	2.4%
SNT Dynamics	13.0×	0.7×	0.8×	—	7.0%
Similar companies (median)	10.7×	0.7×	0.5×	3.7×	1.9%

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

Also known as: SAE Dong / 세동 / 053060 / KRX:053060

Source: KRX statistical information