KOSDAQ · 058610 · Electrical equipment · ₩058610

SPG에스피지

058610 · KOSDAQ · ₩058610 · 에스피지

₩80,800▲ ₩2,200 (2.80%)End-of-day · Oct 27, 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

₩8,637

vs the current price (₩80,800)

Enterprise value: ₩150B
Equity value: ₩192B
WACC: 8.3%

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 89% 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 ₩80,800, the model needs an operating margin of 55.3% every year (it uses 5.1%).
Today's P/E is 188.5× against a typical 44.9× 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: ₩5,667; −93.0%
Base: ₩8,637; −89.3%
Bull: ₩13,891; −82.8%

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 (5.1%).

Revenue growth

Revenue growth, year 1-8.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-8.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-5.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-8.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-2.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-8.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 40.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-8.1% 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 (-8.1% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin5.1%
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 & amortisation1.9%
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 spending1.6%
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 capital40%
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 rate4.03%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-27.
Beta0.77
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 0.66, 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)5.53%
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): ₩338B
Net debt (borrowings and leases − cash and deposits): −₩41B
+ Stakes and investments: ₩310M; Associates, long-term financial assets and deposits (book value)
Shares: 22,177,360
Share price: ₩80,800
Market cap: ₩1.8T

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	₩394B	₩388B	₩342B	₩310B	₩294B	₩286B	₩287B	₩295B
Growth	−10.6%	−1.3%	−12.0%	−8.1%	−5.3%	−2.6%	0.2%	3.0%
EBIT	₩16B	₩12B	₩18B	₩16B	₩15B	₩15B	₩15B	₩15B
EBIT margin	4.1%	3.2%	5.3%	5.1%	5.1%	5.1%	5.1%	5.1%
After-tax EBIT	₩12B	₩8.9B	₩13B	₩11B	₩11B	₩11B	₩11B	₩11B
+ Depreciation	₩6.8B	₩6.8B	₩7.4B	₩5.9B	₩5.6B	₩5.4B	₩5.4B	₩5.6B
− Capital spending	₩5.3B	₩7.1B	₩5B	₩5B	₩4.7B	₩4.6B	₩4.6B	₩4.7B
− Working capital	−₩18B	₩18B	−₩8.7B	−₩11B	−₩6.6B	−₩3.1B	₩229M	₩3.4B
Free cash flow	₩32B	−₩9.3B	₩24B	₩23B	₩18B	₩14B	₩11B	₩8.4B
Discount factor	—	—	—	0.924	0.853	0.788	0.728	0.672
Present value	—	—	—	₩22B	₩16B	₩11B	₩8.2B	₩5.6B

Terminal value ₩130B, worth ₩87B today: 58% 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 ₩12,361 a share)Now 6.54×	₩20,0891.63×	₩30,6942.48×	₩96,7007.82×
Price / earnings (last 12 months: ₩429 a share)Now 188.5×	₩5,57513.0×	₩19,25244.9×	₩26,85462.6×
P/E on run-rate earnings (Q2 2026 × 4: ₩439 a share)Now 184.0×	₩5,71313.0×	₩19,72744.9×	₩27,51662.6×

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%
7.3%	₩9,451	₩9,553	₩9,671	₩9,810	₩9,977
7.8%	₩8,972	₩9,037	₩9,110	₩9,194	₩9,291
8.3%	₩8,558	₩8,596	₩8,637	₩8,682	₩8,731
8.8%	₩8,196	₩8,214	₩8,232	₩8,249	₩8,267
9.3%	₩7,878	₩7,880	₩7,881	₩7,879	₩7,874

Now (TTM)

Market cap: ₩1.8T
Enterprise value: ₩1.7T
P/E: 188.5×
P/B: 6.5×
P/S: 5.3×
EV/EBITDA: 67.5×
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩81,300	₩23,400	₩36,000	₩17,200	₩11,850
Market cap	₩1.8T	₩519B	₩798B	₩381B	₩263B
P/E	197.4×	39.6×	72.6×	19.4×	11.5×
P/B	7.0×	2.0×	3.6×	1.8×	1.4×
P/S	5.3×	1.3×	2.0×	0.9×	0.6×
EV/EBITDA	72.0×	28.9×	36.5×	13.5×	11.5×
Dividend yield	0.0%	0.0%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
SPG	188.5×	6.5×	5.3×	67.5×	0.0%
LS Electric	61.0×	11.1×	4.2×	37.7×	0.0%
Hyosung Heavy Industries	30.5×	6.9×	2.8×	—	0.4%
HD Hyundai Electric	19.1×	7.2×	3.7×	—	0.0%
Gaon Cable	106.8×	12.9×	2.4×	55.6×	0.0%
Sanil Electric	27.2×	7.4×	8.3×	—	0.8%
Taihan Cable & Solution	—	2.2×	1.0×	—	0.0%
Similar companies (median)	30.5×	7.3×	3.3×	46.7×	0.0%

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

Also known as: SPG / 에스피지 / 058610 / KRX:058610

Source: KRX statistical information