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SNT Motiv

064960 · KOSPI · ₩064960 · SNT모티브

₩24,050▲ ₩400 (1.69%)End-of-day · Oct 27, 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

₩63,684

vs the current price (₩24,050)

Enterprise value
₩1.2T
Equity value
₩1.5T
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 165% 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 ₩24,050, the model needs an operating margin of 2.9% every year (it uses 10.2%).
  • Today's P/E is 6.9× against a typical 7.3× 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
₩43,503
+80.9%
Base
₩63,684
+164.8%
Bull
₩98,040
+307.7%

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 (10.2%).

Revenue growth

  • -1.2%

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

    Default: the last 3 years' revenue growth (-1.2% a year, annual reports), fading to 3% by year 5.

  • -0.2%

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

    Default: the last 3 years' revenue growth (-1.2% a year, annual reports), fading to 3% by year 5.

  • 0.9%

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

    Default: the last 3 years' revenue growth (-1.2% a year, annual reports), fading to 3% by year 5.

  • 1.9%

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

    Default: the last 3 years' revenue growth (-1.2% 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 (-1.2% a year, annual reports), fading to 3% by year 5.

Business

  • 10.2%

    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.

  • 4.3%

    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).

  • 5.4%

    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).

  • 15.1%

    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 0.32, 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)
₩996B
Net debt (borrowings and leases − cash and deposits)
−₩359B
+ Stakes and investments
₩3M
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩6B
Shares
23,834,272
Share price
₩24,050
Market cap
₩573B

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₩1.1T₩969B₩1T₩984B₩982B₩991B₩1T₩1T
Growth8.7%−14.7%3.9%−1.2%−0.2%0.9%1.9%3.0%
EBIT₩117B₩98B₩103B₩100B₩100B₩101B₩103B₩106B
EBIT margin10.3%10.1%10.2%10.2%10.2%10.2%10.2%10.2%
After-tax EBIT₩85B₩71B₩74B₩73B₩73B₩73B₩75B₩77B
+ Depreciation———₩42B₩42B₩43B₩43B₩45B
− Capital spending₩28B₩50B₩85B₩53B₩53B₩54B₩55B₩56B
− Working capital−₩95B−₩19B₩8.2B−₩1.8B−₩297M₩1.3B₩2.8B₩4.6B
Free cash flow———₩64B₩62B₩61B₩61B₩61B
Discount factor———0.9310.8670.8070.7510.700
Present value———₩59B₩54B₩49B₩46B₩43B

Terminal value ₩1.3T, worth ₩915B today: 78% 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 ₩43,296 a share)Now 0.56×₩25,8980.60×₩29,1470.67×₩35,3110.82×
Price / earnings (last 12 months: ₩3,477 a share)Now 6.92×₩20,8235.99×₩25,3547.29×₩33,1509.53×
P/E on run-rate earnings (Q2 2026 × 4: ₩4,000 a share)Now 6.01×₩23,9565.99×₩29,1697.29×₩38,1379.53×

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%₩66,313₩70,183₩74,926₩80,877₩88,567
6.9%₩61,860₩64,980₩68,731₩73,328₩79,095
7.4%₩58,105₩60,660₩63,684₩67,319₩71,773
7.9%₩54,896₩57,016₩59,493₩62,422₩65,945
8.4%₩52,122₩53,902₩55,957₩58,357₩61,195

Now (TTM)

Market cap
₩573B
Enterprise value
₩215B
P/E
6.9×
P/B
0.6×
P/S
0.6×
EV/EBITDA
—
Dividend yield
7.1%

Over time (at each year end)

20252024202320222021
Price₩34,500₩22,204₩23,802₩23,140₩25,923
Market cap₩822B₩529B₩567B₩552B₩618B
P/E11.8×5.1×6.5×6.3×7.7×
P/B0.8×0.5×0.6×0.6×0.7×
P/S0.8×0.5×0.5×0.5×0.7×
EV/EBITDA—————
Dividend yield4.9%4.2%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
SNT Motiv6.9×0.6×0.6×—7.1%
Hyundai Mobis8.2×0.6×0.5×—2.0%
SL6.0×0.8×0.4×3.7×0.0%
HL Mando10.5×0.6×0.2×—2.0%
Samhyun—13.0×18.3×—0.0%
Hyundai WIA19.0×0.4×0.2×—2.4%
SNT Dynamics13.6×0.7×0.9×—6.7%
Similar companies (median)10.5×0.7×0.4×3.7×2.0%

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

Also known as: SNT Motiv / SNT모티브 / 064960 / KRX:064960

Source: KRX statistical information