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Shinsung Delta Tech

065350 · KOSDAQ · ₩065350 · 신성델타테크

₩30,250 ₩0 (0.00%)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

₩51

vs the current price (₩30,250)

Enterprise value
₩398B
Equity value
₩1.4B
WACC
6.5%

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 100% 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 ₩30,250, the model needs an operating margin of 7.8% every year (it uses 3.5%).
  • Or revenue growth +39.7 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 28.3× against a typical 19.0× 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
—
Base
₩51
−99.8%
Bull
₩27,376
−9.5%

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 (3.5%).

Revenue growth

  • 6%

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

    Default: the last 3 years' revenue growth (6% a year, annual reports), fading to 3% by year 5.

  • 5.3%

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

    Default: the last 3 years' revenue growth (6% a year, annual reports), fading to 3% by year 5.

  • 4.5%

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

    Default: the last 3 years' revenue growth (6% a year, annual reports), fading to 3% by year 5.

  • 3.8%

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

    Default: the last 3 years' revenue growth (6% 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 (6% a year, annual reports), fading to 3% by year 5.

Business

  • 3.5%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 4.7%

    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).

  • 5.8%

    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).

  • 18.7%

    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

  • 2%

    How fast cash flows keep growing every year after year 5.

    Default: about Korea's long-run inflation plus real growth.

  • 4.03%

    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.

  • 0.62

    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 0.43, 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.

  • 5.53%

    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)
₩1T
Net debt (borrowings and leases − cash and deposits)
₩331B
+ Stakes and investments
₩48B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩114B
Shares
27,483,948
Share price
₩30,250
Market cap
₩831B

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₩834B₩910B₩945B₩1.1T₩1.2T₩1.2T₩1.3T₩1.3T
Growth5.1%9.1%3.9%6.0%5.3%4.5%3.8%3.0%
EBIT₩30B₩27B₩28B₩39B₩41B₩42B₩44B₩45B
EBIT margin3.6%3.0%2.9%3.5%3.5%3.5%3.5%3.5%
After-tax EBIT₩22B₩20B₩20B₩28B₩29B₩31B₩32B₩33B
+ Depreciation———₩52B₩55B₩57B₩59B₩61B
− Capital spending₩33B₩32B₩95B₩64B₩67B₩70B₩73B₩75B
− Working capital₩22B₩11B₩14B₩12B₩11B₩9.8B₩8.6B₩7.1B
Free cash flow———₩4.2B₩5.8B₩7.7B₩9.5B₩12B
Discount factor———0.9390.8820.8290.7780.731
Present value———₩3.9B₩5.1B₩6.4B₩7.4B₩8.5B

Terminal value ₩502B, worth ₩367B today: 92% 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 ₩9,755 a share)Now 3.10×₩16,9211.73×₩58,8216.03×₩98,22310.1×
Price / earnings (last 12 months: ₩1,069 a share)Now 28.3×₩12,27511.5×₩20,36519.0×₩67,94263.5×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,442 a share)Now 21.0×₩16,55211.5×₩27,46119.0×₩91,61563.5×

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%
5.5%₩2,127₩3,289₩4,776₩6,754₩9,520
6.0%₩234₩1,072₩2,113₩3,444₩5,214
6.5%——₩51₩975₩2,157
7.0%—————
7.5%—————

Now (TTM)

Market cap
₩831B
Enterprise value
₩1.1T
P/E
28.3×
P/B
3.1×
P/S
0.8×
EV/EBITDA
—
Dividend yield
0.4%

Over time (at each year end)

20252024202320222021
Price₩56,700₩115,900₩41,150₩7,800₩16,600
Market cap₩1.6T₩3.2T₩1.1T₩214B₩456B
P/E71.8×—90.3×12.7×18.6×
P/B6.3×15.3×5.5×1.3×3.0×
P/S1.6×3.5×1.4×0.3×0.6×
EV/EBITDA—————
Dividend yield0.2%0.1%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Shinsung Delta Tech28.3×3.1×0.8×—0.4%
LS Electric61.0×11.1×4.2×37.7×0.0%
Hyosung Heavy Industries30.5×6.9×2.8×—0.4%
HD Hyundai Electric19.1×7.2×3.7×—0.0%
Gaon Cable106.8×12.9×2.4×55.6×0.0%
Sanil Electric27.2×7.4×8.3×—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: Shinsung Delta Tech / 신성델타테크 / 065350 / KRX:065350

Source: KRX statistical information