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Sonokongco

066910 · KOSDAQ · ₩066910 · 손오공

₩1,532▲ ₩20 (1.32%)End-of-day · Oct 30, 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

With these assumptions the model gives no positive value.

Enterprise value
−₩361B
Equity value
−₩372B
WACC
6.0%

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 gives no positive value at these assumptions. What we can see:

  • To match today's price of ₩1,532, the model needs an operating margin of 0.5% every year (it uses −10.0%).
  • Margins ranged from −29.5% to 1.5% 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.
  • 100% of the last 12 months' net profit came from outside operations (stakes in other companies, interest, one-offs). The model adds those stakes at book value but doesn't project that income.
  • 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
—
Base
—
Bull
—

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 (−10.0%).

Revenue growth

  • 13.3%

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

    Default: the last 3 years' revenue growth (13.3% a year, annual reports), fading to 3% by year 5.

  • 10.7%

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

    Default: the last 3 years' revenue growth (13.3% a year, annual reports), fading to 3% by year 5.

  • 8.2%

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

    Default: the last 3 years' revenue growth (13.3% a year, annual reports), fading to 3% by year 5.

  • 5.6%

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

    Default: the last 3 years' revenue growth (13.3% 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 (13.3% a year, annual reports), fading to 3% by year 5.

Business

  • -10%

    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.

  • 1.5%

    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).

  • 0.8%

    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).

  • -10%

    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.

  • 4.01%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-30.

  • 0.6

    How much the share moves when the market moves: 1 means just like the market.

    Default: 104 weeks of weekly returns against KOSPI (official index); raw beta 0.11, 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.

  • 5.51%

    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)
₩155B
Net debt (borrowings and leases − cash and deposits)
₩15B
+ Stakes and investments
₩4.8B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩653M
Shares
15,386,632
Share price
₩1,532
Market cap
₩24B

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₩50B₩32B₩97B₩176B₩195B₩211B₩223B₩229B
Growth−24.5%−36.4%202.9%13.3%10.7%8.2%5.6%3.0%
EBIT−₩9.5B−₩9.5B−₩6.7B−₩18B−₩19B−₩21B−₩22B−₩23B
EBIT margin−18.9%−29.5%−6.9%−10.0%−10.0%−10.0%−10.0%−10.0%
After-tax EBIT−₩6.9B−₩6.9B−₩4.8B−₩13B−₩14B−₩15B−₩16B−₩17B
+ Depreciation₩743M₩756M₩675M₩2.6B₩2.9B₩3.2B₩3.3B₩3.4B
− Capital spending₩271M₩121M₩1.5B₩1.4B₩1.6B₩1.7B₩1.8B₩1.8B
− Working capital₩4.2B−₩16B₩10B−₩2.1B−₩1.9B−₩1.6B−₩1.2B−₩668M
Free cash flow−₩11B₩9.9B−₩16B−₩9.5B−₩11B−₩12B−₩13B−₩14B
Discount factor———0.9430.8890.8390.7910.746
Present value———−₩8.9B−₩9.7B−₩10B−₩11B−₩11B

Terminal value −₩417B, worth −₩311B today: 86% 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 ₩3,120 a share)Now 0.49×₩3,1361.01×₩19,8516.36×₩31,70210.2×

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%
5.0%—————
5.5%—————
6.0%—————
6.5%—————
7.0%—————

Now (TTM)

Market cap
₩24B
Enterprise value
₩29B
P/E
4.4×
P/B
0.5×
P/S
0.2×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩2,990₩4,647₩13,739₩8,042₩10,768
Market cap₩46B₩71B₩211B₩124B₩166B
P/E55.7×———49.1×
P/B0.9×2.5×9.7×6.6×6.4×
P/S0.5×2.2×4.2×1.9×2.2×
EV/EBITDA————97.5×
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Sonokongco4.4×0.5×0.2×—0.0%
Samsung C&T18.1×0.5×1.2×—0.9%
POSCO International10.3×1.2×0.3×—3.8%
ISC42.6×5.7×11.9×—0.5%
Youngone5.2×0.7×0.7×—3.0%
Dong SUH Companies19.6×1.7×5.3×—4.0%
SK Gas7.4×0.6×0.3×—3.5%
Similar companies (median)14.2×1.0×0.9×—3.3%

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

Also known as: Sonokongco / 손오공 / 066910 / KRX:066910

Source: KRX statistical information