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Soop

067160 · KOSDAQ · ₩067160 · SOOP

₩36,050▼ ₩850 (2.30%)End-of-day · Oct 29, 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

₩229,752

vs the current price (₩36,050)

Enterprise value
₩2.4T
Equity value
₩2.6T
WACC
7.3%

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 537% 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 ₩36,050, the model needs an operating margin of 3.2% every year (it uses 27.2%).
  • Today's P/E is 4.6× against a typical 12.1× 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
₩163,007
+352.2%
Base
₩229,752
+537.3%
Bull
₩337,542
+836.3%

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 (27.2%).

Revenue growth

  • 17.3%

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

    Default: the last 3 years' revenue growth (17.3% a year, annual reports), fading to 3% by year 5.

  • 13.7%

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

    Default: the last 3 years' revenue growth (17.3% a year, annual reports), fading to 3% by year 5.

  • 10.1%

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

    Default: the last 3 years' revenue growth (17.3% a year, annual reports), fading to 3% by year 5.

  • 6.6%

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

    Default: the last 3 years' revenue growth (17.3% 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 (17.3% a year, annual reports), fading to 3% by year 5.

Business

  • 27.2%

    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.

  • 2.9%

    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).

  • 3.6%

    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).

  • 8.8%

    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: 105 weeks of weekly returns against KOSPI (official index); raw beta 0.05, 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)
₩452B
Net debt (borrowings and leases − cash and deposits)
−₩238B
+ Stakes and investments
₩2M
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩36B
Shares
11,188,392
Share price
₩36,050
Market cap
₩403B

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₩344B₩413B₩467B₩530B₩603B₩664B₩707B₩729B
Growth19.0%20.1%12.9%17.3%13.7%10.1%6.6%3.0%
EBIT₩90B₩114B₩125B₩144B₩164B₩180B₩192B₩198B
EBIT margin26.3%27.5%26.8%27.2%27.2%27.2%27.2%27.2%
After-tax EBIT₩65B₩82B₩91B₩105B₩119B₩131B₩139B₩144B
+ Depreciation———₩15B₩17B₩19B₩21B₩21B
− Capital spending₩9.4B₩15B₩21B₩19B₩22B₩24B₩25B₩26B
− Working capital−₩74B−₩7B₩128B₩6.9B₩6.4B₩5.4B₩3.9B₩1.9B
Free cash flow———₩94B₩108B₩121B₩131B₩137B
Discount factor———0.9320.8680.8090.7540.703
Present value———₩88B₩94B₩98B₩99B₩96B

Terminal value ₩2.7T, worth ₩1.9T today: 80% 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 ₩41,384 a share)Now 0.87×₩57,9021.40×₩138,1953.34×₩243,3365.88×
Price / earnings (last 12 months: ₩7,841 a share)Now 4.60×₩43,7015.57×₩94,56212.1×₩132,66916.9×
P/E on run-rate earnings (Q2 2026 × 4: ₩3,060 a share)Now 11.8×₩17,0555.57×₩36,90412.1×₩51,77616.9×

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%
6.3%₩238,160₩257,035₩280,287₩309,639₩347,857
6.8%₩218,603₩233,905₩252,386₩275,152₩303,891
7.3%₩202,156₩214,768₩229,752₩247,848₩270,141
7.8%₩188,135₩198,674₩211,024₩225,698₩243,419
8.3%₩176,040₩184,952₩195,274₩207,369₩221,740

Now (TTM)

Market cap
₩403B
Enterprise value
₩159B
P/E
4.6×
P/B
0.9×
P/S
0.9×
EV/EBITDA
—
Dividend yield
9.4%

Over time (at each year end)

20252024202320222021
Price₩67,800₩90,900₩85,600₩71,100₩202,700
Market cap₩759B₩1T₩958B₩795B₩2.3T
P/E7.4×10.0×12.8×13.3×31.9×
P/B1.6×2.7×3.3×3.3×10.8×
P/S1.6×2.5×2.8×2.8×8.7×
EV/EBITDA—————
Dividend yield5.0%1.7%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Soop4.6×0.9×0.9×—9.4%
Hyundai Autoever47.8×4.8×2.0×—0.6%
Krafton10.0×1.2×1.9×—1.2%
NC7.0×1.2×2.1×8.4×0.6%
Netmarble7.1×0.5×1.0×—2.6%
PearlAbyss8.0×2.1×3.0×5.2×0.0%
Shift UP9.0×1.8×7.2×—0.0%
Similar companies (median)8.5×1.5×2.0×6.8×0.6%

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

Also known as: Soop / SOOP / 067160 / KRX:067160

Source: KRX statistical information