KOSDAQ · 067770 · Electronic components · ₩067770

Sejin T.S세진티에스

067770 · KOSDAQ · ₩067770 · 세진티에스

₩1,031 ₩0 (0.00%)End-of-day · Oct 28, 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

₩4,017

vs the current price (₩1,031)

Enterprise value: −₩1.5B
Equity value: ₩34B
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 290% 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 ₩1,031, the model needs an operating margin of −19.5% every year (it uses 0.1%).
Margins ranged from −25.0% to 7.9% 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.
76% 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.
Today's P/E is 3.0× against a typical 11.8× 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: ₩3,862; +274.6%
Base: ₩4,017; +289.6%
Bull: ₩4,349; +321.8%

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 (0.1%).

Revenue growth

Revenue growth, year 1-10%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-10.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-6.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-10.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-3.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-10.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 4-0.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-10.4% 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 (-10.4% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin0.1%
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 & amortisation6.2%
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).
Capital spending7.8%
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).
Working capital13.9%
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 rate4.11%
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.
Beta0.6
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 0.03, 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)5.61%
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): ₩12B
Net debt (borrowings and leases − cash and deposits): −₩35B
Shares: 8,396,593
Share price: ₩1,031
Market cap: ₩8.7B

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	₩10B	₩13B	₩12B	₩11B	₩10B	₩9.9B	₩9.9B	₩10B
Growth	−37.7%	28.0%	−9.7%	−10.0%	−6.7%	−3.5%	−0.2%	3.0%
EBIT	−₩2.6B	₩736M	−₩207M	₩11M	₩10M	₩9.9M	₩9.9M	₩10M
EBIT margin	−25.0%	5.6%	−1.7%	0.1%	0.1%	0.1%	0.1%	0.1%
After-tax EBIT	−₩1.9B	₩534M	−₩150M	₩8M	₩7.5M	₩7.2M	₩7.2M	₩7.4M
+ Depreciation	—	—	—	₩684M	₩638M	₩616M	₩615M	₩633M
− Capital spending	₩345M	₩543M	₩1.9B	₩861M	₩803M	₩775M	₩774M	₩797M
− Working capital	−₩27B	−₩311M	₩279M	−₩170M	−₩103M	−₩50M	−₩2.8M	₩41M
Free cash flow	—	—	—	₩1.9M	−₩55M	−₩102M	−₩149M	−₩197M
Discount factor	—	—	—	0.931	0.867	0.807	0.751	0.700
Present value	—	—	—	₩1.7M	−₩47M	−₩82M	−₩112M	−₩138M

Terminal value −₩1.6B, worth −₩1.1B today: 75% 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 ₩5,941 a share)Now 0.17×	₩2,3010.39×	₩3,0580.51×	₩4,7600.80×
Price / earnings (last 12 months: ₩348 a share)Now 2.97×	₩2,7207.83×	₩4,08711.8×	₩13,17137.9×
P/E on run-rate earnings (Q2 2026 × 4: ₩381 a share)Now 2.70×	₩2,9857.83×	₩4,48611.8×	₩14,45537.9×

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%
6.4%	₩4,034	₩4,008	₩3,977	₩3,939	₩3,888
6.9%	₩4,046	₩4,025	₩3,999	₩3,967	₩3,927
7.4%	₩4,057	₩4,039	₩4,017	₩3,990	₩3,958
7.9%	₩4,067	₩4,051	₩4,032	₩4,009	₩3,982
8.4%	₩4,075	₩4,061	₩4,044	₩4,025	₩4,002

Now (TTM)

Market cap: ₩8.7B
Enterprise value: −₩27B
P/E: 3.0×
P/B: 0.2×
P/S: 0.7×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩2,280	₩2,320	₩2,880	₩3,060	₩5,120
Market cap	₩19B	₩19B	₩24B	₩26B	₩43B
P/E	26.8×	6.2×	—	—	15.0×
P/B	0.4×	0.4×	0.6×	0.6×	0.9×
P/S	1.6×	1.5×	2.3×	1.6×	1.6×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Sejin T.S	3.0×	0.2×	0.7×	—	0.0%
Samsung Electro-Mechanics	96.8×	9.5×	7.8×	—	0.2%
Doosan	39.2×	5.5×	0.7×	—	0.4%
Hanwha Systems	71.2×	2.8×	3.0×	—	0.8%
LG Innotek	13.1×	1.4×	0.4×	—	0.5%
Isupetasys	35.4×	8.3×	5.4×	—	0.0%
Daeduck Electronics	44.8×	7.0×	5.0×	—	0.4%
Similar companies (median)	42.0×	6.3×	4.0×	—	0.4%

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

Also known as: Sejin T.S / 세진티에스 / 067770 / KRX:067770

Source: KRX statistical information