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eSANG Networks

080010 · KOSDAQ · ₩080010 · 이상네트웍스

₩6,850 ₩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

₩45,857

vs the current price (₩6,850)

Enterprise value
₩392B
Equity value
₩451B
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 569% 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 ₩6,850, the model needs an operating margin of 1.2% every year (it uses 20.2%).
  • Today's P/E is 4.5× against a typical 5.8× 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
₩32,665
+376.9%
Base
₩45,857
+569.4%
Bull
₩67,283
+882.2%

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 (20.2%).

Revenue growth

  • 14%

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

    Default: the last 3 years' revenue growth (14% a year, annual reports), fading to 3% by year 5.

  • 11.3%

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

    Default: the last 3 years' revenue growth (14% a year, annual reports), fading to 3% by year 5.

  • 8.5%

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

    Default: the last 3 years' revenue growth (14% a year, annual reports), fading to 3% by year 5.

  • 5.8%

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

    Default: the last 3 years' revenue growth (14% 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 (14% a year, annual reports), fading to 3% by year 5.

Business

  • 20.2%

    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.

  • 2.5%

    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).

  • 2.4%

    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).

  • 11.6%

    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 0.18, 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)
₩110B
Net debt (borrowings and leases − cash and deposits)
−₩70B
+ Stakes and investments
₩22B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩33B
Shares
9,835,071
Share price
₩6,850
Market cap
₩67B

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₩82B₩98B₩104B₩126B₩140B₩152B₩161B₩166B
Growth17.6%18.8%6.1%14.0%11.3%8.5%5.8%3.0%
EBIT₩15B₩21B₩23B₩25B₩28B₩31B₩32B₩33B
EBIT margin18.4%21.2%22.1%20.2%20.2%20.2%20.2%20.2%
After-tax EBIT₩11B₩15B₩17B₩18B₩21B₩22B₩24B₩24B
+ Depreciation₩2B₩2.4B₩2.9B₩3.1B₩3.5B₩3.8B₩4B₩4.1B
− Capital spending₩1.3B₩4.6B₩1.1B₩3B₩3.4B₩3.6B₩3.9B₩4B
− Working capital−₩1.6B₩1.5B−₩2.6B₩1.8B₩1.6B₩1.4B₩1B₩559M
Free cash flow₩13B₩11B₩21B₩17B₩19B₩21B₩23B₩24B
Discount factor———0.9310.8670.8070.7510.700
Present value———₩16B₩16B₩17B₩17B₩17B

Terminal value ₩442B, worth ₩309B today: 79% 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 ₩15,093 a share)Now 0.45×₩6,2850.42×₩7,1830.48×₩9,0310.60×
Price / earnings (last 12 months: ₩1,517 a share)Now 4.52×₩6,7634.46×₩8,8245.82×₩10,9827.24×
P/E on run-rate earnings (Q2 2026 × 4: ₩2,524 a share)Now 2.71×₩11,2574.46×₩14,6875.82×₩18,2807.24×

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%₩47,551₩50,935₩55,086₩60,297₩67,035
6.9%₩43,944₩46,693₩50,001₩54,057₩59,150
7.4%₩40,902₩43,171₩45,857₩49,090₩53,054
7.9%₩38,302₩40,199₩42,416₩45,042₩48,201
8.4%₩36,053₩37,658₩39,512₩41,679₩44,246

Now (TTM)

Market cap
₩67B
Enterprise value
−₩11B
P/E
4.5×
P/B
0.5×
P/S
0.6×
EV/EBITDA
—
Dividend yield
2.9%

Over time (at each year end)

20252024202320222021
Price₩7,010₩5,130₩5,250₩5,180₩6,295
Market cap₩69B₩50B₩52B₩51B₩62B
P/E4.7×4.4×8.5×5.2×9.6×
P/B0.5×0.4×0.4×0.5×0.6×
P/S0.7×0.5×0.6×0.7×1.1×
EV/EBITDA0.1×0.0×0.4×1.7×4.2×
Dividend yield2.9%2.5%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
eSANG Networks4.5×0.5×0.6×—2.9%
Samsung C&T17.5×0.5×1.1×—0.9%
POSCO International10.6×1.3×0.3×—3.7%
ISC41.4×5.5×11.5×—0.6%
Youngone5.1×0.7×0.7×—3.1%
Dong SUH Companies19.0×1.6×5.1×—4.1%
Shinsegae13.7×0.4×0.3×—2.1%
Similar companies (median)15.6×1.0×0.9×—2.6%

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

Also known as: eSANG Networks / 이상네트웍스 / 080010 / KRX:080010

Source: KRX statistical information