KOSDAQ · 086710 · Chemicals · ₩086710

Sunjin Beauty Science선진뷰티사이언스

086710 · KOSDAQ · ₩086710 · 선진뷰티사이언스

₩5,930▼ ₩130 (2.15%)End-of-day · Oct 30, 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

₩2,041

vs the current price (₩5,930)

Enterprise value: ₩89B
Equity value: ₩25B
WACC: 5.8%

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 66% 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 ₩5,930, the model needs an operating margin of 11.5% every year (it uses 9.0%).
Or revenue growth +12.1 points a year higher than assumed in each of the 5 years.
49% 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 14.5× against a typical 16.7× 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: ₩2,041; −65.6%
Bull: ₩11,112; +87.4%

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 (9.0%).

Revenue growth

Revenue growth, year 17.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 26.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 35.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 44.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.9% 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 (7.9% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin9%
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 & amortisation19.1%
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 spending23.9%
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 capital29.1%
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 rate4.01%
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.
Beta0.6
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 0.15, 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)5.51%
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): ₩83B
Net debt (borrowings and leases − cash and deposits): ₩59B
− Minority interests: ₩4.6B
Shares: 12,203,280
Share price: ₩5,930
Market cap: ₩72B

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	₩73B	₩79B	₩81B	₩89B	₩95B	₩101B	₩105B	₩108B
Growth	12.9%	9.3%	1.8%	7.9%	6.7%	5.4%	4.2%	3.0%
EBIT	₩9B	₩11B	₩6.1B	₩8.1B	₩8.6B	₩9.1B	₩9.4B	₩9.7B
EBIT margin	12.5%	13.4%	7.5%	9.0%	9.0%	9.0%	9.0%	9.0%
After-tax EBIT	₩6.6B	₩7.7B	₩4.4B	₩5.8B	₩6.2B	₩6.6B	₩6.8B	₩7B
+ Depreciation	—	—	—	₩17B	₩18B	₩19B	₩20B	₩21B
− Capital spending	₩13B	₩24B	₩19B	₩21B	₩23B	₩24B	₩25B	₩26B
− Working capital	−₩10B	₩2.3B	₩1.1B	₩1.9B	₩1.7B	₩1.5B	₩1.2B	₩915M
Free cash flow	—	—	—	−₩363M	−₩98M	₩236M	₩579M	₩948M
Discount factor	—	—	—	0.945	0.893	0.844	0.798	0.754
Present value	—	—	—	−₩343M	−₩87M	₩199M	₩462M	₩714M

Terminal value ₩116B, worth ₩88B today: 99% 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 ₩7,066 a share)Now 0.84×	₩8,5611.21×	₩11,0851.57×	₩14,5602.06×
Price / earnings (last 12 months: ₩409 a share)Now 14.5×	₩1,9354.73×	₩6,85016.7×	₩17,87543.7×
P/E on run-rate earnings (Q2 2026 × 4: ₩626 a share)Now 9.47×	₩2,9624.73×	₩10,48516.7×	₩27,36043.7×

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%
4.8%	₩2,859	₩3,800	₩5,070	₩6,884	₩9,691
5.3%	₩1,764	₩2,443	₩3,325	₩4,515	₩6,215
5.8%	₩900	₩1,405	₩2,041	₩2,865	₩3,978
6.3%	₩201	₩586	₩1,058	₩1,651	₩2,420
6.8%	—	—	₩283	₩722	₩1,274

Now (TTM)

Market cap: ₩72B
Enterprise value: ₩131B
P/E: 14.5×
P/B: 0.8×
P/S: 0.9×
EV/EBITDA: —
Dividend yield: 3.4%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩9,350	₩9,050	₩8,210	₩6,730	₩7,067
Market cap	₩114B	₩110B	₩100B	₩82B	₩86B
P/E	19.1×	12.1×	17.8×	4.2×	72.5×
P/B	1.3×	1.4×	1.4×	1.3×	1.9×
P/S	1.4×	1.4×	1.4×	1.3×	1.8×
EV/EBITDA	—	—	—	—	—
Dividend yield	2.1%	0.7%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Sunjin Beauty Science	14.5×	0.8×	0.9×	—	3.4%
LG Chem	—	0.5×	0.3×	—	0.9%
Hanwha Solutions	—	0.5×	0.3×	—	0.0%
Hanwha	5.9×	0.4×	0.1×	—	1.5%
SKC	—	1.8×	1.7×	—	0.0%
KCC	0.9×	0.3×	0.5×	8.9×	0.0%
Kumho Petro Chemical	5.3×	0.4×	0.4×	—	1.6%
Similar companies (median)	5.3×	0.4×	0.4×	8.9×	0.4%

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

Also known as: Sunjin Beauty Science / 선진뷰티사이언스 / 086710 / KRX:086710

Source: KRX statistical information