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S&K Global

091340 · KOSDAQ · ₩091340 · S&K글로벌

₩2,570▲ ₩5 (0.19%)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

₩5,371

vs the current price (₩2,570)

Enterprise value
₩98B
Equity value
₩63B
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 109% 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 ₩2,570, the model needs an operating margin of 2.3% every year (it uses 3.2%).
  • Or revenue growth −26.3 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 3.1× against a typical 7.9× 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
₩5,371
+109.0%
Bull
₩17,123
+566.3%

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 (3.2%).

Revenue growth

  • -2.6%

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

    Default: the last 3 years' revenue growth (-2.6% a year, annual reports), fading to 3% by year 5.

  • -1.2%

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

    Default: the last 3 years' revenue growth (-2.6% a year, annual reports), fading to 3% by year 5.

  • 0.2%

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

    Default: the last 3 years' revenue growth (-2.6% a year, annual reports), fading to 3% by year 5.

  • 1.6%

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

    Default: the last 3 years' revenue growth (-2.6% 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 (-2.6% a year, annual reports), fading to 3% by year 5.

Business

  • 3.2%

    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.

  • 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).

  • 1.2%

    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).

  • 19.5%

    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 0.09, 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)
₩294B
Net debt (borrowings and leases − cash and deposits)
−₩12B
+ Stakes and investments
₩5.8B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩53B
Shares
11,703,721
Share price
₩2,570
Market cap
₩30B

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₩251B₩330B₩310B₩286B₩283B₩283B₩288B₩297B
Growth−25.3%31.5%−6.0%−2.6%−1.2%0.2%1.6%3.0%
EBIT₩2.8B₩15B₩16B₩9.2B₩9B₩9.1B₩9.2B₩9.5B
EBIT margin1.1%4.6%5.1%3.2%3.2%3.2%3.2%3.2%
After-tax EBIT₩2.1B₩11B₩11B₩6.6B₩6.6B₩6.6B₩6.7B₩6.9B
+ Depreciation———₩2.9B₩2.8B₩2.8B₩2.9B₩3B
− Capital spending₩1.8B₩4.4B₩4.9B₩3.4B₩3.4B₩3.4B₩3.5B₩3.6B
− Working capital−₩5.7B−₩1.1B₩25B−₩1.5B−₩670M₩110M₩884M₩1.7B
Free cash flow———₩7.6B₩6.7B₩5.9B₩5.2B₩4.6B
Discount factor———0.9320.8680.8090.7540.703
Present value———₩7B₩5.8B₩4.8B₩3.9B₩3.2B

Terminal value ₩104B, worth ₩73B 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:

LowTypicalHigh
Price / book (book value ₩8,713 a share)Now 0.29×₩2,5770.30×₩3,1380.36×₩5,4920.63×
Price / earnings (last 12 months: ₩843 a share)Now 3.05×₩2,7803.30×₩6,6307.87×₩13,83816.4×
P/E on run-rate earnings (Q2 2026 × 4: ₩822 a share)Now 3.12×₩2,7133.30×₩6,4717.87×₩13,50616.4×

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%₩6,351₩6,754₩7,247₩7,863₩8,661
6.8%₩5,553₩5,853₩6,211₩6,648₩7,196
7.3%₩4,882₩5,107₩5,371₩5,686₩6,070
7.8%₩4,310₩4,479₩4,674₩4,904₩5,177
8.3%₩3,816₩3,943₩4,088₩4,256₩4,452

Now (TTM)

Market cap
₩30B
Enterprise value
₩18B
P/E
3.1×
P/B
0.3×
P/S
0.1×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩2,300₩2,455₩2,975₩3,590₩5,780
Market cap₩27B₩29B₩35B₩42B₩68B
P/E6.7×3.2×——17.8×
P/B0.3×0.3×0.4×0.5×0.7×
P/S0.1×0.1×0.1×0.1×0.2×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
S&K Global3.1×0.3×0.1×—0.0%
Samsung Electro-Mechanics88.7×8.7×7.2×—0.2%
Doosan34.5×4.9×0.6×—0.4%
Hanwha Systems65.1×2.5×2.8×—0.8%
LG Innotek11.6×1.2×0.3×—0.6%
Isupetasys30.8×7.2×4.7×—0.0%
Daeduck Electronics38.8×6.0×4.4×—0.4%
Similar companies (median)36.6×5.5×3.6×—0.4%

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

Also known as: S&K Global / S&K글로벌 / 091340 / KRX:091340

Source: KRX statistical information