KOSDAQ · 091580 · Batteries · ₩091580

Sangsinenergydisplayprecisionco상신이디피

091580 · KOSDAQ · ₩091580 · 상신이디피

₩26,250▲ ₩2,600 (10.99%)End-of-day · Oct 27, 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

₩10,480

vs the current price (₩26,250)

Enterprise value: ₩205B
Equity value: ₩140B
WACC: 7.0%

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 60% 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 ₩26,250, the model needs an operating margin of 13.5% every year (it uses 7.8%).
Or revenue growth +17.7 points a year higher than assumed in each of the 5 years.
Margins ranged from −3.3% to 11.3% 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.
Today's P/E is 20.2× against a typical 11.2× 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: ₩2,348; −91.1%
Base: ₩10,480; −60.1%
Bull: ₩25,128; −4.3%

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 (7.8%).

Revenue growth

Revenue growth, year 1-4.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-4.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-2.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-4.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-4.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 41%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-4.9% 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 (-4.9% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin7.8%
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 & amortisation11.3%
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 spending14.1%
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 capital10.8%
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

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.
Beta0.63
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 0.45, 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): ₩289B
Net debt (borrowings and leases − cash and deposits): ₩68B
+ Stakes and investments: ₩2.3B; Associates, long-term financial assets and deposits (book value)
Shares: 13,328,219
Share price: ₩26,250
Market cap: ₩350B

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	₩302B	₩252B	₩250B	₩275B	₩267B	₩264B	₩267B	₩275B
Growth	3.7%	−16.5%	−0.7%	−4.9%	−2.9%	−1.0%	1.0%	3.0%
EBIT	₩30B	−₩8.2B	₩8.7B	₩21B	₩21B	₩21B	₩21B	₩21B
EBIT margin	10.0%	−3.3%	3.5%	7.8%	7.8%	7.8%	7.8%	7.8%
After-tax EBIT	₩22B	−₩6B	₩6.3B	₩16B	₩15B	₩15B	₩15B	₩16B
+ Depreciation	—	—	—	₩31B	₩30B	₩30B	₩30B	₩31B
− Capital spending	₩32B	₩44B	₩36B	₩39B	₩38B	₩37B	₩38B	₩39B
− Working capital	−₩11B	−₩6.4B	₩13B	−₩1.5B	−₩860M	−₩288M	₩285M	₩864M
Free cash flow	—	—	—	₩9.4B	₩8.5B	₩7.8B	₩7.3B	₩7B
Discount factor	—	—	—	0.935	0.873	0.816	0.763	0.713
Present value	—	—	—	₩8.8B	₩7.4B	₩6.4B	₩5.6B	₩5B

Terminal value ₩241B, worth ₩172B today: 84% 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 ₩13,437 a share)Now 1.95×	₩9,5190.71×	₩20,1501.50×	₩29,7572.21×
Price / earnings (last 12 months: ₩1,297 a share)Now 20.2×	₩8,4486.52×	₩14,51011.2×	₩25,73119.8×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,610 a share)Now 16.3×	₩10,4936.52×	₩18,02211.2×	₩31,96019.8×

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%
6.0%	₩11,367	₩12,778	₩14,539	₩16,799	₩19,810
6.5%	₩9,799	₩10,918	₩12,283	₩13,987	₩16,174
7.0%	₩8,494	₩9,398	₩10,480	₩11,801	₩13,450
7.5%	₩7,393	₩8,134	₩9,008	₩10,055	₩11,333
8.0%	₩6,450	₩7,066	₩7,783	₩8,628	₩9,642

Now (TTM)

Market cap: ₩350B
Enterprise value: ₩417B
P/E: 20.2×
P/B: 2.0×
P/S: 1.2×
EV/EBITDA: —
Dividend yield: 0.4%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩13,110	₩7,420	₩15,820	₩14,900	₩15,600
Market cap	₩175B	₩99B	₩211B	₩199B	₩208B
P/E	86.9×	154.7×	8.0×	8.1×	11.9×
P/B	1.1×	0.6×	1.4×	1.6×	2.0×
P/S	0.7×	0.4×	0.7×	0.7×	1.1×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.8%	1.3%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Sangsinenergydisplayprecisionco	20.2×	2.0×	1.2×	—	0.4%
LG Energy Solution	—	4.0×	3.4×	—	0.0%
Samsung SDI	1,087.4×	1.7×	2.9×	—	0.0%
POSCO Future M	320.4×	3.4×	5.0×	—	0.2%
Ecopro BM	211.6×	5.2×	4.0×	—	0.1%
L&F	—	4.4×	1.2×	15.2×	0.0%
DN Automotive	6.2×	1.0×	0.6×	—	2.4%
Similar companies (median)	266.0×	3.7×	3.2×	15.2×	0.1%

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

Also known as: Sangsinenergydisplayprecisionco / 상신이디피 / 091580 / KRX:091580

Source: KRX statistical information