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S-Energy

095910 · KOSDAQ · ₩095910 · 에스에너지

₩4,300▼ ₩565 (11.61%)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

With these assumptions the model gives no positive value.

Enterprise value
−₩128B
Equity value
−₩188B
WACC
6.6%

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 gives no positive value at these assumptions. What we can see:

  • To match today's price of ₩4,300, the model needs an operating margin of 6.5% every year (it uses −10.1%).
  • Margins ranged from −18.2% to 1.8% 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.
  • 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.

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
—
Bull
—

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 (−10.1%).

Revenue growth

  • -10%

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

    Default: the last 3 years' revenue growth (-21.1% a year, annual reports), fading to 3% by year 5.

  • -6.7%

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

    Default: the last 3 years' revenue growth (-21.1% a year, annual reports), fading to 3% by year 5.

  • -3.5%

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

    Default: the last 3 years' revenue growth (-21.1% 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 (-21.1% 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 (-21.1% a year, annual reports), fading to 3% by year 5.

Business

  • -10.1%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 0.7%

    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).

  • 0.9%

    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).

  • 20.8%

    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

  • 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.

  • 1.5

    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 1.74, 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)
₩101B
Net debt (borrowings and leases − cash and deposits)
₩34B
+ Stakes and investments
₩3.2B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩30B
Shares
3,643,663
Share price
₩4,300
Market cap
₩16B

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₩170B₩148B₩102B₩91B₩85B₩82B₩82B₩84B
Growth−18.6%−13.0%−30.7%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT₩3.1B−₩14B−₩19B−₩9.2B−₩8.6B−₩8.3B−₩8.2B−₩8.5B
EBIT margin1.8%−9.7%−18.2%−10.1%−10.1%−10.1%−10.1%−10.1%
After-tax EBIT₩2.3B−₩10B−₩14B−₩6.6B−₩6.2B−₩6B−₩6B−₩6.2B
+ Depreciation———₩635M₩593M₩572M₩571M₩588M
− Capital spending₩2.4B₩702M₩869M₩817M₩762M₩735M₩734M₩756M
− Working capital−₩81B−₩47B₩6.6B−₩2.1B−₩1.3B−₩616M−₩34M₩509M
Free cash flow———−₩4.7B−₩5.1B−₩5.5B−₩6.1B−₩6.8B
Discount factor———0.9380.8800.8250.7740.726
Present value———−₩4.4B−₩4.5B−₩4.6B−₩4.7B−₩5B

Terminal value −₩145B, worth −₩105B today: 82% 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 ₩9,941 a share)Now 0.43×₩7,6440.77×₩11,3031.14×₩16,1401.62×

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%
5.6%—————
6.1%—————
6.6%—————
7.1%—————
7.6%—————

Now (TTM)

Market cap
₩16B
Enterprise value
₩49B
P/E
—
P/B
0.4×
P/S
0.2×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩9,279₩11,890₩16,713₩25,277₩37,250
Market cap₩34B₩43B₩61B₩92B₩136B
P/E—————
P/B1.0×1.2×1.0×1.4×1.6×
P/S0.3×0.3×0.4×0.4×0.5×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
S-Energy—0.4×0.2×—0.0%
LS Electric57.7×10.5×3.9×35.7×0.0%
Hyosung Heavy Industries28.8×6.5×2.6×—0.4%
HD Hyundai Electric18.0×6.8×3.5×—0.0%
Gaon Cable105.6×12.8×2.3×55.0×0.0%
Sanil Electric24.9×6.8×7.6×—0.9%
Taihan Cable & Solution—2.1×0.9×—0.0%
Similar companies (median)28.8×6.8×3.1×45.4×0.0%

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

Also known as: S-Energy / 에스에너지 / 095910 / KRX:095910

Source: KRX statistical information