KOSDAQ · 101490 · Electronic components · ₩101490

S&S Tech에스앤에스텍

101490 · KOSDAQ · ₩101490 · 에스앤에스텍

₩40,250▼ ₩950 (2.31%)End-of-day · Oct 29, 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

₩26,528

vs the current price (₩40,250)

Enterprise value: ₩492B
Equity value: ₩566B
WACC: 8.7%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.

Bear / Base / Bull

Bear: ₩17,053; −57.6%
Base: ₩26,528; −34.1%
Bull: ₩41,507; +3.1%

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 (16.5%).

Revenue growth

Revenue growth, year 125%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (25.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 219.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (25.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 314%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (25.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 48.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (25.4% 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 (25.4% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin16.5%
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 & amortisation7%
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).
Capital spending17.3%
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 capital27.9%
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 rate4.08%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-29.
Beta0.84
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 0.76, 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)5.58%
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): ₩253B
Net debt (borrowings and leases − cash and deposits): −₩68B
+ Stakes and investments: ₩7.7B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩1.1B
Shares: 21,334,879
Share price: ₩40,250
Market cap: ₩859B

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	₩150B	₩176B	₩244B	₩317B	₩378B	₩431B	₩468B	₩482B
Growth	21.7%	17.1%	38.5%	25.0%	19.5%	14.0%	8.5%	3.0%
EBIT	₩25B	₩29B	₩50B	₩52B	₩62B	₩71B	₩77B	₩80B
EBIT margin	16.7%	16.7%	20.7%	16.5%	16.5%	16.5%	16.5%	16.5%
After-tax EBIT	₩18B	₩21B	₩37B	₩38B	₩45B	₩52B	₩56B	₩58B
+ Depreciation	₩12B	₩13B	₩14B	₩22B	₩26B	₩30B	₩33B	₩34B
− Capital spending	₩21B	₩20B	₩64B	₩55B	₩65B	₩75B	₩81B	₩83B
− Working capital	₩15B	₩14B	₩5.2B	₩18B	₩17B	₩15B	₩10B	₩3.9B
Free cash flow	−₩6B	₩692M	−₩19B	−₩12B	−₩11B	−₩7.6B	−₩2.4B	₩4.1B
Discount factor	—	—	—	0.920	0.846	0.779	0.716	0.659
Present value	—	—	—	−₩11B	−₩9.3B	−₩5.9B	−₩1.8B	₩2.7B

Terminal value ₩785B, worth ₩517B today: 105% 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 ₩15,723 a share)Now 2.56×	₩39,5932.52×	₩58,0813.69×	₩84,0135.34×
Price / earnings (last 12 months: ₩2,947 a share)Now 13.7×	₩53,09718.0×	₩98,57633.5×	₩149,72950.8×
P/E on run-rate earnings (Q2 2026 × 4: ₩2,409 a share)Now 16.7×	₩43,42018.0×	₩80,61033.5×	₩122,43950.8×

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%
7.7%	₩28,063	₩29,926	₩32,112	₩34,715	₩37,866
8.2%	₩25,731	₩27,284	₩29,086	₩31,199	₩33,714
8.7%	₩23,716	₩25,026	₩26,528	₩28,269	₩30,311
9.2%	₩21,961	₩23,075	₩24,340	₩25,792	₩27,474
9.7%	₩20,420	₩21,375	₩22,451	₩23,674	₩25,077

Now (TTM)

Market cap: ₩859B
Enterprise value: ₩790B
P/E: 13.7×
P/B: 2.6×
P/S: 3.4×
EV/EBITDA: 12.1×
Dividend yield: 0.5%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩48,300	₩25,600	₩45,300	₩26,350	₩36,800
Market cap	₩1T	₩546B	₩966B	₩562B	₩785B
P/E	17.7×	17.9×	37.4×	32.2×	68.3×
P/B	3.4×	2.2×	4.4×	3.0×	4.5×
P/S	4.2×	3.1×	6.4×	4.6×	7.9×
EV/EBITDA	15.2×	11.5×	24.9×	20.6×	35.5×
Dividend yield	0.4%	0.6%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
S&S Tech	13.7×	2.6×	3.4×	12.1×	0.5%
Samsung Electro-Mechanics	95.9×	9.4×	7.8×	—	0.2%
Doosan	37.2×	5.2×	0.7×	—	0.4%
Hanwha Systems	69.5×	2.7×	3.0×	—	0.8%
LG Innotek	12.4×	1.3×	0.3×	—	0.5%
Daeduck Electronics	44.9×	7.0×	5.1×	—	0.4%
Isupetasys	33.8×	7.9×	5.2×	—	0.0%
Similar companies (median)	41.1×	6.1×	4.0×	—	0.4%

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

Also known as: S&S Tech / 에스앤에스텍 / 101490 / KRX:101490

Source: KRX statistical information