KOSDAQ · 103230 · Machinery · ₩103230

S&W에스앤더블류

103230 · KOSDAQ · ₩103230 · 에스앤더블류

₩1,566▲ ₩26 (1.69%)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

₩87

vs the current price (₩1,566)

Enterprise value: ₩13B
Equity value: ₩626M
WACC: 5.7%

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 94% 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 ₩1,566, the model needs an operating margin of 5.4% every year (it uses 4.5%).
Or revenue growth +47.9 points a year higher than assumed in each of the 5 years.
Margins ranged from −1.0% to 7.4% 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.
55% 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 7.0× against a typical 8.3× 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: ₩87; −94.4%
Bull: ₩6,733; +329.9%

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 (4.5%).

Revenue growth

Revenue growth, year 110.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (10.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 28.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (10.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 36.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (10.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 44.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (10.7% 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 (10.7% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin4.5%
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 & amortisation14.2%
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 spending17.7%
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 capital28.9%
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.
Beta0.6
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 0.03, 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): ₩49B
Net debt (borrowings and leases − cash and deposits): ₩12B
+ Stakes and investments: ₩59M; Associates, long-term financial assets and deposits (book value)
Shares: 7,200,000
Share price: ₩1,566
Market cap: ₩11B

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	₩44B	₩47B	₩49B	₩54B	₩58B	₩62B	₩65B	₩67B
Growth	21.2%	8.0%	3.6%	10.7%	8.7%	6.8%	4.9%	3.0%
EBIT	₩3.2B	₩3.5B	₩901M	₩2.4B	₩2.6B	₩2.8B	₩2.9B	₩3B
EBIT margin	7.4%	7.3%	1.8%	4.5%	4.5%	4.5%	4.5%	4.5%
After-tax EBIT	₩2.3B	₩2.5B	₩653M	₩1.8B	₩1.9B	₩2B	₩2.1B	₩2.2B
+ Depreciation	—	—	—	₩7.6B	₩8.3B	₩8.9B	₩9.3B	₩9.6B
− Capital spending	₩1.5B	₩9.5B	₩14B	₩9.5B	₩10B	₩11B	₩12B	₩12B
− Working capital	−₩2B	−₩14B	₩5.8B	₩1.5B	₩1.4B	₩1.1B	₩883M	₩567M
Free cash flow	—	—	—	−₩1.6B	−₩1.5B	−₩1.3B	−₩1B	−₩727M
Discount factor	—	—	—	0.947	0.896	0.848	0.803	0.760
Present value	—	—	—	−₩1.5B	−₩1.3B	−₩1.1B	−₩833M	−₩552M

Terminal value ₩24B, worth ₩18B today: 142% 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 ₩7,576 a share)Now 0.21×	₩3,4490.46×	₩4,7990.63×	₩6,0890.80×
Price / earnings (last 12 months: ₩223 a share)Now 7.03×	₩9894.44×	₩1,8568.33×	₩2,93913.2×
P/E on run-rate earnings (Q2 2026 × 4: ₩353 a share)Now 4.44×	₩1,5674.44×	₩2,9388.33×	₩4,65413.2×

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%
4.7%	₩761	₩941	₩1,185	₩1,537	₩2,096
5.2%	₩318	₩418	₩546	₩719	₩967
5.7%	—	₩25	₩87	₩166	₩270
6.2%	—	—	—	—	—
6.7%	—	—	—	—	—

Now (TTM)

Market cap: ₩11B
Enterprise value: ₩23B
P/E: 7.0×
P/B: 0.2×
P/S: 0.2×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩4,160	₩3,250	₩4,030	₩4,300	₩4,300
Market cap	₩30B	₩23B	₩29B	₩31B	₩31B
P/E	8.2×	4.9×	8.4×	13.3×	—
P/B	0.6×	0.5×	0.6×	0.7×	0.8×
P/S	0.6×	0.5×	0.7×	0.9×	1.0×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
S&W	7.0×	0.2×	0.2×	—	0.0%
Doosan Enerbility	200.6×	4.5×	2.0×	—	0.0%
Hanmi Semiconductor	84.5×	25.1×	34.0×	76.1×	0.4%
Jusung Engineering	1,135.2×	13.9×	36.4×	2,185.7×	0.0%
Rainbow Robotics	4,308.5×	55.2×	162.6×	—	0.0%
EO Technics	47.1×	6.8×	11.5×	—	0.0%
Doosan Bobcat	13,805.1×	923.8×	743.7×	—	3.5%
Similar companies (median)	667.9×	19.5×	35.2×	1,130.9×	0.0%

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

Also known as: S&W / 에스앤더블류 / 103230 / KRX:103230

Source: KRX statistical information