SY에스와이
109610 · KOSDAQ · ₩109610 · 에스와이
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
- ₩102B
- Equity value
- −₩108B
- WACC
- 5.3%
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 gives no positive value at these assumptions. What we can see:
- To match today's price of ₩1,756, the model needs an operating margin of 3.6% every year (it uses 1.8%).
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
- ₩6,306
- +259.1%
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 (1.8%).
Revenue growth
- -2.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-2.3% a year, annual reports), fading to 3% by year 5.
- -0.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-2.3% a year, annual reports), fading to 3% by year 5.
- 0.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-2.3% a year, annual reports), fading to 3% by year 5.
- 1.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-2.3% 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 (-2.3% a year, annual reports), fading to 3% by year 5.
Business
- 1.8%
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.
- 27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
- 2.5%
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).
- 3.1%
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).
- 19%
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.
- 4.11%
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.
- 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 0.03, 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.
- 5.61%
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)
- ₩528B
- Net debt (borrowings and leases − cash and deposits)
- ₩150B
- + Stakes and investments
- ₩13B
- Associates, long-term financial assets and deposits (book value)
- − Minority interests
- ₩73B
- Shares
- 48,907,400
- Share price
- ₩1,756
- Market cap
- ₩86B
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 | ₩554B | ₩561B | ₩502B | ₩516B | ₩511B | ₩513B | ₩522B | ₩538B |
| Growth | 3.1% | 1.3% | −10.6% | −2.3% | −0.9% | 0.4% | 1.7% | 3.0% |
| EBIT | ₩14B | ₩22B | −₩6.6B | ₩9.3B | ₩9.2B | ₩9.2B | ₩9.4B | ₩9.7B |
| EBIT margin | 2.4% | 3.9% | −1.3% | 1.8% | 1.8% | 1.8% | 1.8% | 1.8% |
| After-tax EBIT | ₩9.8B | ₩16B | −₩4.8B | ₩6.7B | ₩6.7B | ₩6.7B | ₩6.8B | ₩7B |
| + Depreciation | — | — | — | ₩13B | ₩13B | ₩13B | ₩13B | ₩13B |
| − Capital spending | ₩20B | ₩21B | ₩10B | ₩16B | ₩16B | ₩16B | ₩16B | ₩17B |
| − Working capital | ₩1.6B | ₩7.9B | ₩9.3B | −₩2.3B | −₩882M | ₩389M | ₩1.7B | ₩3B |
| Free cash flow | — | — | — | ₩5.9B | ₩4.5B | ₩3.2B | ₩2B | ₩815M |
| Discount factor | — | — | — | 0.950 | 0.902 | 0.857 | 0.814 | 0.773 |
| Present value | — | — | — | ₩5.6B | ₩4B | ₩2.8B | ₩1.6B | ₩630M |
Terminal value ₩113B, worth ₩87B today: 86% 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 ₩3,353 a share)Now 0.52× | ₩2,4860.74× | ₩3,4921.04× | ₩4,2961.28× |
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% |
|---|---|---|---|---|---|
| 4.3% | — | — | — | — | — |
| 4.8% | — | — | — | — | — |
| 5.3% | — | — | — | — | — |
| 5.8% | — | — | — | — | — |
| 6.3% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩86B
- Enterprise value
- ₩234B
- P/E
- —
- P/B
- 0.5×
- P/S
- 0.2×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Price | ₩3,050 | ₩3,720 | ₩4,725 | ₩3,920 | ₩3,635 |
| Market cap | ₩149B | ₩182B | ₩231B | ₩192B | ₩178B |
| P/E | — | 53.0× | — | 23.7× | 20.1× |
| P/B | 0.9× | 1.1× | 1.3× | 1.1× | 1.0× |
| P/S | 0.3× | 0.3× | 0.4× | 0.4× | 0.4× |
| EV/EBITDA | — | — | — | — | — |
| Dividend yield | 0.0% | — | — | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| SY | — | 0.5× | 0.2× | — | 0.0% |
| CS Wind | 385.5× | 1.3× | 0.6× | — | 2.5% |
| Hankuk Carbon | 7.8× | 1.2× | 0.9× | — | 2.1% |
| Taewoong | 65.8× | 0.8× | 1.3× | 21.0× | 0.0% |
| YG-1 | 5.1× | 0.8× | 0.5× | — | 1.8% |
| Bosung Power Technology | 18.8× | 2.1× | 1.8× | 8.5× | 0.0% |
| HT Robotics | 44.6× | 3.2× | 2.1× | — | 0.0% |
| Similar companies (median) | 31.7× | 1.2× | 1.1× | 14.7× | 0.9% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: SY / 에스와이 / 109610 / KRX:109610
Source: KRX statistical information