C-Site씨싸이트
109670 · KOSDAQ · ₩109670 · 씨싸이트
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
₩991
vs the current price (₩10,090)
- Enterprise value
- −₩13B
- Equity value
- ₩5.8B
- WACC
- 7.3%
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 is 90% 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 ₩10,090, the model needs an operating margin of 2.4% every year (it uses 0.3%).
- 99% 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.
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
- ₩991
- −90.2%
- Bull
- ₩11,660
- +15.6%
Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.
Assumptions
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Cycle options
Margin path
Every year uses the cycle-average margin (0.3%).
Revenue growth
- 5.6%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (5.6% a year, annual reports), fading to 3% by year 5.
- 4.9%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (5.6% a year, annual reports), fading to 3% by year 5.
- 4.3%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (5.6% a year, annual reports), fading to 3% by year 5.
- 3.6%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (5.6% 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 2 years' revenue growth (5.6% a year, annual reports), fading to 3% by year 5.
Business
- 0.3%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 3 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.
- 0.4%
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).
- 0.5%
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).
- 22.2%
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.
- 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 0.16, 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)
- ₩165B
- Net debt (borrowings and leases − cash and deposits)
- −₩19B
- Shares
- 5,836,602
- Share price
- ₩10,090
- Market cap
- ₩59B
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 | ₩152B | ₩174B | ₩170B | ₩174B | ₩182B | ₩190B | ₩197B | ₩203B |
| Growth | — | 14.2% | −2.4% | 5.6% | 4.9% | 4.3% | 3.6% | 3.0% |
| EBIT | ₩780M | ₩1.3B | ₩151M | ₩522M | ₩547M | ₩571M | ₩591M | ₩609M |
| EBIT margin | 0.5% | 0.7% | 0.1% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% |
| After-tax EBIT | ₩566M | ₩909M | ₩109M | ₩378M | ₩397M | ₩414M | ₩429M | ₩442M |
| + Depreciation | — | — | — | ₩696M | ₩730M | ₩761M | ₩788M | ₩812M |
| − Capital spending | ₩134M | ₩888M | ₩1.5B | ₩870M | ₩912M | ₩951M | ₩986M | ₩1B |
| − Working capital | — | ₩3.4B | −₩3.4B | ₩2B | ₩1.9B | ₩1.7B | ₩1.5B | ₩1.3B |
| Free cash flow | — | — | — | −₩1.8B | −₩1.7B | −₩1.5B | −₩1.3B | −₩1.1B |
| Discount factor | — | — | — | 0.932 | 0.868 | 0.809 | 0.754 | 0.703 |
| Present value | — | — | — | −₩1.7B | −₩1.5B | −₩1.2B | −₩972M | −₩755M |
Terminal value −₩10B, worth −₩7.3B today: 54% 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 ₩9,501 a share)Now 1.06× | ₩3,8740.41× | ₩7,0370.74× | ₩16,7301.76× |
Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2024, 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% |
|---|---|---|---|---|---|
| 6.3% | ₩2,000 | ₩1,376 | ₩600 | — | — |
| 6.8% | ₩2,036 | ₩1,486 | ₩815 | — | — |
| 7.3% | ₩2,069 | ₩1,579 | ₩991 | ₩275 | — |
| 7.8% | ₩2,098 | ₩1,658 | ₩1,138 | ₩514 | — |
| 8.3% | ₩2,124 | ₩1,727 | ₩1,262 | ₩713 | ₩56 |
Now (TTM)
- Market cap
- ₩59B
- Enterprise value
- ₩38B
- P/E
- 69.9×
- P/B
- 1.1×
- P/S
- 0.4×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Price | ₩5,750 | ₩8,070 | ₩32,550 |
| Market cap | ₩34B | ₩47B | ₩190B |
| P/E | — | 241.0× | — |
| P/B | 0.6× | 0.8× | 3.5× |
| P/S | 0.2× | 0.3× | 1.2× |
| EV/EBITDA | — | — | — |
| Dividend yield | 0.0% | — | — |
Versus similar companies
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: C-Site / 씨싸이트 / 109670 / KRX:109670
Source: KRX statistical information