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Sidiz

134790 · KOSPI · ₩134790 · 시디즈

₩17,490▼ ₩80 (0.46%)End-of-day · Oct 27, 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
−₩28B
Equity value
−₩23B
WACC
7.4%

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 ₩17,490, the model needs an operating margin of 1.8% every year (it uses −0.8%).
  • Margins ranged from −3.4% to 5.0% 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.
  • 100% 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 20.9× against a typical 22.5× 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
—
Bull
₩12,811
−26.8%

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 (−0.8%).

Revenue growth

  • -7%

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

    Default: the last 3 years' revenue growth (-7% a year, annual reports), fading to 3% by year 5.

  • -4.5%

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

    Default: the last 3 years' revenue growth (-7% a year, annual reports), fading to 3% by year 5.

  • -2%

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

    Default: the last 3 years' revenue growth (-7% a year, annual reports), fading to 3% by year 5.

  • 0.5%

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

    Default: the last 3 years' revenue growth (-7% 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 (-7% a year, annual reports), fading to 3% by year 5.

Business

  • -0.8%

    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.

  • 1.8%

    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).

  • 2.2%

    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).

  • 9.8%

    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.

  • 4.11%

    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 0.31, 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)
₩198B
Net debt (borrowings and leases − cash and deposits)
−₩5B
Shares
2,000,000
Share price
₩17,490
Market cap
₩35B

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₩200B₩208B₩196B₩184B₩176B₩172B₩173B₩178B
Growth−17.7%4.1%−6.1%−7.0%−4.5%−2.0%0.5%3.0%
EBIT−₩1.9B−₩3.4B−₩6.7B−₩1.5B−₩1.4B−₩1.4B−₩1.4B−₩1.4B
EBIT margin−1.0%−1.6%−3.4%−0.8%−0.8%−0.8%−0.8%−0.8%
After-tax EBIT−₩1.4B−₩2.4B−₩4.8B−₩1.1B−₩1B−₩998M−₩1B−₩1B
+ Depreciation———₩3.3B₩3.2B₩3.1B₩3.1B₩3.2B
− Capital spending₩717M₩8.4B₩4.6B₩4B₩3.9B₩3.8B₩3.8B₩3.9B
− Working capital₩2.9B−₩2.3B−₩1.9B−₩1.4B−₩811M−₩344M₩84M₩509M
Free cash flow———−₩446M−₩910M−₩1.3B−₩1.8B−₩2.3B
Discount factor———0.9310.8670.8070.7510.700
Present value———−₩415M−₩789M−₩1.1B−₩1.3B−₩1.6B

Terminal value −₩32B, worth −₩22B today: 81% 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 ₩33,170 a share)Now 0.53×₩20,1860.61×₩28,7180.87×₩62,9611.90×
Price / earnings (last 12 months: ₩838 a share)Now 20.9×₩8,88810.6×₩18,86922.5×₩47,51156.7×

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%
6.4%—————
6.9%—————
7.4%—————
7.9%—————
8.4%—————

Now (TTM)

Market cap
₩35B
Enterprise value
₩22B
P/E
20.9×
P/B
0.5×
P/S
0.2×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩21,400₩22,200₩28,900₩39,250₩61,300
Market cap₩43B₩44B₩58B₩79B₩123B
P/E—48.9×23.7×30.8×9.5×
P/B0.7×0.7×0.9×1.2×2.0×
P/S0.2×0.2×0.3×0.3×0.5×
EV/EBITDA—————
Dividend yield0.0%0.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Sidiz20.9×0.5×0.2×—0.0%
AceBed5.7×0.5×1.1×—0.0%
Fursys4.5×0.4×0.8×—4.2%
Zinus—0.2×0.2×—1.4%
Hyundai Livart Furniture18.5×0.2×0.1×—2.5%
Ggumbi—0.5×0.2×—0.0%
Enex—0.6×0.1×—0.0%
Similar companies (median)5.7×0.4×0.2×—0.7%

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

Also known as: Sidiz / 시디즈 / 134790 / KRX:134790

Source: KRX statistical information