KOSDAQ · 140070 · Retail & Trade · ₩140070

SurplusGLOBAL서플러스글로벌

140070 · KOSDAQ · ₩140070 · 서플러스글로벌

₩2,215▼ ₩20 (0.89%)End-of-day · Oct 27, 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

With these assumptions the model gives no positive value.

Enterprise value: ₩131B
Equity value: −₩60B
WACC: 5.1%

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 ₩2,215, the model needs an operating margin of 9.1% every year (it uses 5.4%).
Or revenue growth +27.1 points a year higher than assumed in each of the 5 years.
Margins ranged from −5.6% to 14.9% 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.

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: ₩4,131; +86.5%

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 (5.4%).

Revenue growth

Revenue growth, year 1-3.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-2.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-0.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 41.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3.9% 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 (-3.9% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin5.4%
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 & amortisation6.6%
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 spending8.2%
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).
Working capital40%
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 rate4.11%
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.
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 0.26, 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)5.61%
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): ₩180B
Net debt (borrowings and leases − cash and deposits): ₩189B
+ Stakes and investments: ₩1.5B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩3B
Shares: 36,988,000
Share price: ₩2,215
Market cap: ₩82B

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	₩166B	₩252B	₩208B	₩173B	₩169B	₩168B	₩171B	₩176B
Growth	−29.3%	51.5%	−17.2%	−3.9%	−2.2%	−0.5%	1.3%	3.0%
EBIT	₩13B	₩14B	−₩12B	₩9.3B	₩9.1B	₩9.1B	₩9.2B	₩9.5B
EBIT margin	7.8%	5.6%	−5.6%	5.4%	5.4%	5.4%	5.4%	5.4%
After-tax EBIT	₩9.4B	₩10B	−₩8.5B	₩6.8B	₩6.6B	₩6.6B	₩6.7B	₩6.9B
+ Depreciation	—	—	—	₩11B	₩11B	₩11B	₩11B	₩12B
− Capital spending	₩5B	₩22B	₩27B	₩14B	₩14B	₩14B	₩14B	₩14B
− Working capital	₩19B	₩7.9B	₩13B	−₩2.8B	−₩1.5B	−₩339M	₩876M	₩2B
Free cash flow	—	—	—	₩6.8B	₩5.4B	₩4.2B	₩3.1B	₩2B
Discount factor	—	—	—	0.952	0.906	0.862	0.820	0.781
Present value	—	—	—	₩6.5B	₩4.9B	₩3.7B	₩2.5B	₩1.6B

Terminal value ₩143B, worth ₩112B today: 85% 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 ₩4,614 a share)Now 0.48×	₩2,0350.44×	₩2,8600.62×	₩4,5620.99×

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%
4.1%	—	—	₩63	₩1,076	₩3,022
4.6%	—	—	—	—	₩465
5.1%	—	—	—	—	—
5.6%	—	—	—	—	—
6.1%	—	—	—	—	—

Now (TTM)

Market cap: ₩82B
Enterprise value: ₩271B
P/E: —
P/B: 0.5×
P/S: 0.5×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩2,160	₩2,555	₩3,645	₩3,490	₩4,380
Market cap	₩80B	₩95B	₩135B	₩129B	₩162B
P/E	—	20.6×	23.3×	5.1×	5.8×
P/B	0.4×	0.5×	0.7×	0.7×	1.0×
P/S	0.4×	0.4×	0.8×	0.5×	0.8×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
SurplusGLOBAL	—	0.5×	0.5×	—	0.0%
Samsung C&T	17.5×	0.5×	1.1×	—	0.9%
POSCO International	10.6×	1.3×	0.3×	—	3.7%
ISC	41.4×	5.5×	11.5×	—	0.6%
Youngone	5.1×	0.7×	0.7×	—	3.1%
Dong SUH Companies	19.0×	1.6×	5.1×	—	4.1%
Shinsegae	13.7×	0.4×	0.3×	—	2.1%
Similar companies (median)	15.6×	1.0×	0.9×	—	2.6%

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

Also known as: SurplusGLOBAL / 서플러스글로벌 / 140070 / KRX:140070

Source: KRX statistical information