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Sunic System

171090 · KOSDAQ · ₩171090 · 선익시스템

₩84,300▲ ₩100 (0.12%)End-of-day · Oct 28, 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

₩43,490

vs the current price (₩84,300)

Enterprise value
₩349B
Equity value
₩440B
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 is 48% 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 ₩84,300, the model needs an operating margin of 11.5% every year (it uses 6.3%).
  • Or revenue growth +22.8 points a year higher than assumed in each of the 5 years.
  • Margins ranged from −15.4% to 21.6% 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.
  • Today's P/E is 65.6× against a typical 37.7× 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
₩22,862
−72.9%
Base
₩43,490
−48.4%
Bull
₩79,533
−5.7%

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 (6.3%).

Revenue growth

  • 25%

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

    Default: the last 3 years' revenue growth (91% a year, annual reports), fading to 3% by year 5.

  • 19.5%

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

    Default: the last 3 years' revenue growth (91% a year, annual reports), fading to 3% by year 5.

  • 14%

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

    Default: the last 3 years' revenue growth (91% a year, annual reports), fading to 3% by year 5.

  • 8.5%

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

    Default: the last 3 years' revenue growth (91% 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 (91% a year, annual reports), fading to 3% by year 5.

Business

  • 6.3%

    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.

  • 5.7%

    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).

  • 7.1%

    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).

  • 16%

    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 0.12, 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)
₩346B
Net debt (borrowings and leases − cash and deposits)
−₩86B
+ Stakes and investments
₩5.3B
Associates, long-term financial assets and deposits (book value)
Shares
10,127,626
Share price
₩84,300
Market cap
₩854B

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₩62B₩113B₩516B₩433B₩517B₩589B₩640B₩659B
Growth−15.7%80.9%356.7%25.0%19.5%14.0%8.5%3.0%
EBIT−₩4.1B₩7.9B₩112B₩27B₩33B₩37B₩40B₩42B
EBIT margin−6.5%7.0%21.6%6.3%6.3%6.3%6.3%6.3%
After-tax EBIT−₩2.9B₩5.7B₩81B₩20B₩24B₩27B₩29B₩30B
+ Depreciation———₩25B₩29B₩34B₩36B₩38B
− Capital spending₩1.8B₩15B₩26B₩31B₩37B₩42B₩45B₩47B
− Working capital−₩6.6B−₩11B−₩8.9B₩14B₩13B₩12B₩8B₩3.1B
Free cash flow———−₩141M₩2.9B₩7.1B₩12B₩18B
Discount factor———0.9310.8670.8070.7510.700
Present value———−₩131M₩2.5B₩5.7B₩9.2B₩12B

Terminal value ₩457B, worth ₩320B today: 91% 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 ₩17,444 a share)Now 4.83×₩42,3512.43×₩75,8694.35×₩144,6188.29×
Price / earnings (last 12 months: ₩1,286 a share)Now 65.6×₩11,3078.79×₩48,51737.7×₩84,30065.6×

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%₩46,216₩49,095₩52,618₩57,033₩62,733
6.9%₩42,542₩44,833₩47,583₩50,948₩55,166
7.4%₩39,452₩41,303₩43,490₩46,116₩49,329
7.9%₩36,819₩38,335₩40,101₩42,188₩44,693
8.4%₩34,550₩35,805₩37,251₩38,935₩40,924

Now (TTM)

Market cap
₩854B
Enterprise value
₩765B
P/E
65.6×
P/B
4.8×
P/S
2.5×
EV/EBITDA
—
Dividend yield
1.2%

Over time (at each year end)

20252024202320222021
Price₩52,500₩41,650₩29,350₩22,150₩22,800
Market cap₩532B₩422B₩297B₩224B₩231B
P/E5.5×————
P/B3.7×9.1×4.2×2.8×2.9×
P/S1.0×3.7×4.8×3.0×5.0×
EV/EBITDA—————
Dividend yield1.9%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Sunic System65.6×4.8×2.5×—1.2%
Doosan Enerbility217.2×4.8×2.2×—0.0%
Hanmi Semiconductor87.4×26.0×35.2×78.7×0.4%
Jusung Engineering1,189.7×14.6×38.2×2,291.7×0.0%
Rainbow Robotics4,610.6×59.1×174.0×—0.0%
EO Technics47.5×6.9×11.6×—0.0%
Wonik IPS28.2×4.5×5.3×42.7×0.2%
Similar companies (median)152.3×10.7×23.4×78.7×0.0%

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

Also known as: Sunic System / 선익시스템 / 171090 / KRX:171090

Source: KRX statistical information