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Ryuk-Il C&S

191410 · KOSDAQ · ₩191410 · 육일씨엔에쓰

₩1,630▲ ₩5 (0.31%)End-of-day · Oct 30, 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
−₩44B
Equity value
−₩60B
WACC
6.0%

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 ₩1,630, the model needs an operating margin of 6.5% every year (it uses −3.7%).
  • Margins ranged from −36.8% to 3.2% 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 7.4× against a typical 11.1× 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
—

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 (−3.7%).

Revenue growth

  • 10.8%

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

    Default: the last 3 years' revenue growth (10.8% a year, annual reports), fading to 3% by year 5.

  • 8.9%

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

    Default: the last 3 years' revenue growth (10.8% a year, annual reports), fading to 3% by year 5.

  • 6.9%

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

    Default: the last 3 years' revenue growth (10.8% a year, annual reports), fading to 3% by year 5.

  • 5%

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

    Default: the last 3 years' revenue growth (10.8% 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 (10.8% a year, annual reports), fading to 3% by year 5.

Business

  • -3.7%

    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.

  • 3.4%

    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).

  • 4.3%

    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).

  • 24.8%

    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.

  • 4.01%

    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 -0.37, 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)
₩37B
Net debt (borrowings and leases − cash and deposits)
₩16B
+ Stakes and investments
₩168M
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩77M
Shares
15,510,172
Share price
₩1,630
Market cap
₩25B

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₩29B₩38B₩45B₩40B₩44B₩47B₩49B₩51B
Growth−11.8%29.4%19.4%10.8%8.9%6.9%5.0%3.0%
EBIT₩914M−₩476M−₩1.5B−₩1.5B−₩1.6B−₩1.7B−₩1.8B−₩1.9B
EBIT margin3.2%−1.3%−3.4%−3.7%−3.7%−3.7%−3.7%−3.7%
After-tax EBIT₩663M−₩345M−₩1.1B−₩1.1B−₩1.2B−₩1.3B−₩1.3B−₩1.4B
+ Depreciation———₩1.4B₩1.5B₩1.6B₩1.7B₩1.7B
− Capital spending₩1.1B₩2.6B₩969M₩1.7B₩1.9B₩2B₩2.1B₩2.2B
− Working capital−₩7B₩5B−₩11B₩978M₩893M₩754M₩584M₩368M
Free cash flow———−₩2.4B−₩2.5B−₩2.4B−₩2.4B−₩2.2B
Discount factor———0.9430.8900.8390.7920.747
Present value———−₩2.3B−₩2.2B−₩2B−₩1.9B−₩1.6B

Terminal value −₩46B, worth −₩34B today: 77% 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 ₩1,510 a share)Now 1.08×₩1,5801.05×₩2,4521.62×₩4,0932.71×
Price / earnings (last 12 months: ₩222 a share)Now 7.35×₩1,1555.21×₩2,46311.1×₩18,35882.8×

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%
5.0%—————
5.5%—————
6.0%—————
6.5%—————
7.0%—————

Now (TTM)

Market cap
₩25B
Enterprise value
₩41B
P/E
7.4×
P/B
1.1×
P/S
0.7×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩3,000₩1,455₩2,570₩2,915₩3,755
Market cap₩47B₩23B₩40B₩45B₩58B
P/E26.5×——67.3×19.5×
P/B2.0×0.9×1.5×2.1×3.0×
P/S1.0×0.6×1.4×1.4×1.9×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Ryuk-Il C&S7.4×1.1×0.7×—0.0%
Samsung Electro-Mechanics88.7×8.7×7.2×—0.2%
Doosan34.5×4.9×0.6×—0.4%
Hanwha Systems65.1×2.5×2.8×—0.8%
LG Innotek11.6×1.2×0.3×—0.6%
Isupetasys30.8×7.2×4.7×—0.0%
Daeduck Electronics38.8×6.0×4.4×—0.4%
Similar companies (median)36.6×5.5×3.6×—0.4%

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

Also known as: Ryuk-Il C&S / 육일씨엔에쓰 / 191410 / KRX:191410

Source: KRX statistical information