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Spigen Korea

192440 · KOSDAQ · ₩192440 · 슈피겐코리아

₩27,500▼ ₩250 (0.90%)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

₩101,908

vs the current price (₩27,500)

Enterprise value
₩436B
Equity value
₩633B
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 271% 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 ₩27,500, the model needs an operating margin of 2.3% every year (it uses 9.1%).
  • 35% 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.
  • Today's P/E is 3.3× against a typical 5.2× 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
₩69,389
+152.3%
Base
₩101,908
+270.6%
Bull
₩159,497
+480.0%

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 (9.1%).

Revenue growth

  • 1.3%

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

    Default: the last 3 years' revenue growth (1.3% a year, annual reports), fading to 3% by year 5.

  • 1.7%

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

    Default: the last 3 years' revenue growth (1.3% a year, annual reports), fading to 3% by year 5.

  • 2.2%

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

    Default: the last 3 years' revenue growth (1.3% a year, annual reports), fading to 3% by year 5.

  • 2.6%

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

    Default: the last 3 years' revenue growth (1.3% 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 (1.3% a year, annual reports), fading to 3% by year 5.

Business

  • 9.1%

    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.

  • 9.6%

    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).

  • 12.1%

    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).

  • 30.8%

    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 0.22, 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)
₩482B
Net debt (borrowings and leases − cash and deposits)
−₩154B
+ Stakes and investments
₩45B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩1.3B
Shares
6,216,363
Share price
₩27,500
Market cap
₩171B

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₩447B₩465B₩464B₩489B₩497B₩508B₩521B₩537B
Growth0.3%4.0%−0.3%1.3%1.7%2.2%2.6%3.0%
EBIT₩35B₩22B₩33B₩44B₩45B₩46B₩47B₩49B
EBIT margin7.9%4.7%7.2%9.1%9.1%9.1%9.1%9.1%
After-tax EBIT₩26B₩16B₩24B₩32B₩33B₩34B₩34B₩35B
+ Depreciation———₩47B₩48B₩49B₩50B₩52B
− Capital spending₩82B₩74B₩9.4B₩59B₩60B₩61B₩63B₩65B
− Working capital₩6.6B₩36B−₩2.9B₩1.9B₩2.6B₩3.4B₩4.1B₩4.8B
Free cash flow———₩18B₩18B₩17B₩17B₩17B
Discount factor———0.9320.8680.8090.7540.703
Present value———₩17B₩15B₩14B₩13B₩12B

Terminal value ₩518B, worth ₩364B today: 84% 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 ₩92,256 a share)Now 0.30×₩25,1470.27×₩37,2920.40×₩61,7000.67×
Price / earnings (last 12 months: ₩8,399 a share)Now 3.27×₩36,5934.36×₩43,9365.23×₩52,3426.23×
P/E on run-rate earnings (Q2 2026 × 4: ₩9,799 a share)Now 2.81×₩42,6934.36×₩51,2595.23×₩61,0666.23×

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%
6.3%₩108,149₩113,140₩119,267₩126,977₩136,989
6.8%₩101,075₩104,980₩109,678₩115,443₩122,698
7.3%₩95,135₩98,238₩101,908₩106,321₩111,738
7.8%₩90,079₩92,576₩95,487₩98,929₩103,069
8.3%₩85,726₩87,757₩90,095₩92,820₩96,042

Now (TTM)

Market cap
₩171B
Enterprise value
₩10B
P/E
3.3×
P/B
0.3×
P/S
0.4×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩22,050₩19,370₩33,000₩33,100₩43,000
Market cap₩137B₩120B₩205B₩206B₩267B
P/E4.7×4.2×4.8×6.2×5.9×
P/B0.3×0.2×0.4×0.5×0.7×
P/S0.3×0.3×0.5×0.5×0.7×
EV/EBITDA—————
Dividend yield0.0%0.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Spigen Korea3.3×0.3×0.4×—0.0%
Novatech3.4×0.7×2.5×—0.0%
Samick Musical Instruments2.2×0.3×0.4×—5.0%
Alux—1.8×1.0×—0.0%
Xplus—3.3×6.0×—0.0%
E-World—0.3×0.6×—0.0%
Envioneer—1.1×2.3×—0.0%
Similar companies (median)2.8×0.9×1.7×—0.0%

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

Also known as: Spigen Korea / 슈피겐코리아 / 192440 / KRX:192440

Source: KRX statistical information