KOSDAQ · 222420 · Building materials · ₩222420

Cenotec쎄노텍

222420 · KOSDAQ · ₩222420 · 쎄노텍

₩1,004▼ ₩18 (1.76%)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

₩130

vs the current price (₩1,004)

Enterprise value: ₩37B
Equity value: ₩6.3B
WACC: 6.1%

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 is 87% 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 ₩1,004, the model needs an operating margin of 11.3% every year (it uses 5.8%).
Or revenue growth +33.8 points a year higher than assumed in each of the 5 years.
Margins ranged from −3.4% to 8.9% 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: ₩130; −87.1%
Bull: ₩855; −14.9%

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 (5.8%).

Revenue growth

Revenue growth, year 10.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (0.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 21.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (0.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 31.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (0.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 42.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (0.9% 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 (0.9% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin5.8%
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.
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 & amortisation11.5%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
Capital spending5.9%
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 rate4.03%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-27.
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 0.38, 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)5.53%
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): ₩42B
Net debt (borrowings and leases − cash and deposits): ₩30B
Shares: 48,418,523
Share price: ₩1,004
Market cap: ₩49B

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	₩31B	₩32B	₩36B	₩43B	₩43B	₩44B	₩45B	₩47B
Growth	−10.4%	1.4%	13.0%	0.9%	1.4%	1.9%	2.5%	3.0%
EBIT	−₩1.1B	₩955M	₩3.2B	₩2.5B	₩2.5B	₩2.6B	₩2.6B	₩2.7B
EBIT margin	−3.4%	3.0%	8.9%	5.8%	5.8%	5.8%	5.8%	5.8%
After-tax EBIT	−₩766M	₩692M	₩2.3B	₩1.8B	₩1.8B	₩1.9B	₩1.9B	₩2B
+ Depreciation	₩3.8B	₩3.4B	—	₩4.9B	₩5B	₩5.1B	₩5.2B	₩5.4B
− Capital spending	₩1.2B	₩3B	₩1.5B	₩2.5B	₩2.6B	₩2.6B	₩2.7B	₩2.8B
− Working capital	₩1.2B	−₩1.3B	−₩3.1B	₩153M	₩239M	₩329M	₩442M	₩543M
Free cash flow	₩730M	₩2.3B	—	₩4B	₩4B	₩4B	₩4B	₩4B
Discount factor	—	—	—	0.943	0.889	0.838	0.790	0.745
Present value	—	—	—	₩3.8B	₩3.6B	₩3.4B	₩3.2B	₩3B

Terminal value ₩26B, worth ₩20B today: 54% 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 ₩868 a share)Now 1.16×	₩9251.07×	₩1,5581.79×	₩2,4712.85×

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%
5.1%	₩230	₩260	₩299	₩353	₩432
5.6%	₩160	₩179	₩203	₩234	₩277
6.1%	₩103	₩115	₩130	₩148	₩171
6.6%	₩56	₩63	₩72	₩82	₩95
7.1%	₩17	₩21	₩25	₩30	₩36

Now (TTM)

Market cap: ₩49B
Enterprise value: ₩79B
P/E: 12.9×
P/B: 1.2×
P/S: 1.1×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩835	₩618	₩1,611	₩1,685	₩1,750
Market cap	₩40B	₩30B	₩78B	₩82B	₩85B
P/E	30.0×	—	—	—	67.1×
P/B	1.1×	0.9×	2.1×	2.2×	2.7×
P/S	1.1×	0.9×	2.5×	2.3×	2.6×
EV/EBITDA	—	17.3×	44.5×	25.9×	21.0×
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Cenotec	12.9×	1.2×	1.1×	—	0.0%
Tokai Carbon Korea	30.7×	4.3×	7.0×	—	0.7%
Hanilcementco	12.1×	0.7×	0.9×	—	6.0%
Wonik QnC	13.8×	1.2×	0.7×	—	0.5%
Sampyo Cement	16.9×	0.8×	0.9×	6.0×	2.2%
Hanil Holdings	9.5×	0.3×	0.3×	—	5.9%
IS Dongseo	5.2×	0.3×	0.4×	—	3.5%
Similar companies (median)	13.0×	0.7×	0.8×	6.0×	2.8%

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

Also known as: Cenotec / 쎄노텍 / 222420 / KRX:222420

Source: KRX statistical information