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Satoshi Holdings

223310 · KOSDAQ · ₩223310 · 사토시홀딩스

₩2,685▲ ₩40 (1.51%)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
−₩68B
Equity value
−₩86B
WACC
6.2%

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 ₩2,685, the model needs an operating margin of 25.0% every year (it uses −19.8%).
  • Margins ranged from −39.6% to 2.0% 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.
  • 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.
  • The group includes a financial business (an insurer, bank or broker), whose investments and minority shareholders are left out here. A sum-of-the-parts view usually fits groups like this better.

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 (−19.8%).

Revenue growth

  • -3%

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

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

  • -1.5%

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

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

  • -0%

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

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

  • 1.5%

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

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

Business

  • -19.8%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 30.8%

    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).

  • 38.4%

    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).

  • -10%

    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 -0.07, 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)
₩17B
Net debt (borrowings and leases − cash and deposits)
₩18B
Shares
13,638,363
Share price
₩2,685
Market cap
₩37B

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₩28B₩22B₩19B₩17B₩16B₩16B₩17B₩17B
Growth32.8%−21.0%−13.1%−3.0%−1.5%0.0%1.5%3.0%
EBIT₩294M−₩3.2B−₩7.5B−₩3.3B−₩3.3B−₩3.3B−₩3.3B−₩3.4B
EBIT margin1.1%−14.8%−39.6%−19.8%−19.8%−19.8%−19.8%−19.8%
After-tax EBIT₩213M−₩2.3B−₩5.4B−₩2.4B−₩2.4B−₩2.4B−₩2.4B−₩2.5B
+ Depreciation———₩5.2B₩5.1B₩5.1B₩5.2B₩5.3B
− Capital spending₩84M₩1.7B₩20B₩6.4B₩6.3B₩6.3B₩6.4B₩6.6B
− Working capital−₩1.5B−₩10B−₩35B₩52M₩25M₩0−₩25M−₩50M
Free cash flow———−₩3.7B−₩3.6B−₩3.6B−₩3.6B−₩3.7B
Discount factor———0.9410.8860.8340.7850.739
Present value———−₩3.5B−₩3.2B−₩3B−₩2.9B−₩2.8B

Terminal value −₩72B, worth −₩53B 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 ₩279 a share)Now 9.61×₩1,1884.25×₩2,5669.18×₩3,49212.5×

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%
5.2%—————
5.7%—————
6.2%—————
6.7%—————
7.2%—————

Now (TTM)

Market cap
₩37B
Enterprise value
₩53B
P/E
—
P/B
9.6×
P/S
2.1×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩11,606₩12,981₩8,384₩17,509₩17,509
Market cap₩158B₩177B₩114B₩239B₩239B
P/E—————
P/B9.3×8.4×5.1×10.0×12.0×
P/S8.4×8.1×4.2×11.5×14.3×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Satoshi Holdings—9.6×2.1×—0.0%
Samsung C&T18.1×0.5×1.2×—0.9%
POSCO International10.3×1.2×0.3×—3.8%
ISC42.6×5.7×11.9×—0.5%
Youngone5.2×0.7×0.7×—3.0%
Dong SUH Companies19.6×1.7×5.3×—4.0%
SK Gas7.4×0.6×0.3×—3.5%
Similar companies (median)14.2×1.0×0.9×—3.3%

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

Also known as: Satoshi Holdings / 사토시홀딩스 / 223310 / KRX:223310

Source: KRX statistical information