KOSDAQ · 234100 · Auto parts · ₩234100

Sewon폴라리스세원

234100 · KOSDAQ · ₩234100 · 폴라리스세원

₩2,315▼ ₩5 (0.22%)End-of-day · Oct 28, 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

With these assumptions the model gives no positive value.

Enterprise value: −₩10B
Equity value: −₩43B
WACC: 10.0%

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 ₩2,315, the model needs an operating margin of 4.7% every year (it uses 2.0%).
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 13.8× against a typical 31.0× 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: ₩1,323; −42.8%

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 (2.0%).

Revenue growth

Revenue growth, year 111.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (11.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 29.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (11.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 37.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (11.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 45%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (11.1% 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 (11.1% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin2%
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 & amortisation2.5%
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).
Capital spending3.1%
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).
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 rate4.11%
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.
Beta1.07
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 1.11, 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)5.61%
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): ₩245B
Net debt (borrowings and leases − cash and deposits): −₩104B
+ Stakes and investments: ₩60B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩197B
Shares: 14,601,636
Share price: ₩2,315
Market cap: ₩34B

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	₩160B	₩205B	₩243B	₩272B	₩296B	₩317B	₩333B	₩343B
Growth	−9.3%	27.6%	18.6%	11.1%	9.1%	7.1%	5.0%	3.0%
EBIT	₩7.4B	₩1.2B	₩3.4B	₩5.4B	₩5.9B	₩6.3B	₩6.7B	₩6.9B
EBIT margin	4.6%	0.6%	1.4%	2.0%	2.0%	2.0%	2.0%	2.0%
After-tax EBIT	₩5.3B	₩836M	₩2.4B	₩3.9B	₩4.3B	₩4.6B	₩4.8B	₩5B
+ Depreciation	—	—	—	₩6.8B	₩7.4B	₩7.9B	₩8.3B	₩8.6B
− Capital spending	₩5.2B	₩11B	₩1.4B	₩8.4B	₩9.2B	₩9.8B	₩10B	₩11B
− Working capital	₩24B	₩14B	−₩28B	₩11B	₩9.9B	₩8.4B	₩6.3B	₩4B
Free cash flow	—	—	—	−₩8.5B	−₩7.4B	−₩5.7B	−₩3.5B	−₩1.1B
Discount factor	—	—	—	0.909	0.827	0.751	0.683	0.621
Present value	—	—	—	−₩7.8B	−₩6.1B	−₩4.3B	−₩2.4B	−₩672M

Terminal value ₩18B, worth ₩11B today: -105% 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 ₩12,902 a share)Now 0.18×	₩5,1590.40×	₩10,8410.84×	₩36,7002.84×
Price / earnings (last 12 months: ₩168 a share)Now 13.8×	₩2,81916.8×	₩5,21431.0×	₩7,46644.4×
P/E on run-rate earnings (Q2 2026 × 4: ₩301 a share)Now 7.69×	₩5,05116.8×	₩9,34231.0×	₩13,37744.4×

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%
9.0%	—	—	—	—	—
9.5%	—	—	—	—	—
10.0%	—	—	—	—	—
10.5%	—	—	—	—	—
11.0%	—	—	—	—	—

Now (TTM)

Market cap: ₩34B
Enterprise value: −₩72B
P/E: 13.8×
P/B: 0.2×
P/S: 0.1×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩5,245	₩5,470	₩9,130	₩9,225	₩19,762
Market cap	₩77B	₩80B	₩133B	₩135B	₩289B
P/E	182.1×	9.9×	31.0×	72.8×	40.6×
P/B	0.4×	0.4×	0.9×	1.0×	3.5×
P/S	0.3×	0.4×	0.8×	0.8×	3.0×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Sewon	13.8×	0.2×	0.1×	—	0.0%
Hyundai Mobis	8.7×	0.6×	0.5×	—	1.8%
SL	6.1×	0.9×	0.4×	3.7×	0.0%
HL Mando	10.7×	0.6×	0.2×	—	1.9%
Samhyun	—	13.4×	18.9×	—	0.0%
Hyundai WIA	19.3×	0.4×	0.2×	—	2.4%
SNT Dynamics	13.4×	0.7×	0.9×	—	6.8%
Similar companies (median)	10.7×	0.7×	0.5×	3.7×	1.9%

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

Also known as: Sewon / 폴라리스세원 / 234100 / KRX:234100

Source: KRX statistical information