KOSDAQ · 236200 · Electronics · ₩236200

Suprema슈프리마

236200 · KOSDAQ · ₩236200 · 슈프리마

₩55,000▲ ₩2,100 (3.97%)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

₩99,103

vs the current price (₩55,000)

Enterprise value: ₩558B
Equity value: ₩691B
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 80% 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 ₩55,000, the model needs an operating margin of 11.0% every year (it uses 21.9%).
Or revenue growth −19.8 points a year higher than assumed in each of the 5 years.
52% 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.
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.
Today's P/E is 7.3× against a typical 7.5× 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: ₩72,618; +32.0%
Base: ₩99,103; +80.2%
Bull: ₩142,523; +159.1%

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 (21.9%).

Revenue growth

Revenue growth, year 115.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (15.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 212.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (15.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 39.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (15.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 46.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (15.4% 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 (15.4% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin21.9%
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 & amortisation4.4%
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).
Capital spending5.6%
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 capital26.9%
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 0.09, 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): ₩147B
Net debt (borrowings and leases − cash and deposits): −₩133B
Shares: 6,974,311
Share price: ₩55,000
Market cap: ₩384B

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	₩95B	₩108B	₩137B	₩170B	₩191B	₩209B	₩221B	₩228B
Growth	5.9%	14.4%	26.9%	15.4%	12.3%	9.2%	6.1%	3.0%
EBIT	₩17B	₩23B	₩33B	₩37B	₩42B	₩46B	₩48B	₩50B
EBIT margin	17.6%	21.5%	23.8%	21.9%	21.9%	21.9%	21.9%	21.9%
After-tax EBIT	₩12B	₩17B	₩24B	₩27B	₩30B	₩33B	₩35B	₩36B
+ Depreciation	—	—	—	₩7.5B	₩8.4B	₩9.2B	₩9.7B	₩10B
− Capital spending	₩4.1B	₩5.4B	₩10B	₩9.5B	₩11B	₩12B	₩12B	₩13B
− Working capital	−₩29B	−₩16B	−₩1.2B	₩6.1B	₩5.6B	₩4.7B	₩3.4B	₩1.8B
Free cash flow	—	—	—	₩19B	₩22B	₩26B	₩29B	₩32B
Discount factor	—	—	—	0.932	0.868	0.809	0.753	0.702
Present value	—	—	—	₩18B	₩19B	₩21B	₩22B	₩22B

Terminal value ₩650B, worth ₩456B today: 82% 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 ₩42,389 a share)Now 1.30×	₩32,5400.77×	₩39,4200.93×	₩50,0381.18×
Price / earnings (last 12 months: ₩7,515 a share)Now 7.32×	₩46,4596.18×	₩56,7007.55×	₩77,18210.3×
P/E on run-rate earnings (Q2 2026 × 4: ₩10,821 a share)Now 5.08×	₩66,9016.18×	₩81,6487.55×	₩111,14210.3×

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%	₩103,225	₩110,074	₩118,496	₩129,108	₩142,895
6.8%	₩95,616	₩101,136	₩107,792	₩115,977	₩126,289
7.3%	₩89,216	₩93,738	₩99,103	₩105,571	₩113,525
7.8%	₩83,760	₩87,515	₩91,910	₩97,123	₩103,409
8.3%	₩79,054	₩82,210	₩85,860	₩90,130	₩95,196

Now (TTM)

Market cap: ₩384B
Enterprise value: ₩251B
P/E: 7.3×
P/B: 1.3×
P/S: 2.6×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩39,100	₩24,350	₩20,850	₩21,650	₩24,950
Market cap	₩273B	₩170B	₩145B	₩151B	₩174B
P/E	8.4×	5.2×	6.3×	8.5×	7.7×
P/B	1.0×	0.7×	0.7×	0.8×	1.0×
P/S	2.0×	1.6×	1.5×	1.7×	2.4×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Suprema	7.3×	1.3×	2.6×	—	0.0%
Samsung Electronics	8.7×	2.3×	2.7×	—	0.8%
LG Electronics	24.7×	1.0×	0.3×	—	0.9%
Hanwha Vision	16.4×	2.1×	1.0×	—	0.0%
RFHIC	37.6×	3.4×	6.1×	—	0.9%
KMW	—	4.9×	8.1×	—	0.0%
Intellian Technologies	12.9×	2.0×	1.6×	—	0.4%
Similar companies (median)	16.4×	2.2×	2.1×	—	0.6%

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

Also known as: Suprema / 슈프리마 / 236200 / KRX:236200

Source: KRX statistical information