KOSDAQ · 252990 · Electronic components · ₩252990

Semcns샘씨엔에스

252990 · KOSDAQ · ₩252990 · 샘씨엔에스

₩15,790▼ ₩1,790 (10.18%)End-of-day · Oct 30, 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

₩587

vs the current price (₩15,790)

Enterprise value: ₩89B
Equity value: ₩35B
WACC: 7.4%

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 96% 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 ₩15,790, the model needs an operating margin of 67.9% every year (it uses 20.9%).
Margins ranged from −9.4% to 29.7% 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.
34% 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.
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 32.0× against a typical 36.7× 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: ₩587; −96.3%
Bull: ₩2,370; −85.0%

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 (20.9%).

Revenue growth

Revenue growth, year 115.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (15.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 212.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (15.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 39.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (15.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 46.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (15.9% 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 (15.9% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin20.9%
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 & amortisation79.5%
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 spending99.4%
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).
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 rate4.01%
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.
Beta0.65
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 0.48, 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)5.51%
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): ₩102B
Net debt (borrowings and leases − cash and deposits): ₩55B
+ Stakes and investments: ₩1.8B; Associates, long-term financial assets and deposits (book value)
Shares: 60,217,889
Share price: ₩15,790
Market cap: ₩951B

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	₩53B	₩78B	₩118B	₩133B	₩146B	₩155B	₩159B
Growth	−38.3%	72.3%	46.3%	15.9%	12.7%	9.4%	6.2%	3.0%
EBIT	−₩2.9B	₩5.2B	₩15B	₩25B	₩28B	₩30B	₩32B	₩33B
EBIT margin	−9.4%	9.8%	18.8%	20.9%	20.9%	20.9%	20.9%	20.9%
After-tax EBIT	−₩2.1B	₩3.8B	₩11B	₩18B	₩20B	₩22B	₩23B	₩24B
+ Depreciation	—	—	—	₩94B	₩106B	₩116B	₩123B	₩127B
− Capital spending	₩75B	₩23B	₩9.3B	₩117B	₩132B	₩145B	₩154B	₩158B
− Working capital	−₩59B	₩34B	₩22B	₩6.5B	₩6B	₩5B	₩3.6B	₩1.9B
Free cash flow	—	—	—	−₩12B	−₩12B	−₩12B	−₩11B	−₩9.4B
Discount factor	—	—	—	0.931	0.867	0.808	0.752	0.700
Present value	—	—	—	−₩11B	−₩11B	−₩9.6B	−₩8.2B	−₩6.6B

Terminal value ₩193B, worth ₩135B today: 152% 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 ₩3,238 a share)Now 4.88×	₩6,4291.99×	₩10,0453.10×	₩13,9274.30×
Price / earnings (last 12 months: ₩494 a share)Now 32.0×	₩8,64317.5×	₩18,12436.7×	₩42,50886.0×
P/E on run-rate earnings (Q2 2026 × 4: ₩748 a share)Now 21.1×	₩13,09117.5×	₩27,45136.7×	₩64,38286.0×

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%
6.4%	₩798	₩984	₩1,212	₩1,498	₩1,866
6.9%	₩545	₩691	₩866	₩1,080	₩1,349
7.4%	₩334	₩450	₩587	₩752	₩953
7.9%	₩157	₩250	₩359	₩487	₩641
8.4%	₩5	₩82	₩169	₩271	₩391

Now (TTM)

Market cap: ₩951B
Enterprise value: ₩1T
P/E: 32.0×
P/B: 4.9×
P/S: 9.3×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩6,730	₩3,920	₩5,560	₩3,960	₩7,010
Market cap	₩405B	₩236B	₩335B	₩238B	₩422B
P/E	26.9×	71.1×	—	15.8×	35.4×
P/B	2.4×	1.6×	3.3×	2.1×	3.9×
P/S	5.2×	4.4×	10.8×	4.8×	8.9×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Semcns	32.0×	4.9×	9.3×	—	0.0%
Samsung Electro-Mechanics	88.7×	8.7×	7.2×	—	0.2%
Doosan	34.5×	4.9×	0.6×	—	0.4%
Hanwha Systems	65.1×	2.5×	2.8×	—	0.8%
LG Innotek	11.6×	1.2×	0.3×	—	0.6%
Isupetasys	30.8×	7.2×	4.7×	—	0.0%
Daeduck Electronics	38.8×	6.0×	4.4×	—	0.4%
Similar companies (median)	36.6×	5.5×	3.6×	—	0.4%

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

Also known as: Semcns / 샘씨엔에스 / 252990 / KRX:252990

Source: KRX statistical information