KOSDAQ · 260970 · Food & Beverage · ₩260970

S&D에스앤디

260970 · KOSDAQ · ₩260970 · 에스앤디

₩52,800▲ ₩1,500 (2.92%)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

₩212,458

vs the current price (₩52,800)

Enterprise value: ₩556B
Equity value: ₩615B
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 302% 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 ₩52,800, the model needs an operating margin of 3.6% every year (it uses 15.3%).
Today's P/E is 6.3× against a typical 6.9× 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: ₩142,827; +170.5%
Base: ₩212,458; +302.4%
Bull: ₩326,726; +518.8%

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 (15.3%).

Revenue growth

Revenue growth, year 125%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (27.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 219.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (27.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 314%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (27.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 48.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (27.2% 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 (27.2% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin15.3%
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 & amortisation4.1%
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 spending5.1%
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 capital9.5%
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.
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 -0.05, 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): ₩172B
Net debt (borrowings and leases − cash and deposits): −₩59B
+ Stakes and investments: ₩34M; Associates, long-term financial assets and deposits (book value)
Shares: 2,892,754
Share price: ₩52,800
Market cap: ₩153B

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	₩88B	₩116B	₩151B	₩216B	₩258B	₩294B	₩319B	₩328B
Growth	20.4%	31.6%	30.0%	25.0%	19.5%	14.0%	8.5%	3.0%
EBIT	₩13B	₩20B	₩23B	₩33B	₩39B	₩45B	₩49B	₩50B
EBIT margin	14.6%	17.3%	15.2%	15.3%	15.3%	15.3%	15.3%	15.3%
After-tax EBIT	₩9.3B	₩15B	₩17B	₩24B	₩29B	₩33B	₩35B	₩36B
+ Depreciation	—	—	—	₩8.8B	₩11B	₩12B	₩13B	₩13B
− Capital spending	₩1.7B	₩3.2B	₩16B	₩11B	₩13B	₩15B	₩16B	₩17B
− Working capital	−₩44B	₩3.6B	₩40M	₩4.1B	₩4B	₩3.4B	₩2.4B	₩908M
Free cash flow	—	—	—	₩18B	₩22B	₩26B	₩30B	₩32B
Discount factor	—	—	—	0.931	0.867	0.807	0.751	0.700
Present value	—	—	—	₩16B	₩19B	₩21B	₩22B	₩23B

Terminal value ₩650B, worth ₩454B 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 ₩32,500 a share)Now 1.62×	₩18,0910.56×	₩33,4851.03×	₩92,6952.85×
Price / earnings (last 12 months: ₩8,380 a share)Now 6.30×	₩39,5184.72×	₩58,2006.95×	₩95,50411.4×
P/E on run-rate earnings (Q2 2026 × 4: ₩9,095 a share)Now 5.81×	₩42,8924.72×	₩63,1696.95×	₩103,65811.4×

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%
6.4%	₩220,895	₩237,731	₩258,377	₩284,296	₩317,808
6.9%	₩202,955	₩216,623	₩233,068	₩253,235	₩278,552
7.4%	₩187,832	₩199,106	₩212,458	₩228,522	₩248,222
7.9%	₩174,914	₩184,339	₩195,353	₩208,396	₩224,090
8.4%	₩163,754	₩171,724	₩180,932	₩191,692	₩204,436

Now (TTM)

Market cap: ₩153B
Enterprise value: ₩94B
P/E: 6.3×
P/B: 1.6×
P/S: 0.9×
EV/EBITDA: —
Dividend yield: 3.4%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩68,100	₩44,200	₩17,390	₩15,800	₩19,150
Market cap	₩197B	₩128B	₩50B	₩46B	₩55B
P/E	9.6×	7.5×	4.2×	4.6×	7.2×
P/B	2.3×	1.9×	0.6×	0.6×	0.8×
P/S	1.3×	1.1×	0.6×	0.6×	0.9×
EV/EBITDA	—	—	—	—	—
Dividend yield	2.6%	1.8%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
S&D	6.3×	1.6×	0.9×	—	3.4%
Samyang Foods	18.4×	5.9×	3.3×	—	0.4%
Orion	10.5×	1.1×	1.2×	5.3×	3.1%
CJ Cheiljedang	—	0.3×	0.1×	—	3.5%
Nongshim	12.0×	0.8×	0.7×	—	1.5%
Otoki	16.9×	0.6×	0.3×	—	2.9%
Hite Jinro	23.0×	0.9×	0.4×	6.3×	4.5%
Similar companies (median)	16.9×	0.9×	0.5×	5.8×	3.0%

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

Also known as: S&D / 에스앤디 / 260970 / KRX:260970

Source: KRX statistical information