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S-Prism

288620 · KOSDAQ · ₩288620 · 에스프리즘

₩3,565▲ ₩35 (0.99%)End-of-day · Oct 27, 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
−₩27B
Equity value
−₩12B
WACC
7.8%

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 ₩3,565, the model needs an operating margin of 7.4% every year (it uses −20.0%).
  • Margins ranged from −95.1% to 4.8% 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.

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 (−20.0%).

Revenue growth

  • -10%

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

    Default: the last 3 years' revenue growth (-30.4% a year, annual reports), fading to 3% by year 5.

  • -6.7%

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

    Default: the last 3 years' revenue growth (-30.4% a year, annual reports), fading to 3% by year 5.

  • -3.5%

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

    Default: the last 3 years' revenue growth (-30.4% a year, annual reports), fading to 3% by year 5.

  • -0.2%

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

    Default: the last 3 years' revenue growth (-30.4% 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 (-30.4% a year, annual reports), fading to 3% by year 5.

Business

  • -20%

    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.

  • 0.4%

    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).

  • 0.4%

    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).

  • 40%

    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.

  • 4.11%

    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.

  • 0.67

    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 0.51, 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.

  • 5.61%

    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)
₩14B
Net debt (borrowings and leases − cash and deposits)
−₩11B
+ Stakes and investments
₩4.3B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩92M
Shares
6,979,316
Share price
₩3,565
Market cap
₩25B

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₩33B₩34B₩16B₩12B₩12B₩11B₩11B₩11B
Growth−30.5%3.5%−53.1%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT−₩2.5B−₩4.1B−₩15B−₩2.5B−₩2.3B−₩2.2B−₩2.2B−₩2.3B
EBIT margin−7.6%−12.3%−95.1%−20.0%−20.0%−20.0%−20.0%−20.0%
After-tax EBIT−₩1.8B−₩3B−₩11B−₩1.8B−₩1.7B−₩1.6B−₩1.6B−₩1.7B
+ Depreciation———₩50M₩46M₩45M₩45M₩46M
− Capital spending₩127M₩63M₩116M₩50M₩46M₩45M₩45M₩46M
− Working capital−₩68B−₩10B−₩6.9B−₩551M−₩332M−₩162M−₩8.9M₩134M
Free cash flow———−₩1.2B−₩1.3B−₩1.5B−₩1.6B−₩1.8B
Discount factor———0.9280.8610.7980.7410.687
Present value———−₩1.2B−₩1.2B−₩1.2B−₩1.2B−₩1.2B

Terminal value −₩31B, worth −₩21B today: 78% 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 ₩6,151 a share)Now 0.58×₩5,3490.87×₩9,0331.47×₩15,0052.44×

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%
6.8%—————
7.3%—————
7.8%—————
8.3%—————
8.8%—————

Now (TTM)

Market cap
₩25B
Enterprise value
₩14B
P/E
—
P/B
0.6×
P/S
1.8×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩10,450₩8,930₩17,050₩20,300₩27,900
Market cap₩73B₩62B₩119B₩142B₩195B
P/E———167.5×39.9×
P/B1.6×0.9×1.7×2.0×2.8×
P/S4.6×1.9×3.7×3.0×4.1×
EV/EBITDA—————
Dividend yield0.0%0.6%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
S-Prism—0.6×1.8×—0.0%
LS Electric61.0×11.1×4.2×37.7×0.0%
Hyosung Heavy Industries30.5×6.9×2.8×—0.4%
HD Hyundai Electric19.1×7.2×3.7×—0.0%
Gaon Cable106.8×12.9×2.4×55.6×0.0%
Sanil Electric27.2×7.4×8.3×—0.8%
Taihan Cable & Solution—2.2×1.0×—0.0%
Similar companies (median)30.5×7.3×3.3×46.7×0.0%

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

Also known as: S-Prism / 에스프리즘 / 288620 / KRX:288620

Source: KRX statistical information