SuNAM서남
294630 · KOSDAQ · ₩294630 · 서남
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
- −₩5.8B
- Equity value
- −₩6.4B
- 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 gives no positive value at these assumptions. What we can see:
- No operating margin up to 90% gets the model to today's price at these growth assumptions.
- Margins ranged from −319.5% to −37.7% 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.
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 (-19% 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 (-19% 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 (-19% 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 (-19% 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 (-19% 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.
- 28.7%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
- 4%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: not in the statements, so a typical level.
- 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.
- 4.01%
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.
- 0.62
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 0.43, 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.
- 5.51%
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)
- ₩3.6B
- Net debt (borrowings and leases − cash and deposits)
- ₩619M
- Shares
- 26,499,179
- Share price
- ₩2,505
- Market cap
- ₩66B
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 | ₩6.4B | ₩1.4B | ₩3.4B | ₩3.3B | ₩3.1B | ₩3B | ₩3B | ₩3B |
| Growth | 0.4% | −78.0% | 140.9% | −10.0% | −6.7% | −3.5% | −0.2% | 3.0% |
| EBIT | −₩3.1B | −₩4.5B | −₩3.9B | −₩657M | −₩613M | −₩591M | −₩590M | −₩608M |
| EBIT margin | −48.4% | −317.8% | −113.9% | −20.0% | −20.0% | −20.0% | −20.0% | −20.0% |
| After-tax EBIT | −₩2.2B | −₩3.2B | −₩2.8B | −₩476M | −₩444M | −₩429M | −₩428M | −₩441M |
| + Depreciation | ₩542M | ₩746M | ₩830M | ₩943M | ₩879M | ₩849M | ₩847M | ₩872M |
| − Capital spending | — | — | — | ₩131M | ₩123M | ₩118M | ₩118M | ₩122M |
| − Working capital | −₩348M | −₩1.1B | −₩724M | −₩146M | −₩88M | −₩43M | −₩2.4M | ₩35M |
| Free cash flow | — | — | — | ₩481M | ₩401M | ₩345M | ₩303M | ₩275M |
| Discount factor | — | — | — | 0.931 | 0.867 | 0.808 | 0.752 | 0.700 |
| Present value | — | — | — | ₩448M | ₩347M | ₩278M | ₩228M | ₩192M |
Terminal value −₩10B, worth −₩7.3B today: 126% 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 ₩285 a share)Now 8.80× | ₩2,1607.58× | ₩2,85710.0× | ₩3,70913.0× |
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% | — | — | — | — | — |
| 6.9% | — | — | — | — | — |
| 7.4% | — | — | — | — | — |
| 7.9% | — | — | — | — | — |
| 8.4% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩66B
- Enterprise value
- ₩67B
- P/E
- —
- P/B
- 8.8×
- P/S
- 18.2×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Price | ₩2,665 | ₩3,400 | ₩4,370 | ₩2,075 | ₩3,805 |
| Market cap | ₩71B | ₩90B | ₩116B | ₩55B | ₩101B |
| P/E | — | — | — | — | — |
| P/B | 7.3× | 11.5× | 10.5× | 7.0× | 10.2× |
| P/S | 20.9× | 64.1× | 18.1× | 8.6× | 88.7× |
| EV/EBITDA | — | — | — | — | — |
| Dividend yield | 0.0% | — | — | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| SuNAM | — | 8.8× | 18.2× | — | 0.0% |
| LS Electric | 57.7× | 10.5× | 3.9× | 35.7× | 0.0% |
| Hyosung Heavy Industries | 28.8× | 6.5× | 2.6× | — | 0.4% |
| HD Hyundai Electric | 18.0× | 6.8× | 3.5× | — | 0.0% |
| Gaon Cable | 105.6× | 12.8× | 2.3× | 55.0× | 0.0% |
| Sanil Electric | 24.9× | 6.8× | 7.6× | — | 0.9% |
| Taihan Cable & Solution | — | 2.1× | 0.9× | — | 0.0% |
| Similar companies (median) | 28.8× | 6.8× | 3.1× | 45.4× | 0.0% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: SuNAM / 서남 / 294630 / KRX:294630
Source: KRX statistical information