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Saltlux

304100 · KOSDAQ · ₩304100 · 솔트룩스

₩13,220▲ ₩340 (2.64%)End-of-day · Oct 28, 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
−₩145B
Equity value
−₩121B
WACC
7.5%

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 ₩13,220, the model needs an operating margin of 18.2% every year (it uses −16.1%).
  • Margins ranged from −30.1% to −6.5% over the last 4 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 (−16.1%).

Revenue growth

  • 11.2%

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

    Default: the last 3 years' revenue growth (11.2% a year, annual reports), fading to 3% by year 5.

  • 9.1%

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

    Default: the last 3 years' revenue growth (11.2% a year, annual reports), fading to 3% by year 5.

  • 7.1%

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

    Default: the last 3 years' revenue growth (11.2% a year, annual reports), fading to 3% by year 5.

  • 5%

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

    Default: the last 3 years' revenue growth (11.2% 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 (11.2% a year, annual reports), fading to 3% by year 5.

Business

  • -16.1%

    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.

  • 5.3%

    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).

  • 6.6%

    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).

  • 6.7%

    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.

  • 0.61

    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 0.42, 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)
₩49B
Net debt (borrowings and leases − cash and deposits)
−₩28B
+ Stakes and investments
₩1.4B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩4.8B
Shares
12,593,855
Share price
₩13,220
Market cap
₩166B

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₩31B₩46B₩42B₩55B₩60B₩64B₩67B₩69B
Growth1.7%49.0%−9.4%11.2%9.1%7.1%5.0%3.0%
EBIT−₩9.3B−₩6.6B−₩8B−₩8.8B−₩9.6B−₩10B−₩11B−₩11B
EBIT margin−30.1%−14.4%−19.3%−16.1%−16.1%−16.1%−16.1%−16.1%
After-tax EBIT−₩6.7B−₩4.8B−₩5.8B−₩6.4B−₩7B−₩7.5B−₩7.9B−₩8.1B
+ Depreciation———₩2.9B₩3.2B₩3.4B₩3.6B₩3.7B
− Capital spending₩2.9B₩2.5B₩2B₩3.6B₩3.9B₩4.2B₩4.4B₩4.6B
− Working capital−₩12B−₩1.8B−₩15B₩370M₩334M₩285M₩215M₩135M
Free cash flow———−₩7.5B−₩8.1B−₩8.6B−₩8.9B−₩9.1B
Discount factor———0.9310.8660.8060.7500.698
Present value———−₩7B−₩7B−₩6.9B−₩6.7B−₩6.4B

Terminal value −₩160B, worth −₩111B today: 77% 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 ₩4,981 a share)Now 2.65×₩12,1572.44×₩20,8164.18×₩37,4147.51×

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%
6.5%—————
7.0%—————
7.5%—————
8.0%—————
8.5%—————

Now (TTM)

Market cap
₩166B
Enterprise value
₩136B
P/E
—
P/B
2.7×
P/S
3.4×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩26,650₩22,350₩26,600₩14,750₩16,500
Market cap₩336B₩281B₩335B₩186B₩208B
P/E—————
P/B4.8×3.9×4.7×4.3×3.9×
P/S8.1×6.1×10.9×6.1×—
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Saltlux—2.7×3.4×—0.0%
Hyundai Autoever50.3×5.1×2.1×—0.5%
Krafton10.1×1.2×1.9×—1.2%
NC7.0×1.2×2.1×8.4×0.6%
Netmarble7.0×0.5×1.0×—2.6%
PearlAbyss7.9×2.1×3.0×5.2×0.0%
Shift UP8.9×1.8×7.1×—0.0%
Similar companies (median)8.4×1.5×2.1×6.8×0.6%

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

Also known as: Saltlux / 솔트룩스 / 304100 / KRX:304100

Source: KRX statistical information