KOSDAQ · 317240 · Chemicals · ₩317240

TS TrillionTS트릴리온

317240 · KOSDAQ · ₩317240 · TS트릴리온

₩1,152▲ ₩23 (2.04%)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

With these assumptions the model gives no positive value.

Enterprise value: −₩1.4B
Equity value: −₩15B
WACC: 10.7%

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 ₩1,152, the model needs an operating margin of 22.5% every year (it uses −1.2%).
Margins ranged from −15.3% to 3.1% 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

Cycle options

Margin path

Every year uses the cycle-average margin (−1.2%).

Revenue growth

Revenue growth, year 1-10%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-25.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-6.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-25.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-3.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-25.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 4-0.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-25.5% 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 (-25.5% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-1.2%
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 & amortisation1.2%
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).
Capital spending0%
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 capital12.7%
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

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.
Beta1.69
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 2.03, 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): ₩31B
Net debt (borrowings and leases − cash and deposits): ₩13B
+ Stakes and investments: ₩99M; Associates, long-term financial assets and deposits (book value)
Shares: 29,176,711
Share price: ₩1,152
Market cap: ₩34B

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	₩40B	₩31B	₩26B	₩28B	₩26B	₩25B	₩25B	₩26B
Growth	−36.5%	−23.1%	−15.4%	−10.0%	−6.7%	−3.5%	−0.2%	3.0%
EBIT	₩1.2B	₩381M	₩26M	−₩338M	−₩316M	−₩305M	−₩304M	−₩313M
EBIT margin	3.1%	1.2%	0.1%	−1.2%	−1.2%	−1.2%	−1.2%	−1.2%
After-tax EBIT	₩889M	₩276M	₩19M	−₩245M	−₩229M	−₩221M	−₩220M	−₩227M
+ Depreciation	₩816M	—	₩85M	₩338M	₩316M	₩305M	₩304M	₩313M
− Capital spending	—	₩11M	—	₩0	₩0	₩0	₩0	₩0
− Working capital	₩144M	−₩833M	−₩3B	−₩398M	−₩240M	−₩117M	−₩6.4M	₩97M
Free cash flow	—	—	—	₩491M	₩327M	₩201M	₩90M	−₩10M
Discount factor	—	—	—	0.903	0.815	0.736	0.665	0.600
Present value	—	—	—	₩443M	₩266M	₩148M	₩60M	−₩6.3M

Terminal value −₩3.8B, worth −₩2.3B today: 167% 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 ₩1,115 a share)Now 1.03×	₩1,2671.14×	₩2,4752.22×	₩17,11415.4×

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%
9.7%	—	—	—	—	—
10.2%	—	—	—	—	—
10.7%	—	—	—	—	—
11.2%	—	—	—	—	—
11.7%	—	—	—	—	—

Now (TTM)

Market cap: ₩34B
Enterprise value: ₩44B
P/E: 432.8×
P/B: 1.0×
P/S: 1.1×
EV/EBITDA: 19.9×
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩1,515	₩1,395	₩3,027	₩3,875	₩4,652
Market cap	₩44B	₩41B	₩88B	₩113B	₩136B
P/E	—	—	—	—	—
P/B	1.5×	1.6×	3.3×	6.3×	9.0×
P/S	1.7×	1.3×	2.2×	1.8×	2.7×
EV/EBITDA	471.3×	—	64.0×	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
TS Trillion	432.8×	1.0×	1.1×	19.9×	0.0%
LG Chem	—	0.5×	0.3×	—	0.8%
Hanwha Solutions	—	0.6×	0.4×	—	0.0%
Hanwha	6.3×	0.4×	0.1×	—	1.4%
SKC	—	2.1×	2.0×	—	0.0%
KCC	0.9×	0.3×	0.5×	8.9×	0.0%
Kumho Petro Chemical	5.3×	0.4×	0.4×	—	1.6%
Similar companies (median)	5.3×	0.4×	0.4×	8.9×	0.4%

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

Also known as: TS Trillion / TS트릴리온 / 317240 / KRX:317240

Source: KRX statistical information