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Xi S&D

317400 · KOSPI · ₩317400 · 자이에스앤디

₩7,820▲ ₩490 (6.68%)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

₩14,197

vs the current price (₩7,820)

Enterprise value
₩506B
Equity value
₩551B
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 82% 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 ₩7,820, the model needs an operating margin of 2.6% every year (it uses 4.4%).
  • Or revenue growth −23.4 points a year higher than assumed in each of the 5 years.
  • Margins ranged from 0.2% to 11.7% 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.
  • Today's P/E is 6.8× against a typical 4.8× 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
₩6,047
−22.7%
Base
₩14,197
+81.5%
Bull
₩28,950
+270.2%

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 (4.4%).

Revenue growth

  • -10%

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

    Default: the last 3 years' revenue growth (-17.6% 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 (-17.6% 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 (-17.6% 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 (-17.6% 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 (-17.6% a year, annual reports), fading to 3% by year 5.

Business

  • 4.4%

    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.

  • 3%

    The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).

    Default: not in the statements, so a typical level.

  • 4%

    Money spent on factories, equipment, software and other long-term assets (% of revenue).

    Default: not in the statements, so a typical level.

  • 13%

    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.

  • 4.08%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-29.

  • 0.6

    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.

  • 5.5%

    The extra return investors want for owning shares instead of bonds.

    Default: a typical premium for Korean shares.

  • 5.58%

    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)
₩1.3T
Net debt (borrowings and leases − cash and deposits)
−₩144B
+ Stakes and investments
₩29B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩127B
Shares
38,782,520
Share price
₩7,820
Market cap
₩303B

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₩2.4T₩1.6T₩1.4T₩1.2T₩1.1T₩1.1T₩1.1T₩1.1T
Growth−4.2%−33.5%−12.1%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT₩127B₩2.4B₩13B₩52B₩48B₩47B₩47B₩48B
EBIT margin5.3%0.2%0.9%4.4%4.4%4.4%4.4%4.4%
After-tax EBIT₩92B₩1.7B₩9.1B₩38B₩35B₩34B₩34B₩35B
+ Depreciation———₩35B₩33B₩32B₩32B₩33B
− Capital spending———₩47B₩44B₩43B₩42B₩44B
− Working capital−₩327B₩106B−₩30B−₩17B−₩10B−₩5B−₩276M₩4.1B
Free cash flow———₩43B₩34B₩28B₩24B₩20B
Discount factor———0.9310.8670.8080.7520.700
Present value———₩40B₩30B₩23B₩18B₩14B

Terminal value ₩545B, worth ₩381B today: 75% 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 ₩14,985 a share)Now 0.52×₩3,6250.24×₩5,4370.36×₩16,8601.13×
Price / earnings (last 12 months: ₩1,158 a share)Now 6.75×₩3,2792.83×₩5,5144.76×₩19,14416.5×
P/E on run-rate earnings (Q2 2026 × 4: ₩944 a share)Now 8.29×₩2,6722.83×₩4,4954.76×₩15,60516.5×

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%₩15,147₩16,023₩17,096₩18,443₩20,183
6.9%₩13,971₩14,665₩15,498₩16,518₩17,798
7.4%₩12,980₩13,538₩14,197₩14,989₩15,958
7.9%₩12,134₩12,588₩13,118₩13,743₩14,494
8.4%₩11,403₩11,777₩12,207₩12,709₩13,302

Now (TTM)

Market cap
₩303B
Enterprise value
₩160B
P/E
6.8×
P/B
0.5×
P/S
0.2×
EV/EBITDA
—
Dividend yield
1.9%

Over time (at each year end)

20252024202320222021
Price₩4,400₩3,205₩5,070₩6,030₩9,250
Market cap₩171B₩124B₩197B₩234B₩359B
P/E4.8×75.3×4.8×2.4×9.8×
P/B0.3×0.2×0.4×0.5×1.2×
P/S0.1×0.1×0.1×0.1×0.8×
EV/EBITDA—————
Dividend yield3.4%4.7%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Xi S&D6.8×0.5×0.2×—1.9%
SK Reit50.0×0.8×23.0×—1.3%
Lotte Reit59.8×1.1×16.4×—2.8%
Hanwha Reit68.0×1.4×16.6×45.3×2.5%
ESR Kendall Square Reit1,180.4×0.7×11.6×73.5×4.5%
Shinhan Alpha REIT98.0×1.2×8.0×34.4×3.0%
SamsungFN Reit148.2×1.1×37.2×—1.5%
Similar companies (median)83.0×1.1×16.5×45.3×2.6%

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

Also known as: Xi S&D / 자이에스앤디 / 317400 / KRX:317400

Source: KRX statistical information