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Saltware

328380 · KOSDAQ · ₩328380 · 솔트웨어

₩3,365▲ ₩105 (3.22%)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
−₩22B
Equity value
−₩14B
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:

  • To match today's price of ₩3,365, the model needs an operating margin of 1.4% every year (it uses −0.9%).
  • 100% of the last 12 months' net profit came from outside operations (stakes in other companies, interest, one-offs). The model adds those stakes at book value but doesn't project that income.
  • 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.
  • Today's P/E is 79.8× against a typical 57.2× 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
—
Base
—
Bull
₩3,434
+2.1%

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 (−0.9%).

Revenue growth

  • 25%

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

    Default: the last 3 years' revenue growth (26.6% a year, annual reports), fading to 3% by year 5.

  • 19.5%

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

    Default: the last 3 years' revenue growth (26.6% a year, annual reports), fading to 3% by year 5.

  • 14%

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

    Default: the last 3 years' revenue growth (26.6% a year, annual reports), fading to 3% by year 5.

  • 8.5%

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

    Default: the last 3 years' revenue growth (26.6% 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 (26.6% a year, annual reports), fading to 3% by year 5.

Business

  • -0.9%

    Operating profit as a share of revenue.

    Default: through-the-cycle average of the last 12 months and the last 4 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.

  • 4.1%

    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).

  • 5.2%

    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).

  • -5.6%

    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.

  • 0.6

    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 -0.03, 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)
₩71B
Net debt (borrowings and leases − cash and deposits)
−₩7.6B
+ Stakes and investments
₩579M
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩21M
Shares
6,852,555
Share price
₩3,365
Market cap
₩23B

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₩49B₩58B₩64B₩88B₩106B₩120B₩131B₩134B
Growth57.4%17.3%10.0%25.0%19.5%14.0%8.5%3.0%
EBIT−₩89M−₩1.7B₩566M−₩795M−₩950M−₩1.1B−₩1.2B−₩1.2B
EBIT margin−0.2%−3.0%0.9%−0.9%−0.9%−0.9%−0.9%−0.9%
After-tax EBIT−₩64M−₩1.2B₩410M−₩576M−₩689M−₩785M−₩852M−₩877M
+ Depreciation———₩3.6B₩4.3B₩4.9B₩5.4B₩5.5B
− Capital spending₩1.7B₩6.1B₩979M₩4.6B₩5.5B₩6.3B₩6.8B₩7B
− Working capital−₩10B−₩1.7B₩1.8B−₩989M−₩964M−₩827M−₩573M−₩219M
Free cash flow———−₩558M−₩885M−₩1.3B−₩1.7B−₩2.1B
Discount factor———0.9310.8670.8070.7510.700
Present value———−₩520M−₩767M−₩1B−₩1.3B−₩1.5B

Terminal value −₩24B, worth −₩17B 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 ₩3,292 a share)Now 1.02×₩3,7041.13×₩5,2001.58×₩7,6052.31×
Price / earnings (last 12 months: ₩42 a share)Now 79.8×₩1,20528.6×₩2,41157.2×₩3,06872.8×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2022, 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
₩23B
Enterprise value
₩15B
P/E
79.8×
P/B
1.0×
P/S
0.3×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

2025202420232022
Price₩4,110₩4,335₩7,275₩5,925
Market cap₩28B₩30B₩50B₩41B
P/E33.2×—65.5×—
P/B1.2×1.3×2.2×2.0×
P/S0.4×0.5×1.0×1.3×
EV/EBITDA————
Dividend yield0.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Saltware79.8×1.0×0.3×—0.0%
Samsung SDS26.5×1.7×1.2×—1.4%
LG CNS15.9×2.5×1.2×—2.3%
DB7.5×1.0×0.7×16.9×0.0%
Itcenglobal7.1×3.1×0.0×—0.0%
Lotte Innovate15.6×0.6×0.2×—3.9%
Shinsegae Information & Communication6.4×0.4×0.3×0.8×0.0%
Similar companies (median)11.6×1.3×0.5×8.8×0.7%

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

Also known as: Saltware / 솔트웨어 / 328380 / KRX:328380

Source: KRX statistical information