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Stormtec

352090 · KOSDAQ · ₩352090 · 스톰테크

₩3,690 ₩0 (0.00%)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

₩7,087

vs the current price (₩3,690)

Enterprise value
₩208B
Equity value
₩190B
WACC
6.9%

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 92% 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 ₩3,690, the model needs an operating margin of 12.2% every year (it uses 18.7%).
  • Or revenue growth −14.7 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 9.0× against a typical 9.0× 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
₩4,162
+12.8%
Base
₩7,087
+92.1%
Bull
₩12,159
+229.5%

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 (18.7%).

Revenue growth

  • 12.4%

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

    Default: the last 2 years' revenue growth (12.4% a year, annual reports), fading to 3% by year 5.

  • 10%

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

    Default: the last 2 years' revenue growth (12.4% a year, annual reports), fading to 3% by year 5.

  • 7.7%

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

    Default: the last 2 years' revenue growth (12.4% a year, annual reports), fading to 3% by year 5.

  • 5.3%

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

    Default: the last 2 years' revenue growth (12.4% 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 2 years' revenue growth (12.4% a year, annual reports), fading to 3% by year 5.

Business

  • 18.7%

    Operating profit as a share of revenue.

    Default: through-the-cycle average of the last 12 months and the last 3 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.

  • 2.9%

    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).

  • 9.6%

    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).

  • 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.

  • 4.11%

    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 0.08, 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)
₩18B
+ Stakes and investments
₩799M
Associates, long-term financial assets and deposits (book value)
Shares
26,872,998
Share price
₩3,690
Market cap
₩99B

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₩55B₩67B₩70B₩80B₩88B₩95B₩100B₩103B
Growth—21.3%4.1%12.4%10.0%7.7%5.3%3.0%
EBIT₩12B₩12B₩12B₩15B₩17B₩18B₩19B₩19B
EBIT margin21.1%18.6%17.1%18.7%18.7%18.7%18.7%18.7%
After-tax EBIT₩8.4B₩9B₩8.7B₩11B₩12B₩13B₩14B₩14B
+ Depreciation₩1.6B——₩2.3B₩2.6B₩2.8B₩2.9B₩3B
− Capital spending₩1.3B₩1.8B₩16B₩7.7B₩8.5B₩9.1B₩9.6B₩9.9B
− Working capital—−₩4.9B₩9.7B₩3.5B₩3.2B₩2.7B₩2B₩1.2B
Free cash flow₩8.7B——₩2B₩2.8B₩3.8B₩4.9B₩5.9B
Discount factor———0.9360.8750.8190.7660.717
Present value———₩1.8B₩2.5B₩3.1B₩3.7B₩4.2B

Terminal value ₩269B, worth ₩192B today: 93% 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 ₩3,362 a share)Now 1.10×₩3,3941.01×₩3,6751.09×₩4,1271.23×
Price / earnings (last 12 months: ₩408 a share)Now 9.04×₩2,6566.51×₩3,6558.96×₩4,15210.2×
P/E on run-rate earnings (Q2 2026 × 4: ₩555 a share)Now 6.65×₩3,6116.51×₩4,9708.96×₩5,64610.2×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2024, 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%
5.9%₩7,615₩8,398₩9,380₩10,651₩12,360
6.4%₩6,732₩7,347₩8,101₩9,048₩10,272
6.9%₩6,001₩6,494₩7,087₩7,813₩8,725
7.4%₩5,387₩5,789₩6,263₩6,834₩7,534
7.9%₩4,865₩5,196₩5,582₩6,039₩6,589

Now (TTM)

Market cap
₩99B
Enterprise value
₩117B
P/E
9.0×
P/B
1.1×
P/S
1.4×
EV/EBITDA
—
Dividend yield
12.2%

Over time (at each year end)

202520242023
Price₩3,640₩3,095₩4,895
Market cap₩98B₩83B₩132B
P/E9.6×5.8×13.5×
P/B1.0×0.9×1.6×
P/S1.4×1.2×2.4×
EV/EBITDA——10.2×
Dividend yield12.4%8.4%—

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Stormtec9.0×1.1×1.4×—12.2%
Hankook Tire & Technology5.8×0.5×0.3×—4.0%
Kumho Tire3.1×0.6×0.3×—0.0%
Pum-Tech Korea20.1×2.6×2.1×—0.7%
Dongwon Systems9.7×0.7×0.4×5.7×2.8%
Nexen Tire3.5×0.3×0.2×—3.6%
PI Advanced Materials12.8×1.2×1.7×5.2×2.2%
Similar companies (median)7.8×0.6×0.4×5.5×2.5%

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

Also known as: Stormtec / 스톰테크 / 352090 / KRX:352090

Source: KRX statistical information