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Skai worldwide

357880 · KOSDAQ · ₩357880 · SKAI

₩1,798▼ ₩200 (10.01%)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
−₩28B
Equity value
−₩36B
WACC
7.6%

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 ₩1,798, the model needs an operating margin of 77.8% every year (it uses −20.0%).
  • Margins ranged from −60.8% to 8.5% 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.
  • 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.
  • The group includes a financial business (an insurer, bank or broker), whose investments and minority shareholders are left out here. A sum-of-the-parts view usually fits groups like this better.

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 (−20.0%).

Revenue growth

  • -6.6%

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

    Default: the last 3 years' revenue growth (-6.6% a year, annual reports), fading to 3% by year 5.

  • -4.2%

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

    Default: the last 3 years' revenue growth (-6.6% a year, annual reports), fading to 3% by year 5.

  • -1.8%

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

    Default: the last 3 years' revenue growth (-6.6% a year, annual reports), fading to 3% by year 5.

  • 0.6%

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

    Default: the last 3 years' revenue growth (-6.6% 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 (-6.6% a year, annual reports), fading to 3% by year 5.

Business

  • -20%

    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.

  • 1.1%

    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).

  • 1.3%

    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).

  • -10%

    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.

  • 0.69

    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 0.54, 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)
₩13B
Net debt (borrowings and leases − cash and deposits)
₩8.5B
Shares
55,449,604
Share price
₩1,798
Market cap
₩100B

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₩28B₩20B₩16B₩12B₩11B₩11B₩11B₩12B
Growth45.2%−28.7%−21.2%−6.6%−4.2%−1.8%0.6%3.0%
EBIT−₩13B−₩12B−₩4.4B−₩2.4B−₩2.3B−₩2.2B−₩2.2B−₩2.3B
EBIT margin−47.7%−60.8%−28.1%−20.0%−20.0%−20.0%−20.0%−20.0%
After-tax EBIT−₩9.6B−₩8.7B−₩3.2B−₩1.7B−₩1.6B−₩1.6B−₩1.6B−₩1.7B
+ Depreciation———₩130M₩125M₩123M₩123M₩127M
− Capital spending₩394M₩72M₩344M₩154M₩148M₩145M₩146M₩150M
− Working capital−₩49B₩12B₩10B₩84M₩50M₩20M−₩6.7M−₩34M
Free cash flow———−₩1.8B−₩1.7B−₩1.7B−₩1.6B−₩1.7B
Discount factor———0.9290.8640.8030.7460.693
Present value———−₩1.7B−₩1.5B−₩1.3B−₩1.2B−₩1.2B

Terminal value −₩30B, worth −₩21B 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 ₩353 a share)Now 5.09×₩2,0665.85×₩3,2579.23×₩5,13714.6×

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%
6.6%—————
7.1%—————
7.6%—————
8.1%—————
8.6%—————

Now (TTM)

Market cap
₩100B
Enterprise value
₩108B
P/E
—
P/B
5.1×
P/S
7.9×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩1,597₩2,280₩3,462₩4,018₩8,903
Market cap₩89B₩126B₩192B₩223B₩494B
P/E————423.6×
P/B7.0×12.2×12.6×6.7×14.8×
P/S5.7×6.4×6.9×11.6×30.1×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Skai worldwide—5.1×7.9×—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: Skai worldwide / SKAI / 357880 / KRX:357880

Source: KRX statistical information