Sghealthcare에스지헬스케어
398120 · KOSDAQ · ₩398120 · 에스지헬스케어
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
- ₩134M
- Equity value
- −₩2.9B
- WACC
- 7.0%
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 ₩2,040, the model needs an operating margin of 6.9% every year (it uses 2.7%).
- 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.
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
- ₩1,377
- −32.5%
Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.
Assumptions
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Cycle options
Margin path
Every year uses the cycle-average margin (2.7%).
Revenue growth
- 25%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (52.8% 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 1 years' revenue growth (52.8% 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 1 years' revenue growth (52.8% 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 1 years' revenue growth (52.8% 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 1 years' revenue growth (52.8% a year, annual reports), fading to 3% by year 5.
Business
- 2.7%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 2 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.
- 3.1%
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).
- 3.9%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 2 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 2 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.
- 4.01%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-30.
- 0.6
How much the share moves when the market moves: 1 means just like the market.
Default: 97 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.
- 5.51%
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)
- ₩26B
- Net debt (borrowings and leases − cash and deposits)
- ₩2.6B
- − Minority interests
- ₩422M
- Shares
- 11,841,511
- Share price
- ₩2,040
- Market cap
- ₩24B
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.
| FY2024 | FY2025 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
|---|---|---|---|---|---|---|---|
| Revenue | ₩16B | ₩25B | ₩32B | ₩39B | ₩44B | ₩48B | ₩49B |
| Growth | — | 52.8% | 25.0% | 19.5% | 14.0% | 8.5% | 3.0% |
| EBIT | −₩673M | ₩1.5B | ₩876M | ₩1B | ₩1.2B | ₩1.3B | ₩1.3B |
| EBIT margin | −4.2% | 6.0% | 2.7% | 2.7% | 2.7% | 2.7% | 2.7% |
| After-tax EBIT | −₩488M | ₩1.1B | ₩635M | ₩759M | ₩865M | ₩939M | ₩967M |
| + Depreciation | — | — | ₩1B | ₩1.2B | ₩1.4B | ₩1.5B | ₩1.5B |
| − Capital spending | — | ₩951M | ₩1.3B | ₩1.5B | ₩1.7B | ₩1.9B | ₩1.9B |
| − Working capital | — | ₩6.3B | ₩2.6B | ₩2.5B | ₩2.2B | ₩1.5B | ₩575M |
| Free cash flow | — | — | −₩2.2B | −₩2.1B | −₩1.7B | −₩948M | −₩3.7M |
| Discount factor | — | — | 0.935 | 0.874 | 0.817 | 0.763 | 0.713 |
| Present value | — | — | −₩2.1B | −₩1.8B | −₩1.4B | −₩723M | −₩2.7M |
Terminal value ₩8.6B, worth ₩6.1B today: 4575% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.
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% |
|---|---|---|---|---|---|
| 6.0% | ₩19 | — | — | — | — |
| 6.5% | — | — | — | — | — |
| 7.0% | — | — | — | — | — |
| 7.5% | — | — | — | — | — |
| 8.0% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩24B
- Enterprise value
- ₩26B
- P/E
- 21.9×
- P/B
- 1.0×
- P/S
- 0.9×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | |
|---|---|---|
| Price | ₩2,995 | ₩4,040 |
| Market cap | ₩35B | ₩48B |
| P/E | 37.9× | — |
| P/B | 1.5× | 2.1× |
| P/S | 1.4× | 3.0× |
| EV/EBITDA | — | — |
| Dividend yield | 0.0% | — |
Versus similar companies
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Sghealthcare / 에스지헬스케어 / 398120 / KRX:398120
Source: KRX statistical information