ESteem에스팀
458350 · KOSDAQ · ₩458350 · 에스팀
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
₩6,772
vs the current price (₩4,065)
- Enterprise value
- ₩36B
- Equity value
- ₩59B
- 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 67% 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 ₩4,065, the model needs an operating margin of 2.3% every year (it uses 7.0%).
- Or revenue growth −20.3 points a year higher than assumed in each of the 5 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
- ₩4,807
- +18.2%
- Base
- ₩6,772
- +66.6%
- Bull
- ₩10,099
- +148.4%
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 (7.0%).
Revenue growth
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Business
- 7%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 1 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.
- 0%
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).
- 0%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 1 annual reports (cash flow statements; equipment and intangibles).
- -6.2%
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 1 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: 34 weeks of weekly returns against KOSPI (official index); raw beta 0.18, 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)
- ₩35B
- Net debt (borrowings and leases − cash and deposits)
- −₩22B
- + Stakes and investments
- ₩689M
- Associates, long-term financial assets and deposits (book value)
- Shares
- 8,683,200
- Share price
- ₩4,065
- Market cap
- ₩35B
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.
| FY2025 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
|---|---|---|---|---|---|---|
| Revenue | ₩35B | ₩36B | ₩37B | ₩38B | ₩40B | ₩41B |
| Growth | — | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% |
| EBIT | ₩2.5B | ₩2.5B | ₩2.6B | ₩2.7B | ₩2.8B | ₩2.9B |
| EBIT margin | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% |
| After-tax EBIT | ₩1.8B | ₩1.8B | ₩1.9B | ₩1.9B | ₩2B | ₩2.1B |
| + Depreciation | — | ₩0 | ₩0 | ₩0 | ₩0 | ₩0 |
| − Capital spending | ₩0 | ₩0 | ₩0 | ₩0 | ₩0 | ₩0 |
| − Working capital | — | −₩65M | −₩67M | −₩69M | −₩71M | −₩74M |
| Free cash flow | — | ₩1.9B | ₩2B | ₩2B | ₩2.1B | ₩2.1B |
| Discount factor | — | 0.931 | 0.867 | 0.807 | 0.751 | 0.700 |
| Present value | — | ₩1.8B | ₩1.7B | ₩1.6B | ₩1.6B | ₩1.5B |
Terminal value ₩40B, worth ₩28B today: 77% 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% |
|---|---|---|---|---|---|
| 6.4% | ₩6,880 | ₩7,256 | ₩7,718 | ₩8,298 | ₩9,049 |
| 6.9% | ₩6,517 | ₩6,826 | ₩7,197 | ₩7,653 | ₩8,226 |
| 7.4% | ₩6,211 | ₩6,468 | ₩6,772 | ₩7,139 | ₩7,589 |
| 7.9% | ₩5,950 | ₩6,166 | ₩6,420 | ₩6,720 | ₩7,082 |
| 8.4% | ₩5,723 | ₩5,908 | ₩6,122 | ₩6,372 | ₩6,669 |
Now (TTM)
- Market cap
- ₩35B
- Enterprise value
- ₩11B
- P/E
- 17.0×
- P/B
- 1.2×
- P/S
- 1.0×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
Loading data for this company — check back soon
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| ESteem | 17.0× | 1.2× | 1.0× | — | 0.0% |
| S-1 | 23.7× | 2.1× | 1.3× | — | 0.0% |
| Cheil Worldwide | 9.9× | 1.4× | 0.5× | — | 6.5% |
| Doosan Tesna | 54.8× | 4.2× | 5.7× | — | 0.2% |
| Lotte Tour Development | 15.6× | 2.2× | 1.1× | — | 0.0% |
| Soulbrain Holdings | 1.3× | 0.4× | 1.2× | — | 1.3% |
| Innocean Worldwide | 5.4× | 0.6× | 0.3× | — | 6.8% |
| Similar companies (median) | 12.8× | 1.7× | 1.2× | — | 0.7% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: ESteem / 에스팀 / 458350 / KRX:458350
Source: KRX statistical information