Seers씨어스
458870 · KOSDAQ · ₩458870 · 씨어스
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
- −₩251B
- Equity value
- −₩230B
- WACC
- 8.2%
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 ₩26,300, the model needs an operating margin of 53.6% every year (it uses −9.9%).
- 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
- —
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 (−9.9%).
Revenue growth
- 25%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (494.7% 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 (494.7% 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 (494.7% 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 (494.7% 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 (494.7% a year, annual reports), fading to 3% by year 5.
Business
- -9.9%
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.
- 3.4%
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).
- 4.2%
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.
- 4.03%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-27.
- 0.75
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 0.63, 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.
- 5.53%
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)
- ₩97B
- Net debt (borrowings and leases − cash and deposits)
- −₩21B
- − Minority interests
- ₩22M
- Shares
- 38,345,362
- Share price
- ₩26,300
- Market cap
- ₩1T
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 | ₩8.1B | ₩48B | ₩121B | ₩145B | ₩165B | ₩179B | ₩185B |
| Growth | — | 494.7% | 25.0% | 19.5% | 14.0% | 8.5% | 3.0% |
| EBIT | −₩8.7B | ₩16B | −₩12B | −₩14B | −₩16B | −₩18B | −₩18B |
| EBIT margin | −107.2% | 33.9% | −9.9% | −9.9% | −9.9% | −9.9% | −9.9% |
| After-tax EBIT | −₩6.3B | ₩12B | −₩8.7B | −₩10B | −₩12B | −₩13B | −₩13B |
| + Depreciation | — | — | ₩4.1B | ₩4.9B | ₩5.6B | ₩6.1B | ₩6.3B |
| − Capital spending | ₩406M | ₩1.6B | ₩5.1B | ₩6.1B | ₩6.9B | ₩7.5B | ₩7.8B |
| − Working capital | — | ₩17B | ₩9.7B | ₩9.5B | ₩8.1B | ₩5.6B | ₩2.2B |
| Free cash flow | — | — | −₩19B | −₩21B | −₩21B | −₩20B | −₩17B |
| Discount factor | — | — | 0.925 | 0.855 | 0.790 | 0.731 | 0.676 |
| Present value | — | — | −₩18B | −₩18B | −₩17B | −₩15B | −₩11B |
Terminal value −₩254B, worth −₩172B today: 69% 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:
| Low | Typical | High | |
|---|---|---|---|
| Price / book (book value ₩1,782 a share)Now 14.8× | ₩11,6446.53× | ₩26,97115.1× | ₩97,85554.9× |
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% |
|---|---|---|---|---|---|
| 7.2% | — | — | — | — | — |
| 7.7% | — | — | — | — | — |
| 8.2% | — | — | — | — | — |
| 8.7% | — | — | — | — | — |
| 9.2% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩1T
- Enterprise value
- ₩986B
- P/E
- 24.1×
- P/B
- 14.8×
- P/S
- 10.4×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | |
|---|---|---|
| Price | ₩43,390 | ₩3,505 |
| Market cap | ₩1.7T | ₩134B |
| P/E | 103.4× | — |
| P/B | 42.1× | 6.3× |
| P/S | 34.5× | 16.6× |
| EV/EBITDA | — | — |
| Dividend yield | 0.0% | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Seers | 24.1× | 14.8× | 10.4× | — | 0.0% |
| TSE | 27.5× | 6.1× | 5.1× | — | 0.2% |
| Kctech | 20.8× | 3.2× | 3.8× | 16.1× | 0.5% |
| Classys | 12.6× | 3.1× | 4.7× | 9.8× | 3.8% |
| Park Systems | 68.1× | 4.6× | 8.1× | — | 0.2% |
| Curiox Biosystems | — | 21.9× | 187.1× | — | 0.0% |
| DI | 36.7× | 5.0× | 2.2× | — | 0.7% |
| Similar companies (median) | 27.5× | 4.8× | 4.9× | 13.0× | 0.4% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Seers / 씨어스 / 458870 / KRX:458870
Source: KRX statistical information