SOS Lab에스오에스랩
464080 · KOSDAQ · ₩464080 · 에스오에스랩
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
- −₩39B
- Equity value
- −₩68B
- 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:
- No operating margin up to 90% gets the model to today's price at these growth assumptions.
- 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
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Cycle options
Margin path
Every year uses the cycle-average margin (−20.0%).
Revenue growth
- 23.3%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (23.3% a year, annual reports), fading to 3% by year 5.
- 18.2%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (23.3% a year, annual reports), fading to 3% by year 5.
- 13.1%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (23.3% a year, annual reports), fading to 3% by year 5.
- 8.1%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (23.3% 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 (23.3% 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 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.
- 96.1%
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).
- 120.1%
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.
- 0.92
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 0.89, 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)
- ₩5B
- Net debt (borrowings and leases − cash and deposits)
- ₩30B
- + Stakes and investments
- ₩21M
- Associates, long-term financial assets and deposits (book value)
- Shares
- 18,013,569
- Share price
- ₩8,380
- Market cap
- ₩151B
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 | ₩4.9B | ₩6.1B | ₩6.2B | ₩7.3B | ₩8.3B | ₩9B | ₩9.2B |
| Growth | — | 23.3% | 23.3% | 18.2% | 13.1% | 8.1% | 3.0% |
| EBIT | −₩13B | −₩16B | −₩1.2B | −₩1.5B | −₩1.7B | −₩1.8B | −₩1.8B |
| EBIT margin | −259.9% | −265.1% | −20.0% | −20.0% | −20.0% | −20.0% | −20.0% |
| After-tax EBIT | −₩9.3B | −₩12B | −₩899M | −₩1.1B | −₩1.2B | −₩1.3B | −₩1.3B |
| + Depreciation | — | — | ₩6B | ₩7B | ₩8B | ₩8.6B | ₩8.9B |
| − Capital spending | ₩2.6B | ₩11B | ₩7.4B | ₩8.8B | ₩10B | ₩11B | ₩11B |
| − Working capital | — | ₩19B | ₩469M | ₩451M | ₩384M | ₩269M | ₩108M |
| Free cash flow | — | — | −₩2.9B | −₩3.3B | −₩3.6B | −₩3.7B | −₩3.7B |
| Discount factor | — | — | 0.924 | 0.854 | 0.789 | 0.729 | 0.673 |
| Present value | — | — | −₩2.6B | −₩2.8B | −₩2.8B | −₩2.7B | −₩2.5B |
Terminal value −₩38B, worth −₩25B today: 65% 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 ₩818 a share)Now 10.2× | ₩3,1053.80× | ₩6,2587.65× | ₩9,33911.4× |
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
- ₩151B
- Enterprise value
- ₩178B
- P/E
- —
- P/B
- 10.2×
- P/S
- 30.0×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | |
|---|---|---|
| Price | ₩14,200 | ₩13,480 |
| Market cap | ₩256B | ₩243B |
| P/E | — | — |
| P/B | 9.7× | 7.6× |
| P/S | 42.0× | 49.2× |
| EV/EBITDA | — | — |
| Dividend yield | 0.0% | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| SOS Lab | — | 10.2× | 30.0× | — | 0.0% |
| TSE | 27.5× | 6.1× | 5.1× | — | 0.2% |
| Kctech | 22.1× | 3.4× | 4.1× | 17.1× | 0.5% |
| Classys | 12.7× | 3.2× | 4.7× | 9.9× | 3.7% |
| Park Systems | 69.0× | 4.7× | 8.2× | — | 0.2% |
| DI | 42.2× | 5.8× | 2.6× | — | 0.6% |
| Curiox Biosystems | — | 21.3× | 182.0× | — | 0.0% |
| Similar companies (median) | 27.5× | 5.3× | 4.9× | 13.5× | 0.3% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: SOS Lab / 에스오에스랩 / 464080 / KRX:464080
Source: KRX statistical information