CK Solution씨케이솔루션
480370 · KOSPI · ₩480370 · 씨케이솔루션
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
- −₩250B
- Equity value
- −₩231B
- WACC
- 7.5%
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 ₩1,600, the model needs an operating margin of 1.4% every year (it uses −6.3%).
- 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 (−6.3%).
Revenue growth
- -1.6%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-1.6% a year, annual reports), fading to 3% by year 5.
- -0.5%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-1.6% a year, annual reports), fading to 3% by year 5.
- 0.7%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-1.6% 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 1 years' revenue growth (-1.6% 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 1 years' revenue growth (-1.6% a year, annual reports), fading to 3% by year 5.
Business
- -6.3%
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.
- 0.7%
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).
- 0.9%
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).
- 13.8%
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.
- 4.08%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-29.
- 0.62
How much the share moves when the market moves: 1 means just like the market.
Default: 84 weeks of weekly returns against KOSPI (official index); raw beta 0.43, 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.
- 5.58%
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)
- ₩293B
- Net debt (borrowings and leases − cash and deposits)
- −₩15B
- + Stakes and investments
- ₩3.9B
- Associates, long-term financial assets and deposits (book value)
- − Minority interests
- ₩8,248
- Shares
- 32,481,408
- Share price
- ₩1,600
- Market cap
- ₩52B
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 | ₩296B | ₩291B | ₩288B | ₩287B | ₩289B | ₩294B | ₩303B |
| Growth | — | −1.6% | −1.6% | −0.5% | 0.7% | 1.8% | 3.0% |
| EBIT | ₩17B | −₩37B | −₩18B | −₩18B | −₩18B | −₩19B | −₩19B |
| EBIT margin | 5.6% | −12.6% | −6.3% | −6.3% | −6.3% | −6.3% | −6.3% |
| After-tax EBIT | ₩12B | −₩27B | −₩13B | −₩13B | −₩13B | −₩13B | −₩14B |
| + Depreciation | — | — | ₩2B | ₩2B | ₩2B | ₩2.1B | ₩2.1B |
| − Capital spending | ₩3B | ₩2.1B | ₩2.6B | ₩2.6B | ₩2.6B | ₩2.6B | ₩2.7B |
| − Working capital | — | −₩59B | −₩647M | −₩199M | ₩277M | ₩717M | ₩1.2B |
| Free cash flow | — | — | −₩13B | −₩13B | −₩14B | −₩15B | −₩16B |
| Discount factor | — | — | 0.930 | 0.865 | 0.805 | 0.749 | 0.697 |
| Present value | — | — | −₩12B | −₩12B | −₩11B | −₩11B | −₩11B |
Terminal value −₩276B, worth −₩193B 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% |
|---|---|---|---|---|---|
| 6.5% | — | — | — | — | — |
| 7.0% | — | — | — | — | — |
| 7.5% | — | — | — | — | — |
| 8.0% | — | — | — | — | — |
| 8.5% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩52B
- Enterprise value
- ₩36B
- P/E
- —
- P/B
- 0.9×
- P/S
- 0.2×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | |
|---|---|
| Price | ₩2,841 |
| Market cap | ₩92B |
| P/E | — |
| P/B | 1.3× |
| P/S | 0.3× |
| EV/EBITDA | — |
| Dividend yield | 0.0% |
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Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| CK Solution | — | 0.9× | 0.2× | — | 0.0% |
| Doosan Enerbility | 200.6× | 4.5× | 2.0× | — | 0.0% |
| Hanmi Semiconductor | 84.5× | 25.1× | 34.0× | 76.1× | 0.4% |
| Jusung Engineering | 1,135.2× | 13.9× | 36.4× | 2,185.7× | 0.0% |
| Rainbow Robotics | 4,308.5× | 55.2× | 162.6× | — | 0.0% |
| EO Technics | 47.1× | 6.8× | 11.5× | — | 0.0% |
| Doosan Bobcat | 13,805.1× | 923.8× | 743.7× | — | 3.5% |
| Similar companies (median) | 667.9× | 19.5× | 35.2× | 1,130.9× | 0.0% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: CK Solution / 씨케이솔루션 / 480370 / KRX:480370
Source: KRX statistical information