S2W에스투더블유
488280 · KOSDAQ · ₩488280 · 에스투더블유
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
- −₩31B
- Equity value
- −₩17B
- 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 gives no positive value at these assumptions. What we can see:
- To match today's price of ₩10,890, the model needs an operating margin of 74.3% every year (it uses −20.0%).
- 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 (−20.0%).
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
- -20%
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.
- 5.5%
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).
- 6.9%
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).
- 16.2%
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.
- 4.03%
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.
- 0.62
How much the share moves when the market moves: 1 means just like the market.
Default: 58 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.
- 5.53%
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)
- ₩10B
- Net debt (borrowings and leases − cash and deposits)
- −₩12B
- + Stakes and investments
- ₩2B
- Associates, long-term financial assets and deposits (book value)
- Shares
- 10,825,486
- Share price
- ₩10,890
- Market cap
- ₩118B
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 | ₩10B | ₩10B | ₩11B | ₩11B | ₩11B | ₩12B |
| Growth | — | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% |
| EBIT | −₩5.6B | −₩2.1B | −₩2.1B | −₩2.2B | −₩2.3B | −₩2.3B |
| EBIT margin | −55.9% | −20.0% | −20.0% | −20.0% | −20.0% | −20.0% |
| After-tax EBIT | −₩4.1B | −₩1.5B | −₩1.6B | −₩1.6B | −₩1.6B | −₩1.7B |
| + Depreciation | — | ₩572M | ₩589M | ₩606M | ₩625M | ₩643M |
| − Capital spending | ₩699M | ₩717M | ₩739M | ₩761M | ₩784M | ₩807M |
| − Working capital | — | ₩49M | ₩51M | ₩52M | ₩54M | ₩55M |
| Free cash flow | — | −₩1.7B | −₩1.8B | −₩1.8B | −₩1.9B | −₩1.9B |
| Discount factor | — | 0.931 | 0.866 | 0.806 | 0.750 | 0.698 |
| Present value | — | −₩1.6B | −₩1.5B | −₩1.5B | −₩1.4B | −₩1.3B |
Terminal value −₩34B, worth −₩24B today: 76% 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% | — | — | — | — | — |
| 6.9% | — | — | — | — | — |
| 7.4% | — | — | — | — | — |
| 7.9% | — | — | — | — | — |
| 8.4% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩118B
- Enterprise value
- ₩102B
- P/E
- —
- P/B
- 6.3×
- P/S
- 11.7×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | |
|---|---|
| Price | ₩29,700 |
| Market cap | ₩322B |
| P/E | — |
| P/B | 13.9× |
| P/S | 31.9× |
| EV/EBITDA | — |
| Dividend yield | 0.0% |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| S2W | — | 6.3× | 11.7× | — | 0.0% |
| Hyundai Autoever | 46.8× | 4.7× | 2.0× | — | 0.6% |
| Krafton | 10.0× | 1.2× | 1.9× | — | 1.2% |
| NC | 6.9× | 1.2× | 2.0× | 8.3× | 0.6% |
| Netmarble | 7.1× | 0.5× | 1.0× | — | 2.6% |
| PearlAbyss | 7.9× | 2.0× | 3.0× | 5.1× | 0.0% |
| Shift UP | 9.0× | 1.8× | 7.1× | — | 0.0% |
| Similar companies (median) | 8.4× | 1.5× | 2.0× | 6.7× | 0.6% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: S2W / 에스투더블유 / 488280 / KRX:488280
Source: KRX statistical information