SDN Company. Ltd (099220) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of SDN Company. Ltd KRW 752, price KRW 5,040, upside -85.1%, quality 42 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Structural break:
The valuation model sees a lasting decline in earnings power for this stock, the confidence band is broken. Treat the target with caution.
Weakest SetupStrongly overvalued and low quality.
!Fair value 752.02 KRW · Strongly overvalued (−85.1%)
!Quality 42/100
!Weak Growth(revenue 5y +1.8 %/yr)
!Thin margins · 0.6% net margin (TTM)
✓Low debt · generates free cash flow
!Trails peers(1/7)
!Narrow moat26/100
!Evidence only low, so the estimate is less certain
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range 5,030 KRW – 35,750 KRW · fair‑value band 449.49 KRW – 1,097 KRW · the 5,040 KRW price screens above the 752.02 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 27, 2026.
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SDN Company., Ltd. manufactures and sells photovoltaic products in Korea. It offers solar modules, inverters, structures, and monitoring systems, as well as in-rotors, connections, structures, switches, sensors, etc. The company was formerly known as Seoul Marine Co., Ltd. and changed its name to SDN Company., Ltd. in April 2010. SDN Company., Ltd.
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SDN Company., Ltd. manufactures and sells photovoltaic products in Korea. It offers solar modules, inverters, structures, and monitoring systems, as well as in-rotors, connections, structures, switches, sensors, etc. The company was formerly known as Seoul Marine Co., Ltd. and changed its name to SDN Company., Ltd. in April 2010. SDN Company., Ltd. was founded in 1994 and is headquartered in Seongnam, South Korea.
Stock analysis
SDN Company. Ltd (099220) currently trades at 5,040 KRW, while our model-based Fair Value estimate is 752.02 KRW, implying the stock looks roughly 570.2% overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 1,208 KRW per share, and 0 of the 9 models we run sit above the 5,040 KRW price.
Bear case: the Growth DCF group reads lowest at 375.24 KRW, and 9 of the 9 models stay below the price. Evidence for this calculation is low.
Scenario range: 449.49 KRW (bear) to 1,097 KRW (bull), the price of 5,040 KRW sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 42/100 (below-average quality), in the Utilities sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
SDN Company. Ltd reported revenue of 87.5B KRW in FY2025 versus 92.8B KRW in FY2021, a compound −1.5%/yr. Reported net income was −1.7B KRW in FY2025.
Key figures
Market cap 44.8B KRW (≈ $33.1M) · P/S ratio 0.49 · Net margin −1.9% · Return on equity −3,157% · Return on assets (EBIT) −3.2% · Operating margin 4.5% · Revenue (TTM) 91.7B KRW · Revenue growth (YoY) +57.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 37 out of 100 (low confidence).
What moves the price
The share trades about 65% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −4% fair-value upside, at −85%, 099220 screens richer than that median.
Fair Value models
Bear 449.49 KRWFair Value 752.02 KRWBull 1,097 KRW
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+3.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−5.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.8%
Start year 2020 (pandemic). Over 10 years: +6.1% a year
Revenue growth 16 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.3%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
2.6% (2020) → 0.5% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+43.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (South Korea: IMF forecast 2.1% a year to 2030, 2.1% from 2016 to 2025) that is about +40.7% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its sector: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median. (Industry “Electrical Utilities & IPPs” was too small, so the broader sector is used.)Industrials · 5461 stocks
Beats the sector median on 1/7 measures
Overall it trails its sector peers.
Valuation
Quality Score42 · Bottom 25%
Fair Value upside−85.1% · Bottom 25%
Profitability
Return on assets1.5% · Below median
Net margin (TTM)0.6% · Below median
Operating margin (TTM)4.5% · Below median
Growth and dividend
Revenue growth57.9% · Top 25%
Balance sheet
Debt / equity0.22× · Above median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 19
FUTURE (revenue growth)100· sector 26
PAST (return on equity)0· sector 27
HEALTH (low debt)89· sector 94
DIVIDEND (yield)0· sector 36
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is SDN Company. Ltd (099220) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of 752.02 KRW versus a price of 5,040 KRW, about −85% upside (overvalued).
What is the fair value of 099220?
Our model-based fair value for SDN Company. Ltd is 752.02 KRW (as of Sep 27, 2026), built from audited fundamentals. The current price: 5,040 KRW.
What is the quality score of 099220?
SDN Company. Ltd has a Quality Score of 42/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for SDN Company. Ltd (099220)?
Our model-based price target is the fair value of 752.02 KRW (as of Sep 27, 2026) from 9 valuation models. Cautious scenario 449.49 KRW, optimistic scenario 1,097 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the SDN Company. Ltd stock forecast for 2026?
Our models put fair value at 752.02 KRW, about −85% upside versus a price of 5,040 KRW (overvalued). Cautious scenario 449.49 KRW, optimistic scenario 1,097 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of SDN Company. Ltd (099220)?
SDN Company. Ltd reported trailing-twelve-month revenue of about 91.7B KRW (latest available figure, as of Sep 27, 2026).
What growth is priced into SDN Company. Ltd (099220)?
For today's price to be fair in a discounted-cash-flow model, SDN Company. Ltd would have to grow free cash flow by +43.7 % per year for five years (discount rate 8.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +1.8 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of 099220 use?
Our models discount SDN Company. Ltd at 8.9 %: a base by market capitalisation (nano), damped by beta 0.49, country premium for South Korea. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For SDN Company. Ltd that is +43.7 % per year a year over ten years, using the same discount rate (8.9 %) and the same formula as our fair value.
How much growth has SDN Company. Ltd (099220) delivered so far?
Over the past 5 years revenue at SDN Company. Ltd grew +1.8 % a year. The price currently implies +43.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of SDN Company. Ltd (099220) growing?
The median revenue growth in the sector is +5.1 % a year. That is the yardstick for the growth priced into SDN Company. Ltd (+43.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of SDN Company. Ltd (099220)?
The free-cash-flow yield on the price is 0.88 %: that much free cash flow SDN Company. Ltd produces per unit of market value. When it exceeds the discount rate of our models (8.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of SDN Company. Ltd (099220)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For SDN Company. Ltd it is 752.02 KRW per share (as of Sep 27, 2026), against a price of 5,040 KRW. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is SDN Company. Ltd stock overvalued or undervalued in 2026?
As of Sep 27, 2026, 099220 trades above its calculated fair value: price 5,040 KRW, fair value 752.02 KRW, a gap of about −85% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 099220?
No. The price is what the market pays today (5,040 KRW); the fair value is what the company's own numbers justify (752.02 KRW). For SDN Company. Ltd the two are 4,288 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is SDN Company. Ltd worth?
The market values SDN Company. Ltd at about 44.8B KRW (market capitalisation, as of Sep 27, 2026). Per share that is 5,040 KRW; our models calculate a fair value of 752.02 KRW per share.
What do the bullish and bearish scenarios say about 099220?
Our models span a range for SDN Company. Ltd: cautious scenario 449.49 KRW, base 752.02 KRW, optimistic 1,097 KRW per share (as of Sep 27, 2026, price 5,040 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of SDN Company. Ltd (099220)?
Balance-sheet figures for SDN Company. Ltd (as of Sep 27, 2026): debt of 0.22 per unit of equity. They feed the Quality Score of 42/100, which measures business quality independently of the share price.
How far is 099220 from its 52-week high?
SDN Company. Ltd trades at 5,040 KRW, about 65% below its 52-week high of 14,490 KRW and at the low of 5,030 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 752.02 KRW is for.
Which stocks are comparable to SDN Company. Ltd?
From the same area (Utilities) we also value MER, ACEN, FGEN, SPC, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is SDN Company. Ltd stock attractive at the current price?
The data as of Sep 27, 2026: price 5,040 KRW, calculated fair value 752.02 KRW (−85%), Quality Score 42/100, from 9 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 099220 calculated?
We run SDN Company. Ltd through 9 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 752.02 KRW, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.9 % above its aggregate fair value. SDN Company. Ltd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of SDN Company. Ltd (099220)?
The closing price on Sep 23, 2026 was 5,040 KRW. Our model-based fair value is 752.02 KRW, about −85% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with SDN Company. Ltd right now?
The price sits above even our optimistic bull case (1,097 KRW). The favourable scenario is already priced in. Weak quality (42/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (449.49 KRW to 1,097 KRW) leaves room in how you read the outcome.
Key figures of SDN Company. Ltd
How large is the market capitalisation of SDN Company. Ltd (099220)?
The market capitalisation of SDN Company. Ltd is 44.8B KRW (≈ $33.1M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of SDN Company. Ltd (099220)?
The price-to-sales ratio of SDN Company. Ltd is 0.49 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of SDN Company. Ltd (099220)?
The net margin of SDN Company. Ltd is −1.9% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of SDN Company. Ltd (099220)?
The return on equity (ROE) of SDN Company. Ltd is −3,157% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of SDN Company. Ltd (099220)?
On an EBIT basis the return on assets of SDN Company. Ltd is −3.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of SDN Company. Ltd (099220)?
The operating margin of SDN Company. Ltd is 4.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at SDN Company. Ltd (099220)?
Revenue at SDN Company. Ltd is growing +57.9% versus a year earlier (3y avg −5.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at SDN Company. Ltd (099220)?
Earnings per share at SDN Company. Ltd are growing +255% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does SDN Company. Ltd (099220) carry?
The net debt of SDN Company. Ltd is 48.5B KRW (fiscal year 2025, ≈ 17.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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