SDN Company (099220) Fair Value & Analysis
Utilities · KR · Market cap 44.8B KRW
Fair value as of: Jul 20, 2026
From 11 valuation models · updated 21 days ago
Share price −14.9% over the past month.
Below-average quality, and screening another 37% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (656.00 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 model range is unusually wide (221.98 KRW to 656.00 KRW). The outcome hinges heavily on assumptions, so read the point estimate with caution.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 20, 2026.
How to read this chart
60‑month range 565.00 KRW – 3,575 KRW · fair‑value band 221.98 KRW – 656.00 KRW · the 676.00 KRW price screens above the 422.78 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 20, 2026.
Analysis
SDN Company (099220) currently trades at 676.00 KRW, while our model-based Fair Value estimate is 422.78 KRW, implying the stock looks roughly 37.5% overvalued today. The Quality Score stands at 42/100 (below-average quality), in the Utilities sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, SDN Company generated revenue of 91.7B KRW at a net margin of 0.6%. Revenue grew 57.9% year over year. Net debt stands at 48.5B KRW. Fundamentals as of Jul 20, 2026
Our scenario range runs from 221.98 KRW (bear case) to 656.00 KRW (bull case); at 676.00 KRW, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 57% below its 52-week high, currently below its 200-day average. For context, the median of 10 Utilities peers we cover trades at 34% fair-value upside, at -37%, 099220 screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 11 models by family
Widest divergence: Asset-Based (813.83 KRW) versus Growth DCF (129.18 KRW). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 20, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 40 · Market factors (momentum, volatility) 16
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
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.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
SDN Company 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.
099220 screens 37% overvalued. Compare with MER →
Peer Group
Industrials · 5338 stocks
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.)
Valuation Multiples vs Industrials median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Electrical Utilities & IPPs stocks, each showing price versus our Fair Value estimate (as of Jul 20, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| MER MER | 578.00 PHP | 988.27 PHP | +71% |
| AEV AEV | 32.95 PHP | 37.67 PHP | +14% |
| INDIGRIDIV INDIGRIDIV | ₹177.50 | ₹96.05 | -46% |
| ACEN ACEN | 3.00 PHP | 2.49 PHP | -17% |
| SGP SGP | 26.50 PHP | 70.96 PHP | +168% |
| SPC SPC | 10.46 PHP | 4.73 PHP | -55% |
| VVT VVT | 20.20 PHP | 69.79 PHP | +245% |
| SPNEC SPNEC | 1.43 PHP | 5.27 PHP | +269% |
| Entergy New Orleans, LLC ENO | $21.21 | $25.69 | +21% |
| Tennessee Valley Authority TVE | $23.60 | $31.64 | +34% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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