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001430KOSPI

Seah Besteel Holdings

46,800
+2,650 (+6.00%)

Price chart

  • MA5
  • MA20
  • MA60
Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

Seah Besteel Holdings was established in 1955 and is listed on the KOSPI market. It is a member of the SeAH Group.

The company operates as a pure holding company. It exercises control over its subsidiaries and grandchildren companies through stock ownership and provides strategic management and portfolio direction for businesses involving carbon alloy steel, stainless steel, and special alloys.

Business overview as filed

당사는 2022년 4월 1일을 분할기일로 하여 상법 제530조의2 내지 제530조의12의 규정이 정하는 바에 따라 영위하는 사업 중 분할대상 사업부문을 물적분할 방식으로 분할하였습니다. 이를 통해 주식회사 세아베스틸(분할신설회사)을 설립하였고, 분할회사는 주식회사 세아베스틸지주(분할존속회사)로 존속하여 독점규제 및 공정거래에 관한 법률에 따른 지주회사로 전환하였습니다.당사는 지배목적의 주식소유를 주된 사업내용으로 하는 순수지주회사로 현행 공정거래법이 규정하는 지주회사 요건(자산총액 기준, 부채비율 기준, 자회사주식 지분율 기준 등)을 모두 충족하고 있으며, 주식 소유를 통해 자회사 및 손자회사에 대하여 지배권을 행사하고 있습니다. 보고서 작성기준일 현재 당사의 자회사 및 손자회사는 다음과 같습니다.

당사는 자회사 및 손자회사들의 전문적 경영전략 및 미래 성장동력 발굴을 위한 전략 조직의 역할을 수행하고 있습니다. 연결회사인 당사는 탄소합금강, 스테인리스강, 고강도 알루미늄 합금, 특수합금의 소재 분야로의 확장, 해외 판매거점 및 가공사업으로의 확장이 탄력적으로 가능한 현재의 사업포트폴리오를 구축하고 있습니다. 특히 (주)세아베스틸, (주)세아창원특수강, (주)세아항공방산소재 등의 지속 가능한 성장비전 추구를 위한 최적의 포트폴리오 방향성을 제시하고 있습니다.

당사는 주권상장법인으로서 자본시장과 금융투자업에 관한 법률 제161조 등 관련 법령 및 규정에 근거하여 주요경영사항 등을 신고(공시)하고 있습니다. 동시에 공정거래위원회에 신고된 지주회사로서 유가증권시장 공시규정 제8조에 근거하여 (국내)자회사의 주요경영사항 등에 대하여도 신고(공시)하고 있으며, 자산총액 대비 국내 자회사 주식의 최근 사업연도말 재무재표상 가액의 비중은 아래와 같습니다.

당사는 순수지주회사로서 사업부문별 요약 재무현황은 기재하지 않습니다.

Company overview

가. 연결대상 종속회사 현황(요약)

연결대상회사의 변동내용

나. 회사의 법적, 상업적 명칭

회사의 명칭은 "주식회사 세아베스틸지주"이며, 영문으로는 "SeAH Besteel Holdings Corporation"이라 표기합니다. 약식으로 표기할 경우에는 "(주)세아베스틸지주"라 합니다.

다. 설립일자

회사는 상법에 근거하여 특수강 등의 제조 및 판매업 목적으로 1955년 4월 5일에 설립되었습니다. 1991년 한국거래소 유가증권시장에 상장하였고, 2003년 12월 세아그룹에 편입되었습니다.

라. 본사의 주소, 전화번호 및 홈페이지

- 주소 : 서울특별시 마포구 양화로 45- 전화번호 : 02-6970-2100- 홈페이지 : https://www.seahbesteelholdings.co.kr

마. 중소기업 등 해당 여부

바. 주요 사업의 내용 및 신규사업당사는 지주회사업을 주요 사업으로 하고 있습니다. 지주회사란 주식의 소유를 통하여 국내회사의 사업내용을 지배하는 것을 주된 사업으로 하는 회사를 의미합니다. 당사는 순수지주회사로서, 다른 수익 획득을 위한 사업활동을 하지 않고 지주회사업을 주된 목적으로 합니다. 기타 자세한 사항은 'Ⅱ. 사업의 내용'을 참고 하시기 바랍니다.보고서 기준일 현재 주요종속회사의 주요 사업의 내용은 다음과 같습니다.

사. 신용평가에 관한 사항

(1) 최근 3년간 신용등급

(2) 신용등급체계1) 회사채 신용등급의 정의(국내)

2) 기업어음 신용등급의 정의(국내)

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.16), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

5.24%
[3.01%, 8.83%] · As of 2026-10-02
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 66.6% (2026-07-08). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.54
Beta [0.37, 0.71] · KOSPI200 · As of 2026-10-08
Intercept
+0.170%[-0.455%, +0.794%]
R squared
0.13
Observations
252
Trading-time corrected beta
0.37[0.06, 0.68]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSPI200 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

20152016201720182019202020212022202320242025TTM
RevenueKRW 100M25,26725,31130,55332,78129,60725,35836,51143,86340,83536,36136,51638,905
Revenue growth%—0.1720.717.29-9.68-14.3543.9820.14-6.90-10.960.43—
Operating incomeKRW 100M2,2231,4351,885559440-332,3841,2791,9675239841,267
Operating income growth%—-35.4631.41-70.37-21.25-107.57—-46.3853.84-73.3988.05—
Net incomeKRW 100M——1,372248192-2,4551,8378831,260203561890
Net income growth%———-81.91-22.66-1,379.25—-51.9242.67-83.91176.90—
Attributable to ownersKRW 100M1,5098871,267210172-2,4591,8599101,283202562887
Attributable to minoritiesKRW 100M14116010438204-22-27-230-13
Operating margin%8.805.676.171.701.49-0.136.532.914.821.442.703.26
Net margin%——4.490.760.65-9.685.032.013.090.561.542.29
ROE%10.245.106.901.130.93-15.1710.224.826.561.042.894.48
ROA%——3.820.670.54-7.485.212.313.440.531.432.08
Debt ratio%87.5177.3770.7486.4180.3791.4284.9693.6679.7588.37100.44115.23
Current ratio%197.13142.52193.32140.66182.77177.10179.60176.40222.11150.60185.76157.35
Quick ratio%73.2146.5968.1049.2670.3582.1760.2067.2074.6565.3079.3666.06
Reserve ratio%513.25540.19584.60581.53575.49458.22543.76569.49601.84589.93590.72595.02
Free cash flowKRW 100M——1,254592,5733,387———1,507-754—
FCF margin%——4.100.188.6913.36———4.15-2.07—
OCF conversion%——161.80354.781,685.31—45.2437.26182.371,568.61202.14—
Capex to revenue%——3.162.512.231.85———4.605.17—
Receivable daysdays—46.943.944.546.450.239.540.643.242.341.1—
Inventory daysdays—119.2102.6100.0112.9117.4101.299.7110.4112.1106.4—
Payable daysdays—47.243.737.238.752.253.649.545.941.843.9—
Cash conversion cycledays—118.9102.9107.2120.5115.487.190.9107.7112.6103.6—
EPSKRW4,2402,4923,560590483-6,9135,2312,5723,5765641,5672,472
PERx—10.258.1630.0031.57—3.806.346.9535.0432.0414.07
BPSKRW—48,45751,20551,85551,51245,20150,69952,58054,52554,08954,19255,195
PBRx—0.530.570.340.300.230.390.310.460.370.930.63
Dividend per shareKRW1,0008009008503002001,5001,2001,200—1,200—
Payout ratio%23.5832.1025.28144.0762.11—28.6846.6633.56—76.58—

Consolidated basis

Profit flowKRW 100M

Revenue
36,516
Cost of sales
33,365
Gross profit
3,151
Other
2,167
Operating income
984
Profit before tax
878
Non-operating expenses
106
Net income
561
Income tax expense
317

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

20152016201720182019202020212022202320242025
35,93935,37135,91037,18935,76932,80435,26038,18436,65238,26639,146
16,77315,42814,87817,23915,93815,66716,19618,46716,26117,95219,616
19,16619,94221,03219,95019,83117,13719,06419,71720,39020,31419,530

Income statement

20152016201720182019202020212022202320242025
25,26725,31130,55332,78129,607*25,35836,51143,86340,83536,36136,516
2,2231,4351,885559440*-332,3841,2791,967523984
2,1511,3281,733295306*-3,1492,3281,1571,553232878
Not applicableNot applicable1,372248192-2,4551,8378831,260203561
Basic earnings per shareKRW4,2402,4923,560590483-6,9135,2312,5723,5765641,567
Diluted earnings per shareKRW4,2402,4923,560590483Not applicableNot applicableNot applicableNot applicable5641,567
1,6081,1321,374195197-2,4911,9431,0451,062294586

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement——1,372248192-2,4551,8378831,260203561
Total adjustments to operating cash flowcomputed——8486323,0426,312-1,006-5541,0382,977573
3,5372,5522,2198803,2343,8578313292,2983,1801,135
-4,424-1,714-1,255-918-1,501-2,337950-970-1,460-2,484-2,417
-560-1,791-1,043631-1,707-1,494-1,9121,364-1,232908971
Cash at beginning of periodKRW 100M2,6241,1782221237177507576481,3699732,636
1,178222123717750757*6481,3699732,6362,329
Net change in cash and cash equivalentsKRW 100M-1,446-952-795932626-132724-3941,604Not applicable

In the latest fiscal year operating and financing activities brought cash in while investing activities spent it.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.16.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 71한영회계법인2025-12-31
2024적정의견Term 70삼일회계법인2025-12-31
2023적정의견Term 69삼일회계법인2025-12-31
2022적정Term 68삼일회계법인2022-12-31
2021적정Term 67한영회계법인2022-12-31
2020적정Term 66한영회계법인2022-12-31
2016적정Term 62안진회계법인2016-12-31
적정Term 61안진회계법인2016-12-31
적정Term 60안진회계법인2016-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 5Y0.59
%
%
Cost of equity7.32%
Weighted average cost of capital—
Initial growth0.7%
Effective tax rate35.0%
Base fiscal year2025
Current priceKRW46,800

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth model23,000-50.9%
Dividend discount model DDM22,298-52.4%
Discounted cash flow FCFFBase-year cash flow not positive
Discounted cash flow FCFE148,364+217.0%
Residual income model RIM11,105-76.3%
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.59 × 5.00% = 7.32%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(2.89% × (1 − 76.58%), 0) = 0.68%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Gordon growth model

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 1,200 × (1 + 2.00%) / (7.32% − 2.00%) = 1,224 / 0.0532 = 23,000 KRW

Dividend discount model DDM

P0=∑t=1NDt(1+r)t+DN(1+gT)(r−gT) (1+r)N,Dt=Dt−1(1+gt)P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 1,200, g_1 = 0.68%, g_T = 2.00%, r = 7.32%

YearGrowthDividend KRWDiscount factorPresent value KRW
10.68%1,2080.93181,126
21.01%1,2200.86821,059
31.34%1,2370.80901,000
41.67%1,2570.7538948
52.00%1,2820.7024901
Terminal value2.00%24,5800.702417,264
Total22,298

P_0 = 22,298 KRW

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 54,192 KRW, ROE = 2.89%, payout ratio = 76.58%, r = 7.32%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
154,1921,5673,968-2,4010.9318-2,237
254,5591,5783,995-2,4170.8682-2,098
354,9281,5884,022-2,4330.8090-1,969
455,3001,5994,049-2,4500.7538-1,847
555,6751,6104,076-2,4660.7024-1,732
Terminal value-47,2740.7024-33,203

P_0 = 54,192 + -9,883 + -33,203 = 11,105 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 1,134.8 − 1,888.8 + 3,617.4 (net borrowing) = 2,863.3 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
10.68%2,882.70.93182,686.1
21.01%2,911.80.86822,528.0
31.34%2,950.80.80902,387.1
41.67%3,000.00.75382,261.4
52.00%3,060.00.70242,149.3
Terminal value2.00%58,651.50.702441,194.8
Total53,206.6

P_0 = 53,206.6 KRW hundred million ÷ 35,862,119 (shares) = 148,364 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

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