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KREDKRED
475150KOSPI

SK Eternix

49,100
-1,300 (-2.58%)

Price chart

  • MA5
  • MA20
  • MA60

Adjusted prices rescale past bars with coefficients taken from the base prices the exchange itself published, correcting for corporate actions such as stock splits and reverse splits. Cash dividends are not reflected, and the risk measures on this page never use these adjusted figures.

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

SK Eternix Co., Ltd. was established on March 4, 2024, following a spin-off from SK D&D. The company is listed on the KOSPI market.

The company operates in the renewable energy sector, focusing on development, EPC, operation, and power trading. Its business segments include solar, wind, fuel cells, and energy storage systems. It also provides power reduction services and operates a virtual power plant platform.

Business overview as filed

[ SK이터닉스㈜ ]

SK이터닉스는 2024년 3월 1일 인적분할 설립 이후, 국내 신재생에너지 시장을 선도하는 에너지 전문 기업으로서 입지를 공고히 하고 있습니다.

당사는 태양광, 풍력, 연료전지 및 ESS를 아우르는 다각화된 포트폴리오를 통해 차별화된 시장 지배력을 입증하고 있습니다.

태양광 사업은 발전 자산의 금융 구조화 및 매입을 통해 자본 효율성을 극대화하고 있습니다. 솔라닉스 1~3호(120MW) 매입을 완료하고 추가로 5호 자산 매입을 추진 중이며, 직접 PPA 등 재생에너지 공급 사업을 통해 안정적인 수익 기반을 구축하였습니다.

풍력 사업은 최근 군위풍백(75MW)의 준공과 더불어 직접 PPA 체결이라는 독보적인 성과를 거두었습니다. 또한 신안우이(390MW) 및 굴업도(755MW) 등 총 1.3GW 규모의 해상 풍력 파이프라인을 구축하여 업계 내 선도적 지위를 강화하고 있습니다.

연료전지 사업은 고효율 SOFC 솔루션을 기반으로 분산 전원 시장을 선점하고 있습니다. 최근 충주에코파크(40MW)의 상업 운전을 개시하였으며, 대소원(40MW)과 파주 (31MW)의 순차적 준공을 통해 누적 200MW 이상의 운영 자산을 확보할 예정입니다.

ESS 부문은 국내 1위 운영 사업자로서 795MWh 규모의 국내 자산과 미국 텍사스(100MW) 운영 성과를 보유하고 있으며, 제주 표선 BESS(40MW) 입찰 성공을 통해 전력망 솔루션 분야의 독보적인 전문성을 입증하였습니다.

당사는 데이터 분석과 정교한 리스크 관리(Risk Management) 역량을 바탕으로 개발과 운영을 넘어 VPP(가상발전소) 플랫폼 시장으로 사업 영역을 확장하고 있습니다. 글로벌 파트너십과 자본 조달 역량을 결합하여 미래 에너지 산업의 새로운 표준을 제시하는 '종합 그린 에너지 솔루션 기업'으로 도약해 나갈 것입니다.

[ ㈜이에스에스에스코 ]

㈜이에스에스에스코는 SK이터닉스㈜와 공동약정을 체결하여 고객사에게 전력절감용역을 공동으로 제공하고 있습니다. ESS설비는 SK이터닉스㈜와 ㈜이에스에스에스코가 투자비율에 따라 소유하고 있으며, 고객사에 ESS설비를 이용한 전력요금절감서비스를 제공하고 고객사로부터 전기요금 절감액 중 일부를 약정비율로 수취하고 있습니다.

[ 진도산월태양광발전㈜ ]

진도산월태양광발전㈜는 전라남도 진도군 산월리 일원에 72MW 규모의 태양광발전단지 개발 및 운영 사업을 추진하기 위하여 설립된 특수목적법인입니다.

Company overview

1. 연결대상 종속회사

(1) 연결대상 종속회사 개황

(2) 연결대상회사의 변동내용

2. 회사의 법적 및 상업적 명칭

회사는 '에스케이이터닉스 주식회사'라 칭하고, 한글로는 '에스케이이터닉스 주식회사'라 표기하며, 영문으로는 'SK eternix Co., Ltd.'라고 표기한다.

3. 설립일자: 2024년 03월 04일

4. 본사의 주소, 전화번호 및 홈페이지 주소

5. 회사사업 영위의 근거가 되는 법률

(1) 국토의 계획 및 이용에 관한 법률(2) 전기사업법(3) 신에너지 및 재생에너지 개발·이용·보급 촉진법(4) 공인인증서 발급 및 거래시장 운영에 관한 규칙

6. 중소기업 등 해당 여부

7. 주요 사업의 내용

당사는 2024년 3월 1일을 분할기일로 하여 SK디앤디㈜에서 인적 분할되어 설립되고, 2024년 3월 29일에 주식을 한국거래소가 개설한 유가증권시장에 상장한 회사로서 신재생에너지 관련 개발/EPC/운영/전력거래 사업을 주 영업목적으로 하고 있습니다.신재생에너지 개발 사업을 위한 연결대상 종속회사로 진도산월태양광발전㈜가 있으며, 공동약정에 따라 고객사에게 전력절감서비스를 공동으로 제공하고 있는 ㈜이에스에스에스코의 변동이익을 당사가 부담하는 것으로 판단하여 ㈜이에스에스에스코를 연결대상 종속회사로 분류하고 있습니다.

8. 신용평가에 관한 사항

당사의 신용평가등급은 다음과 같습니다.

[신용평가 회사의 신용등급체계 및 등급부여 의미]

9. 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

5.67%
[3.36%, 10.77%] · As of 2026-10-01
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 52.9% (2026-06-08). 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

0.49
Beta [0.24, 0.74] · KOSPI200 · As of 2026-10-07
Intercept
+0.347%[-0.557%, +1.250%]
R squared
0.06
Observations
252
Trading-time corrected beta
0.84[0.14, 1.53]
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

20242025TTM
RevenueKRW 100M3,3223,8565,628
Revenue growth%—16.10—
Operating incomeKRW 100M376530519
Operating income growth%—40.81—
Net incomeKRW 100M22430774
Net income growth%—37.27—
Attributable to ownersKRW 100M—30774
Attributable to minoritiesKRW 100M—00
Operating margin%11.3313.749.23
Net margin%6.747.971.32
ROE%—11.252.77
ROA%3.062.330.60
Debt ratio%202.39382.37363.27
Current ratio%85.8588.7997.03
Quick ratio%65.9339.7066.87
Reserve ratio%3,489.303,938.553,832.62
Free cash flowKRW 100M542-391—
FCF margin%16.30-10.13—
OCF conversion%298.44-82.18—
Capex to revenue%3.813.59—
Receivable daysdays—48.1—
Inventory daysdays—271.8—
Payable daysdays—38.5—
Cash conversion cycledays—281.4—
EPSKRW677911218
PERx17.8022.72236.77
BPSKRW7,1828,0897,883
PBRx1.682.566.56
Dividend per shareNot applicableNot applicableNot applicable

Consolidated basis

Profit flowKRW 100M

Revenue
3,856
Cost of sales
3,076
Gross profit
780
Operating income
530
SG&A expenses
250
Profit before tax
381
Non-operating expenses
149
Net income
307
Income tax expense
73

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.

Free cash flow breakdownKRW 100M

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

20242025
7,31713,171
4,89710,440
2,4202,730

Income statement

20242025
3,3223,856
376530
275381
224307
Basic earnings per shareKRW677911
Diluted earnings per shareKRW671903
229311

Cash flow statement

20242025
Net incomefrom the income statement224307
Total adjustments to operating cash flowcomputed444-560
668-252
-669-1,204
-5041,684
Cash at beginning of periodKRW 100M1,171666
666885
Net change in cash and cash equivalentsKRW 100M-505227

In the latest fiscal year operations and investing consumed cash raised through financing activities.

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 2삼정회계법인2025-12-31
2024적정의견Term 1삼정회계법인2025-12-31

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.

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 · 2026-10-074.38%
BetaDaily 1Y0.49
%
%
Cost of equity6.82%
Weighted average cost of capital—
Initial growth11.3%
Effective tax rate19.3%
Base fiscal year2025
Current priceKRW49,100

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 modelNo dividend
Dividend discount model DDMNo dividend
Discounted cash flow FCFFBase-year cash flow not positive
Discounted cash flow FCFE112,544+129.2%
Residual income model RIM18,263-62.8%
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 = 4.38% + 0.49 × 5.00% = 6.82%

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(11.25% × (1 − 0.00%), 0) = 11.25%

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

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 = 8,089 KRW, ROE = 11.25%, payout ratio = 0.00%, r = 6.82%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
18,0899105523580.9361336
28,9991,0136143990.8764349
310,0121,1276834440.8204364
411,1381,2537604930.7680379
512,3921,3948455490.7190395
Terminal value11,6160.71908,351

P_0 = 8,089 + 1,823 + 8,351 = 18,263 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 = -252.5 − 138.4 + 1,846.2 (net borrowing) = 1,455.3 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
111.25%1,619.10.93611,515.7
28.94%1,763.80.87641,545.8
36.63%1,880.70.82041,542.9
44.31%1,961.80.76801,506.7
52.00%2,001.00.71901,438.7
Terminal value2.00%42,335.80.719030,438.5
Total37,988.2

P_0 = 37,988.2 KRW hundred million ÷ 33,754,042 (shares) = 112,544 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.

Other issues on the same market

Neighbours in the market capitalisation order.

See the full KOSPI list