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You're reading an earlier report from Oct 18, 2026. See the latest report

DNFCo · 092070 · Chemicals

DNFCo: Earnings Recovering From Losses, but Shares Trade Well Above a Model Estimate

Why this report

Start of coverage: written when a reader opened this company and there was no report yet.

DNFCo, a KOSDAQ chemicals company with a market value of about ₩159.6B, has returned to a small operating profit in the trailing twelve months to H1 2026 after three loss-making years. The share price rose 21.0% in the past month but is still down 20.1% over one year, and sits well above the valuation model's base estimate.

Written Oct 18, 2026 · Data as of Oct 16, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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Thesis

The data supports a recovery story: operating income moved from a ₩2.9B loss in 2023 to a ₩2.5B profit over the trailing twelve months, and revenue has grown from ₩73.9B in 2024 to ₩86.0B. Free cash flow of ₩10.0B and very low leverage add to the picture. What the data does not support is a strong profitability case yet. The operating margin is 2.9% against 12.8% to 17.0% in 2021 and 2022, return on equity is 2.0%, and net income of ₩3.0B is larger than operating income, so it is not clear how much comes from non-operating items. The price-to-earnings ratio of 53.4 reflects thin earnings rather than a large profit base. Foreign investors have been modest net buyers recently, while retail investors were net sellers, but the amounts are small.

Business overview

DNFCo (디엔에프) is a chemicals company listed on KOSDAQ since 2007-11-16 and founded in 2001. It has 11,571,858 listed shares and a market capitalisation of about ₩159.6B at a close of ₩13,790. The 52-week range is ₩9,600 to ₩26,000, so the shares are about 47% below their high and 43.6% above their low. The data does not describe its products or customers. Revenue peaked at ₩96.9B in 2022 and fell to ₩73.9B in 2024 before recovering. Filings show a CEO change and a corporate value-up plan on 2026-03-26, along with a change of department affiliation on 2026-04-30.

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Model estimate of fair value

Bear
₩2,882
-77%
Base
₩4,942
-61%
Bull
₩8,364
-34%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Base case of the 5-year discounted cash flow model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 8.2%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 21, 2026Update noteModel fair value changeDNFCo: Model Fair Value Estimate Cut 40% to ₩2,942 Per Share
  2. Oct 18, 2026InitiationStart of coverage (reader request)DNFCo: Earnings Recovering From Losses, but Shares Trade Well Above a Model Estimate

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information