Ask Warren

DL Holdings

000210 · KOSPI · ₩000210 · DL

₩40,300▼ ₩1,000 (2.42%)End-of-day · Oct 30, 2026 · End-of-day prices.
Trade
Alert me
SellBuy

Valuation model · Discounted cash flow (DCF)

We use a 5-year discounted cash flow: the value of the cash the business is expected to produce, in today's money.

Fair value per share

₩238,983

vs the current price (₩40,300)

Enterprise value
₩8.5T
Equity value
₩5.4T
WACC
4.5%

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

Why the model and the price differ

The model is 493% away from today's price. A gap this size usually means the market expects something the past figures don't show yet, or the model leaves something out. What we can see:

  • To match today's price of ₩40,300, the model needs an operating margin of 3.9% every year (it uses 6.7%).
  • Or revenue growth −16.9 points a year higher than assumed in each of the 5 years.

Treat the model as a starting point: change the assumptions to the story you believe, and compare with the multiples check below.

Bear / Base / Bull

Bear
₩9,389
−76.7%
Base
₩238,983
+493.0%
Bull
₩853,270
+2,017.3%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Sign in to change the assumptions and see the results update. Sign in

Cycle options

Margin path

Every year uses the cycle-average margin (6.7%).

Revenue growth

  • 1%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (1% a year, annual reports), fading to 3% by year 5.

  • 1.5%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (1% a year, annual reports), fading to 3% by year 5.

  • 2%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (1% a year, annual reports), fading to 3% by year 5.

  • 2.5%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (1% a year, annual reports), fading to 3% by year 5.

  • 3%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (1% a year, annual reports), fading to 3% by year 5.

Business

  • 6.7%

    Operating profit as a share of revenue.

    Default: through-the-cycle average of the last 12 months and the last 5 annual reports' operating margins.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 6.4%

    The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).

    Default: not in the statements, so 80% of capital spending (most spending replaces equipment that wears out).

  • 8%

    Money spent on factories, equipment, software and other long-term assets (% of revenue).

    Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).

  • 14.3%

    Stock and unpaid customer bills, less unpaid supplier bills, as a % of revenue. Each year's extra revenue ties up this much more cash.

    Default: working capital (current assets less cash and deposits, minus current liabilities other than borrowings) as a share of revenue, averaged over the last 3 years.

Discount rate

  • 2%

    How fast cash flows keep growing every year after year 5.

    Default: about Korea's long-run inflation plus real growth.

  • 4.01%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-30.

  • 0.61

    How much the share moves when the market moves: 1 means just like the market.

    Default: 105 weeks of weekly returns against KOSPI (official index); raw beta 0.42, adjusted toward 1 and kept between 0.6 and 2.0.

  • 5.5%

    The extra return investors want for owning shares instead of bonds.

    Default: a typical premium for Korean shares.

  • 5.51%

    The interest rate the company would pay to borrow.

    Default: the 10-year yield plus a 1.5% credit spread.

Starting point

Revenue (TTM to H1 2026)
₩5.6T
Net debt (borrowings and leases − cash and deposits)
₩4.5T
+ Stakes and investments
₩2.4T
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩941B
Shares
22,641,999
incl. 1,686,115 preferred
Share price
₩40,300
Market cap
₩878B

TTM = trailing 12 months: the last four reported quarters added together. "TTM to H1 2026" is the 12 months up to the latest quarterly or half-year report (H1 = to the end of June). Year 1 grows from there.

Past years and projection

Grey columns are reported results from the annual reports (after-tax EBIT at the model's tax rate), so you can check the growth and margin assumptions against the past. Years 1–5 are the model.

FY2023FY2024FY2025Year 1Year 2Year 3Year 4Year 5
Revenue₩5T₩5.6T₩5.3T₩5.6T₩5.7T₩5.8T₩6T₩6.1T
Growth−3.0%11.9%−5.1%1.0%1.5%2.0%2.5%3.0%
EBIT₩151B₩413B₩299B₩377B₩383B₩390B₩400B₩412B
EBIT margin3.0%7.3%5.6%6.7%6.7%6.7%6.7%6.7%
After-tax EBIT₩109B₩299B₩216B₩273B₩277B₩283B₩290B₩299B
+ Depreciation———₩360B₩365B₩373B₩382B₩393B
− Capital spending₩625B₩386B₩242B₩450B₩457B₩466B₩478B₩492B
− Working capital−₩72B₩30B−₩20B₩8B₩12B₩16B₩21B₩26B
Free cash flow———₩175B₩174B₩173B₩174B₩175B
Discount factor———0.9570.9150.8750.8370.801
Present value———₩168B₩159B₩152B₩145B₩140B

Terminal value ₩9.7T, worth ₩7.8T today: 91% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

Cross-check: what the market has paid before

For cyclical businesses, analysts check a DCF against the multiples the stock has traded at through past cycles. Price / book is the usual anchor for them: P/E looks highest at the bottom of a cycle, when earnings are smallest, and lowest at the top. The price each band would give today:

LowTypicalHigh
Price / book (book value ₩190,513 a share)Now 0.21×₩41,5430.22×₩56,6670.30×₩70,4090.37×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2021, each against the latest report out by then, per share at today's share count; loss years and P/E above 100 are left out. Run-rate earnings are one quarter × 4, not a forecast. Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Sensitivity

Fair value per share as two inputs change; the middle is the current case.

WACC ↓ · Terminal growth →1.0%1.5%2.0%2.5%3.0%
3.5%₩266,291₩351,070₩490,798₩764,734₩1,545,747
4.0%₩197,645₩252,429₩333,990₩468,413₩731,947
4.5%₩148,445₩186,294₩238,983₩317,426₩446,707
5.0%₩111,468₩138,889₩175,281₩225,941₩301,361
5.5%₩82,674₩103,259₩129,616₩164,595₩213,288

Now (TTM)

Market cap
₩845B
Enterprise value
₩5.2T
P/E
6.0×
P/B
0.2×
P/S
0.2×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩37,650₩31,600₩51,400₩59,200₩60,900
Market cap₩789B₩662B₩1.1T₩1.2T₩1.3T
P/E—7.4×—17.2×1.8×
P/B0.2×0.2×0.3×0.3×0.3×
P/S0.1×0.1×0.2×0.2×0.5×
EV/EBITDA—————
Dividend yield0.0%3.2%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
DL Holdings6.0×0.2×0.2×—0.0%
LG Chem—0.5×0.3×—0.9%
Hanwha Solutions—0.5×0.3×—0.0%
Hanwha5.9×0.4×0.1×—1.5%
SKC—1.8×1.7×—0.0%
KCC0.9×0.3×0.5×8.9×0.0%
Kumho Petro Chemical5.3×0.4×0.4×—1.6%
Similar companies (median)5.3×0.4×0.4×8.9×0.4%

Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.

Also known as: DL Holdings / DL / 000210 / KRX:000210

Source: KRX statistical information