Dong-A Pharmaceutical동아제약
000640 · KOSPI · ₩000640 · 동아제약
Valuation model · Sum of the parts (net asset value)
This is a holding company, so we value what it owns: its stakes in listed companies at market value, less a holding company discount.
Fair value per share
₩102,880
vs the current price (₩87,600)
- Assets before discount
- ₩1.2T
- Equity value
- ₩693B
Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.
Bear / Base / Bull
- Bear
- ₩68,587
- −21.7%
- Base
- ₩102,880
- +17.4%
- Bull
- ₩144,032
- +64.4%
Bear: listed stakes 20% lower and a discount 10 points wider. Bull: the opposite.
Assumptions
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Business
- 0%
Moves the market value of the listed companies it owns up or down.
Default: 0, today's market values.
- ₩0B
Anything else it owns, minus its own debt, in ₩ billions.
Default: 0. Unlisted holdings and the company's own cash and debt aren't included unless you add them.
Discount rate
- 40%
How far below the value of its holdings the company is valued.
Default: a typical discount for Korean holding companies.
Starting point
- Shares
- 6,732,527
- Share price
- ₩87,600
- Market cap
- ₩590B
Listed stakes
| Company | Stake | Market value |
|---|---|---|
| Dong-A Pharmaceutical | 100.0% | ₩590B |
| ST Pharm | 29.5% | ₩475B |
| Dong-A ST | 26.5% | ₩90B |
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Listed stakes ↓ · Discount → | 20.0% | 30.0% | 40.0% | 50.0% | 60.0% |
|---|---|---|---|---|---|
| −20.0% | ₩109,738 | ₩96,021 | ₩82,304 | ₩68,587 | ₩54,869 |
| −10.0% | ₩123,456 | ₩108,024 | ₩92,592 | ₩77,160 | ₩61,728 |
| 0.0% | ₩137,173 | ₩120,026 | ₩102,880 | ₩85,733 | ₩68,587 |
| +10.0% | ₩150,890 | ₩132,029 | ₩113,168 | ₩94,306 | ₩75,445 |
| +20.0% | ₩164,608 | ₩144,032 | ₩123,456 | ₩102,880 | ₩82,304 |
Now (TTM)
- Market cap
- ₩590B
- Enterprise value
- ₩945B
- P/E
- 6.9×
- P/B
- 0.5×
- P/S
- 0.4×
- EV/EBITDA
- —
- Dividend yield
- 1.9%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Price | ₩109,600 | ₩109,800 | ₩101,000 | ₩101,500 | ₩115,000 |
| Market cap | ₩738B | ₩739B | ₩680B | ₩683B | ₩774B |
| P/E | 8.1× | 12.7× | 11.7× | 61.3× | 12.8× |
| P/B | 0.6× | 0.7× | 0.7× | 0.7× | 0.8× |
| P/S | 0.5× | 0.6× | 0.6× | 0.7× | 0.9× |
| EV/EBITDA | — | — | — | — | — |
| Dividend yield | 1.6% | 1.5% | — | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Dong-A Pharmaceutical | 6.9× | 0.5× | 0.4× | — | 1.9% |
| SK Square | 3.7× | 2.2× | 98.7× | 3.6× | 0.0% |
| KB Financial Group | 8.7× | 0.9× | — | 9.5× | 2.8% |
| Shinhan Financial Group | 7.7× | 0.7× | — | 10.1× | 2.9% |
| SK | 4.9× | 1.1× | 0.3× | — | 1.5% |
| Hana Financial Group | 7.6× | 0.7× | — | 9.9× | 3.6% |
| Woori Financial Group | 6.9× | 0.6× | — | 8.3× | 4.5% |
| Similar companies (median) | 7.3× | 0.8× | 49.5× | 9.5× | 2.9% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Dong-A Pharmaceutical / 동아제약 / 000640 / KRX:000640
Source: KRX statistical information