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Daesang

001680 · KOSPI · ₩001680 · 대상

₩16,400▲ ₩550 (3.47%)End-of-day · Oct 28, 2026 · End-of-day prices.
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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

₩58,905

vs the current price (₩16,400)

Enterprise value
₩2.9T
Equity value
₩2.1T
WACC
5.5%

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 259% 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 ₩16,400, the model needs an operating margin of 2.2% every year (it uses 3.8%).
  • Or revenue growth −19.4 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
—
Base
₩58,905
+259.2%
Bull
₩193,992
+1,082.9%

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 (3.8%).

Revenue growth

  • 2.5%

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

    Default: the last 3 years' revenue growth (2.5% a year, annual reports), fading to 3% by year 5.

  • 2.6%

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

    Default: the last 3 years' revenue growth (2.5% a year, annual reports), fading to 3% by year 5.

  • 2.8%

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

    Default: the last 3 years' revenue growth (2.5% a year, annual reports), fading to 3% by year 5.

  • 2.9%

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

    Default: the last 3 years' revenue growth (2.5% 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 (2.5% a year, annual reports), fading to 3% by year 5.

Business

  • 3.8%

    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.

  • 3%

    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).

  • 3.8%

    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).

  • 10.5%

    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.

  • 4.11%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-28.

  • 0.6

    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 0.14, 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.

  • 5.61%

    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)
₩4.5T
Net debt (borrowings and leases − cash and deposits)
₩768B
+ Stakes and investments
₩22B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩28B
Shares
36,018,248
incl. 1,370,223 preferred
Share price
₩16,400
Market cap
₩588B

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₩4.1T₩4.3T₩4.4T₩4.6T₩4.7T₩4.8T₩5T₩5.1T
Growth0.6%3.6%3.4%2.5%2.6%2.8%2.9%3.0%
EBIT₩124B₩177B₩169B₩174B₩179B₩184B₩189B₩195B
EBIT margin3.0%4.2%3.8%3.8%3.8%3.8%3.8%3.8%
After-tax EBIT₩90B₩128B₩123B₩126B₩130B₩133B₩137B₩141B
+ Depreciation———₩137B₩141B₩145B₩149B₩154B
− Capital spending₩188B₩151B₩141B₩174B₩179B₩184B₩189B₩195B
− Working capital−₩208B₩65B−₩358B₩12B₩13B₩14B₩15B₩16B
Free cash flow———₩78B₩79B₩81B₩83B₩84B
Discount factor———0.9480.8980.8510.8070.765
Present value———₩74B₩71B₩69B₩67B₩65B

Terminal value ₩3.3T, worth ₩2.6T today: 88% 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 ₩30,646 a share)Now 0.54×₩15,4760.50×₩17,7430.58×₩20,9110.68×
P/E on run-rate earnings (Q2 2026 × 4: ₩2,058 a share)Now 7.97×₩12,2045.93×₩17,3508.43×₩22,47610.9×

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%
4.5%₩65,344₩76,541₩92,167₩115,516₩154,235
5.0%₩54,028₩62,075₩72,771₩87,695₩109,997
5.5%₩45,231₩51,224₩58,905₩69,115₩83,362
6.0%₩38,199₩42,787₩48,505₩55,833₩65,572
6.5%₩32,451₩36,042₩40,417₩45,867₩52,853

Now (TTM)

Market cap
₩568B
Enterprise value
₩1.3T
P/E
—
P/B
0.5×
P/S
0.1×
EV/EBITDA
—
Dividend yield
5.2%

Over time (at each year end)

20252024202320222021
Price₩21,050₩19,190₩20,750₩21,900₩23,300
Market cap₩729B₩665B₩719B₩759B₩807B
P/E—7.0×10.7×9.1×5.6×
P/B0.7×0.5×0.5×0.6×0.7×
P/S0.2×0.2×0.2×0.2×0.2×
EV/EBITDA—————
Dividend yield4.0%4.4%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Daesang—0.5×0.1×—5.2%
Samyang Foods18.4×5.9×3.3×—0.4%
Orion10.5×1.1×1.2×5.3×3.1%
CJ Cheiljedang—0.3×0.1×—3.5%
Nongshim12.0×0.8×0.7×—1.5%
Otoki16.9×0.6×0.3×—2.9%
Hite Jinro23.0×0.9×0.4×6.3×4.5%
Similar companies (median)16.9×0.9×0.5×5.8×3.0%

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

Also known as: Daesang / 대상 / 001680 / KRX:001680

Source: KRX statistical information