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003160 · KOSPI · ₩003160 · 디아이

₩43,500▲ ₩200 (0.46%)End-of-day · Oct 29, 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

₩8,051

vs the current price (₩43,500)

Enterprise value
₩283B
Equity value
₩228B
WACC
9.5%

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 81% 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 ₩43,500, the model needs an operating margin of 19.1% every year (it uses 5.9%).
  • Or revenue growth +55.7 points a year higher than assumed in each of the 5 years.
  • In the projection, spending on equipment, software and working capital takes most or all of the after-tax operating profit, so free cash flow is thin. Companies that invest heavily often look like this until spending slows.
  • Today's P/E is 42.2× against a typical 23.5× over the last 10 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
₩1,828
−95.8%
Base
₩8,051
−81.5%
Bull
₩18,063
−58.5%

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 (5.9%).

Revenue growth

  • 23.2%

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

    Default: the last 3 years' revenue growth (23.2% a year, annual reports), fading to 3% by year 5.

  • 18.2%

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

    Default: the last 3 years' revenue growth (23.2% a year, annual reports), fading to 3% by year 5.

  • 13.1%

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

    Default: the last 3 years' revenue growth (23.2% a year, annual reports), fading to 3% by year 5.

  • 8.1%

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

    Default: the last 3 years' revenue growth (23.2% 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 (23.2% a year, annual reports), fading to 3% by year 5.

Business

  • 5.9%

    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.

  • 3.6%

    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).

  • 4.4%

    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).

  • 24.1%

    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.

  • 4.08%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-29.

  • 1.01

    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 1.01, 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.

  • 5.58%

    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)
₩477B
Net debt (borrowings and leases − cash and deposits)
₩36B
+ Stakes and investments
₩6.8B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩26B
Shares
28,300,000
Share price
₩43,500
Market cap
₩1.2T

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₩215B₩214B₩432B₩588B₩695B₩786B₩850B₩875B
Growth−7.1%−0.3%102.0%23.2%18.2%13.1%8.1%3.0%
EBIT₩6.1B₩3.1B₩37B₩35B₩41B₩46B₩50B₩52B
EBIT margin2.9%1.4%8.4%5.9%5.9%5.9%5.9%5.9%
After-tax EBIT₩4.5B₩2.2B₩26B₩25B₩30B₩34B₩36B₩37B
+ Depreciation———₩21B₩25B₩28B₩31B₩32B
− Capital spending₩3.5B₩7.2B₩36B₩26B₩31B₩35B₩37B₩39B
− Working capital−₩11B₩22B−₩17B₩27B₩26B₩22B₩15B₩6.1B
Free cash flow———−₩6.2B−₩1.6B₩5.4B₩14B₩24B
Discount factor———0.9130.8340.7620.6960.636
Present value———−₩5.7B−₩1.4B₩4.1B₩9.9B₩15B

Terminal value ₩410B, worth ₩261B today: 92% 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 ₩7,487 a share)Now 5.81×₩8,2241.10×₩16,9632.27×₩36,5294.88×
Price / earnings (last 12 months: ₩1,031 a share)Now 42.2×₩12,08011.7×₩24,20023.5×₩55,72754.0×
P/E on run-rate earnings (Q2 2026 × 4: ₩3,374 a share)Now 12.9×₩39,52211.7×₩79,17723.5×₩182,32654.0×

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%
8.5%₩9,100₩9,526₩10,013₩10,579₩11,243
9.0%₩8,221₩8,567₩8,960₩9,410₩9,931
9.5%₩7,449₩7,733₩8,051₩8,412₩8,825
10.0%₩6,767₩7,000₩7,260₩7,551₩7,881
10.5%₩6,160₩6,352₩6,565₩6,801₩7,066

Now (TTM)

Market cap
₩1.2T
Enterprise value
₩1.3T
P/E
42.2×
P/B
5.8×
P/S
2.6×
EV/EBITDA
—
Dividend yield
0.6%

Over time (at each year end)

20252024202320222021
Price₩21,350₩14,480₩6,300₩4,745₩9,360
Market cap₩604B₩410B₩178B₩134B₩265B
P/E118.6×374.1×56.5×9.2×17.2×
P/B3.7×2.7×1.2×0.9×1.9×
P/S1.4×1.9×0.8×0.6×1.2×
EV/EBITDA—————
Dividend yield1.2%0.7%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
DI42.2×5.8×2.6×—0.6%
TSE27.5×6.1×5.1×—0.2%
Kctech22.1×3.4×4.1×17.1×0.5%
Classys12.7×3.2×4.7×9.9×3.7%
Park Systems69.0×4.7×8.2×—0.2%
Curiox Biosystems—21.3×182.0×—0.0%
LivsMed—6.2×20.0×—0.0%
Similar companies (median)24.8×5.4×6.6×13.5×0.2%

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

Also known as: DI / 디아이 / 003160 / KRX:003160

Source: KRX statistical information