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Daejoo

003310 · KOSDAQ · ₩003310 · 대주산업

₩1,535▼ ₩7 (0.45%)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

₩3,110

vs the current price (₩1,535)

Enterprise value
₩105B
Equity value
₩110B
WACC
7.4%

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 103% 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 ₩1,535, the model needs an operating margin of 4.1% every year (it uses 8.2%).
  • Or revenue growth −19.0 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 8.5× against a typical 11.5× 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
₩1,813
+18.1%
Base
₩3,110
+102.6%
Bull
₩5,327
+247.1%

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 (8.2%).

Revenue growth

  • 0.6%

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

    Default: the last 3 years' revenue growth (0.6% a year, annual reports), fading to 3% by year 5.

  • 1.2%

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

    Default: the last 3 years' revenue growth (0.6% a year, annual reports), fading to 3% by year 5.

  • 1.8%

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

    Default: the last 3 years' revenue growth (0.6% a year, annual reports), fading to 3% by year 5.

  • 2.4%

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

    Default: the last 3 years' revenue growth (0.6% 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 (0.6% a year, annual reports), fading to 3% by year 5.

Business

  • 8.2%

    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.

  • 2.3%

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

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

  • 2%

    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).

  • 11.7%

    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 -0.07, 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)
₩101B
Net debt (borrowings and leases − cash and deposits)
−₩2.6B
+ Stakes and investments
₩2B
Associates, long-term financial assets and deposits (book value)
Shares
35,392,350
Share price
₩1,535
Market cap
₩54B

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₩105B₩106B₩101B₩101B₩103B₩104B₩107B₩110B
Growth5.8%1.0%−4.8%0.6%1.2%1.8%2.4%3.0%
EBIT₩7.7B₩10B₩11B₩8.3B₩8.4B₩8.6B₩8.8B₩9B
EBIT margin7.3%9.5%10.5%8.2%8.2%8.2%8.2%8.2%
After-tax EBIT₩5.6B₩7.3B₩7.7B₩6B₩6.1B₩6.2B₩6.4B₩6.5B
+ Depreciation₩2.4B₩2.5B—₩2.3B₩2.4B₩2.4B₩2.5B₩2.5B
− Capital spending₩1.2B₩2.9B₩2.3B₩2B₩2.1B₩2.1B₩2.1B₩2.2B
− Working capital−₩977M−₩587M−₩2.8B₩71M₩142M₩216M₩293M₩375M
Free cash flow₩7.8B₩7.5B—₩6.3B₩6.3B₩6.3B₩6.4B₩6.5B
Discount factor———0.9310.8670.8070.7510.700
Present value———₩5.8B₩5.4B₩5.1B₩4.8B₩4.6B

Terminal value ₩114B, worth ₩80B today: 76% 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 ₩3,223 a share)Now 0.48×₩1,9610.61×₩2,7590.86×₩5,0741.57×
Price / earnings (last 12 months: ₩180 a share)Now 8.52×₩8104.49×₩2,07911.5×₩4,04522.5×
P/E on run-rate earnings (Q2 2026 × 4: ₩220 a share)Now 6.98×₩9884.49×₩2,53711.5×₩4,93622.5×

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%
6.4%₩3,264₩3,493₩3,773₩4,124₩4,578
6.9%₩3,002₩3,186₩3,407₩3,679₩4,020
7.4%₩2,780₩2,931₩3,110₩3,325₩3,588
7.9%₩2,590₩2,716₩2,862₩3,036₩3,244
8.4%₩2,426₩2,532₩2,653₩2,795₩2,964

Now (TTM)

Market cap
₩54B
Enterprise value
₩51B
P/E
8.5×
P/B
0.5×
P/S
0.5×
EV/EBITDA
—
Dividend yield
2.4%

Over time (at each year end)

20252024202320222021
Price₩3,400₩1,416₩1,705₩2,110₩1,905
Market cap₩120B₩50B₩60B₩75B₩67B
P/E17.8×6.0×5.9×17.2×17.6×
P/B1.1×0.6×0.8×1.1×1.0×
P/S1.2×0.5×0.6×0.8×0.8×
EV/EBITDA—3.6×6.2×11.3×17.2×
Dividend yield1.1%2.8%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Daejoo8.5×0.5×0.5×—2.4%
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: Daejoo / 대주산업 / 003310 / KRX:003310

Source: KRX statistical information