KOSDAQ · 004780 · Metal products · ₩004780

DaeryukCan대륙제관

004780 · KOSDAQ · ₩004780 · 대륙제관

₩4,280▲ ₩25 (0.59%)End-of-day · Oct 28, 2026 · End-of-day prices.

Trade

Sell Buy

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

₩8,800

vs the current price (₩4,280)

Enterprise value: ₩118B
Equity value: ₩140B
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 106% 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 ₩4,280, the model needs an operating margin of 2.4% every year (it uses 4.4%).
Today's P/E is 5.5× against a typical 6.4× 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: ₩4,246; −0.8%
Base: ₩8,800; +105.6%
Bull: ₩17,280; +303.7%

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

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (4.4%).

Revenue growth

Revenue growth, year 1-1.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-1.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-0.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-1.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 30.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-1.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 42%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-1.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-1.2% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin4.4%
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.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation2.5%
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).
Capital spending2.6%
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).
Working capital34.2%
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

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.08%
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.
Beta0.6
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 0.08, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)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): ₩276B
Net debt (borrowings and leases − cash and deposits): −₩20B
+ Stakes and investments: ₩1.8B; Associates, long-term financial assets and deposits (book value)
Shares: 15,903,199
Share price: ₩4,280
Market cap: ₩68B

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.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩271B	₩275B	₩267B	₩273B	₩273B	₩275B	₩281B	₩289B
Growth	−1.8%	1.3%	−2.9%	−1.2%	−0.1%	0.9%	2.0%	3.0%
EBIT	₩16B	₩16B	₩10B	₩12B	₩12B	₩12B	₩12B	₩13B
EBIT margin	5.8%	5.8%	3.9%	4.4%	4.4%	4.4%	4.4%	4.4%
After-tax EBIT	₩11B	₩11B	₩7.5B	₩8.7B	₩8.7B	₩8.8B	₩9B	₩9.2B
+ Depreciation	₩6.5B	₩6.9B	—	₩6.8B	₩6.8B	₩6.9B	₩7B	₩7.2B
− Capital spending	₩9.5B	₩6.2B	₩5.7B	₩7.1B	₩7.1B	₩7.2B	₩7.3B	₩7.5B
− Working capital	₩6.7B	₩15B	₩8.1B	−₩1.1B	−₩93M	₩840M	₩1.9B	₩2.9B
Free cash flow	₩1.6B	−₩2.8B	—	₩9.6B	₩8.5B	₩7.7B	₩6.8B	₩6.1B
Discount factor	—	—	—	0.931	0.867	0.808	0.752	0.700
Present value	—	—	—	₩8.9B	₩7.4B	₩6.2B	₩5.1B	₩4.2B

Terminal value ₩124B, worth ₩87B today: 73% 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:

	Low	Typical	High
Price / book (book value ₩10,121 a share)Now 0.42×	₩3,9340.39×	₩4,6510.46×	₩6,5010.64×
Price / earnings (last 12 months: ₩774 a share)Now 5.53×	₩3,8644.99×	₩4,9406.38×	₩8,96211.6×
P/E on run-rate earnings (Q2 2026 × 4: ₩479 a share)Now 8.94×	₩2,3914.99×	₩3,0576.38×	₩5,54711.6×

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%	₩9,912	₩10,140	₩10,414	₩10,753	₩11,186
6.9%	₩9,195	₩9,347	₩9,525	₩9,738	₩10,001
7.4%	₩8,591	₩8,688	₩8,800	₩8,930	₩9,085
7.9%	₩8,074	₩8,133	₩8,198	₩8,271	₩8,355
8.4%	₩7,628	₩7,658	₩7,690	₩7,724	₩7,760

Now (TTM)

Market cap: ₩68B
Enterprise value: ₩48B
P/E: 5.5×
P/B: 0.4×
P/S: 0.2×
EV/EBITDA: —
Dividend yield: 3.5%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩3,690	₩3,910	₩4,105	₩4,300	₩5,140
Market cap	₩59B	₩62B	₩65B	₩68B	₩82B
P/E	6.4×	5.4×	5.0×	7.0×	10.7×
P/B	0.4×	0.4×	0.5×	0.5×	0.7×
P/S	0.2×	0.2×	0.2×	0.2×	0.3×
EV/EBITDA	—	2.7×	2.8×	4.2×	5.7×
Dividend yield	4.1%	3.1%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
DaeryukCan	5.5×	0.4×	0.2×	—	3.5%
CS Wind	382.1×	1.3×	0.6×	—	2.6%
Hankuk Carbon	8.0×	1.2×	0.9×	—	2.0%
Taewoong	68.8×	0.8×	1.4×	21.9×	0.0%
YG-1	5.4×	0.8×	0.5×	—	1.8%
Bosung Power Technology	19.8×	2.2×	1.9×	9.1×	0.0%
Hansun Engineering	39.4×	2.8×	3.3×	15.6×	0.0%
Similar companies (median)	29.6×	1.2×	1.1×	15.6×	0.9%

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

Also known as: DaeryukCan / 대륙제관 / 004780 / KRX:004780

Source: KRX statistical information