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Daelim Bath

005750 · KOSPI · ₩005750 · 대림바스

₩4,120▲ ₩15 (0.37%)End-of-day · Oct 27, 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

₩7,599

vs the current price (₩4,120)

Enterprise value
₩166B
Equity value
₩126B
WACC
6.1%

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 84% 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 ₩4,120, the model needs an operating margin of 2.2% every year (it uses 3.1%).
  • Or revenue growth −14.8 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 4.2× against a typical 11.0× 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
—
Base
₩7,599
+84.4%
Bull
₩23,403
+468.0%

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 (3.1%).

Revenue growth

  • 5.8%

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

    Default: the last 3 years' revenue growth (5.8% a year, annual reports), fading to 3% by year 5.

  • 5.1%

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

    Default: the last 3 years' revenue growth (5.8% a year, annual reports), fading to 3% by year 5.

  • 4.4%

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

    Default: the last 3 years' revenue growth (5.8% a year, annual reports), fading to 3% by year 5.

  • 3.7%

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

    Default: the last 3 years' revenue growth (5.8% 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 (5.8% a year, annual reports), fading to 3% by year 5.

Business

  • 3.1%

    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%

    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).

  • 0.7%

    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).

  • 15.4%

    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 0.02, 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)
₩305B
Net debt (borrowings and leases − cash and deposits)
₩47B
+ Stakes and investments
₩14B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩7.6B
Shares
16,592,240
Share price
₩4,120
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.

FY2023FY2024FY2025Year 1Year 2Year 3Year 4Year 5
Revenue₩266B₩281B₩301B₩323B₩339B₩354B₩367B₩378B
Growth5.0%5.5%6.9%5.8%5.1%4.4%3.7%3.0%
EBIT₩4.1B₩10B₩19B₩10B₩11B₩11B₩11B₩12B
EBIT margin1.5%3.6%6.2%3.1%3.1%3.1%3.1%3.1%
After-tax EBIT₩2.9B₩7.3B₩13B₩7.3B₩7.6B₩8B₩8.3B₩8.5B
+ Depreciation₩5.4B——₩6.5B₩6.8B₩7.1B₩7.3B₩7.6B
− Capital spending₩1.8B₩1.4B₩3B₩2.3B₩2.4B₩2.5B₩2.6B₩2.6B
− Working capital−₩9.1B−₩4.6B₩7.9B₩2.7B₩2.5B₩2.3B₩2B₩1.7B
Free cash flow₩16B——₩8.7B₩9.5B₩10B₩11B₩12B
Discount factor———0.9430.8890.8380.7910.745
Present value———₩8.2B₩8.4B₩8.6B₩8.7B₩8.7B

Terminal value ₩166B, worth ₩124B today: 74% 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 ₩10,506 a share)Now 0.39×₩3,9100.37×₩4,5320.43×₩7,3800.70×
Price / earnings (last 12 months: ₩979 a share)Now 4.21×₩4,5154.61×₩10,76811.0×₩48,39249.4×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,105 a share)Now 3.73×₩5,0974.61×₩12,15611.0×₩54,62949.4×

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%
5.1%₩8,643₩9,483₩10,595₩12,136₩14,422
5.6%₩7,505₩8,113₩8,888₩9,913₩11,334
6.1%₩6,590₩7,040₩7,599₩8,311₩9,253
6.6%₩5,837₩6,178₩6,590₩7,101₩7,753
7.1%₩5,207₩5,468₩5,779₩6,154₩6,620

Now (TTM)

Market cap
₩68B
Enterprise value
₩105B
P/E
4.2×
P/B
0.4×
P/S
0.2×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩4,710₩3,655₩3,645₩3,770₩7,360
Market cap₩78B₩61B₩60B₩63B₩122B
P/E5.8×11.3×——110.6×
P/B0.5×0.4×0.4×0.4×0.8×
P/S0.3×0.2×0.2×0.2×0.5×
EV/EBITDA——12.0×19.4×26.2×
Dividend yield0.0%0.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Daelim Bath4.2×0.4×0.2×—0.0%
Tokai Carbon Korea30.7×4.3×7.0×—0.7%
Hanilcementco12.1×0.7×0.9×—6.0%
Wonik QnC13.8×1.2×0.7×—0.5%
Sampyo Cement16.9×0.8×0.9×6.0×2.2%
Hanil Holdings9.5×0.3×0.3×—5.9%
IS Dongseo5.2×0.3×0.4×—3.5%
Similar companies (median)13.0×0.7×0.8×6.0×2.8%

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

Also known as: Daelim Bath / 대림바스 / 005750 / KRX:005750

Source: KRX statistical information