Dongwon Industries동원산업
006040 · KOSPI · ₩006040 · 동원산업
Valuation model · Sum of the parts (net asset value)
This is a holding company, so we value what it owns: its stakes in listed companies at market value, less a holding company discount.
Fair value per share
₩6,798
vs the current price (₩34,500)
- Assets before discount
- ₩500B
- Equity value
- ₩300B
Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.
Bear / Base / Bull
- Bear
- ₩4,532
- −86.9%
- Base
- ₩6,798
- −80.3%
- Bull
- ₩9,517
- −72.4%
Bear: listed stakes 20% lower and a discount 10 points wider. Bull: the opposite.
Assumptions
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Business
- 0%
Moves the market value of the listed companies it owns up or down.
Default: 0, today's market values.
- ₩0B
Anything else it owns, minus its own debt, in ₩ billions.
Default: 0. Unlisted holdings and the company's own cash and debt aren't included unless you add them.
Discount rate
- 40%
How far below the value of its holdings the company is valued.
Default: a typical discount for Korean holding companies.
Starting point
- Shares
- 44,140,819
- Share price
- ₩34,500
- Market cap
- ₩1.5T
Listed stakes
| Company | Stake | Market value |
|---|---|---|
| Dongwon Systems | 71.0% | ₩436B |
| ST Pharm | 2.0% | ₩30B |
| OCI Holdings | 0.8% | ₩24B |
| OCI | 0.8% | ₩3.9B |
| Choil Aluminum | 2.9% | ₩3.6B |
| Dongbu | 1.8% | ₩3.1B |
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Listed stakes ↓ · Discount → | 20.0% | 30.0% | 40.0% | 50.0% | 60.0% |
|---|---|---|---|---|---|
| −20.0% | ₩7,251 | ₩6,344 | ₩5,438 | ₩4,532 | ₩3,625 |
| −10.0% | ₩8,157 | ₩7,138 | ₩6,118 | ₩5,098 | ₩4,079 |
| 0.0% | ₩9,064 | ₩7,931 | ₩6,798 | ₩5,665 | ₩4,532 |
| +10.0% | ₩9,970 | ₩8,724 | ₩7,477 | ₩6,231 | ₩4,985 |
| +20.0% | ₩10,876 | ₩9,517 | ₩8,157 | ₩6,798 | ₩5,438 |
Now (TTM)
- Market cap
- ₩1.5T
- Enterprise value
- ₩3.5T
- P/E
- 3.5×
- P/B
- 0.4×
- P/S
- 0.2×
- EV/EBITDA
- 4.3×
- Dividend yield
- 3.3%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Price | ₩41,900 | ₩36,950 | ₩30,282 | ₩44,877 | ₩41,286 |
| Market cap | ₩1.8T | ₩1.6T | ₩1.3T | ₩2T | ₩1.8T |
| P/E | 5.0× | 21.7× | 5.9× | 6.7× | 10.8× |
| P/B | 0.5× | 0.6× | 0.5× | 0.8× | 1.3× |
| P/S | 0.2× | 0.2× | 0.1× | 0.2× | 0.7× |
| EV/EBITDA | 4.9× | 4.7× | 4.6× | 4.9× | 6.5× |
| Dividend yield | 2.7% | 3.0% | — | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Dongwon Industries | 3.5× | 0.4× | 0.2× | 4.3× | 3.3% |
| SK Square | 3.6× | 2.2× | 96.1× | 3.5× | 0.0% |
| KB Financial Group | 8.8× | 0.9× | — | 9.6× | 2.8% |
| Shinhan Financial Group | 7.8× | 0.7× | — | 10.2× | 2.9% |
| SK | 4.5× | 1.0× | 0.3× | — | 1.6% |
| Hana Financial Group | 8.0× | 0.7× | — | 10.0× | 3.4% |
| Woori Financial Group | 7.1× | 0.6× | — | 8.5× | 4.4% |
| Similar companies (median) | 7.5× | 0.8× | 48.2× | 9.6× | 2.8% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Dongwon Industries / 동원산업 / 006040 / KRX:006040
Source: KRX statistical information