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Daiyang Metal

009190 · KOSPI · ₩009190 · 대양금속

₩830▲ ₩4 (0.48%)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

₩1,476

vs the current price (₩830)

Enterprise value
₩74B
Equity value
₩66B
WACC
6.5%

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 78% 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 ₩830, the model needs an operating margin of 2.2% every year (it uses 3.1%).
  • Margins ranged from −1.2% to 7.5% over the last 5 years, so this is a cyclical business. The model uses the average; the price may be set by where the cycle is now. Try the margin fade option.
  • 31% of the last 12 months' net profit came from outside operations (stakes in other companies, interest, one-offs). The model adds those stakes at book value but doesn't project that income.

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
₩122
−85.3%
Base
₩1,476
+77.8%
Bull
₩4,211
+407.4%

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

  • -2.3%

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

    Default: the last 3 years' revenue growth (-2.3% a year, annual reports), fading to 3% by year 5.

  • -1%

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

    Default: the last 3 years' revenue growth (-2.3% a year, annual reports), fading to 3% by year 5.

  • 0.4%

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

    Default: the last 3 years' revenue growth (-2.3% a year, annual reports), fading to 3% by year 5.

  • 1.7%

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

    Default: the last 3 years' revenue growth (-2.3% 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 (-2.3% 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.

  • 1.3%

    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).

  • 1.6%

    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).

  • 27.7%

    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.

  • 4.03%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-27.

  • 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 -0.24, 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.

  • 5.53%

    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)
₩220B
Net debt (borrowings and leases − cash and deposits)
₩12B
+ Stakes and investments
₩3.6B
Associates, long-term financial assets and deposits (book value)
Shares
44,939,175
Share price
₩830
Market cap
₩37B

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₩201B₩216B₩223B₩215B₩213B₩214B₩217B₩224B
Growth−16.1%7.3%3.7%−2.3%−1.0%0.4%1.7%3.0%
EBIT−₩2.5B₩1.9B₩5.6B₩6.7B₩6.6B₩6.6B₩6.7B₩6.9B
EBIT margin−1.2%0.9%2.5%3.1%3.1%3.1%3.1%3.1%
After-tax EBIT−₩1.8B₩1.4B₩4.1B₩4.8B₩4.8B₩4.8B₩4.9B₩5B
+ Depreciation———₩2.8B₩2.8B₩2.8B₩2.8B₩2.9B
− Capital spending₩7.5B₩988M₩1.5B₩3.4B₩3.4B₩3.4B₩3.5B₩3.6B
− Working capital−₩21B−₩1.5B₩9.3B−₩1.4B−₩596M₩236M₩1B₩1.8B
Free cash flow———₩5.6B₩4.7B₩3.9B₩3.2B₩2.6B
Discount factor———0.9390.8810.8270.7760.728
Present value———₩5.2B₩4.2B₩3.2B₩2.5B₩1.9B

Terminal value ₩79B, worth ₩57B today: 77% 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 ₩2,254 a share)Now 0.37×₩1,2840.57×₩1,9140.85×₩4,5112.00×

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%
5.5%₩1,768₩1,836₩1,923₩2,037₩2,193
6.0%₩1,576₩1,619₩1,672₩1,738₩1,824
6.5%₩1,419₩1,445₩1,476₩1,513₩1,559
7.0%₩1,288₩1,302₩1,318₩1,337₩1,359
7.5%₩1,177₩1,183₩1,189₩1,196₩1,203

Now (TTM)

Market cap
₩37B
Enterprise value
₩48B
P/E
5.9×
P/B
0.4×
P/S
0.2×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩1,296₩1,541₩1,121₩3,200₩4,880
Market cap₩58B₩69B₩50B₩144B₩219B
P/E6.2×——29.6×14.4×
P/B0.6×0.8×0.5×1.3×2.2×
P/S0.3×0.3×0.3×0.6×1.1×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Daiyang Metal5.9×0.4×0.2×—0.0%
POSCO Holdings16.2×0.4×0.3×7.7×3.6%
Korea Zinc18.1×1.6×0.8×—2.3%
Hyundai Steel—0.2×0.2×—1.9%
Poongsan8.0×0.7×0.3×5.9×2.9%
SeAH Besteel Holdings12.7×0.6×0.3×9.6×3.8%
Sama Aluminium—4.3×3.1×—0.0%
Similar companies (median)14.4×0.6×0.3×7.7×2.6%

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

Also known as: Daiyang Metal / 대양금속 / 009190 / KRX:009190

Source: KRX statistical information