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DY

013570 · KOSPI · ₩013570 · 디와이

₩3,700▼ ₩110 (2.89%)End-of-day · Oct 30, 2026 · End-of-day prices.
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Valuation model · Discounted cash flow (DCF)

This is a holding company, but we don't have its stakes in listed companies yet, so we use a discounted cash flow for now.

Fair value per share

₩11,035

vs the current price (₩3,700)

Enterprise value
₩584B
Equity value
₩290B
WACC
5.9%

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 198% 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 ₩3,700, the model needs an operating margin of 2.9% every year (it uses 3.6%).
  • Or revenue growth −16.5 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 4.3× against a typical 6.5× 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
—
Base
₩11,035
+198.2%
Bull
₩54,120
+1,362.7%

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 (3.6%).

Revenue growth

  • 4.4%

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

    Default: the last 3 years' revenue growth (4.4% a year, annual reports), fading to 3% by year 5.

  • 4%

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

    Default: the last 3 years' revenue growth (4.4% 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 (4.4% a year, annual reports), fading to 3% by year 5.

  • 3.3%

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

    Default: the last 3 years' revenue growth (4.4% 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 (4.4% a year, annual reports), fading to 3% by year 5.

Business

  • 3.6%

    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.

  • 4.7%

    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).

  • 5.9%

    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).

  • 19.6%

    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.

  • 4.01%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-30.

  • 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 0.31, 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.

  • 5.51%

    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)
₩1.3T
Net debt (borrowings and leases − cash and deposits)
₩71B
+ Stakes and investments
₩587M
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩223B
Shares
26,319,633
Share price
₩3,700
Market cap
₩97B

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₩1.2T₩1.2T₩1.2T₩1.4T₩1.4T₩1.5T₩1.5T₩1.6T
Growth8.8%−1.9%6.6%4.4%4.0%3.7%3.3%3.0%
EBIT₩43B₩36B₩48B₩49B₩51B₩53B₩55B₩57B
EBIT margin3.6%3.0%3.9%3.6%3.6%3.6%3.6%3.6%
After-tax EBIT₩31B₩26B₩35B₩36B₩37B₩39B₩40B₩41B
+ Depreciation———₩65B₩67B₩70B₩72B₩74B
− Capital spending₩41B₩110B₩61B₩81B₩84B₩87B₩90B₩93B
− Working capital−₩30B₩56B₩17B₩11B₩11B₩10B₩9.6B₩9B
Free cash flow———₩8B₩9.4B₩11B₩12B₩13B
Discount factor———0.9440.8920.8420.7950.750
Present value———₩7.6B₩8.4B₩8.9B₩9.5B₩9.9B

Terminal value ₩719B, worth ₩540B today: 92% 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 ₩16,148 a share)Now 0.23×₩4,3830.27×₩6,3900.40×₩8,9240.55×
Price / earnings (last 12 months: ₩857 a share)Now 4.32×₩3,8534.50×₩5,5356.46×₩10,38312.1×
P/E on run-rate earnings (Q2 2026 × 4: ₩2,114 a share)Now 1.75×₩9,5084.50×₩13,6586.46×₩25,61912.1×

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%
4.9%₩14,257₩16,487₩19,467₩23,665₩30,035
5.4%₩11,055₩12,619₩14,628₩17,312₩21,092
5.9%₩8,512₩9,635₩11,035₩12,831₩15,230
6.4%₩6,446₩7,267₩8,263₩9,503₩11,094
6.9%₩4,736₩5,342₩6,062₩6,935₩8,022

Now (TTM)

Market cap
₩97B
Enterprise value
₩165B
P/E
4.3×
P/B
0.2×
P/S
0.1×
EV/EBITDA
—
Dividend yield
4.6%

Over time (at each year end)

20252024202320222021
Price₩4,670₩3,875₩5,880₩5,300₩6,540
Market cap₩123B₩102B₩155B₩139B₩172B
P/E8.7×4.6×8.5×——
P/B0.3×0.3×0.4×0.4×0.5×
P/S0.1×0.1×0.1×0.1×0.2×
EV/EBITDA—————
Dividend yield3.6%3.1%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
DY4.3×0.2×0.1×—4.6%
SK Square3.6×2.2×96.1×3.5×0.0%
KB Financial Group8.8×0.9×—9.6×2.8%
Shinhan Financial Group7.8×0.7×—10.2×2.9%
SK4.5×1.0×0.3×—1.6%
Hana Financial Group8.0×0.7×—10.0×3.4%
Woori Financial Group7.1×0.6×—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: DY / 디와이 / 013570 / KRX:013570

Source: KRX statistical information