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Daehyun

016090 · KOSPI · ₩016090 · 대현

₩1,410▼ ₩13 (0.91%)End-of-day · Oct 28, 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

₩4,707

vs the current price (₩1,410)

Enterprise value
₩155B
Equity value
₩208B
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 234% 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 ₩1,410, the model needs an operating margin of 0.6% every year (it uses 6.2%).
  • 35% 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.
  • Today's P/E is 5.4× against a typical 5.1× 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
₩3,164
+124.4%
Base
₩4,707
+233.8%
Bull
₩7,456
+428.8%

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 (6.2%).

Revenue growth

  • -9%

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

    Default: the last 3 years' revenue growth (-9% a year, annual reports), fading to 3% by year 5.

  • -6%

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

    Default: the last 3 years' revenue growth (-9% 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 (-9% a year, annual reports), fading to 3% by year 5.

  • -0%

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

    Default: the last 3 years' revenue growth (-9% 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 (-9% a year, annual reports), fading to 3% by year 5.

Business

  • 6.2%

    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.

  • 2.7%

    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).

  • 1.9%

    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).

  • 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.

  • 4.11%

    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 0.04, 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)
₩244B
Net debt (borrowings and leases − cash and deposits)
−₩53B
+ Stakes and investments
₩48M
Associates, long-term financial assets and deposits (book value)
Shares
44,282,310
Share price
₩1,410
Market cap
₩62B

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₩295B₩259B₩241B₩222B₩209B₩203B₩203B₩209B
Growth−7.5%−12.2%−7.2%−9.0%−6.0%−3.0%0.0%3.0%
EBIT₩21B₩14B₩7.1B₩14B₩13B₩13B₩13B₩13B
EBIT margin7.2%5.5%2.9%6.2%6.2%6.2%6.2%6.2%
After-tax EBIT₩15B₩10B₩5.1B₩10B₩9.4B₩9.1B₩9.1B₩9.4B
+ Depreciation₩6.7B₩7.2B₩7.5B₩6B₩5.6B₩5.5B₩5.5B₩5.6B
− Capital spending₩7.3B₩3.9B₩4.3B₩4.2B₩4B₩3.9B₩3.9B₩4B
− Working capital−₩14B₩6.1B−₩6.5B−₩6.1B−₩3.7B−₩1.7B₩0₩1.7B
Free cash flow₩29B₩7.6B₩15B₩18B₩15B₩12B₩11B₩9.4B
Discount factor———0.9310.8670.8070.7510.700
Present value———₩17B₩13B₩10B₩8.1B₩6.6B

Terminal value ₩145B, worth ₩101B today: 65% 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 ₩6,312 a share)Now 0.22×₩1,7060.27×₩2,2430.36×₩2,8920.46×
Price / earnings (last 12 months: ₩262 a share)Now 5.37×₩9613.66×₩1,3365.09×₩1,7866.81×

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%₩5,001₩5,176₩5,389₩5,655₩5,998
6.9%₩4,716₩4,851₩5,013₩5,211₩5,458
7.4%₩4,475₩4,581₩4,707₩4,856₩5,039
7.9%₩4,269₩4,353₩4,451₩4,566₩4,704
8.4%₩4,089₩4,157₩4,234₩4,324₩4,430

Now (TTM)

Market cap
₩62B
Enterprise value
₩6.1B
P/E
5.4×
P/B
0.2×
P/S
0.3×
EV/EBITDA
0.3×
Dividend yield
5.7%

Over time (at each year end)

20252024202320222021
Price₩1,700₩2,335₩2,010₩2,190₩2,290
Market cap₩75B₩103B₩89B₩97B₩101B
P/E6.8×6.5×3.8×3.8×5.3×
P/B0.3×0.4×0.3×0.4×0.5×
P/S0.3×0.4×0.3×0.3×0.4×
EV/EBITDA2.1×2.8×1.9×1.9×2.5×
Dividend yield4.7%3.9%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Daehyun5.4×0.2×0.3×0.3×5.7%
F&F4.5×1.1×1.2×—4.4%
LF5.5×0.4×0.3×4.5×3.3%
Chokwang Leather43.6×0.7×4.8×57.9×0.0%
Handsome7.1×0.3×0.3×—0.0%
Hansae9.4×0.4×0.2×—0.0%
JS4.0×0.6×0.2×—5.3%
Similar companies (median)6.3×0.5×0.3×31.2×1.6%

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

Also known as: Daehyun / 대현 / 016090 / KRX:016090

Source: KRX statistical information