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Dmoa

016670 · KOSDAQ · ₩016670 · 디모아

₩2,435▼ ₩40 (1.62%)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

₩9,055

vs the current price (₩2,435)

Enterprise value
₩33B
Equity value
₩92B
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 272% 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 ₩2,435, the model needs an operating margin of −11.5% every year (it uses 12.8%).
  • Margins ranged from 1.3% to 17.6% 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.
  • 51% 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
₩7,943
+226.2%
Base
₩9,055
+271.9%
Bull
₩10,959
+350.1%

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 (12.8%).

Revenue growth

  • -8%

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

    Default: the last 3 years' revenue growth (-8% a year, annual reports), fading to 3% by year 5.

  • -5.3%

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

    Default: the last 3 years' revenue growth (-8% a year, annual reports), fading to 3% by year 5.

  • -2.5%

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

    Default: the last 3 years' revenue growth (-8% a year, annual reports), fading to 3% by year 5.

  • 0.2%

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

    Default: the last 3 years' revenue growth (-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 (-8% a year, annual reports), fading to 3% by year 5.

Business

  • 12.8%

    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.

  • 3%

    The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).

    Default: not in the statements, so a typical level.

  • 4%

    Money spent on factories, equipment, software and other long-term assets (% of revenue).

    Default: not in the statements, so a typical level.

  • 40%

    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)
₩25B
Net debt (borrowings and leases − cash and deposits)
−₩53B
+ Stakes and investments
₩6.9B
Associates, long-term financial assets and deposits (book value)
Shares
10,194,234
Share price
₩2,435
Market cap
₩25B

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₩25B₩20B₩23B₩23B₩22B₩22B₩22B₩22B
Growth−14.8%−21.0%15.7%−8.0%−5.3%−2.5%0.2%3.0%
EBIT₩4B₩2.3B₩4.1B₩3B₩2.8B₩2.8B₩2.8B₩2.8B
EBIT margin15.8%11.5%17.6%12.8%12.8%12.8%12.8%12.8%
After-tax EBIT₩2.9B₩1.7B₩2.9B₩2.2B₩2B₩2B₩2B₩2.1B
+ Depreciation———₩699M₩662M₩645M₩646M₩666M
− Capital spending———₩931M₩882M₩860M₩862M₩888M
− Working capital−₩7.4B−₩6.8B−₩2.9B−₩810M−₩494M−₩221M₩17M₩259M
Free cash flow———₩2.7B₩2.3B₩2B₩1.8B₩1.6B
Discount factor———0.9310.8670.8070.7510.700
Present value———₩2.5B₩2B₩1.6B₩1.3B₩1.1B

Terminal value ₩34B, worth ₩24B 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 ₩9,083 a share)Now 0.27×₩4,1960.46×₩12,8651.42×₩41,4044.56×

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%₩9,283₩9,491₩9,746₩10,066₩10,478
6.9%₩9,002₩9,167₩9,365₩9,608₩9,912
7.4%₩8,765₩8,898₩9,055₩9,243₩9,474
7.9%₩8,562₩8,670₩8,796₩8,946₩9,125
8.4%₩8,386₩8,476₩8,578₩8,698₩8,840

Now (TTM)

Market cap
₩25B
Enterprise value
−₩30B
P/E
2.7×
P/B
0.3×
P/S
1.0×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩4,425₩3,615₩11,912₩14,247₩32,927
Market cap₩45B₩37B₩121B₩145B₩336B
P/E4.1×11.6×———
P/B0.5×0.6×2.3×2.7×7.1×
P/S2.0×1.8×4.8×4.9×24.6×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Dmoa2.7×0.3×1.0×—0.0%
Samsung C&T18.8×0.5×1.2×—0.9%
POSCO International10.6×1.3×0.3×—3.7%
ISC45.3×6.0×12.6×—0.5%
Youngone5.1×0.7×0.7×—3.1%
Dong SUH Companies18.9×1.6×5.1×—4.2%
Shinsegae14.4×0.5×0.3×—2.0%
Similar companies (median)16.6×1.0×1.0×—2.6%

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

Also known as: Dmoa / 디모아 / 016670 / KRX:016670

Source: KRX statistical information