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Dual

016740 · KOSPI · ₩016740 · 두올

₩4,345▲ ₩20 (0.46%)End-of-day · Oct 29, 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

₩21,369

vs the current price (₩4,345)

Enterprise value
₩614B
Equity value
₩613B
WACC
7.3%

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 392% 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 ₩4,345, the model needs an operating margin of 1.8% every year (it uses 5.2%).
  • Today's P/E is 5.9× 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
₩8,649
+99.1%
Base
₩21,369
+391.8%
Bull
₩43,880
+909.9%

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 (5.2%).

Revenue growth

  • 12%

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

    Default: the last 3 years' revenue growth (12% a year, annual reports), fading to 3% by year 5.

  • 9.8%

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

    Default: the last 3 years' revenue growth (12% a year, annual reports), fading to 3% by year 5.

  • 7.5%

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

    Default: the last 3 years' revenue growth (12% 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 (12% 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 (12% a year, annual reports), fading to 3% by year 5.

Business

  • 5.2%

    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.

  • 1.6%

    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).

  • 2.1%

    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).

  • 13.8%

    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.

  • 4.08%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-29.

  • 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 0.09, 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.

  • 5.58%

    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)
₩803B
Net debt (borrowings and leases − cash and deposits)
₩2.4B
+ Stakes and investments
₩4.7B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩3.7B
Shares
28,674,024
Share price
₩4,345
Market cap
₩125B

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₩753B₩773B₩796B₩899B₩987B₩1.1T₩1.1T₩1.2T
Growth33.1%2.7%3.0%12.0%9.8%7.5%5.3%3.0%
EBIT₩44B₩43B₩49B₩47B₩51B₩55B₩58B₩60B
EBIT margin5.9%5.6%6.1%5.2%5.2%5.2%5.2%5.2%
After-tax EBIT₩32B₩31B₩35B₩34B₩37B₩40B₩42B₩43B
+ Depreciation₩12B——₩14B₩16B₩17B₩18B₩18B
− Capital spending₩8.4B₩20B₩21B₩19B₩21B₩22B₩23B₩24B
− Working capital₩22B−₩12B₩7.1B₩13B₩12B₩10B₩7.8B₩4.6B
Free cash flow₩13B——₩16B₩20B₩24B₩29B₩33B
Discount factor———0.9320.8680.8090.7540.702
Present value———₩15B₩17B₩20B₩22B₩23B

Terminal value ₩736B, worth ₩517B today: 84% 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 ₩10,228 a share)Now 0.42×₩3,7180.36×₩4,5000.44×₩5,5210.54×
Price / earnings (last 12 months: ₩737 a share)Now 5.90×₩3,2374.39×₩3,7755.12×₩7,0299.54×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,060 a share)Now 4.10×₩4,6584.39×₩5,4325.12×₩10,1169.54×

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%
6.3%₩22,926₩24,624₩26,710₩29,338₩32,751
6.8%₩20,787₩22,136₩23,761₩25,757₩28,271
7.3%₩18,990₩20,079₩21,369₩22,923₩24,833
7.8%₩17,459₩18,351₩19,392₩20,625₩22,110
8.3%₩16,141₩16,879₩17,730₩18,725₩19,903

Now (TTM)

Market cap
₩125B
Enterprise value
₩86B
P/E
5.9×
P/B
0.4×
P/S
0.2×
EV/EBITDA
—
Dividend yield
2.8%

Over time (at each year end)

20252024202320222021
Price₩3,650₩3,130₩3,530₩2,445₩4,315
Market cap₩105B₩90B₩101B₩70B₩124B
P/E3.6×5.6×4.9×9.6×7.8×
P/B0.4×0.4×0.5×0.4×0.6×
P/S0.1×0.1×0.1×0.1×0.2×
EV/EBITDA——1.8×3.8×3.8×
Dividend yield3.3%3.8%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Dual5.9×0.4×0.2×—2.8%
Hyundai Mobis8.7×0.6×0.5×—1.8%
SL6.0×0.9×0.4×3.7×0.0%
HL Mando10.7×0.6×0.2×—1.9%
Samhyun—12.1×17.1×—0.0%
Hyundai WIA19.4×0.4×0.2×—2.4%
SNT Dynamics13.0×0.7×0.8×—7.0%
Similar companies (median)10.7×0.7×0.5×3.7×1.9%

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

Also known as: Dual / 두올 / 016740 / KRX:016740

Source: KRX statistical information