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Dongwon Mobility

018500 · KOSPI · ₩018500 · 동원모빌리티

₩1,264▲ ₩9 (0.72%)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

₩17,668

vs the current price (₩1,264)

Enterprise value
₩1T
Equity value
₩826B
WACC
4.8%

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 1,298% 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 ₩1,264, the model needs an operating margin of 2.5% every year (it uses 5.6%).
  • Today's P/E is 2.0× against a typical 3.4× 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
₩2,773
+119.4%
Base
₩17,668
+1,297.8%
Bull
₩54,615
+4,220.8%

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

Start from

Preliminary results are the company's early announcement of a quarter's sales and operating profit, before the full report. Including them swaps that quarter in for the same quarter a year earlier.

Margin path

Every year uses the cycle-average margin (5.6%).

Revenue growth

  • 17.4%

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

    Default: the last 3 years' revenue growth (17.4% a year, annual reports), fading to 3% by year 5.

  • 13.8%

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

    Default: the last 3 years' revenue growth (17.4% a year, annual reports), fading to 3% by year 5.

  • 10.2%

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

    Default: the last 3 years' revenue growth (17.4% a year, annual reports), fading to 3% by year 5.

  • 6.6%

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

    Default: the last 3 years' revenue growth (17.4% 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 (17.4% a year, annual reports), fading to 3% by year 5.

Business

  • 5.6%

    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.

  • 7.6%

    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).

  • 9.6%

    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).

  • 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.

  • 4.08%

    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 0.26, 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 Q1 2026)
₩652B
Net debt (borrowings and leases − cash and deposits)
₩205B
+ Stakes and investments
₩10B
Associates, long-term financial assets and deposits (book value)
Shares
46,754,933
Share price
₩1,264
Market cap
₩59B

TTM = trailing 12 months: the last four reported quarters added together. "TTM to Q1 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₩539B₩568B₩626B₩765B₩871B₩960B₩1T₩1.1T
Growth39.1%5.5%10.2%17.4%13.8%10.2%6.6%3.0%
EBIT₩36B₩36B₩42B₩43B₩49B₩54B₩57B₩59B
EBIT margin6.6%6.3%6.7%5.6%5.6%5.6%5.6%5.6%
After-tax EBIT₩26B₩26B₩30B₩31B₩35B₩39B₩42B₩43B
+ Depreciation———₩58B₩66B₩73B₩78B₩80B
− Capital spending₩41B₩58B₩68B₩73B₩84B₩92B₩98B₩101B
− Working capital₩19B₩14B₩31B₩7.9B₩7.4B₩6.2B₩4.4B₩2.1B
Free cash flow———₩7.8B₩11B₩14B₩17B₩20B
Discount factor———0.9540.9110.8690.8290.791
Present value———₩7.5B₩9.6B₩12B₩14B₩15B

Terminal value ₩1.2T, worth ₩962B today: 94% 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 ₩4,166 a share)Now 0.30×₩1,6170.39×₩2,7310.66×₩3,8630.93×
Price / earnings (last 12 months: ₩633 a share)Now 2.00×₩1,2642.00×₩2,1633.42×₩3,7665.95×
P/E on run-rate earnings (preliminary Q2 2026 × 4: ₩1,191 a share)Now 1.06×₩2,3772.00×₩4,0683.42×₩7,0815.95×

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%
3.8%₩18,981₩23,588₩30,760₩43,472₩72,202
4.3%₩15,203₩18,315₩22,782₩29,736₩42,063
4.8%₩12,427₩14,650₩17,668₩21,999₩28,742
5.3%₩10,302₩11,957₩14,113₩17,039₩21,239
5.8%₩8,625₩9,896₩11,501₩13,592₩16,428

Now (TTM)

Market cap
₩59B
Enterprise value
₩260B
P/E
2.0×
P/B
0.3×
P/S
0.1×
EV/EBITDA
—
Dividend yield
4.0%

Over time (at each year end)

20252024202320222021
Price₩1,390₩1,905₩1,892₩1,000₩935
Market cap₩65B₩89B₩88B₩47B₩44B
P/E3.1×4.9×4.9×2.1×—
P/B0.5×0.8×1.0×0.8×1.4×
P/S0.1×0.2×0.2×0.1×0.1×
EV/EBITDA—————
Dividend yield3.6%2.6%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Dongwon Mobility2.0×0.3×0.1×—4.0%
Hyundai Mobis8.7×0.6×0.5×—1.8%
SL6.1×0.9×0.4×3.7×0.0%
HL Mando10.7×0.6×0.2×—1.9%
Samhyun—13.4×18.9×—0.0%
Hyundai WIA19.3×0.4×0.2×—2.4%
SNT Dynamics13.4×0.7×0.9×—6.8%
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: Dongwon Mobility / 동원모빌리티 / 018500 / KRX:018500

Source: KRX statistical information