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Daishin Information

020180 · KOSDAQ · ₩020180 · 대신정보통신

₩3,670▼ ₩60 (1.61%)End-of-day · Oct 30, 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

₩7,797

vs the current price (₩3,670)

Enterprise value
₩85B
Equity value
₩60B
WACC
5.7%

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 112% 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 ₩3,670, the model needs an operating margin of 2.0% every year (it uses 2.7%).
  • Or revenue growth −11.4 points a year higher than assumed in each of the 5 years.
  • In the projection, spending on equipment, software and working capital takes most or all of the after-tax operating profit, so free cash flow is thin. Companies that invest heavily often look like this until spending slows.
  • Today's P/E is 5.1× against a typical 5.8× 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
₩7,797
+112.4%
Bull
₩32,641
+789.4%

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 (2.7%).

Revenue growth

  • 4%

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

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

  • 3.5%

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

    Default: the last 3 years' revenue growth (4% a year, annual reports), fading to 3% by year 5.

  • 3.2%

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

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

Business

  • 2.7%

    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.

  • 0.6%

    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).

  • 2.6%

    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).

  • 7.7%

    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.

  • 4.01%

    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 -0.22, 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 Q1 2026)
₩206B
Net debt (borrowings and leases − cash and deposits)
₩25B
+ Stakes and investments
₩103M
Associates, long-term financial assets and deposits (book value)
Shares
7,685,783
Share price
₩3,670
Market cap
₩28B

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₩228B₩257B₩203B₩215B₩223B₩230B₩238B₩245B
Growth26.5%12.4%−21.0%4.0%3.7%3.5%3.2%3.0%
EBIT₩4.2B₩8.8B₩9.1B₩5.8B₩6B₩6.2B₩6.4B₩6.6B
EBIT margin1.8%3.4%4.5%2.7%2.7%2.7%2.7%2.7%
After-tax EBIT₩3B₩6.4B₩6.6B₩4.2B₩4.4B₩4.5B₩4.7B₩4.8B
+ Depreciation₩1.5B₩1.3B₩1.5B₩1.3B₩1.3B₩1.4B₩1.4B₩1.5B
− Capital spending₩1.7B₩5B₩10B₩5.6B₩5.8B₩6B₩6.2B₩6.4B
− Working capital₩8.8B₩15B₩14B₩636M₩611M₩600M₩568M₩549M
Free cash flow−₩6B−₩12B−₩16B−₩727M−₩706M−₩698M−₩669M−₩653M
Discount factor———0.9460.8940.8460.8000.756
Present value———−₩687M−₩631M−₩590M−₩535M−₩494M

Terminal value ₩116B, worth ₩88B today: 103% 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 ₩5,967 a share)Now 0.62×₩4,4990.75×₩7,8291.31×₩11,8571.99×
Price / earnings (last 12 months: ₩723 a share)Now 5.08×₩2,9714.11×₩4,1935.80×₩15,03220.8×

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%
4.7%₩8,750₩10,426₩12,709₩16,004₩21,179
5.2%₩7,038₩8,266₩9,869₩12,053₩15,205
5.7%₩5,694₩6,623₩7,797₩9,330₩11,418
6.2%₩4,613₩5,333₩6,220₩7,342₩8,807
6.7%₩3,725₩4,295₩4,983₩5,830₩6,902

Now (TTM)

Market cap
₩28B
Enterprise value
₩53B
P/E
5.1×
P/B
0.6×
P/S
0.1×
EV/EBITDA
5.1×
Dividend yield
4.1%

Over time (at each year end)

20252024202320222021
Price₩5,085₩4,920₩6,240₩6,575₩6,150
Market cap₩39B₩38B₩48B₩51B₩47B
P/E6.8×5.8×—24.7×28.0×
P/B1.0×1.1×1.7×1.7×1.7×
P/S0.2×0.1×0.2×0.3×0.2×
EV/EBITDA5.6×3.8×6.3×10.4×9.4×
Dividend yield2.9%3.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Daishin Information5.1×0.6×0.1×5.1×4.1%
Samsung SDS24.2×1.5×1.1×—1.6%
LG CNS14.5×2.3×1.1×—2.6%
Itcenglobal6.7×2.9×0.0×—0.0%
DB6.7×0.9×0.6×15.7×0.0%
Lotte Innovate14.9×0.6×0.2×—4.1%
Contec20.8×1.6×2.4×—0.0%
Similar companies (median)14.7×1.6×0.9×15.7×0.8%

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

Also known as: Daishin Information / 대신정보통신 / 020180 / KRX:020180

Source: KRX statistical information