KOSDAQ · 032190 · Retail & Trade · ₩032190

Daou Data다우데이타

032190 · KOSDAQ · ₩032190 · 다우데이타

₩16,530▲ ₩140 (0.85%)End-of-day · Oct 27, 2026 · End-of-day prices.

Trade

Sell Buy

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

₩2,787,290

vs the current price (₩16,530)

Enterprise value: ₩61T
Equity value: ₩107T
WACC: 8.0%

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 16,762% 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 ₩16,530, the model needs an operating margin of −6.7% every year (it uses 8.3%).
Margins ranged from 6.5% to 20.0% 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.
Today's P/E is 1.9× against a typical 3.8× 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: ₩2,112,300; +12,678.6%
Base: ₩2,787,290; +16,762.0%
Bull: ₩3,874,989; +23,342.2%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (8.3%).

Revenue growth

Revenue growth, year 122.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (22.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 217.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (22.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 312.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (22.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 48%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (22.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (22.8% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin8.3%
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.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation0.4%
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).
Capital spending0.9%
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).
Working capital-10%
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

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.11%
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.
Beta0.7
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 0.55, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)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): ₩35T
Net debt (borrowings and leases − cash and deposits): −₩48T
+ Stakes and investments: ₩4.1T; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩6.8T
Shares: 38,300,000
Share price: ₩16,530
Market cap: ₩633B

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.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩10T	₩12T	₩18T	₩44T	₩51T	₩58T	₩63T	₩64T
Growth	6.0%	17.4%	48.7%	22.8%	17.9%	12.9%	8.0%	3.0%
EBIT	₩668B	₩1.2T	₩1.6T	₩3.6T	₩4.3T	₩4.8T	₩5.2T	₩5.4T
EBIT margin	6.5%	9.9%	8.9%	8.3%	8.3%	8.3%	8.3%	8.3%
After-tax EBIT	₩484B	₩874B	₩1.2T	₩2.6T	₩3.1T	₩3.5T	₩3.8T	₩3.9T
+ Depreciation	₩60B	₩75B	₩25B	₩174B	₩205B	₩232B	₩250B	₩258B
− Capital spending	₩114B	₩77B	₩155B	₩392B	₩462B	₩522B	₩563B	₩580B
− Working capital	₩23T	−₩24T	−₩13T	−₩808B	−₩779B	−₩662B	−₩464B	−₩188B
Free cash flow	−₩23T	₩25T	₩14T	₩3.2T	₩3.6T	₩3.9T	₩3.9T	₩3.7T
Discount factor	—	—	—	0.926	0.858	0.795	0.736	0.682
Present value	—	—	—	₩3T	₩3.1T	₩3.1T	₩2.9T	₩2.6T

Terminal value ₩68T, worth ₩46T today: 76% 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:

	Low	Typical	High
Price / book (book value ₩47,597 a share)Now 0.35×	₩15,5310.33×	₩21,2080.45×	₩31,1570.65×
Price / earnings (last 12 months: ₩8,764 a share)Now 1.89×	₩18,6932.13×	₩33,6713.84×	₩57,8896.61×
P/E on run-rate earnings (Q2 2026 × 4: ₩15,449 a share)Now 1.07×	₩32,9532.13×	₩59,3563.84×	₩102,0486.61×

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%
7.0%	₩2,822,800	₩2,954,165	₩3,112,147	₩3,305,702	₩3,548,311
7.5%	₩2,695,211	₩2,804,914	₩2,934,825	₩3,091,056	₩3,282,464
8.0%	₩2,585,979	₩2,678,797	₩2,787,290	₩2,915,766	₩3,070,270
8.5%	₩2,491,412	₩2,570,826	₩2,662,623	₩2,769,922	₩2,896,983
9.0%	₩2,408,745	₩2,477,350	₩2,555,894	₩2,646,685	₩2,752,806

Now (TTM)

Market cap: ₩633B
Enterprise value: −₩48T
P/E: 1.9×
P/B: 0.3×
P/S: 0.0×
EV/EBITDA: —
Dividend yield: 3.3%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩18,400	₩10,160	₩13,770	₩30,950	₩15,100
Market cap	₩705B	₩389B	₩527B	₩1.2T	₩578B
P/E	3.2×	2.4×	8.3×	5.8×	3.9×
P/B	0.4×	0.3×	0.4×	1.0×	0.6×
P/S	0.0×	0.0×	0.1×	0.1×	0.1×
EV/EBITDA	—	—	0.8×	—	—
Dividend yield	3.0%	4.4%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Daou Data	1.9×	0.3×	0.0×	—	3.3%
Samsung C&T	17.5×	0.5×	1.1×	—	0.9%
POSCO International	10.6×	1.3×	0.3×	—	3.7%
ISC	41.4×	5.5×	11.5×	—	0.6%
Youngone	5.1×	0.7×	0.7×	—	3.1%
Dong SUH Companies	19.0×	1.6×	5.1×	—	4.1%
Shinsegae	13.7×	0.4×	0.3×	—	2.1%
Similar companies (median)	15.6×	1.0×	0.9×	—	2.6%

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

Also known as: Daou Data / 다우데이타 / 032190 / KRX:032190

Source: KRX statistical information