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Daea TI

045390 · KOSDAQ · ₩045390 · 대아티아이

₩2,630 ₩0 (0.00%)End-of-day · Oct 27, 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

₩1,294

vs the current price (₩2,630)

Enterprise value
₩86B
Equity value
₩91B
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 51% 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 ₩2,630, the model needs an operating margin of 9.5% every year (it uses 5.6%).
  • Or revenue growth +21.4 points a year higher than assumed in each of the 5 years.
  • 74% 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.
  • Today's P/E is 13.0× against a typical 20.3× 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
₩469
−82.2%
Base
₩1,294
−50.8%
Bull
₩2,763
+5.1%

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 (5.6%).

Revenue growth

  • 13.2%

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

    Default: the last 3 years' revenue growth (13.2% a year, annual reports), fading to 3% by year 5.

  • 10.7%

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

    Default: the last 3 years' revenue growth (13.2% a year, annual reports), fading to 3% by year 5.

  • 8.1%

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

    Default: the last 3 years' revenue growth (13.2% a year, annual reports), fading to 3% by year 5.

  • 5.6%

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

    Default: the last 3 years' revenue growth (13.2% 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 (13.2% 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.

  • 7.7%

    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).

  • 14.6%

    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 0.29, 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)
₩134B
Net debt (borrowings and leases − cash and deposits)
₩2B
+ Stakes and investments
₩6.7B
Associates, long-term financial assets and deposits (book value)
Shares
70,473,377
Share price
₩2,630
Market cap
₩185B

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₩112B₩149B₩153B₩152B₩168B₩182B₩192B₩197B
Growth6.4%32.8%2.7%13.2%10.7%8.1%5.6%3.0%
EBIT₩3.6B₩7.9B₩7.6B₩8.5B₩9.4B₩10B₩11B₩11B
EBIT margin3.2%5.3%4.9%5.6%5.6%5.6%5.6%5.6%
After-tax EBIT₩2.6B₩5.7B₩5.5B₩6.2B₩6.8B₩7.4B₩7.8B₩8B
+ Depreciation———₩12B₩13B₩14B₩15B₩15B
− Capital spending₩11B₩13B₩15B₩15B₩16B₩17B₩18B₩19B
− Working capital₩27B−₩39B₩16B₩2.6B₩2.4B₩2B₩1.5B₩840M
Free cash flow———₩694M₩1.3B₩1.9B₩2.7B₩3.4B
Discount factor———0.9310.8670.8080.7520.701
Present value———₩647M₩1.1B₩1.6B₩2B₩2.4B

Terminal value ₩112B, worth ₩79B today: 91% 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 ₩2,246 a share)Now 1.17×₩3,2551.45×₩4,4611.99×₩6,5942.94×
Price / earnings (last 12 months: ₩203 a share)Now 13.0×₩2,78913.7×₩4,12020.3×₩9,42246.4×
P/E on run-rate earnings (Q2 2026 × 4: ₩110 a share)Now 24.0×₩1,50713.7×₩2,22620.3×₩5,09146.4×

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%₩1,396₩1,496₩1,619₩1,773₩1,972
6.9%₩1,265₩1,344₩1,439₩1,556₩1,703
7.4%₩1,154₩1,218₩1,294₩1,384₩1,495
7.9%₩1,060₩1,112₩1,173₩1,245₩1,331
8.4%₩980₩1,022₩1,072₩1,129₩1,197

Now (TTM)

Market cap
₩185B
Enterprise value
₩187B
P/E
13.0×
P/B
1.2×
P/S
1.4×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩4,105₩3,030₩3,425₩3,125₩5,680
Market cap₩289B₩214B₩241B₩220B₩400B
P/E14.1×14.5×22.5×26.2×79.5×
P/B1.9×1.6×2.0×2.0×3.8×
P/S1.9×1.4×2.1×2.1×3.4×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Daea TI13.0×1.2×1.4×—0.0%
LS Electric61.0×11.1×4.2×37.7×0.0%
Hyosung Heavy Industries30.5×6.9×2.8×—0.4%
HD Hyundai Electric19.1×7.2×3.7×—0.0%
Gaon Cable106.8×12.9×2.4×55.6×0.0%
Sanil Electric27.2×7.4×8.3×—0.8%
Taihan Cable & Solution—2.2×1.0×—0.0%
Similar companies (median)30.5×7.3×3.3×46.7×0.0%

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

Also known as: Daea TI / 대아티아이 / 045390 / KRX:045390

Source: KRX statistical information