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Daewon Media

048910 · KOSDAQ · ₩048910 · 대원미디어

₩7,700▼ ₩150 (1.91%)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

₩13,080

vs the current price (₩7,700)

Enterprise value
₩179B
Equity value
₩165B
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 70% 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 ₩7,700, the model needs an operating margin of 2.8% every year (it uses 3.9%).
  • Or revenue growth −14.7 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 10.4× against a typical 23.9× 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
₩2,167
−71.9%
Base
₩13,080
+69.9%
Bull
₩32,905
+327.3%

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 (3.9%).

Revenue growth

  • 4.2%

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

    Default: the last 3 years' revenue growth (4.2% a year, annual reports), fading to 3% by year 5.

  • 3.9%

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

    Default: the last 3 years' revenue growth (4.2% a year, annual reports), fading to 3% by year 5.

  • 3.6%

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

    Default: the last 3 years' revenue growth (4.2% a year, annual reports), fading to 3% by year 5.

  • 3.3%

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

    Default: the last 3 years' revenue growth (4.2% 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 (4.2% a year, annual reports), fading to 3% by year 5.

Business

  • 3.9%

    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.

  • 3.8%

    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).

  • 4.8%

    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).

  • 11.5%

    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 0.06, 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 H1 2026)
₩424B
Net debt (borrowings and leases − cash and deposits)
−₩901M
+ Stakes and investments
₩18B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩33B
Shares
12,578,946
Share price
₩7,700
Market cap
₩97B

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₩316B₩256B₩343B₩442B₩459B₩475B₩491B₩506B
Growth4.2%−18.9%33.7%4.2%3.9%3.6%3.3%3.0%
EBIT₩14B₩1.6B₩10B₩17B₩18B₩19B₩19B₩20B
EBIT margin4.4%0.6%2.9%3.9%3.9%3.9%3.9%3.9%
After-tax EBIT₩10B₩1.2B₩7.2B₩12B₩13B₩13B₩14B₩14B
+ Depreciation———₩17B₩17B₩18B₩19B₩19B
− Capital spending₩12B₩15B₩16B₩21B₩22B₩23B₩24B₩24B
− Working capital−₩25B₩5.5B₩32B₩2B₩2B₩1.9B₩1.8B₩1.7B
Free cash flow———₩6B₩6.4B₩6.8B₩7.2B₩7.5B
Discount factor———0.9320.8680.8090.7540.703
Present value———₩5.6B₩5.6B₩5.5B₩5.4B₩5.3B

Terminal value ₩216B, worth ₩151B today: 85% 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 ₩8,430 a share)Now 0.91×₩7,7000.91×₩11,9021.41×₩19,4732.31×
Price / earnings (last 12 months: ₩737 a share)Now 10.4×₩6,9609.44×₩17,63923.9×₩43,23358.6×
P/E on run-rate earnings (Q2 2026 × 4: ₩999 a share)Now 7.71×₩9,4329.44×₩23,90423.9×₩58,58758.6×

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%₩14,243₩15,323₩16,648₩18,318₩20,487
6.8%₩12,802₩13,653₩14,677₩15,935₩17,519
7.3%₩11,592₩12,274₩13,080₩14,051₩15,244
7.8%₩10,563₩11,115₩11,761₩12,525₩13,444
8.3%₩9,676₩10,130₩10,653₩11,263₩11,986

Now (TTM)

Market cap
₩97B
Enterprise value
₩87B
P/E
10.4×
P/B
0.9×
P/S
0.2×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩7,900₩7,640₩12,030₩13,850₩21,250
Market cap₩99B₩96B₩151B₩174B₩267B
P/E18.1×—24.4×31.1×47.1×
P/B1.0×1.0×1.5×1.8×3.0×
P/S0.3×0.4×0.5×0.6×0.9×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Daewon Media10.4×0.9×0.2×—0.0%
Samsung C&T18.1×0.5×1.2×—0.9%
POSCO International10.3×1.2×0.3×—3.8%
ISC42.6×5.7×11.9×—0.5%
Youngone5.2×0.7×0.7×—3.0%
Dong SUH Companies19.6×1.7×5.3×—4.0%
SK Gas7.4×0.6×0.3×—3.5%
Similar companies (median)14.2×1.0×0.9×—3.3%

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

Also known as: Daewon Media / 대원미디어 / 048910 / KRX:048910

Source: KRX statistical information