KOSDAQ · 051380 · Retail & Trade · ₩051380

PC Direct피씨디렉트

051380 · KOSDAQ · ₩051380 · 피씨디렉트

₩1,380▲ ₩11 (0.80%)End-of-day · Oct 28, 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

₩3,861

vs the current price (₩1,380)

Enterprise value: ₩49B
Equity value: ₩59B
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 180% 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 ₩1,380, the model needs an operating margin of 0.5% every year (it uses 1.1%).
Today's P/E is 6.1× against a typical 14.7× 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: ₩3,861; +179.8%
Bull: ₩16,075; +1,064.9%

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 (1.1%).

Revenue growth

Revenue growth, year 16.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (6.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 25.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (6.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 34.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (6.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 43.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (6.1% 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 (6.1% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin1.1%
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%
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).
Capital spending0%
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 capital8.8%
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 rate4.08%
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.
Beta0.6
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 0.03, 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)5.58%
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 H1 2026): ₩396B
Net debt (borrowings and leases − cash and deposits): −₩11B
+ Stakes and investments: ₩196M; Associates, long-term financial assets and deposits (book value)
Shares: 15,340,072
Share price: ₩1,380
Market cap: ₩21B

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	₩305B	₩334B	₩373B	₩421B	₩443B	₩463B	₩481B	₩495B
Growth	−2.4%	9.5%	11.8%	6.1%	5.3%	4.6%	3.8%	3.0%
EBIT	₩3.3B	₩1.9B	₩4.3B	₩4.6B	₩4.9B	₩5.1B	₩5.3B	₩5.4B
EBIT margin	1.1%	0.6%	1.1%	1.1%	1.1%	1.1%	1.1%	1.1%
After-tax EBIT	₩2.4B	₩1.3B	₩3.1B	₩3.4B	₩3.5B	₩3.7B	₩3.8B	₩4B
+ Depreciation	—	—	—	₩0	₩0	₩0	₩0	₩0
− Capital spending	₩157M	₩78M	₩19M	₩0	₩0	₩0	₩0	₩0
− Working capital	₩2.7B	−₩7.9B	₩6.6B	₩2.1B	₩2B	₩1.8B	₩1.5B	₩1.3B
Free cash flow	—	—	—	₩1.2B	₩1.6B	₩1.9B	₩2.3B	₩2.7B
Discount factor	—	—	—	0.931	0.867	0.808	0.752	0.700
Present value	—	—	—	₩1.1B	₩1.4B	₩1.5B	₩1.7B	₩1.9B

Terminal value ₩58B, worth ₩41B today: 84% 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 ₩2,667 a share)Now 0.52×	₩1,9940.75×	₩3,2081.20×	₩6,4982.44×
Price / earnings (last 12 months: ₩227 a share)Now 6.07×	₩1,5656.88×	₩3,35014.7×	₩19,02983.6×

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%
6.4%	₩4,368	₩4,492	₩4,641	₩4,827	₩5,064
6.9%	₩4,025	₩4,110	₩4,211	₩4,332	₩4,482
7.4%	₩3,736	₩3,794	₩3,861	₩3,939	₩4,033
7.9%	₩3,490	₩3,528	₩3,571	₩3,620	₩3,677
8.4%	₩3,278	₩3,302	₩3,327	₩3,355	₩3,387

Now (TTM)

Market cap: ₩21B
Enterprise value: ₩11B
P/E: 6.1×
P/B: 0.5×
P/S: 0.1×
EV/EBITDA: —
Dividend yield: 5.1%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩2,025	₩2,465	₩4,470	₩3,980	₩10,700
Market cap	₩31B	₩38B	₩69B	₩61B	₩164B
P/E	12.3×	—	89.6×	—	12.6×
P/B	0.8×	1.0×	1.6×	1.4×	3.1×
P/S	0.1×	0.1×	0.2×	0.2×	0.4×
EV/EBITDA	—	—	—	—	—
Dividend yield	3.5%	2.0%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
PC Direct	6.1×	0.5×	0.1×	—	5.1%
Samsung C&T	18.8×	0.5×	1.2×	—	0.9%
POSCO International	10.6×	1.3×	0.3×	—	3.7%
ISC	45.3×	6.0×	12.6×	—	0.5%
Youngone	5.1×	0.7×	0.7×	—	3.1%
Dong SUH Companies	18.9×	1.6×	5.1×	—	4.2%
Shinsegae	14.4×	0.5×	0.3×	—	2.0%
Similar companies (median)	16.6×	1.0×	1.0×	—	2.6%

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

Also known as: PC Direct / 피씨디렉트 / 051380 / KRX:051380

Source: KRX statistical information