Daesan F&B대산F&B
065150 · KOSDAQ · ₩065150 · 대산F&B
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
With these assumptions the model gives no positive value.
- Enterprise value
- ₩2.9B
- Equity value
- −₩3.8B
- WACC
- 12.1%
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 gives no positive value at these assumptions. What we can see:
- To match today's price of ₩1,113, the model needs an operating margin of 3.9% every year (it uses 0.5%).
- 66% 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.
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
- —
- Bull
- ₩661
- −40.6%
Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.
Assumptions
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Cycle options
Margin path
Every year uses the cycle-average margin (0.5%).
Revenue growth
- -9.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-9.6% a year, annual reports), fading to 3% by year 5.
- -6.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-9.6% 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 (-9.6% a year, annual reports), fading to 3% by year 5.
- -0.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-9.6% 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 (-9.6% a year, annual reports), fading to 3% by year 5.
Business
- 0.5%
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.
- 0.8%
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).
- 1%
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).
- 16.4%
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.
- 4.08%
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.
- 2
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 3.09, 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.
- 5.58%
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)
- ₩112B
- Net debt (borrowings and leases − cash and deposits)
- ₩6.6B
- Shares
- 15,938,240
- Share price
- ₩1,113
- Market cap
- ₩18B
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 | ₩129T | ₩103B | ₩111B | ₩102B | ₩95B | ₩92B | ₩92B | ₩95B |
| Growth | 85,759.2% | −99.9% | 7.8% | −9.6% | −6.4% | −3.3% | −0.1% | 3.0% |
| EBIT | −₩635B | −₩821M | ₩4.6B | ₩508M | ₩476M | ₩460M | ₩459M | ₩473M |
| EBIT margin | −0.5% | −0.8% | 4.1% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% |
| After-tax EBIT | −₩460B | −₩595M | ₩3.3B | ₩368M | ₩345M | ₩333M | ₩333M | ₩343M |
| + Depreciation | — | — | — | ₩813M | ₩761M | ₩736M | ₩735M | ₩757M |
| − Capital spending | ₩3.3T | ₩307M | ₩110M | ₩1B | ₩951M | ₩920M | ₩919M | ₩946M |
| − Working capital | ₩18T | −₩18T | ₩5B | −₩1.8B | −₩1.1B | −₩515M | −₩15M | ₩452M |
| Free cash flow | — | — | — | ₩1.9B | ₩1.2B | ₩664M | ₩164M | −₩298M |
| Discount factor | — | — | — | 0.892 | 0.796 | 0.710 | 0.634 | 0.566 |
| Present value | — | — | — | ₩1.7B | ₩972M | ₩472M | ₩104M | −₩169M |
Terminal value −₩436M, worth −₩247M today: -9% 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 ₩1,736 a share)Now 0.64× | ₩3,1101.79× | ₩5,1212.95× | ₩8,4394.86× |
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% |
|---|---|---|---|---|---|
| 11.1% | — | — | — | — | — |
| 11.6% | — | — | — | — | — |
| 12.1% | — | — | — | — | — |
| 12.6% | — | — | — | — | — |
| 13.1% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩18B
- Enterprise value
- ₩24B
- P/E
- 1.8×
- P/B
- 0.6×
- P/S
- 0.2×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Price | ₩2,895 | ₩2,895 | ₩5,411 | ₩8,486 | ₩15,554 |
| Market cap | ₩46B | ₩46B | ₩86B | ₩135B | ₩248B |
| P/E | 5.5× | — | — | — | 19.0× |
| P/B | 1.9× | 4.3× | 0.0× | 4.1× | 6.1× |
| P/S | 0.4× | 0.4× | 0.0× | 0.9× | 2.4× |
| EV/EBITDA | — | — | — | — | — |
| Dividend yield | 0.0% | — | — | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Daesan F&B | 1.8× | 0.6× | 0.2× | — | 0.0% |
| 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: Daesan F&B / 대산F&B / 065150 / KRX:065150
Source: KRX statistical information