KOSPI · 069460 · Steel & Materials · ₩069460

Daeho AL대호에이엘

069460 · KOSPI · ₩069460 · 대호에이엘

₩2,660 ₩0 (0.00%)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

With these assumptions the model gives no positive value.

Enterprise value: ₩37B
Equity value: −₩4.1B
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 gives no positive value at these assumptions. What we can see:

To match today's price of ₩2,660, the model needs an operating margin of 4.0% every year (it uses 2.7%).
In the projection, spending on equipment, software and working capital takes most or all of the after-tax operating profit, so free cash flow is thin. Companies that invest heavily often look like this until spending slows.

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: ₩7,066; +165.6%

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 (2.7%).

Revenue growth

Revenue growth, year 17.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 26.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 35.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 44.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.4% 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 (7.4% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin2.7%
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 & amortisation2%
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 spending4%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: not in the statements, so a typical level.
Working capital26.3%
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.
Beta1.15
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 1.22, 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): ₩250B
Net debt (borrowings and leases − cash and deposits): ₩43B
+ Stakes and investments: ₩2.3B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩201M
Shares: 17,414,390
Share price: ₩2,660
Market cap: ₩46B

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	₩182B	₩169B	₩216B	₩269B	₩285B	₩300B	₩313B	₩322B
Growth	4.3%	−7.2%	28.0%	7.4%	6.3%	5.2%	4.1%	3.0%
EBIT	₩8.4B	₩5.8B	₩3.5B	₩7.3B	₩7.7B	₩8.1B	₩8.4B	₩8.7B
EBIT margin	4.6%	3.5%	1.6%	2.7%	2.7%	2.7%	2.7%	2.7%
After-tax EBIT	₩6.1B	₩4.2B	₩2.5B	₩5.3B	₩5.6B	₩5.9B	₩6.1B	₩6.3B
+ Depreciation	₩3.3B	₩3.7B	₩4.3B	₩5.4B	₩5.7B	₩6B	₩6.3B	₩6.4B
− Capital spending	—	—	—	₩11B	₩11B	₩12B	₩13B	₩13B
− Working capital	−₩724M	₩6.7B	₩6.6B	₩4.9B	₩4.4B	₩3.9B	₩3.2B	₩2.5B
Free cash flow	—	—	—	−₩5B	−₩4.6B	−₩4B	−₩3.4B	−₩2.6B
Discount factor	—	—	—	0.932	0.868	0.809	0.753	0.702
Present value	—	—	—	−₩4.6B	−₩4B	−₩3.3B	−₩2.5B	−₩1.8B

Terminal value ₩76B, worth ₩53B today: 144% 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 ₩4,426 a share)Now 0.60×	₩2,6600.60×	₩5,8661.33×	₩17,5873.97×

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%	₩534	₩577	₩626	₩683	₩752
6.8%	₩135	₩143	₩149	₩153	₩153
7.3%	—	—	—	—	—
7.8%	—	—	—	—	—
8.3%	—	—	—	—	—

Now (TTM)

Market cap: ₩46B
Enterprise value: ₩89B
P/E: —
P/B: 0.6×
P/S: 0.2×
EV/EBITDA: 32.9×
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩7,000	₩6,405	₩6,335	₩6,500	₩16,925
Market cap	₩122B	₩112B	₩110B	₩113B	₩295B
P/E	—	79.9×	31.6×	19.1×	—
P/B	1.4×	1.2×	1.2×	1.6×	4.3×
P/S	0.6×	0.7×	0.6×	0.7×	2.1×
EV/EBITDA	21.6×	12.9×	9.8×	11.3×	69.2×
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Daeho AL	—	0.6×	0.2×	32.9×	0.0%
POSCO Holdings	16.6×	0.4×	0.3×	7.8×	3.5%
Korea Zinc	18.9×	1.6×	0.9×	—	2.2%
Hyundai Steel	—	0.2×	0.2×	—	1.9%
Poongsan	8.3×	0.7×	0.3×	6.0×	2.8%
SeAH Besteel Holdings	12.6×	0.6×	0.3×	9.6×	3.8%
Sama Aluminium	—	4.3×	3.2×	—	0.0%
Similar companies (median)	14.6×	0.6×	0.3×	7.8×	2.5%

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

Also known as: Daeho AL / 대호에이엘 / 069460 / KRX:069460

Source: KRX statistical information