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Duksanhimetalco

077360 · KOSDAQ · ₩077360 · 덕산하이메탈

₩10,200▼ ₩480 (4.49%)End-of-day · Oct 29, 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

With these assumptions the model gives no positive value.

Enterprise value
−₩7.1B
Equity value
−₩247B
WACC
6.2%

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 ₩10,200, the model needs an operating margin of 13.3% every year (it uses 2.5%).
  • Margins ranged from −7.6% to 7.9% over the last 5 years, so this is a cyclical business. The model uses the average; the price may be set by where the cycle is now. Try the margin fade option.
  • 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.
  • The group includes a financial business (an insurer, bank or broker), whose investments and minority shareholders are left out here. A sum-of-the-parts view usually fits groups like this better.

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
—

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 (2.5%).

Revenue growth

  • 11.3%

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

    Default: the last 3 years' revenue growth (11.3% a year, annual reports), fading to 3% by year 5.

  • 9.2%

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

    Default: the last 3 years' revenue growth (11.3% a year, annual reports), fading to 3% by year 5.

  • 7.1%

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

    Default: the last 3 years' revenue growth (11.3% a year, annual reports), fading to 3% by year 5.

  • 5.1%

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

    Default: the last 3 years' revenue growth (11.3% 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 (11.3% a year, annual reports), fading to 3% by year 5.

Business

  • 2.5%

    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.

  • 6.2%

    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).

  • 7.7%

    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).

  • 40%

    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 0.41, 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)
₩294B
Net debt (borrowings and leases − cash and deposits)
₩240B
Shares
45,437,002
Share price
₩10,200
Market cap
₩463B

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₩144B₩236B₩236B₩328B₩358B₩383B₩403B₩415B
Growth−15.8%63.3%0.2%11.3%9.2%7.1%5.1%3.0%
EBIT−₩11B₩19B₩2.8B₩8.2B₩8.9B₩9.6B₩10B₩10B
EBIT margin−7.6%7.9%1.2%2.5%2.5%2.5%2.5%2.5%
After-tax EBIT−₩8B₩14B₩2B₩5.9B₩6.5B₩6.9B₩7.3B₩7.5B
+ Depreciation———₩20B₩22B₩24B₩25B₩26B
− Capital spending₩11B₩21B₩15B₩25B₩28B₩29B₩31B₩32B
− Working capital₩42B₩13B−₩29B₩13B₩12B₩10B₩7.8B₩4.8B
Free cash flow———−₩12B−₩11B−₩9B−₩6.6B−₩3.5B
Discount factor———0.9420.8870.8350.7870.741
Present value———−₩12B−₩9.7B−₩7.5B−₩5.2B−₩2.6B

Terminal value ₩40B, worth ₩29B today: -416% 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 ₩4,993 a share)Now 2.04×₩2,9500.59×₩4,9731.00×₩10,2002.04×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,088 a share)Now 9.37×₩9,2168.47×₩19,73618.1×₩55,49551.0×

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%
5.2%—————
5.7%—————
6.2%—————
6.7%—————
7.2%—————

Now (TTM)

Market cap
₩463B
Enterprise value
₩703B
P/E
—
P/B
2.0×
P/S
1.6×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩6,090₩3,850₩7,160₩4,790₩10,275
Market cap₩277B₩175B₩325B₩218B₩467B
P/E—8.6×—35.7×14.7×
P/B1.3×0.6×1.1×0.7×1.8×
P/S1.2×0.7×2.3×1.3×5.0×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Duksanhimetalco—2.0×1.6×—0.0%
SK hynix6.9×4.2×5.9×—0.2%
DB HiTek12.5×1.8×2.8×—0.8%
Fadu—39.2×13.7×—0.0%
Hana Micron14.4×4.5×1.2×—0.2%
Jeju Semiconductor10.5×5.4×3.6×—0.0%
SFA Semicon—3.0×3.2×—0.0%
Similar companies (median)11.5×4.4×3.4×—0.1%

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

Also known as: Duksanhimetalco / 덕산하이메탈 / 077360 / KRX:077360

Source: KRX statistical information