KOSPI · 081000 · Chemicals · ₩081000

Iljin Diamond일진다이아

081000 · KOSPI · ₩081000 · 일진다이아

₩8,650▲ ₩90 (1.05%)End-of-day · Oct 27, 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

₩14,287

vs the current price (₩8,650)

Enterprise value: −₩43B
Equity value: ₩203B
WACC: 7.6%

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 65% 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 ₩8,650, the model needs an operating margin of −3.9% every year (it uses −0.4%).
Margins ranged from −4.2% to 4.8% 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.
76% 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.
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.
Today's P/E is 8.4× against a typical 18.8× 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: ₩13,305; +53.8%
Base: ₩14,287; +65.2%
Bull: ₩16,825; +94.5%

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 (−0.4%).

Revenue growth

Revenue growth, year 1-4.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-4.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-2.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-4.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-0.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-4.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 41.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-4.6% 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 (-4.6% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-0.4%
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 & amortisation4.4%
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 spending5.5%
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 capital37.3%
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 rate4.11%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-28.
Beta0.63
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 0.45, 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)5.61%
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): ₩197B
Net debt (borrowings and leases − cash and deposits): −₩343B
+ Stakes and investments: ₩30B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩128B
Shares: 14,202,975
Share price: ₩8,650
Market cap: ₩123B

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	₩154B	₩157B	₩162B	₩188B	₩183B	₩182B	₩184B	₩189B
Growth	−17.3%	1.7%	3.4%	−4.6%	−2.7%	−0.8%	1.1%	3.0%
EBIT	−₩4.4B	−₩4.6B	−₩6.8B	−₩752M	−₩732M	−₩726M	−₩734M	−₩756M
EBIT margin	−2.8%	−3.0%	−4.2%	−0.4%	−0.4%	−0.4%	−0.4%	−0.4%
After-tax EBIT	−₩3.2B	−₩3.4B	−₩4.9B	−₩545M	−₩531M	−₩526M	−₩532M	−₩548M
+ Depreciation	—	—	—	₩8.3B	₩8.1B	₩8B	₩8.1B	₩8.3B
− Capital spending	—	—	₩8.9B	₩10B	₩10B	₩10B	₩10B	₩10B
− Working capital	−₩340B	−₩5.1B	−₩3.2B	−₩3.4B	−₩1.9B	−₩546M	₩745M	₩2.1B
Free cash flow	—	—	—	₩768M	−₩649M	−₩2B	−₩3.3B	−₩4.7B
Discount factor	—	—	—	0.930	0.864	0.803	0.747	0.694
Present value	—	—	—	₩714M	−₩561M	−₩1.6B	−₩2.5B	−₩3.2B

Terminal value −₩51B, worth −₩35B today: 83% 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 ₩29,665 a share)Now 0.29×	₩11,2620.38×	₩14,6920.50×	₩26,5350.89×
Price / earnings (last 12 months: ₩1,028 a share)Now 8.42×	₩12,57312.2×	₩19,30718.8×	₩43,37642.2×
P/E on run-rate earnings (Q2 2026 × 4: ₩2,210 a share)Now 3.91×	₩27,03112.2×	₩41,50818.8×	₩93,25442.2×

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%
6.6%	₩14,827	₩14,265	₩13,575	₩12,712	₩11,602
7.1%	₩15,038	₩14,552	₩13,966	₩13,249	₩12,351
7.6%	₩15,217	₩14,792	₩14,287	₩13,680	₩12,936
8.1%	₩15,371	₩14,996	₩14,555	₩14,033	₩13,404
8.6%	₩15,505	₩15,171	₩14,783	₩14,328	₩13,789

Now (TTM)

Market cap: ₩123B
Enterprise value: −₩222B
P/E: 8.4×
P/B: 0.3×
P/S: 0.6×
EV/EBITDA: —
Dividend yield: 3.5%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩12,010	₩10,890	₩14,630	₩16,600	₩30,350
Market cap	₩171B	₩155B	₩208B	₩236B	₩431B
P/E	24.9×	12.0×	20.8×	—	50.8×
P/B	0.4×	0.4×	0.5×	0.6×	1.0×
P/S	1.1×	1.0×	1.3×	1.3×	2.3×
EV/EBITDA	—	—	—	16.3×	18.7×
Dividend yield	2.5%	2.8%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Iljin Diamond	8.4×	0.3×	0.6×	—	3.5%
LG Chem	—	0.5×	0.3×	—	0.9%
Hanwha Solutions	—	0.6×	0.4×	—	0.0%
Hanwha	6.2×	0.4×	0.1×	—	1.4%
SKC	—	2.1×	2.0×	—	0.0%
KCC	0.9×	0.3×	0.5×	8.7×	0.0%
Kumho Petro Chemical	5.2×	0.4×	0.4×	—	1.6%
Similar companies (median)	5.2×	0.4×	0.4×	8.7×	0.4%

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

Also known as: Iljin Diamond / 일진다이아 / 081000 / KRX:081000

Source: KRX statistical information