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DYP

092780 · KOSPI · ₩092780 · DYP

₩3,255▲ ₩170 (5.51%)End-of-day · Oct 30, 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

₩4,615

vs the current price (₩3,255)

Enterprise value
₩132B
Equity value
₩61B
WACC
5.6%

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 42% 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 ₩3,255, the model needs an operating margin of 2.7% every year (it uses 2.9%).
  • 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 3.4× against a typical 10.3× 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
₩4,615
+41.8%
Bull
₩36,512
+1,021.7%

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 (2.9%).

Revenue growth

  • 4.9%

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

    Default: the last 3 years' revenue growth (4.9% a year, annual reports), fading to 3% by year 5.

  • 4.4%

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

    Default: the last 3 years' revenue growth (4.9% a year, annual reports), fading to 3% by year 5.

  • 4%

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

    Default: the last 3 years' revenue growth (4.9% a year, annual reports), fading to 3% by year 5.

  • 3.5%

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

    Default: the last 3 years' revenue growth (4.9% 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 (4.9% a year, annual reports), fading to 3% by year 5.

Business

  • 2.9%

    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.

  • 5.3%

    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).

  • 6.6%

    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).

  • 25.3%

    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

  • 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.

  • 0.76

    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 0.64, 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)
₩490B
Net debt (borrowings and leases − cash and deposits)
₩68B
− Minority interests
₩3.7B
Shares
13,168,460
Share price
₩3,255
Market cap
₩43B

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₩422B₩431B₩459B₩514B₩537B₩558B₩578B₩595B
Growth6.0%2.2%6.6%4.9%4.4%4.0%3.5%3.0%
EBIT₩13B₩9.7B₩17B₩15B₩16B₩16B₩17B₩17B
EBIT margin3.2%2.2%3.6%2.9%2.9%2.9%2.9%2.9%
After-tax EBIT₩9.6B₩7B₩12B₩11B₩11B₩12B₩12B₩13B
+ Depreciation———₩27B₩28B₩30B₩31B₩32B
− Capital spending₩25B₩31B₩31B₩34B₩35B₩37B₩38B₩39B
− Working capital−₩2.6B₩14B₩23B₩6.1B₩5.7B₩5.4B₩4.9B₩4.4B
Free cash flow———−₩1.9B−₩1.4B−₩952M−₩306M₩390M
Discount factor———0.9470.8960.8490.8040.761
Present value———−₩1.8B−₩1.3B−₩808M−₩246M₩297M

Terminal value ₩179B, worth ₩136B today: 103% 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 ₩11,509 a share)Now 0.28×₩3,8280.33×₩5,7810.50×₩8,1660.71×
Price / earnings (last 12 months: ₩948 a share)Now 3.44×₩5,6745.99×₩9,71510.3×₩16,93817.9×

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%
4.6%₩7,551₩8,270₩9,246₩10,661₩12,921
5.1%₩5,669₩6,057₩6,555₩7,226₩8,193
5.6%₩4,201₩4,388₩4,615₩4,900₩5,278
6.1%₩3,027₩3,087₩3,152₩3,223₩3,304
6.6%₩2,067₩2,046₩2,012₩1,959₩1,880

Now (TTM)

Market cap
₩43B
Enterprise value
₩107B
P/E
3.4×
P/B
0.3×
P/S
0.1×
EV/EBITDA
—
Dividend yield
2.5%

Over time (at each year end)

20252024202320222021
Price₩3,320₩4,680₩4,855₩4,795₩6,300
Market cap₩44B₩62B₩64B₩63B₩83B
P/E5.6×7.3×8.4×24.2×11.2×
P/B0.3×0.4×0.5×0.5×0.7×
P/S0.1×0.1×0.2×0.2×0.2×
EV/EBITDA—————
Dividend yield2.4%1.7%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
DYP3.4×0.3×0.1×—2.5%
Hyundai Motor7.0×0.5×0.3×—3.5%
KIA5.3×0.6×0.3×—7.1%
KG Mobility5.3×0.3×0.1×—0.0%
KG Eco Solution1.8×0.2×0.0×—3.1%
Autech—0.5×0.1×—0.0%
Similar companies (median)5.3×0.5×0.1×—3.1%

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

Also known as: DYP / 092780 / KRX:092780

Source: KRX statistical information