KOSDAQ · 100130 · Metal products · ₩100130

Dongkuk Structures & Construction동국S&C

100130 · KOSDAQ · ₩100130 · 동국S&C

₩1,395▲ ₩16 (1.16%)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

₩177

vs the current price (₩1,395)

Enterprise value: −₩11B
Equity value: ₩10B
WACC: 7.4%

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 87% 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 ₩1,395, the model needs an operating margin of 8.4% every year (it uses −2.2%).
Margins ranged from −8.0% to 5.8% 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.

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: ₩113; −91.9%
Base: ₩177; −87.3%
Bull: ₩340; −75.7%

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 (−2.2%).

Revenue growth

Revenue growth, year 1-10%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-36.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-6.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-36.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-3.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-36.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 4-0.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-36.9% 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 (-36.9% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-2.2%
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 & amortisation3.7%
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 spending0.6%
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).
Working capital20.5%
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.
Beta0.6
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 0.18, 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): ₩63B
Net debt (borrowings and leases − cash and deposits): −₩9.9B
+ Stakes and investments: ₩11B; Associates, long-term financial assets and deposits (book value)
Shares: 57,143,000
Share price: ₩1,395
Market cap: ₩80B

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	₩398B	₩166B	₩120B	₩57B	₩53B	₩51B	₩51B	₩52B
Growth	−16.5%	−58.4%	−27.8%	−10.0%	−6.7%	−3.5%	−0.2%	3.0%
EBIT	−₩32B	−₩5.5B	₩6.9B	−₩1.2B	−₩1.2B	−₩1.1B	−₩1.1B	−₩1.2B
EBIT margin	−8.0%	−3.3%	5.8%	−2.2%	−2.2%	−2.2%	−2.2%	−2.2%
After-tax EBIT	−₩23B	−₩4B	₩5B	−₩904M	−₩844M	−₩814M	−₩813M	−₩837M
+ Depreciation	—	—	₩4.4B	₩2.1B	₩2B	₩1.9B	₩1.9B	₩1.9B
− Capital spending	—	₩1.8B	₩157M	₩340M	₩317M	₩306M	₩306M	₩315M
− Working capital	−₩21B	−₩50B	−₩57B	−₩1.3B	−₩779M	−₩380M	−₩21M	₩313M
Free cash flow	—	—	₩66B	₩2.1B	₩1.6B	₩1.1B	₩788M	₩476M
Discount factor	—	—	—	0.931	0.867	0.807	0.751	0.700
Present value	—	—	—	₩2B	₩1.4B	₩926M	₩592M	₩333M

Terminal value −₩24B, worth −₩16B today: 146% 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 ₩2,955 a share)Now 0.47×	₩1,6560.56×	₩2,1560.73×	₩3,7141.26×

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%
6.4%	₩194	₩150	₩97	₩29	—
6.9%	₩222	₩185	₩141	₩87	₩19
7.4%	₩245	₩214	₩177	₩132	₩78
7.9%	₩265	₩238	₩207	₩169	₩124
8.4%	₩282	₩258	₩231	₩199	₩162

Now (TTM)

Market cap: ₩80B
Enterprise value: ₩70B
P/E: —
P/B: 0.5×
P/S: 1.3×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩2,040	₩2,420	₩3,085	₩4,565	₩5,350
Market cap	₩117B	₩138B	₩176B	₩261B	₩306B
P/E	—	—	—	—	18.2×
P/B	0.6×	0.7×	0.8×	1.0×	1.1×
P/S	1.0×	0.8×	0.4×	0.5×	0.8×
EV/EBITDA	9.4×	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Dongkuk Structures & Construction	—	0.5×	1.3×	—	0.0%
CS Wind	385.5×	1.3×	0.6×	—	2.5%
Hankuk Carbon	7.8×	1.2×	0.9×	—	2.1%
Taewoong	65.8×	0.8×	1.3×	21.0×	0.0%
YG-1	5.1×	0.8×	0.5×	—	1.8%
Bosung Power Technology	18.8×	2.1×	1.8×	8.5×	0.0%
HT Robotics	44.6×	3.2×	2.1×	—	0.0%
Similar companies (median)	31.7×	1.2×	1.1×	14.7×	0.9%

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

Also known as: Dongkuk Structures & Construction / 동국S&C / 100130 / KRX:100130

Source: KRX statistical information