KOSDAQ · 104460 · Machinery · ₩104460

Dypnf디와이피엔에프

104460 · KOSDAQ · ₩104460 · 디와이피엔에프

₩5,800▼ ₩230 (3.81%)End-of-day · Oct 30, 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

₩34,551

vs the current price (₩5,800)

Enterprise value: ₩376B
Equity value: ₩363B
WACC: 6.6%

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 496% 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 ₩5,800, the model needs an operating margin of 0.9% every year (it uses 4.7%).
Margins ranged from −10.4% to 8.8% 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.
50% 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.
Today's P/E is 7.0× against a typical 8.1× 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: ₩13,526; +133.2%
Base: ₩34,551; +495.7%
Bull: ₩72,897; +1,156.8%

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 (4.7%).

Revenue growth

Revenue growth, year 125%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (51.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 219.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (51.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 314%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (51.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 48.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (51.9% 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 (51.9% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin4.7%
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 & amortisation2.8%
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 spending3.5%
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 capital-10%
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 rate4.01%
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.
Beta0.6
How much the share moves when the market moves: 1 means just like the market.
Default: 104 weeks of weekly returns against KOSPI (official index); raw beta 0.21, 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)5.51%
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): ₩292B
Net debt (borrowings and leases − cash and deposits): ₩17B
+ Stakes and investments: ₩4.8B; Associates, long-term financial assets and deposits (book value)
Shares: 10,518,101
Share price: ₩5,800
Market cap: ₩61B

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	₩144B	₩281B	₩396B	₩365B	₩437B	₩498B	₩540B	₩556B
Growth	27.4%	95.1%	41.0%	25.0%	19.5%	14.0%	8.5%	3.0%
EBIT	₩8.3B	₩25B	₩29B	₩17B	₩21B	₩23B	₩25B	₩26B
EBIT margin	5.8%	8.8%	7.2%	4.7%	4.7%	4.7%	4.7%	4.7%
After-tax EBIT	₩6B	₩18B	₩21B	₩12B	₩15B	₩17B	₩18B	₩19B
+ Depreciation	—	—	—	₩10B	₩12B	₩14B	₩15B	₩16B
− Capital spending	₩12B	₩2.7B	₩6.4B	₩13B	₩15B	₩17B	₩19B	₩19B
− Working capital	−₩62B	₩22B	₩54B	−₩7.3B	−₩7.1B	−₩6.1B	−₩4.2B	−₩1.6B
Free cash flow	—	—	—	₩17B	₩19B	₩20B	₩19B	₩17B
Discount factor	—	—	—	0.938	0.880	0.826	0.775	0.727
Present value	—	—	—	₩16B	₩17B	₩16B	₩15B	₩12B

Terminal value ₩413B, worth ₩300B today: 80% 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 ₩14,118 a share)Now 0.41×	₩12,8810.91×	₩25,9351.84×	₩66,7624.73×
Price / earnings (last 12 months: ₩829 a share)Now 7.00×	₩3,2953.98×	₩6,7428.14×	₩19,88924.0×
P/E on run-rate earnings (Q2 2026 × 4: ₩579 a share)Now 10.0×	₩2,3043.98×	₩4,7138.14×	₩13,90424.0×

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%
5.6%	₩34,942	₩39,130	₩44,495	₩51,612	₩61,500
6.1%	₩31,407	₩34,747	₩38,913	₩44,249	₩51,328
6.6%	₩28,505	₩31,228	₩34,551	₩38,694	₩44,001
7.1%	₩26,080	₩28,339	₩31,048	₩34,352	₩38,472
7.6%	₩24,023	₩25,926	₩28,173	₩30,866	₩34,152

Now (TTM)

Market cap: ₩61B
Enterprise value: ₩78B
P/E: 7.0×
P/B: 0.4×
P/S: 0.2×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩13,940	₩12,900	₩22,950	₩40,700	₩40,000
Market cap	₩147B	₩136B	₩241B	₩428B	₩421B
P/E	5.8×	7.5×	42.3×	—	90.9×
P/B	1.0×	1.1×	2.2×	4.0×	4.4×
P/S	0.4×	0.5×	1.7×	3.8×	4.2×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Dypnf	7.0×	0.4×	0.2×	—	0.0%
Doosan Enerbility	193.9×	4.3×	2.0×	—	0.0%
Hanmi Semiconductor	78.4×	23.3×	31.6×	70.6×	0.4%
Jusung Engineering	1,058.2×	13.0×	34.0×	2,036.0×	0.0%
Rainbow Robotics	4,137.6×	53.0×	156.2×	—	0.0%
EO Technics	44.1×	6.4×	10.8×	—	0.0%
Doosan Bobcat	13,622.5×	911.6×	733.9×	—	3.5%
Similar companies (median)	626.0×	18.1×	32.8×	1,053.3×	0.0%

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

Also known as: Dypnf / 디와이피엔에프 / 104460 / KRX:104460

Source: KRX statistical information