KOSDAQ · 105740 · Machinery · ₩105740

DK-Lok디케이락

105740 · KOSDAQ · ₩105740 · 디케이락

₩11,070▲ ₩200 (1.84%)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

₩15,585

vs the current price (₩11,070)

Enterprise value: ₩200B
Equity value: ₩158B
WACC: 6.5%

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 41% 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 ₩11,070, the model needs an operating margin of 7.7% every year (it uses 9.4%).
Or revenue growth −8.3 points a year higher than assumed in each of the 5 years.
Margins ranged from −0.2% to 10.6% 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.
36% 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 7.4× against a typical 12.5× 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: ₩6,702; −39.5%
Base: ₩15,585; +40.8%
Bull: ₩32,221; +191.1%

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 (9.4%).

Revenue growth

Revenue growth, year 15.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (5.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 24.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (5.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 34.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (5.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 43.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (5.4% 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 (5.4% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin9.4%
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 & amortisation3.9%
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 spending4.9%
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 capital40%
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 0.26, 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): ₩149B
Net debt (borrowings and leases − cash and deposits): ₩42B
− Minority interests: ₩22M
Shares: 10,168,513
Share price: ₩11,070
Market cap: ₩113B

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	₩111B	₩98B	₩129B	₩157B	₩165B	₩172B	₩178B	₩183B
Growth	1.4%	−11.7%	30.8%	5.4%	4.8%	4.2%	3.6%	3.0%
EBIT	₩12B	−₩188M	₩11B	₩15B	₩16B	₩16B	₩17B	₩17B
EBIT margin	10.6%	−0.2%	8.6%	9.4%	9.4%	9.4%	9.4%	9.4%
After-tax EBIT	₩8.5B	−₩137M	₩8B	₩11B	₩11B	₩12B	₩12B	₩13B
+ Depreciation	—	—	—	₩6.1B	₩6.4B	₩6.7B	₩6.9B	₩7.2B
− Capital spending	₩8.5B	₩2.9B	₩5.3B	₩7.7B	₩8.1B	₩8.4B	₩8.7B	₩9B
− Working capital	₩13B	₩163M	₩15B	₩3.2B	₩3B	₩2.8B	₩2.5B	₩2.1B
Free cash flow	—	—	—	₩5.9B	₩6.6B	₩7.2B	₩7.9B	₩8.5B
Discount factor	—	—	—	0.939	0.882	0.828	0.777	0.730
Present value	—	—	—	₩5.6B	₩5.8B	₩6B	₩6.1B	₩6.2B

Terminal value ₩234B, worth ₩170B today: 85% 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 ₩13,651 a share)Now 0.81×	₩7,8900.58×	₩10,2490.75×	₩15,9111.17×
Price / earnings (last 12 months: ₩1,486 a share)Now 7.45×	₩11,0707.45×	₩18,54912.5×	₩38,97426.2×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,377 a share)Now 8.04×	₩10,2537.45×	₩17,18112.5×	₩36,09826.2×

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%
5.5%	₩17,546	₩19,278	₩21,496	₩24,442	₩28,554
6.0%	₩15,249	₩16,550	₩18,170	₩20,244	₩23,000
6.5%	₩13,371	₩14,370	₩15,585	₩17,097	₩19,033
7.0%	₩11,809	₩12,589	₩13,520	₩14,651	₩16,058
7.5%	₩10,490	₩11,107	₩11,831	₩12,695	₩13,746

Now (TTM)

Market cap: ₩113B
Enterprise value: ₩154B
P/E: 7.4×
P/B: 0.8×
P/S: 0.8×
EV/EBITDA: —
Dividend yield: 2.7%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩9,700	₩7,280	₩9,020	₩11,250	₩10,850
Market cap	₩99B	₩74B	₩92B	₩114B	₩110B
P/E	14.6×	34.7×	7.9×	19.6×	12.3×
P/B	0.7×	0.6×	0.7×	1.0×	1.1×
P/S	0.8×	0.8×	0.8×	1.0×	1.3×
EV/EBITDA	—	—	—	—	—
Dividend yield	3.1%	3.4%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
DK-Lok	7.4×	0.8×	0.8×	—	2.7%
Doosan Enerbility	208.4×	4.6×	2.1×	—	0.0%
Hanmi Semiconductor	82.2×	24.4×	33.1×	74.0×	0.4%
Jusung Engineering	1,121.0×	13.7×	36.0×	2,158.2×	0.0%
Rainbow Robotics	4,006.5×	51.3×	151.2×	—	0.0%
EO Technics	44.8×	6.5×	10.9×	—	0.0%
Doosan Bobcat	13,664.7×	914.4×	736.1×	—	3.5%
Similar companies (median)	664.7×	19.1×	34.5×	1,116.1×	0.0%

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

Also known as: DK-Lok / 디케이락 / 105740 / KRX:105740

Source: KRX statistical information