DIT

110990 · KOSDAQ · ₩110990 · 디아이티

₩13,660▼ ₩1,030 (7.01%)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

₩10,661

vs the current price (₩13,660)

Enterprise value
₩185B
Equity value
₩201B
WACC
8.4%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.

Bear / Base / Bull

Bear
₩7,545
−44.8%
Base
₩10,661
−22.0%
Bull
₩15,699
+14.9%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

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Cycle options

Margin path

Every year uses the cycle-average margin (13.6%).

Revenue growth

  • -6.7%

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

    Default: the last 3 years' revenue growth (-6.7% a year, annual reports), fading to 3% by year 5.

  • -4.3%

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

    Default: the last 3 years' revenue growth (-6.7% a year, annual reports), fading to 3% by year 5.

  • -1.9%

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

    Default: the last 3 years' revenue growth (-6.7% a year, annual reports), fading to 3% by year 5.

  • 0.6%

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

    Default: the last 3 years' revenue growth (-6.7% 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 (-6.7% a year, annual reports), fading to 3% by year 5.

Business

  • 13.6%

    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.

  • 0.8%

    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).

  • 1%

    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).

  • 40%

    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.

  • 0.79

    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 0.68, 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)
₩147B
Net debt (borrowings and leases − cash and deposits)
−₩17B
Shares
18,900,000
Share price
₩13,660
Market cap
₩258B

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₩107B₩117B₩108B₩137B₩131B₩129B₩130B₩134B
Growth−19.4%9.0%−7.5%−6.7%−4.3%−1.9%0.6%3.0%
EBIT₩8.6B₩24B₩23B₩19B₩18B₩18B₩18B₩18B
EBIT margin8.1%20.7%21.4%13.6%13.6%13.6%13.6%13.6%
After-tax EBIT₩6.3B₩17B₩17B₩14B₩13B₩13B₩13B₩13B
+ Depreciation———₩1.1B₩1.1B₩1B₩1B₩1.1B
− Capital spending₩1.4B₩1.5B₩461M₩1.4B₩1.3B₩1.3B₩1.3B₩1.3B
− Working capital−₩89B−₩10B₩156B−₩3.9B−₩2.4B−₩999M₩310M₩1.6B
Free cash flow———₩17B₩15B₩13B₩12B₩11B
Discount factor———0.9230.8520.7860.7250.670
Present value———₩16B₩13B₩11B₩8.9B₩7.6B

Terminal value ₩193B, worth ₩129B today: 70% 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 ₩13,715 a share)Now 1.00×₩11,0480.81×₩16,2291.18×₩27,2741.99×
Price / earnings (last 12 months: ₩2,337 a share)Now 5.84×₩17,5707.52×₩28,57112.2×₩81,22734.8×
P/E on run-rate earnings (Q2 2026 × 4: ₩2,895 a share)Now 4.72×₩21,7637.52×₩35,38912.2×₩100,61134.8×

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%
7.4%₩11,303₩11,803₩12,394₩13,104₩13,976
7.9%₩10,569₩10,977₩11,453₩12,017₩12,694
8.4%₩9,935₩10,272₩10,661₩11,114₩11,651
8.9%₩9,381₩9,662₩9,983₩10,353₩10,785
9.4%₩8,893₩9,130₩9,397₩9,703₩10,055

Now (TTM)

Market cap
₩258B
Enterprise value
₩241B
P/E
5.8×
P/B
1.0×
P/S
1.8×
EV/EBITDA
—
Dividend yield
3.1%

Over time (at each year end)

20252024202320222021
Price₩14,570₩12,540₩18,400₩5,350₩9,360
Market cap₩275B₩237B₩348B₩101B₩177B
P/E9.1×8.2×26.4×10.9×—
P/B1.2×1.1×1.9×0.6×1.1×
P/S2.6×2.0×3.2×0.8×2.3×
EV/EBITDA—————
Dividend yield2.9%3.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
DIT5.8×1.0×1.8×—3.1%
Doosan Enerbility193.9×4.3×2.0×—0.0%
Hanmi Semiconductor78.4×23.3×31.6×70.6×0.4%
Jusung Engineering1,058.2×13.0×34.0×2,036.0×0.0%
Rainbow Robotics4,137.6×53.0×156.2×—0.0%
EO Technics44.1×6.4×10.8×—0.0%
Doosan Bobcat13,622.5×911.6×733.9×—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: DIT / 디아이티 / 110990 / KRX:110990

Source: KRX statistical information