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Dgenx

113810 · KOSDAQ · ₩113810 · 디젠스

₩2,780▲ ₩60 (2.21%)End-of-day · Oct 27, 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

₩5,725

vs the current price (₩2,780)

Enterprise value
₩34B
Equity value
₩37B
WACC
7.3%

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 106% 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 ₩2,780, the model needs an operating margin of 1.7% every year (it uses 3.1%).
  • 33% 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 7.9× against a typical 8.9× 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
₩1,665
−40.1%
Base
₩5,725
+105.9%
Bull
₩13,143
+372.8%

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 (3.1%).

Revenue growth

  • 7.4%

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

    Default: the last 3 years' revenue growth (7.4% a year, annual reports), fading to 3% by year 5.

  • 6.3%

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

    Default: the last 3 years' revenue growth (7.4% a year, annual reports), fading to 3% by year 5.

  • 5.2%

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

    Default: the last 3 years' revenue growth (7.4% a year, annual reports), fading to 3% by year 5.

  • 4.1%

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

    Default: the last 3 years' revenue growth (7.4% 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 (7.4% a year, annual reports), fading to 3% by year 5.

Business

  • 3.1%

    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.

  • 2%

    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).

  • 0.9%

    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).

  • 16.9%

    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.

  • 4.03%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-27.

  • 0.6

    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 0.09, 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.

  • 5.53%

    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)
₩83B
Net debt (borrowings and leases − cash and deposits)
−₩1.8B
+ Stakes and investments
₩1.1B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩44M
Shares
6,525,610
Share price
₩2,780
Market cap
₩18B

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₩86B₩90B₩80B₩89B₩95B₩99B₩104B₩107B
Growth32.5%4.1%−10.3%7.4%6.3%5.2%4.1%3.0%
EBIT₩3B₩5.5B₩963M₩2.8B₩2.9B₩3.1B₩3.2B₩3.3B
EBIT margin3.5%6.2%1.2%3.1%3.1%3.1%3.1%3.1%
After-tax EBIT₩2.2B₩4B₩698M₩2B₩2.1B₩2.2B₩2.3B₩2.4B
+ Depreciation₩1.9B₩1.5B₩1.6B₩1.8B₩1.9B₩2B₩2.1B₩2.1B
− Capital spending₩1B₩697M₩721M₩801M₩851M₩895M₩932M₩960M
− Working capital₩6.8B₩1.3B−₩2.1B₩1B₩947M₩831M₩689M₩525M
Free cash flow−₩3.7B₩3.5B₩3.6B₩1.9B₩2.2B₩2.5B₩2.8B₩3B
Discount factor———0.9320.8680.8090.7530.702
Present value———₩1.8B₩1.9B₩2B₩2.1B₩2.1B

Terminal value ₩35B, worth ₩24B today: 71% 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 ₩4,302 a share)Now 0.65×₩4,1150.96×₩7,6531.78×₩10,3582.41×
Price / earnings (last 12 months: ₩352 a share)Now 7.90×₩2,3336.63×₩3,1348.91×₩9,83027.9×
P/E on run-rate earnings (Q2 2026 × 4: ₩413 a share)Now 6.73×₩2,7416.63×₩3,6828.91×₩11,55127.9×

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%
6.3%₩6,296₩6,549₩6,857₩7,244₩7,744
6.8%₩5,816₩6,006₩6,233₩6,511₩6,858
7.3%₩5,410₩5,555₩5,725₩5,928₩6,175
7.8%₩5,064₩5,174₩5,302₩5,453₩5,632
8.3%₩4,764₩4,849₩4,946₩5,058₩5,189

Now (TTM)

Market cap
₩18B
Enterprise value
₩16B
P/E
7.9×
P/B
0.6×
P/S
0.2×
EV/EBITDA
4.0×
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩3,935₩7,950₩5,880₩4,770₩4,545
Market cap₩26B₩52B₩38B₩31B₩30B
P/E34.4×11.6×13.0×—7.9×
P/B1.1×2.3×2.2×1.9×1.8×
P/S0.3×0.6×0.4×0.5×0.4×
EV/EBITDA11.4×8.1×9.7×10.5×6.6×
Dividend yield0.0%1.3%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Dgenx7.9×0.6×0.2×4.0×0.0%
Hyundai Mobis8.2×0.6×0.5×—2.0%
SL6.0×0.8×0.4×3.7×0.0%
HL Mando10.5×0.6×0.2×—2.0%
Samhyun—13.0×18.3×—0.0%
Hyundai WIA19.0×0.4×0.2×—2.4%
SNT Dynamics13.6×0.7×0.9×—6.7%
Similar companies (median)10.5×0.7×0.4×3.7×2.0%

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

Also known as: Dgenx / 디젠스 / 113810 / KRX:113810

Source: KRX statistical information