KOSDAQ · 131220 · Retail & Trade · ₩131220

Daihan Scientific대한과학

131220 · KOSDAQ · ₩131220 · 대한과학

₩3,630▼ ₩90 (2.42%)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

₩9,429

vs the current price (₩3,630)

Enterprise value: ₩85B
Equity value: ₩70B
WACC: 7.1%

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 160% 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 ₩3,630, the model needs an operating margin of 4.5% every year (it uses 7.7%).
Today's P/E is 7.6× against a typical 11.2× 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: ₩4,242; +16.9%
Base: ₩9,429; +159.8%
Bull: ₩18,815; +418.3%

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 (7.7%).

Revenue growth

Revenue growth, year 13.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (3.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 23.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (3.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 33.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (3.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 43.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (3.9% 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 (3.9% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin7.7%
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 & amortisation0.5%
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 spending0.7%
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 capital39.5%
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 rate4.01%
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: 105 weeks of weekly returns against KOSPI (official index); raw beta 0.19, 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): ₩86B
Net debt (borrowings and leases − cash and deposits): ₩2.1B
+ Stakes and investments: ₩194M; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩12B
Shares: 7,454,490
Share price: ₩3,630
Market cap: ₩27B

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	₩74B	₩72B	₩81B	₩89B	₩92B	₩95B	₩99B	₩101B
Growth	2.0%	−2.7%	13.1%	3.9%	3.7%	3.5%	3.2%	3.0%
EBIT	₩6.2B	₩4.2B	₩5.5B	₩6.9B	₩7.1B	₩7.4B	₩7.6B	₩7.8B
EBIT margin	8.4%	5.9%	6.8%	7.7%	7.7%	7.7%	7.7%	7.7%
After-tax EBIT	₩4.5B	₩3.1B	₩4B	₩5B	₩5.2B	₩5.3B	₩5.5B	₩5.7B
+ Depreciation	—	—	—	₩445M	₩461M	₩477M	₩493M	₩507M
− Capital spending	₩646M	₩494M	₩317M	₩623M	₩646M	₩668M	₩690M	₩710M
− Working capital	₩4.4B	₩2.9B	₩4.2B	₩1.3B	₩1.3B	₩1.3B	₩1.2B	₩1.2B
Free cash flow	—	—	—	₩3.5B	₩3.7B	₩3.9B	₩4.1B	₩4.3B
Discount factor	—	—	—	0.934	0.872	0.815	0.761	0.711
Present value	—	—	—	₩3.2B	₩3.2B	₩3.1B	₩3.1B	₩3.1B

Terminal value ₩97B, worth ₩69B today: 81% 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 ₩6,180 a share)Now 0.59×	₩4,6090.75×	₩6,9691.13×	₩12,2031.97×
Price / earnings (last 12 months: ₩479 a share)Now 7.58×	₩4,0898.54×	₩5,36511.2×	₩7,60415.9×
P/E on run-rate earnings (Q2 2026 × 4: ₩692 a share)Now 5.25×	₩5,9118.54×	₩7,75611.2×	₩10,99215.9×

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%
6.1%	₩10,635	₩11,381	₩12,305	₩13,482	₩15,036
6.6%	₩9,455	₩10,022	₩10,709	₩11,560	₩12,644
7.1%	₩8,470	₩8,909	₩9,429	₩10,059	₩10,840
7.6%	₩7,637	₩7,979	₩8,379	₩8,855	₩9,430
8.1%	₩6,922	₩7,192	₩7,503	₩7,867	₩8,299

Now (TTM)

Market cap: ₩27B
Enterprise value: ₩28B
P/E: 7.6×
P/B: 0.6×
P/S: 0.3×
EV/EBITDA: —
Dividend yield: 3.4%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩4,810	₩4,630	₩6,280	₩6,840	₩9,850
Market cap	₩36B	₩35B	₩47B	₩51B	₩73B
P/E	10.9×	12.8×	12.2×	10.8×	19.5×
P/B	0.8×	0.8×	1.2×	1.4×	2.3×
P/S	0.4×	0.5×	0.6×	0.7×	1.1×
EV/EBITDA	—	—	—	—	—
Dividend yield	2.6%	1.3%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Daihan Scientific	7.6×	0.6×	0.3×	—	3.4%
Samsung C&T	18.1×	0.5×	1.2×	—	0.9%
POSCO International	10.3×	1.2×	0.3×	—	3.8%
ISC	42.6×	5.7×	11.9×	—	0.5%
Youngone	5.2×	0.7×	0.7×	—	3.0%
Dong SUH Companies	19.6×	1.7×	5.3×	—	4.0%
SK Gas	7.4×	0.6×	0.3×	—	3.5%
Similar companies (median)	14.2×	1.0×	0.9×	—	3.3%

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

Also known as: Daihan Scientific / 대한과학 / 131220 / KRX:131220

Source: KRX statistical information