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Dentium

145720 · KOSPI · ₩145720 · 덴티움

₩39,900▲ ₩1,100 (2.84%)End-of-day · Oct 28, 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

₩137,406

vs the current price (₩39,900)

Enterprise value
₩1.4T
Equity value
₩1.2T
WACC
6.1%

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 244% 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 ₩39,900, the model needs an operating margin of 11.8% every year (it uses 25.8%).
  • Or revenue growth −21.6 points a year higher than assumed in each of the 5 years.
  • Margins ranged from 18.5% to 35.3% 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.
  • Today's P/E is 11.4× against a typical 10.6× 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
₩80,707
+102.3%
Base
₩137,406
+244.4%
Bull
₩241,367
+504.9%

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 (25.8%).

Revenue growth

  • -0.9%

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

    Default: the last 3 years' revenue growth (-0.9% a year, annual reports), fading to 3% by year 5.

  • 0.1%

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

    Default: the last 3 years' revenue growth (-0.9% a year, annual reports), fading to 3% by year 5.

  • 1.1%

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

    Default: the last 3 years' revenue growth (-0.9% a year, annual reports), fading to 3% by year 5.

  • 2%

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

    Default: the last 3 years' revenue growth (-0.9% 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 (-0.9% a year, annual reports), fading to 3% by year 5.

Business

  • 25.8%

    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.

  • 8.5%

    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).

  • 10.7%

    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).

  • 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.

  • 4.11%

    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.

  • 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 0.1, 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.

  • 5.61%

    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)
₩348B
Net debt (borrowings and leases − cash and deposits)
₩225B
+ Stakes and investments
₩9.9B
Associates, long-term financial assets and deposits (book value)
Shares
8,623,891
Share price
₩39,900
Market cap
₩344B

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₩393B₩408B₩346B₩345B₩345B₩349B₩356B₩367B
Growth10.5%3.7%−15.0%−0.9%0.1%1.1%2.0%3.0%
EBIT₩138B₩98B₩64B₩89B₩89B₩90B₩92B₩95B
EBIT margin35.2%24.2%18.5%25.8%25.8%25.8%25.8%25.8%
After-tax EBIT₩100B₩71B₩46B₩65B₩65B₩65B₩67B₩69B
+ Depreciation———₩29B₩29B₩30B₩30B₩31B
− Capital spending₩44B₩22B₩54B₩37B₩37B₩37B₩38B₩39B
− Working capital₩44B₩100B₩4.8B−₩1.3B₩138M₩1.5B₩2.8B₩4.3B
Free cash flow———₩58B₩57B₩56B₩56B₩56B
Discount factor———0.9430.8890.8380.7890.744
Present value———₩55B₩51B₩47B₩44B₩42B

Terminal value ₩1.6T, worth ₩1.2T today: 83% 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 ₩69,121 a share)Now 0.58×₩49,1750.71×₩131,5001.90×₩190,0922.75×
Price / earnings (last 12 months: ₩3,493 a share)Now 11.4×₩25,2277.22×₩37,10010.6×₩54,95715.7×
P/E on run-rate earnings (Q2 2026 × 4: ₩6,453 a share)Now 6.18×₩46,6047.22×₩68,53610.6×₩101,52515.7×

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%
5.1%₩146,593₩165,454₩190,400₩224,956₩276,023
5.6%₩127,629₩141,935₩160,208₩184,376₩217,854
6.1%₩112,400₩123,548₩137,406₩155,108₩178,521
6.6%₩99,903₩108,781₩119,579₩133,003₩150,151
7.1%₩89,465₩96,661₩105,260₩115,720₩128,722

Now (TTM)

Market cap
₩344B
Enterprise value
₩560B
P/E
11.4×
P/B
0.6×
P/S
1.0×
EV/EBITDA
—
Dividend yield
1.5%

Over time (at each year end)

20252024202320222021
Price₩46,200₩62,200₩131,000₩100,000₩69,800
Market cap₩398B₩536B₩1.1T₩862B₩602B
P/E24.3×7.4×11.7×10.0×10.8×
P/B0.7×1.0×2.4×2.3×2.1×
P/S1.2×1.3×2.9×2.4×2.1×
EV/EBITDA—————
Dividend yield1.3%1.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Dentium11.4×0.6×1.0×—1.5%
TSE29.1×6.4×5.4×—0.2%
Kctech21.7×3.3×4.0×16.7×0.5%
Classys12.8×3.2×4.8×10.0×3.7%
Park Systems69.3×4.7×8.3×—0.2%
DI42.0×5.8×2.6×—0.6%
LivsMed—6.7×21.5×—0.0%
Similar companies (median)29.1×5.3×5.1×13.4×0.3%

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

Also known as: Dentium / 덴티움 / 145720 / KRX:145720

Source: KRX statistical information