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Dasan Solueta

154040 · KOSDAQ · ₩154040 · 다산솔루에타

₩10,430▼ ₩200 (1.88%)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

With these assumptions the model gives no positive value.

Enterprise value
₩6.6B
Equity value
−₩11B
WACC
5.9%

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 gives no positive value at these assumptions. What we can see:

  • To match today's price of ₩10,430, the model needs an operating margin of 10.4% every year (it uses 2.1%).
  • Or revenue growth +47.9 points a year higher than assumed in each of the 5 years.
  • Margins ranged from −15.9% to 6.3% 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.
  • The group includes a financial business (an insurer, bank or broker), whose investments and minority shareholders are left out here. A sum-of-the-parts view usually fits groups like this better.

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
—
Base
—
Bull
₩2,236
−78.6%

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 (2.1%).

Revenue growth

  • -10%

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

    Default: the last 3 years' revenue growth (-12% a year, annual reports), fading to 3% by year 5.

  • -6.7%

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

    Default: the last 3 years' revenue growth (-12% a year, annual reports), fading to 3% by year 5.

  • -3.5%

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

    Default: the last 3 years' revenue growth (-12% a year, annual reports), fading to 3% by year 5.

  • -0.2%

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

    Default: the last 3 years' revenue growth (-12% 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 (-12% a year, annual reports), fading to 3% by year 5.

Business

  • 2.1%

    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.

  • 2.5%

    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).

  • 3.1%

    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).

  • 3.7%

    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.

  • 4.08%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-29.

  • 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 -0.66, 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.

  • 5.58%

    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)
₩28B
Net debt (borrowings and leases − cash and deposits)
₩18B
Shares
2,161,561
Share price
₩10,430
Market cap
₩23B

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₩31B₩35B₩31B₩25B₩24B₩23B₩23B₩23B
Growth−32.0%13.2%−11.4%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT−₩5B₩2B₩1.7B₩532M₩496M₩479M₩478M₩492M
EBIT margin−15.9%5.6%5.5%2.1%2.1%2.1%2.1%2.1%
After-tax EBIT−₩3.6B₩1.4B₩1.2B₩385M₩360M₩347M₩346M₩357M
+ Depreciation———₩633M₩590M₩570M₩569M₩586M
− Capital spending₩896M₩1B₩1.1B₩785M₩732M₩707M₩705M₩726M
− Working capital₩3.4B−₩3.6B₩1.8B−₩104M−₩63M−₩31M−₩1.7M₩25M
Free cash flow———₩338M₩281M₩241M₩212M₩191M
Discount factor———0.9440.8920.8420.7950.751
Present value———₩319M₩250M₩203M₩168M₩143M

Terminal value ₩7.3B, worth ₩5.5B today: 84% 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 ₩24,897 a share)Now 0.42×₩9,7370.39×₩28,2391.13×₩50,3692.02×
P/E on run-rate earnings (Q2 2026 × 4: ₩407 a share)Now 25.6×₩7081.74×₩5,22612.8×₩19,89648.9×

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%
4.9%—————
5.4%—————
5.9%—————
6.4%—————
6.9%—————

Now (TTM)

Market cap
₩23B
Enterprise value
₩40B
P/E
—
P/B
0.4×
P/S
0.8×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩11,700₩11,210₩18,630₩24,400₩30,000
Market cap₩25B₩24B₩40B₩53B₩65B
P/E2.1×——34.1×405.1×
P/B0.5×0.6×1.3×1.9×1.5×
P/S0.8×0.7×1.3×1.1×1.8×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Dasan Solueta—0.4×0.8×—0.0%
Samsung Electro-Mechanics96.8×9.5×7.8×—0.2%
Doosan39.2×5.5×0.7×—0.4%
Hanwha Systems71.2×2.8×3.0×—0.8%
LG Innotek13.1×1.4×0.4×—0.5%
Isupetasys35.4×8.3×5.4×—0.0%
Daeduck Electronics44.8×7.0×5.0×—0.4%
Similar companies (median)42.0×6.3×4.0×—0.4%

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

Also known as: Dasan Solueta / 다산솔루에타 / 154040 / KRX:154040

Source: KRX statistical information