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Dt&C

187220 · KOSDAQ · ₩187220 · 디티앤씨

₩1,700▼ ₩61 (3.46%)End-of-day · Oct 29, 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
−₩221B
Equity value
−₩286B
WACC
4.7%

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 ₩1,700, the model needs an operating margin of 5.5% every year (it uses −2.7%).
  • Margins ranged from −21.4% to 4.1% 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.
  • 100% 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.
  • In the projection, spending on equipment, software and working capital takes most or all of the after-tax operating profit, so free cash flow is thin. Companies that invest heavily often look like this until spending slows.
  • Today's P/E is 5.0× against a typical 12.4× 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
—
Base
—
Bull
—

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 (−2.7%).

Revenue growth

  • 4.4%

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

    Default: the last 3 years' revenue growth (4.4% 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 (4.4% a year, annual reports), fading to 3% by year 5.

  • 3.7%

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

    Default: the last 3 years' revenue growth (4.4% a year, annual reports), fading to 3% by year 5.

  • 3.4%

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

    Default: the last 3 years' revenue growth (4.4% 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 (4.4% a year, annual reports), fading to 3% by year 5.

Business

  • -2.7%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 21.5%

    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).

  • 26.8%

    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).

  • -8.5%

    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

  • 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.

  • 0.6

    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 0.06, 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)
₩124B
Net debt (borrowings and leases − cash and deposits)
₩77B
+ Stakes and investments
₩17B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩6.6B
Shares
11,524,933
Share price
₩1,700
Market cap
₩20B

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₩97B₩112B₩126B₩130B₩135B₩140B₩145B₩149B
Growth−12.5%15.7%12.4%4.4%4.1%3.7%3.4%3.0%
EBIT−₩21B−₩5.7B−₩597M−₩3.5B−₩3.6B−₩3.8B−₩3.9B−₩4B
EBIT margin−21.4%−5.1%−0.5%−2.7%−2.7%−2.7%−2.7%−2.7%
After-tax EBIT−₩15B−₩4.1B−₩433M−₩2.5B−₩2.6B−₩2.7B−₩2.8B−₩2.9B
+ Depreciation———₩28B₩29B₩30B₩31B₩32B
− Capital spending₩26B₩37B₩27B₩35B₩36B₩37B₩39B₩40B
− Working capital−₩18B₩16B₩14B−₩464M−₩452M−₩424M−₩404M−₩369M
Free cash flow———−₩8.9B−₩9.3B−₩9.7B−₩10B−₩10B
Discount factor———0.9550.9130.8720.8330.796
Present value———−₩8.5B−₩8.5B−₩8.5B−₩8.4B−₩8.3B

Terminal value −₩224B, worth −₩178B 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:

LowTypicalHigh
Price / book (book value ₩8,674 a share)Now 0.20×₩2,6210.30×₩4,2330.49×₩7,9120.91×
Price / earnings (last 12 months: ₩338 a share)Now 5.03×₩1,7005.03×₩4,19512.4×₩18,28654.1×

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%
3.7%—————
4.2%—————
4.7%—————
5.2%—————
5.7%—————

Now (TTM)

Market cap
₩20B
Enterprise value
₩92B
P/E
5.0×
P/B
0.2×
P/S
0.2×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩2,375₩3,345₩6,900₩4,670₩6,990
Market cap₩27B₩39B₩80B₩54B₩81B
P/E13.0×8.6×—38.1×—
P/B0.3×0.4×0.9×0.5×0.9×
P/S0.2×0.3×0.8×0.5×0.8×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Dt&C5.0×0.2×0.2×—0.0%
Samsung E&A18.6×2.5×1.3×—1.3%
HD Hyundai Marine Solution22.1×8.3×3.4×—2.4%
KEPCO Engineering & Construction94.3×5.7×6.3×46.9×1.5%
POSCO DX90.9×5.2×3.0×—0.0%
Hanyang ENG7.5×0.7×0.4×3.7×0.0%
SemiFive—2.0×3.8×—0.0%
Similar companies (median)22.1×3.8×3.2×25.3×0.6%

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

Also known as: Dt&C / 디티앤씨 / 187220 / KRX:187220

Source: KRX statistical information