KOSPI · 210540 · Machinery · ₩210540

DY Power디와이파워

210540 · KOSPI · ₩210540 · 디와이파워

₩10,570▼ ₩20 (0.19%)End-of-day · Oct 28, 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

₩39,456

vs the current price (₩10,570)

Enterprise value: ₩355B
Equity value: ₩436B
WACC: 7.4%

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 273% 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 ₩10,570, the model needs an operating margin of 1.6% every year (it uses 8.0%).
Today's P/E is 3.6× against a typical 5.8× 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: ₩25,418; +140.5%
Base: ₩39,456; +273.3%
Bull: ₩63,901; +504.6%

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 (8.0%).

Revenue growth

Revenue growth, year 1-3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-1.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 30%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 41.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3% 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% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin8%
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 & amortisation2%
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 spending2.5%
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 capital23.7%
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

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 rate4.11%
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.
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 0.2, 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)5.61%
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): ₩401B
Net debt (borrowings and leases − cash and deposits): −₩56B
+ Stakes and investments: ₩25B; Associates, long-term financial assets and deposits (book value)
Shares: 11,041,708
Share price: ₩10,570
Market cap: ₩117B

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	₩430B	₩385B	₩383B	₩389B	₩383B	₩383B	₩388B	₩400B
Growth	2.6%	−10.6%	−0.5%	−3.0%	−1.5%	0.0%	1.5%	3.0%
EBIT	₩36B	₩26B	₩30B	₩31B	₩31B	₩31B	₩31B	₩32B
EBIT margin	8.4%	6.6%	8.0%	8.0%	8.0%	8.0%	8.0%	8.0%
After-tax EBIT	₩26B	₩19B	₩22B	₩23B	₩22B	₩22B	₩23B	₩23B
+ Depreciation	—	—	—	₩7.8B	₩7.7B	₩7.7B	₩7.8B	₩8B
− Capital spending	₩9.6B	₩12B	₩8.2B	₩9.7B	₩9.6B	₩9.6B	₩9.7B	₩10B
− Working capital	−₩7.3B	₩1.3B	₩14B	−₩2.8B	−₩1.4B	₩0	₩1.4B	₩2.8B
Free cash flow	—	—	—	₩23B	₩22B	₩20B	₩19B	₩18B
Discount factor	—	—	—	0.931	0.867	0.807	0.751	0.700
Present value	—	—	—	₩22B	₩19B	₩16B	₩14B	₩13B

Terminal value ₩387B, worth ₩271B today: 76% 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 ₩30,446 a share)Now 0.35×	₩13,3470.44×	₩15,9300.52×	₩20,3280.67×
Price / earnings (last 12 months: ₩2,898 a share)Now 3.65×	₩14,0204.84×	₩16,8985.83×	₩20,7887.17×
P/E on run-rate earnings (Q2 2026 × 4: ₩3,732 a share)Now 2.83×	₩18,0604.84×	₩21,7675.83×	₩26,7787.17×

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%
6.4%	₩41,753	₩43,958	₩46,655	₩50,035	₩54,398
6.9%	₩38,836	₩40,587	₩42,689	₩45,261	₩48,482
7.4%	₩36,376	₩37,788	₩39,456	₩41,458	₩43,908
7.9%	₩34,272	₩35,426	₩36,771	₩38,359	₩40,264
8.4%	₩32,453	₩33,407	₩34,504	₩35,783	₩37,293

Now (TTM)

Market cap: ₩117B
Enterprise value: ₩60B
P/E: 3.6×
P/B: 0.3×
P/S: 0.3×
EV/EBITDA: —
Dividend yield: 4.7%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩13,430	₩11,080	₩12,330	₩12,250	₩12,950
Market cap	₩148B	₩122B	₩136B	₩135B	₩143B
P/E	5.9×	5.6×	5.0×	7.6×	4.6×
P/B	0.5×	0.4×	0.5×	0.6×	0.6×
P/S	0.4×	0.3×	0.3×	0.3×	0.3×
EV/EBITDA	—	—	—	—	2.5×
Dividend yield	3.7%	3.2%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
DY Power	3.6×	0.3×	0.3×	—	4.7%
Doosan Enerbility	217.2×	4.8×	2.2×	—	0.0%
Hanmi Semiconductor	87.4×	26.0×	35.2×	78.7×	0.4%
Jusung Engineering	1,189.7×	14.6×	38.2×	2,291.7×	0.0%
Rainbow Robotics	4,610.6×	59.1×	174.0×	—	0.0%
EO Technics	47.5×	6.9×	11.6×	—	0.0%
Wonik IPS	28.2×	4.5×	5.3×	42.7×	0.2%
Similar companies (median)	152.3×	10.7×	23.4×	78.7×	0.0%

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

Also known as: DY Power / 디와이파워 / 210540 / KRX:210540

Source: KRX statistical information