KOSDAQ · 224060 · Electronic components · ₩224060

The Codi더코디

224060 · KOSDAQ · ₩224060 · 더코디

₩3,225▲ ₩450 (16.22%)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

With these assumptions the model gives no positive value.

Enterprise value: −₩155B
Equity value: −₩209B
WACC: 4.9%

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 ₩3,225, the model needs an operating margin of 13.1% every year (it uses −20.0%).
Margins ranged from −51.5% to −3.3% 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.
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.

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

Cycle options

Margin path

Every year uses the cycle-average margin (−20.0%).

Revenue growth

Revenue growth, year 17.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 26.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 35.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 44.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.9% 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 (7.9% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-20%
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 & amortisation9%
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 spending11.3%
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 capital40%
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.
Beta0.63
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 0.45, 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): ₩23B
Net debt (borrowings and leases − cash and deposits): ₩54B
+ Stakes and investments: ₩578M; Associates, long-term financial assets and deposits (book value)
Shares: 5,160,722
Share price: ₩3,225
Market cap: ₩17B

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	₩20B	₩34B	₩25B	₩25B	₩26B	₩28B	₩29B	₩30B
Growth	0.5%	65.8%	−24.6%	7.9%	6.7%	5.5%	4.2%	3.0%
EBIT	−₩10B	−₩3.7B	−₩831M	−₩4.9B	−₩5.2B	−₩5.5B	−₩5.8B	−₩5.9B
EBIT margin	−51.5%	−11.1%	−3.3%	−20.0%	−20.0%	−20.0%	−20.0%	−20.0%
After-tax EBIT	−₩7.5B	−₩2.7B	−₩602M	−₩3.6B	−₩3.8B	−₩4B	−₩4.2B	−₩4.3B
+ Depreciation	—	—	—	₩2.2B	₩2.4B	₩2.5B	₩2.6B	₩2.7B
− Capital spending	₩5.3B	₩487M	₩1.6B	₩2.8B	₩3B	₩3.1B	₩3.3B	₩3.3B
− Working capital	−₩8.8B	−₩19B	−₩6.8B	₩718M	₩657M	₩576M	₩464M	₩345M
Free cash flow	—	—	—	−₩4.8B	−₩5.1B	−₩5.2B	−₩5.3B	−₩5.3B
Discount factor	—	—	—	0.953	0.909	0.866	0.826	0.787
Present value	—	—	—	−₩4.6B	−₩4.6B	−₩4.5B	−₩4.4B	−₩4.2B

Terminal value −₩169B, worth −₩133B today: 86% 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 ₩22,834 a share)Now 0.14×	₩5,8080.25×	₩13,6290.60×	₩38,1411.67×

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%
3.9%	—	—	—	—	—
4.4%	—	—	—	—	—
4.9%	—	—	—	—	—
5.4%	—	—	—	—	—
5.9%	—	—	—	—	—

Now (TTM)

Market cap: ₩17B
Enterprise value: ₩70B
P/E: 0.6×
P/B: 0.1×
P/S: 0.7×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩2,550	₩4,000	₩6,250	₩9,470	₩23,322
Market cap	₩13B	₩21B	₩32B	₩49B	₩120B
P/E	0.5×	—	—	—	—
P/B	0.1×	0.5×	0.7×	1.0×	2.2×
P/S	0.5×	0.6×	1.6×	2.4×	2.7×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
The Codi	0.6×	0.1×	0.7×	—	0.0%
Samsung Electro-Mechanics	96.8×	9.5×	7.8×	—	0.2%
Doosan	39.2×	5.5×	0.7×	—	0.4%
Hanwha Systems	71.2×	2.8×	3.0×	—	0.8%
LG Innotek	13.1×	1.4×	0.4×	—	0.5%
Isupetasys	35.4×	8.3×	5.4×	—	0.0%
Daeduck Electronics	44.8×	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: The Codi / 더코디 / 224060 / KRX:224060

Source: KRX statistical information