KOSPI · 241560 · Machinery · ₩241560

Doosan Bobcat두산밥캣

241560 · KOSPI · ₩241560 · 두산밥캣

₩48,500▼ ₩650 (1.32%)End-of-day · Oct 30, 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

₩73

vs the current price (₩48,500)

Enterprise value: ₩6.6B
Equity value: ₩7B
WACC: 7.3%

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 100% 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:

No operating margin up to 90% gets the model to today's price at these growth assumptions.
Today's P/E is 13622.5× against a typical 6.9× 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: ₩45; −99.9%
Base: ₩73; −99.8%
Bull: ₩122; −99.7%

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 (10.3%).

Revenue growth

Revenue growth, year 1-10%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-91% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-6.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-91% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-3.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-91% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 4-0.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-91% 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 (-91% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin10.3%
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 & amortisation2.9%
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 spending3.6%
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 capital1.6%
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 rate4.01%
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.
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 0.41, 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)5.51%
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): ₩6.3B
Net debt (borrowings and leases − cash and deposits): −₩435M
+ Stakes and investments: ₩24M; Associates, long-term financial assets and deposits (book value)
Shares: 95,856,065
Share price: ₩48,500
Market cap: ₩4.6T

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	₩7.5B	₩6.3B	₩6.2B	₩5.7B	₩5.3B	₩5.1B	₩5.1B	₩5.3B
Growth	−99.9%	−16.1%	−1.4%	−10.0%	−6.7%	−3.5%	−0.2%	3.0%
EBIT	₩1.1B	₩639M	₩482M	₩587M	₩548M	₩529M	₩528M	₩544M
EBIT margin	14.2%	10.2%	7.8%	10.3%	10.3%	10.3%	10.3%	10.3%
After-tax EBIT	₩772M	₩463M	₩350M	₩426M	₩397M	₩383M	₩383M	₩394M
+ Depreciation	—	—	—	₩165M	₩154M	₩149M	₩149M	₩153M
− Capital spending	₩202M	₩270M	₩242M	₩205M	₩192M	₩185M	₩184M	₩190M
− Working capital	−₩435B	₩103M	−₩255M	−₩10M	−₩6.1M	−₩3M	−₩164,267	₩2.5M
Free cash flow	—	—	—	₩396M	₩366M	₩350M	₩347M	₩355M
Discount factor	—	—	—	0.932	0.868	0.809	0.754	0.703
Present value	—	—	—	₩369M	₩318M	₩284M	₩262M	₩249M

Terminal value ₩7.2B, worth ₩5.1B today: 77% 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 ₩53 a share)Now 911.6×	₩360.68×	₩40,265756.8×	₩62,3001170.9×
Price / earnings (last 12 months: ₩4 a share)Now 13622.5×	₩164.55×	₩256.89×	₩298.04×
P/E on run-rate earnings (Q2 2026 × 4: ₩6 a share)Now 8717.5×	₩254.55×	₩386.89×	₩458.04×

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%
6.3%	₩76	₩82	₩89	₩99	₩111
6.8%	₩70	₩75	₩80	₩88	₩97
7.3%	₩65	₩69	₩73	₩79	₩86
7.8%	₩60	₩64	₩67	₩72	₩78
8.3%	₩56	₩59	₩63	₩66	₩71

Now (TTM)

Market cap: ₩4.6T
Enterprise value: ₩4.6T
P/E: 13,622.5×
P/B: 911.6×
P/S: 733.9×
EV/EBITDA: —
Dividend yield: 3.5%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩57,700	₩41,900	₩50,400	₩34,600	₩40,750
Market cap	₩5.5T	₩4T	₩4.8T	₩3.3T	₩3.9T
P/E	19,550.8×	9,724.2×	6,844.0×	5.1×	10.1×
P/B	1,103.6×	856.3×	1,046.1×	0.7×	0.9×
P/S	894.7×	640.6×	646.2×	0.4×	0.7×
EV/EBITDA	—	—	—	—	—
Dividend yield	2.9%	3.8%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Doosan Bobcat	13,622.5×	911.6×	733.9×	—	3.5%
Doosan Enerbility	193.9×	4.3×	2.0×	—	0.0%
Hanmi Semiconductor	78.4×	23.3×	31.6×	70.6×	0.4%
Jusung Engineering	1,058.2×	13.0×	34.0×	2,036.0×	0.0%
Rainbow Robotics	4,137.6×	53.0×	156.2×	—	0.0%
EO Technics	44.1×	6.4×	10.8×	—	0.0%
Wonik IPS	25.1×	4.0×	4.7×	37.6×	0.2%
Similar companies (median)	136.1×	9.7×	21.2×	70.6×	0.0%

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

Also known as: Doosan Bobcat / 두산밥캣 / 241560 / KRX:241560

Source: KRX statistical information