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Dentis

261200 · KOSDAQ · ₩261200 · 덴티스

₩2,510▼ ₩20 (0.79%)End-of-day · Oct 30, 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
−₩143B
Equity value
−₩237B
WACC
5.0%

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 ₩2,510, the model needs an operating margin of 7.2% every year (it uses −1.0%).
  • Margins ranged from −9.1% to 6.4% 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 28.2× against a typical 38.3× 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 (−1.0%).

Revenue growth

  • 9.5%

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

    Default: the last 3 years' revenue growth (9.5% a year, annual reports), fading to 3% by year 5.

  • 7.9%

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

    Default: the last 3 years' revenue growth (9.5% a year, annual reports), fading to 3% by year 5.

  • 6.2%

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

    Default: the last 3 years' revenue growth (9.5% a year, annual reports), fading to 3% by year 5.

  • 4.6%

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

    Default: the last 3 years' revenue growth (9.5% 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 (9.5% a year, annual reports), fading to 3% by year 5.

Business

  • -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.

  • 12.5%

    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).

  • 15.6%

    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).

  • 34%

    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 -0.17, 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)
₩112B
Net debt (borrowings and leases − cash and deposits)
₩95B
+ Stakes and investments
₩809M
Associates, long-term financial assets and deposits (book value)
Shares
15,809,700
Share price
₩2,510
Market cap
₩40B

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₩94B₩114B₩114B₩122B₩132B₩140B₩147B₩151B
Growth8.3%21.1%−0.0%9.5%7.9%6.2%4.6%3.0%
EBIT₩429M−₩446M−₩10B−₩1.2B−₩1.3B−₩1.4B−₩1.5B−₩1.5B
EBIT margin0.5%−0.4%−9.1%−1.0%−1.0%−1.0%−1.0%−1.0%
After-tax EBIT₩311M−₩323M−₩7.6B−₩887M−₩957M−₩1B−₩1.1B−₩1.1B
+ Depreciation———₩15B₩16B₩18B₩18B₩19B
− Capital spending₩27B₩17B₩3.9B₩19B₩21B₩22B₩23B₩24B
− Working capital₩778M₩9.7B−₩1.6B₩3.6B₩3.3B₩2.8B₩2.2B₩1.5B
Free cash flow———−₩8.3B−₩8.3B−₩8.1B−₩7.8B−₩7.3B
Discount factor———0.9530.9080.8650.8240.785
Present value———−₩7.9B−₩7.6B−₩7B−₩6.4B−₩5.7B

Terminal value −₩138B, worth −₩108B 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:

LowTypicalHigh
Price / book (book value ₩3,660 a share)Now 0.69×₩4,3481.19×₩8,9172.44×₩15,2454.17×
Price / earnings (last 12 months: ₩89 a share)Now 28.2×₩1,67118.7×₩3,41138.3×₩6,19369.5×
P/E on run-rate earnings (Q2 2026 × 4: ₩960 a share)Now 2.61×₩18,00618.7×₩36,74338.3×₩66,71769.5×

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%
4.0%—————
4.5%—————
5.0%—————
5.5%—————
6.0%—————

Now (TTM)

Market cap
₩40B
Enterprise value
₩135B
P/E
28.2×
P/B
0.7×
P/S
0.4×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩4,265₩5,950₩9,070₩8,130₩8,900
Market cap₩67B₩94B₩143B₩129B₩141B
P/E—32.0×37.4×104.6×231.9×
P/B1.5×1.7×2.6×4.4×4.5×
P/S0.6×0.8×1.5×1.5×2.1×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Dentis28.2×0.7×0.4×—0.0%
TSE23.5×5.2×4.3×—0.2%
Kctech19.8×3.0×3.6×15.3×0.5%
Classys12.4×3.1×4.6×9.7×3.8%
Park Systems66.3×4.5×7.9×—0.2%
DI37.8×5.2×2.3×—0.6%
LivsMed—6.1×19.4×—0.0%
Similar companies (median)23.5×4.8×4.5×12.5×0.4%

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

Also known as: Dentis / 덴티스 / 261200 / KRX:261200

Source: KRX statistical information