KOSDAQ · 263020 · Rubber & plastics · ₩263020

DK&D디케이앤디

263020 · KOSDAQ · ₩263020 · 디케이앤디

₩2,870▲ ₩15 (0.53%)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

₩16,797

vs the current price (₩2,870)

Enterprise value: ₩208B
Equity value: ₩232B
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 485% 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 ₩2,870, the model needs an operating margin of 1.4% every year (it uses 8.5%).
Today's P/E is 3.6× against a typical 6.0× 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: ₩10,133; +253.1%
Base: ₩16,797; +485.3%
Bull: ₩28,242; +884.0%

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 (8.5%).

Revenue growth

Revenue growth, year 18.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (8.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 27.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (8.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 35.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (8.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 44.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (8.8% 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 (8.8% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin8.5%
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 & amortisation2.1%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
Capital spending2.3%
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 capital14%
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, 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): ₩163B
Net debt (borrowings and leases − cash and deposits): −₩23B
+ Stakes and investments: ₩6.5B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩4.9B
Shares: 13,836,146
Share price: ₩2,870
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.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩90B	₩113B	₩143B	₩177B	₩190B	₩201B	₩211B	₩217B
Growth	−18.8%	25.3%	26.7%	8.8%	7.4%	5.9%	4.5%	3.0%
EBIT	₩8.2B	₩8.5B	₩12B	₩15B	₩16B	₩17B	₩18B	₩18B
EBIT margin	9.1%	7.5%	8.6%	8.5%	8.5%	8.5%	8.5%	8.5%
After-tax EBIT	₩5.9B	₩6.1B	₩8.9B	₩11B	₩12B	₩12B	₩13B	₩13B
+ Depreciation	₩2.4B	₩2.2B	₩2.5B	₩3.7B	₩4B	₩4.2B	₩4.4B	₩4.6B
− Capital spending	₩999M	₩4.1B	₩2.8B	₩4.1B	₩4.4B	₩4.6B	₩4.8B	₩5B
− Working capital	₩5.6B	−₩978M	₩8.1B	₩2B	₩1.8B	₩1.6B	₩1.3B	₩884M
Free cash flow	₩1.7B	₩5.2B	₩450M	₩8.6B	₩9.5B	₩10B	₩11B	₩12B
Discount factor	—	—	—	0.932	0.868	0.809	0.754	0.703
Present value	—	—	—	₩8B	₩8.3B	₩8.4B	₩8.5B	₩8.5B

Terminal value ₩236B, worth ₩166B today: 80% 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 ₩6,167 a share)Now 0.47×	₩3,4200.55×	₩3,8890.63×	₩5,9400.96×
Price / earnings (last 12 months: ₩807 a share)Now 3.56×	₩3,6164.48×	₩4,8636.03×	₩9,44811.7×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,275 a share)Now 2.25×	₩5,7154.48×	₩7,6866.03×	₩14,93211.7×

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%	₩17,644	₩18,871	₩20,380	₩22,284	₩24,762
6.8%	₩16,230	₩17,215	₩18,402	₩19,863	₩21,706
7.3%	₩15,042	₩15,845	₩16,797	₩17,947	₩19,361
7.8%	₩14,029	₩14,693	₩15,470	₩16,392	₩17,504
8.3%	₩13,155	₩13,711	₩14,353	₩15,105	₩15,997

Now (TTM)

Market cap: ₩40B
Enterprise value: ₩16B
P/E: 3.6×
P/B: 0.5×
P/S: 0.2×
EV/EBITDA: 0.9×
Dividend yield: 3.5%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩3,025	₩3,010	₩3,110	₩2,795	₩4,550
Market cap	₩42B	₩42B	₩43B	₩39B	₩63B
P/E	5.3×	6.1×	6.3×	5.5×	—
P/B	0.5×	0.6×	0.7×	0.6×	1.2×
P/S	0.3×	0.4×	0.5×	0.3×	0.8×
EV/EBITDA	1.8×	2.2×	3.0×	2.2×	17.0×
Dividend yield	3.3%	1.7%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
DK&D	3.6×	0.5×	0.2×	0.9×	3.5%
Hankook Tire & Technology	5.8×	0.5×	0.3×	—	4.0%
Kumho Tire	3.1×	0.6×	0.3×	—	0.0%
Pum-Tech Korea	19.5×	2.5×	2.1×	—	0.7%
Dongwon Systems	9.7×	0.7×	0.4×	5.7×	2.8%
Nexen Tire	3.7×	0.3×	0.2×	—	3.4%
PI Advanced Materials	12.0×	1.2×	1.6×	4.8×	2.4%
Similar companies (median)	7.7×	0.6×	0.4×	5.3×	2.6%

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

Also known as: DK&D / 디케이앤디 / 263020 / KRX:263020

Source: KRX statistical information