Duksan Navcours덕산넵코어스
266690 · KOSDAQ · ₩266690 · 덕산넵코어스
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
₩738
vs the current price (₩7,140)
- Enterprise value
- ₩17B
- Equity value
- ₩14B
- WACC
- 9.3%
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 90% 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 ₩7,140, the model needs an operating margin of 22.5% every year (it uses 4.0%).
- Margins ranged from −18.6% to 8.4% 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.
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
- ₩16
- −99.8%
- Base
- ₩738
- −89.7%
- Bull
- ₩1,922
- −73.1%
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 (4.0%).
Revenue growth
- 11.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (11.4% a year, annual reports), fading to 3% by year 5.
- 9.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (11.4% a year, annual reports), fading to 3% by year 5.
- 7.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (11.4% a year, annual reports), fading to 3% by year 5.
- 5.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (11.4% 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 (11.4% a year, annual reports), fading to 3% by year 5.
Business
- 4%
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.
- 3%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: not in the statements, so a typical level.
- 4%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: not in the statements, so a typical level.
- 14.5%
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.
- 1
How much the share moves when the market moves: 1 means just like the market.
Default: not enough price history yet, so 1.0 (the market average).
- 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)
- ₩52B
- Net debt (borrowings and leases − cash and deposits)
- ₩4B
- + Stakes and investments
- ₩593M
- Associates, long-term financial assets and deposits (book value)
- Shares
- 18,986,889
- Share price
- ₩7,140
- Market cap
- ₩136B
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 | ₩31B | ₩45B | ₩49B | ₩58B | ₩63B | ₩68B | ₩71B | ₩74B |
| Growth | −10.4% | 44.1% | 7.2% | 11.4% | 9.3% | 7.2% | 5.1% | 3.0% |
| EBIT | −₩5.8B | ₩2B | ₩4.1B | ₩2.3B | ₩2.5B | ₩2.7B | ₩2.9B | ₩2.9B |
| EBIT margin | −18.6% | 4.4% | 8.4% | 4.0% | 4.0% | 4.0% | 4.0% | 4.0% |
| After-tax EBIT | −₩4.2B | ₩1.5B | ₩3B | ₩1.7B | ₩1.8B | ₩2B | ₩2.1B | ₩2.1B |
| + Depreciation | — | — | — | ₩1.7B | ₩1.9B | ₩2B | ₩2.1B | ₩2.2B |
| − Capital spending | — | — | — | ₩2.3B | ₩2.5B | ₩2.7B | ₩2.9B | ₩2.9B |
| − Working capital | −₩7.8B | ₩4.3B | ₩2.4B | ₩861M | ₩782M | ₩662M | ₩503M | ₩311M |
| Free cash flow | — | — | — | ₩241M | ₩423M | ₩630M | ₩855M | ₩1.1B |
| Discount factor | — | — | — | 0.915 | 0.836 | 0.765 | 0.699 | 0.640 |
| Present value | — | — | — | ₩221M | ₩353M | ₩482M | ₩598M | ₩696M |
Terminal value ₩24B, worth ₩15B today: 87% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.
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% |
|---|---|---|---|---|---|
| 8.3% | ₩823 | ₩864 | ₩911 | ₩965 | ₩1,029 |
| 8.8% | ₩747 | ₩780 | ₩818 | ₩861 | ₩912 |
| 9.3% | ₩679 | ₩707 | ₩738 | ₩773 | ₩814 |
| 9.8% | ₩620 | ₩643 | ₩669 | ₩697 | ₩730 |
| 10.3% | ₩568 | ₩587 | ₩608 | ₩631 | ₩658 |
Now (TTM)
- Market cap
- ₩136B
- Enterprise value
- ₩139B
- P/E
- 46.9×
- P/B
- 4.3×
- P/S
- 2.6×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
Loading data for this company — check back soon
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Duksan Navcours | 46.9× | 4.3× | 2.6× | — | 0.0% |
| Hanwha Aerospace | 17.8× | 3.0× | 1.2× | — | 1.0% |
| Korea Aerospace Industries | 53.8× | 5.0× | 2.2× | — | 0.5% |
| LIG Defense&Aerospace | 31.9× | 5.7× | 1.9× | — | 0.7% |
| Satrec Initiative | 65.0× | 2.5× | 2.9× | 38.5× | 0.2% |
| Firstec | 16.4× | 2.7× | 0.7× | — | 0.0% |
| Samyang Comtech | 7.8× | 1.3× | 1.5× | — | 0.0% |
| Similar companies (median) | 24.9× | 2.8× | 1.7× | 38.5× | 0.3% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Duksan Navcours / 덕산넵코어스 / 266690 / KRX:266690
Source: KRX statistical information