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DYC

310870 · KOSDAQ · ₩310870 · 디와이씨

₩1,435▼ ₩75 (4.97%)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

₩3,344

vs the current price (₩1,435)

Enterprise value
₩121B
Equity value
₩73B
WACC
5.3%

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 133% 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 ₩1,435, the model needs an operating margin of 4.3% every year (it uses 5.9%).
  • Or revenue growth −12.2 points a year higher than assumed in each of the 5 years.
  • Margins ranged from −0.5% to 7.9% 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.
  • Today's P/E is 4.2× against a typical 9.1× 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
₩82
−94.3%
Base
₩3,344
+133.0%
Bull
₩10,670
+643.6%

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 (5.9%).

Revenue growth

  • -2.7%

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

    Default: the last 3 years' revenue growth (-2.7% a year, annual reports), fading to 3% by year 5.

  • -1.3%

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

    Default: the last 3 years' revenue growth (-2.7% a year, annual reports), fading to 3% by year 5.

  • 0.1%

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

    Default: the last 3 years' revenue growth (-2.7% a year, annual reports), fading to 3% by year 5.

  • 1.6%

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

    Default: the last 3 years' revenue growth (-2.7% 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 (-2.7% a year, annual reports), fading to 3% by year 5.

Business

  • 5.9%

    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.

  • 4.4%

    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).

  • 5.5%

    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).

  • 23.8%

    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 -0.08, 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)
₩129B
Net debt (borrowings and leases − cash and deposits)
₩47B
Shares
21,922,602
Share price
₩1,435
Market cap
₩31B

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₩122B₩100B₩111B₩125B₩124B₩124B₩126B₩130B
Growth1.5%−18.2%10.9%−2.7%−1.3%0.1%1.6%3.0%
EBIT₩9.1B₩4.9B₩5.1B₩7.4B₩7.3B₩7.3B₩7.4B₩7.7B
EBIT margin7.5%4.9%4.6%5.9%5.9%5.9%5.9%5.9%
After-tax EBIT₩6.6B₩3.6B₩3.7B₩5.4B₩5.3B₩5.3B₩5.4B₩5.5B
+ Depreciation———₩5.5B₩5.4B₩5.5B₩5.5B₩5.7B
− Capital spending₩3.3B₩5.8B₩8.9B₩6.9B₩6.8B₩6.8B₩6.9B₩7.1B
− Working capital−₩7.8B₩3B₩1.1B−₩828M−₩388M₩29M₩472M₩899M
Free cash flow———₩4.8B₩4.3B₩3.9B₩3.5B₩3.2B
Discount factor———0.9490.9020.8560.8130.772
Present value———₩4.6B₩3.9B₩3.3B₩2.9B₩2.5B

Terminal value ₩134B, worth ₩103B 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:

LowTypicalHigh
Price / book (book value ₩2,785 a share)Now 0.52×₩1,4130.51×₩1,8340.66×₩2,5980.93×
Price / earnings (last 12 months: ₩338 a share)Now 4.25×₩1,4794.38×₩3,0859.13×₩6,56419.4×
P/E on run-rate earnings (Q2 2026 × 4: ₩553 a share)Now 2.60×₩2,4204.38×₩5,0469.13×₩10,73819.4×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2022, 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%
4.3%₩3,893₩4,649₩5,727₩7,396₩10,324
4.8%₩3,089₩3,614₩4,324₩5,338₩6,905
5.3%₩2,471₩2,851₩3,344₩4,010₩4,961
5.8%₩1,982₩2,265₩2,621₩3,083₩3,706
6.3%₩1,585₩1,801₩2,066₩2,398₩2,829

Now (TTM)

Market cap
₩31B
Enterprise value
₩78B
P/E
4.2×
P/B
0.5×
P/S
0.2×
EV/EBITDA
—
Dividend yield
1.4%

Over time (at each year end)

20252024202320222021
Price₩1,245₩1,615₩1,713₩1,540₩2,700
Market cap₩27B₩35B₩38B₩34B₩59B
P/E7.4×56.1×8.5×7.9×—
P/B0.5×0.7×0.7×0.7×1.5×
P/S0.2×0.4×0.3×0.3×0.7×
EV/EBITDA—————
Dividend yield1.6%1.2%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
DYC4.2×0.5×0.2×—1.4%
Hyundai Mobis8.3×0.6×0.5×—1.9%
SL5.9×0.8×0.4×3.6×0.0%
HL Mando10.3×0.6×0.2×—2.0%
Hyundai WIA18.9×0.4×0.2×—2.4%
Samhyun—11.2×15.8×—0.0%
SNT Dynamics12.5×0.7×0.8×—7.3%
Similar companies (median)10.3×0.6×0.4×3.6×2.0%

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

Also known as: DYC / 디와이씨 / 310870 / KRX:310870

Source: KRX statistical information