KOSDAQ · 317850 · Machinery · ₩317850

Daemo Engineering대모

317850 · KOSDAQ · ₩317850 · 대모

₩6,060▼ ₩310 (4.87%)End-of-day · Oct 29, 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

With these assumptions the model gives no positive value.

Enterprise value: ₩5B
Equity value: −₩1.6B
WACC: 7.0%

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 ₩6,060, the model needs an operating margin of 13.0% every year (it uses 2.1%).
56% 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.
Today's P/E is 21.9× against a typical 32.0× 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: —
Base: —
Bull: ₩1,378; −77.3%

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 (2.1%).

Revenue growth

Revenue growth, year 1-9.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-9.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-6.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-9.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-3.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-9.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 4-0.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-9.4% 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 (-9.4% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin2.1%
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.
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 & amortisation3.7%
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 spending4.7%
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 capital38.4%
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 rate4.08%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-29.
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 0.15, 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)5.58%
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): ₩42B
Net debt (borrowings and leases − cash and deposits): ₩6.6B
+ Stakes and investments: ₩4M; Associates, long-term financial assets and deposits (book value)
Shares: 8,324,420
Share price: ₩6,060
Market cap: ₩50B

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	₩44B	₩41B	₩41B	₩38B	₩35B	₩34B	₩34B	₩35B
Growth	−19.0%	−7.0%	−1.4%	−9.4%	−6.3%	−3.2%	−0.1%	3.0%
EBIT	−₩378M	₩117M	₩1.9B	₩796M	₩745M	₩722M	₩721M	₩742M
EBIT margin	−0.9%	0.3%	4.7%	2.1%	2.1%	2.1%	2.1%	2.1%
After-tax EBIT	−₩274M	₩85M	₩1.4B	₩577M	₩540M	₩523M	₩523M	₩538M
+ Depreciation	—	—	—	₩1.4B	₩1.3B	₩1.3B	₩1.3B	₩1.3B
− Capital spending	₩47M	₩98M	₩5.6B	₩1.8B	₩1.7B	₩1.6B	₩1.6B	₩1.7B
− Working capital	−₩5.1B	₩1.4B	₩404M	−₩1.5B	−₩916M	−₩436M	−₩13M	₩395M
Free cash flow	—	—	—	₩1.7B	₩1.1B	₩616M	₩193M	−₩211M
Discount factor	—	—	—	0.935	0.874	0.816	0.763	0.713
Present value	—	—	—	₩1.6B	₩963M	₩503M	₩147M	−₩150M

Terminal value ₩2.8B, worth ₩2B today: 39% 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 ₩5,996 a share)Now 1.01×	₩5,7800.96×	₩9,1591.53×	₩13,5502.26×
Price / earnings (last 12 months: ₩276 a share)Now 21.9×	₩4,52116.4×	₩8,84632.0×	₩17,74264.2×
P/E on run-rate earnings (Q2 2026 × 4: ₩502 a share)Now 12.1×	₩8,21916.4×	₩16,08432.0×	₩32,25864.2×

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%
6.0%	₩71	—	—	—	—
6.5%	₩13	—	—	—	—
7.0%	—	—	—	—	—
7.5%	—	—	—	—	—
8.0%	—	—	—	—	—

Now (TTM)

Market cap: ₩50B
Enterprise value: ₩57B
P/E: 21.9×
P/B: 1.0×
P/S: 1.2×
EV/EBITDA: —
Dividend yield: 1.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩7,970	₩8,850	₩9,320	₩13,700	₩5,310
Market cap	₩66B	₩74B	₩78B	₩114B	₩44B
P/E	35.0×	558.5×	—	88.5×	9.6×
P/B	1.4×	1.6×	1.7×	2.4×	0.9×
P/S	1.6×	1.8×	1.7×	2.1×	0.9×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.8%	0.5%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Daemo Engineering	21.9×	1.0×	1.2×	—	1.0%
Doosan Enerbility	200.6×	4.5×	2.0×	—	0.0%
Hanmi Semiconductor	84.5×	25.1×	34.0×	76.1×	0.4%
Jusung Engineering	1,135.2×	13.9×	36.4×	2,185.7×	0.0%
Rainbow Robotics	4,308.5×	55.2×	162.6×	—	0.0%
EO Technics	47.1×	6.8×	11.5×	—	0.0%
Doosan Bobcat	13,805.1×	923.8×	743.7×	—	3.5%
Similar companies (median)	667.9×	19.5×	35.2×	1,130.9×	0.0%

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

Also known as: Daemo Engineering / 대모 / 317850 / KRX:317850

Source: KRX statistical information