KOSPI · 353200 · Electronic components · ₩353200

Daeduck Electronics대덕전자

353200 · KOSPI · ₩353200 · 대덕전자

₩127,700▲ ₩8,000 (6.68%)End-of-day · Oct 27, 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

₩13,339

vs the current price (₩127,700)

Enterprise value: ₩605B
Equity value: ₩687B
WACC: 9.1%

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 ₩127,700, the model needs an operating margin of 57.8% every year (it uses 6.9%).
Analysts' forecasts for 2026: revenue ₩1.6T, operating profit ₩280B (17.4% margin) (2 brokers). The model starts from the last 12 months reported.
Analysts' forecasts for 2027: revenue ₩2.1T, operating profit ₩422B (20.6% margin) (2 brokers). The model starts from the last 12 months reported.
Margins ranged from 1.3% to 17.7% 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 43.3× against a typical 30.5× 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: ₩7,991; −93.7%
Base: ₩13,339; −89.6%
Bull: ₩22,197; −82.6%

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 (6.9%).

Revenue growth

Revenue growth, year 1-6.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-6.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-4.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-6.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-1.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-6.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 40.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-6.8% 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 (-6.8% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin6.9%
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.
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 & amortisation7.1%
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 spending8.9%
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 capital28.1%
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 rate4.03%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-27.
Beta0.93
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 0.89, 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)5.53%
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): ₩1.4T
Net debt (borrowings and leases − cash and deposits): −₩76B
+ Stakes and investments: ₩6.2B; Associates, long-term financial assets and deposits (book value)
Shares: 51,512,444; incl. 2,095,519 preferred
Share price: ₩127,700
Market cap: ₩6.4T

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	₩910B	₩892B	₩1.1T	₩1.3T	₩1.2T	₩1.2T	₩1.2T	₩1.2T
Growth	−30.9%	−1.9%	19.4%	−6.8%	−4.4%	−1.9%	0.5%	3.0%
EBIT	₩24B	₩11B	₩49B	₩87B	₩83B	₩82B	₩82B	₩84B
EBIT margin	2.6%	1.3%	4.6%	6.9%	6.9%	6.9%	6.9%	6.9%
After-tax EBIT	₩17B	₩8.2B	₩36B	₩63B	₩60B	₩59B	₩59B	₩61B
+ Depreciation	—	—	—	₩89B	₩85B	₩84B	₩84B	₩87B
− Capital spending	₩121B	₩62B	₩67B	₩112B	₩107B	₩105B	₩106B	₩109B
− Working capital	₩68B	₩91B	₩70B	−₩26B	−₩16B	−₩6.4B	₩1.7B	₩10B
Free cash flow	—	—	—	₩66B	₩54B	₩44B	₩36B	₩29B
Discount factor	—	—	—	0.916	0.839	0.769	0.705	0.646
Present value	—	—	—	₩61B	₩45B	₩34B	₩26B	₩19B

Terminal value ₩651B, worth ₩420B today: 69% 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 ₩18,963 a share)Now 6.73×	₩19,9241.05×	₩29,3141.55×	₩102,9335.43×
Price / earnings (last 12 months: ₩2,952 a share)Now 43.3×	₩19,5566.62×	₩89,98030.5×	₩225,87276.5×
P/E on run-rate earnings (Q2 2026 × 4: ₩4,478 a share)Now 28.5×	₩29,6666.62×	₩136,50130.5×	₩342,65076.5×

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%
8.1%	₩14,358	₩14,747	₩15,195	₩15,718	₩16,338
8.6%	₩13,529	₩13,841	₩14,197	₩14,607	₩15,086
9.1%	₩12,801	₩13,054	₩13,339	₩13,664	₩14,038
9.6%	₩12,159	₩12,364	₩12,594	₩12,853	₩13,147
10.1%	₩11,587	₩11,755	₩11,940	₩12,147	₩12,381

Now (TTM)

Market cap: ₩6.3T
Enterprise value: ₩6.2T
P/E: 41.5×
P/B: 6.5×
P/S: 4.7×
EV/EBITDA: —
Dividend yield: 0.4%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩47,100	₩15,500	₩27,050	₩18,900	₩24,900
Market cap	₩2.3T	₩766B	₩1.3T	₩934B	₩1.2T
P/E	48.9×	32.2×	52.7×	5.1×	19.5×
P/B	2.6×	0.9×	1.5×	1.1×	1.8×
P/S	2.2×	0.9×	1.5×	0.7×	1.2×
EV/EBITDA	—	—	—	—	—
Dividend yield	1.1%	2.6%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Daeduck Electronics	41.5×	6.5×	4.7×	—	0.4%
Samsung Electro-Mechanics	89.0×	8.8×	7.2×	—	0.2%
Doosan	36.8×	5.2×	0.7×	—	0.4%
Hanwha Systems	67.9×	2.7×	2.9×	—	0.8%
LG Innotek	13.4×	1.4×	0.4×	—	0.5%
Isupetasys	32.5×	7.6×	5.0×	—	0.0%
Leeno Industrial	24.9×	6.0×	11.0×	—	1.3%
Similar companies (median)	34.7×	5.6×	3.9×	—	0.5%

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

Also known as: Daeduck Electronics / 대덕전자 / 353200 / KRX:353200

Source: KRX statistical information