KOSDAQ · 376300 · Software · ₩376300

Dear U디어유

376300 · KOSDAQ · ₩376300 · 디어유

₩20,200▲ ₩100 (0.50%)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

₩34,151

vs the current price (₩20,200)

Enterprise value: ₩655B
Equity value: ₩811B
WACC: 7.4%

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 69% 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 ₩20,200, the model needs an operating margin of 18.2% every year (it uses 35.6%).
Or revenue growth −16.4 points a year higher than assumed in each of the 5 years.
Today's P/E is 13.2× against a typical 35.7× 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: ₩25,885; +28.1%
Base: ₩34,151; +69.1%
Bull: ₩47,296; +134.1%

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 (35.6%).

Revenue growth

Revenue growth, year 119.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (19.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 215.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (19.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 311.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (19.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 47.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (19.4% 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 (19.4% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin35.6%
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 & amortisation4.1%
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 spending5.1%
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 capital8.4%
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 rate4.11%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-28.
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 0.05, 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)5.61%
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): ₩93B
Net debt (borrowings and leases − cash and deposits): −₩152B
+ Stakes and investments: ₩3.7B; Associates, long-term financial assets and deposits (book value)
Shares: 23,738,406
Share price: ₩20,200
Market cap: ₩480B

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	₩76B	₩75B	₩84B	₩111B	₩128B	₩142B	₩152B	₩157B
Growth	53.9%	−1.1%	12.0%	19.4%	15.3%	11.2%	7.1%	3.0%
EBIT	₩29B	₩25B	₩31B	₩39B	₩46B	₩51B	₩54B	₩56B
EBIT margin	37.8%	33.9%	37.4%	35.6%	35.6%	35.6%	35.6%	35.6%
After-tax EBIT	₩21B	₩18B	₩23B	₩29B	₩33B	₩37B	₩39B	₩40B
+ Depreciation	—	—	—	₩4.5B	₩5.2B	₩5.8B	₩6.2B	₩6.4B
− Capital spending	₩7.4B	₩3.6B	₩778M	₩5.7B	₩6.5B	₩7.3B	₩7.8B	₩8B
− Working capital	−₩28B	−₩3.2B	−₩11B	₩1.5B	₩1.4B	₩1.2B	₩848M	₩384M
Free cash flow	—	—	—	₩26B	₩30B	₩34B	₩37B	₩39B
Discount factor	—	—	—	0.931	0.867	0.807	0.751	0.700
Present value	—	—	—	₩24B	₩26B	₩27B	₩28B	₩27B

Terminal value ₩746B, worth ₩522B 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 ₩9,215 a share)Now 2.19×	₩23,4522.55×	₩43,9644.77×	₩67,2407.30×
Price / earnings (last 12 months: ₩1,530 a share)Now 13.2×	₩25,64116.8×	₩54,56935.7×	₩98,95464.7×
P/E on run-rate earnings (Q2 2026 × 4: ₩764 a share)Now 26.4×	₩12,80216.8×	₩27,24535.7×	₩49,40664.7×

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%
6.4%	₩35,216	₩37,632	₩40,594	₩44,315	₩49,127
6.9%	₩32,711	₩34,677	₩37,044	₩39,947	₩43,592
7.4%	₩30,598	₩32,224	₩34,151	₩36,470	₩39,314
7.9%	₩28,792	₩30,155	₩31,749	₩33,637	₩35,909
8.4%	₩27,231	₩28,387	₩29,723	₩31,285	₩33,135

Now (TTM)

Market cap: ₩480B
Enterprise value: ₩299B
P/E: 13.2×
P/B: 2.2×
P/S: 5.2×
EV/EBITDA: —
Dividend yield: 1.6%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩40,100	₩36,050	₩32,100	₩28,800	₩81,900
Market cap	₩952B	₩856B	₩762B	₩684B	₩1.9T
P/E	51.1×	35.1×	29.1×	41.7×	—
P/B	4.5×	4.4×	4.5×	4.8×	15.7×
P/S	11.4×	11.4×	10.1×	13.9×	48.6×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.8%	0.6%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Dear U	13.2×	2.2×	5.2×	—	1.6%
Hyundai Autoever	46.8×	4.7×	2.0×	—	0.6%
Krafton	10.0×	1.2×	1.9×	—	1.2%
NC	6.9×	1.2×	2.0×	8.3×	0.6%
Netmarble	7.1×	0.5×	1.0×	—	2.6%
PearlAbyss	7.9×	2.0×	3.0×	5.1×	0.0%
Shift UP	9.0×	1.8×	7.1×	—	0.0%
Similar companies (median)	8.4×	1.5×	2.0×	6.7×	0.6%

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

Also known as: Dear U / 디어유 / 376300 / KRX:376300

Source: KRX statistical information