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D&D Platform REIT

377190 · KOSPI · ₩377190 · 디앤디플랫폼리츠

₩1,850▼ ₩9 (0.48%)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

With these assumptions the model gives no positive value.

Enterprise value
₩461B
Equity value
−₩71B
WACC
4.7%

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 ₩1,850, the model needs an operating margin of 79.1% every year (it uses 52.8%).
  • Or revenue growth +9.6 points a year higher than assumed in each of the 5 years.
  • Margins ranged from 30.4% to 57.0% 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 78.0× against a typical 77.2× 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
₩3,906
+111.1%

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 (52.8%).

Revenue growth

  • 9.6%

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

    Default: the last 3 years' revenue growth (9.6% a year, annual reports), fading to 3% by year 5.

  • 7.9%

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

    Default: the last 3 years' revenue growth (9.6% a year, annual reports), fading to 3% by year 5.

  • 6.3%

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

    Default: the last 3 years' revenue growth (9.6% a year, annual reports), fading to 3% by year 5.

  • 4.6%

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

    Default: the last 3 years' revenue growth (9.6% 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 (9.6% a year, annual reports), fading to 3% by year 5.

Business

  • 52.8%

    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.

  • 18%

    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 0.04, 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)
₩26B
Net debt (borrowings and leases − cash and deposits)
₩629B
+ Stakes and investments
₩98B
Associates, long-term financial assets and deposits (book value)
Shares
88,400,000
Share price
₩1,850
Market cap
₩164B

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₩21B₩20B₩26B₩29B₩31B₩33B₩35B₩36B
Growth4.5%−3.4%30.4%9.6%7.9%6.3%4.6%3.0%
EBIT₩11B₩10B₩15B₩15B₩17B₩18B₩18B₩19B
EBIT margin51.5%51.3%57.0%52.8%52.8%52.8%52.8%52.8%
After-tax EBIT₩7.8B₩7.5B₩11B₩11B₩12B₩13B₩13B₩14B
+ Depreciation———₩871M₩940M₩999M₩1B₩1.1B
− Capital spending———₩1.2B₩1.3B₩1.3B₩1.4B₩1.4B
− Working capital₩3.2B−₩7.9B₩5.8B₩458M₩413M₩355M₩276M₩188M
Free cash flow———₩10B₩11B₩12B₩13B₩13B
Discount factor———0.9550.9130.8720.8330.796
Present value———₩9.9B₩10B₩11B₩11B₩10B

Terminal value ₩514B, worth ₩409B today: 89% 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 ₩4,097 a share)Now 0.45×₩2,7850.68×₩3,8010.93×₩6,0571.48×
Price / earnings (last 12 months: ₩24 a share)Now 78.0×₩1,22451.6×₩1,83277.2×₩2,32598.0×

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%
3.7%—₩541₩2,334₩5,650₩13,854
4.2%——₩406₩2,160₩5,405
4.7%———₩273₩1,991
5.2%————₩145
5.7%—————

Now (TTM)

Market cap
₩164B
Enterprise value
₩793B
P/E
78.0×
P/B
0.5×
P/S
6.2×
EV/EBITDA
—
Dividend yield
6.8%

Over time (at each year end)

20252024202320222021
Price₩3,380₩2,945₩3,195₩3,405₩5,400
Market cap₩299B₩260B₩282B₩301B₩477B
P/E118.3×92.5×90.0×199.5×191.1×
P/B0.8×0.9×0.9×1.0×1.5×
P/S11.3×12.9×13.5×15.0×28.5×
EV/EBITDA—————
Dividend yield3.7%4.7%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
D&D Platform REIT78.0×0.5×6.2×—6.8%
SK Reit48.8×0.8×22.5×—1.3%
Lotte Reit58.5×1.1×16.1×—2.8%
Hanwha Reit64.5×1.4×15.8×44.1×2.7%
ESR Kendall Square Reit1,170.6×0.7×11.5×73.2×4.6%
Shinhan Alpha REIT97.6×1.2×8.0×34.3×3.0%
SamsungFN Reit144.5×1.1×36.2×—1.5%
Similar companies (median)81.1×1.1×15.9×44.1×2.7%

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

Also known as: D&D Platform REIT / 디앤디플랫폼리츠 / 377190 / KRX:377190

Source: KRX statistical information