KOSDAQ · 484120 · Electronic components · ₩484120

Dowooinsys도우인시스

484120 · KOSDAQ · ₩484120 · 도우인시스

₩23,600▼ ₩500 (2.07%)End-of-day · Oct 30, 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

₩12,569

vs the current price (₩23,600)

Enterprise value: ₩80B
Equity value: ₩138B
WACC: 7.3%

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 47% 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 ₩23,600, the model needs an operating margin of 10.3% every year (it uses 5.0%).
Or revenue growth +20.6 points a year higher than assumed in each of the 5 years.
65% 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.

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: ₩7,387; −68.7%
Base: ₩12,569; −46.7%
Bull: ₩21,722; −8.0%

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 (5.0%).

Revenue growth

Revenue growth, year 13%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Revenue growth, year 23%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Revenue growth, year 33%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Revenue growth, year 43%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.

Business

EBIT margin5%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 1 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 & amortisation8.6%
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 spending10.8%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 1 annual reports (cash flow statements; equipment and intangibles).
Working capital-4.6%
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 1 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 rate4.01%
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.
Beta0.6
How much the share moves when the market moves: 1 means just like the market.
Default: 66 weeks of weekly returns against KOSPI (official index); raw beta 0.11, 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)5.51%
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): ₩156B
Net debt (borrowings and leases − cash and deposits): −₩57B
Shares: 10,957,422
Share price: ₩23,600
Market cap: ₩259B

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.

	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩140B	₩160B	₩165B	₩170B	₩175B	₩180B
Growth	—	3.0%	3.0%	3.0%	3.0%	3.0%
EBIT	₩3.4B	₩8B	₩8.3B	₩8.5B	₩8.8B	₩9B
EBIT margin	2.4%	5.0%	5.0%	5.0%	5.0%	5.0%
After-tax EBIT	₩2.5B	₩5.8B	₩6B	₩6.2B	₩6.4B	₩6.5B
+ Depreciation	—	₩14B	₩14B	₩15B	₩15B	₩16B
− Capital spending	₩15B	₩17B	₩18B	₩18B	₩19B	₩19B
− Working capital	—	−₩215M	−₩221M	−₩228M	−₩235M	−₩242M
Free cash flow	—	₩2.5B	₩2.6B	₩2.7B	₩2.7B	₩2.8B
Discount factor	—	0.932	0.868	0.809	0.754	0.703
Present value	—	₩2.3B	₩2.2B	₩2.1B	₩2.1B	₩2B

Terminal value ₩99B, worth ₩70B today: 87% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

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%
6.3%	₩12,730	₩13,499	₩14,447	₩15,645	₩17,207
6.8%	₩12,020	₩12,649	₩13,410	₩14,347	₩15,532
7.3%	₩11,424	₩11,947	₩12,569	₩13,321	₩14,249
7.8%	₩10,917	₩11,358	₩11,875	₩12,491	₩13,234
8.3%	₩10,481	₩10,857	₩11,293	₩11,805	₩12,413

Now (TTM)

Market cap: ₩259B
Enterprise value: ₩201B
P/E: 10.5×
P/B: 1.4×
P/S: 1.7×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025
Price	₩26,000
Market cap	₩285B
P/E	581.0×
P/B	1.7×
P/S	2.0×
EV/EBITDA	—
Dividend yield	0.0%

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Dowooinsys	10.5×	1.4×	1.7×	—	0.0%
Samsung Electro-Mechanics	88.7×	8.7×	7.2×	—	0.2%
Doosan	34.5×	4.9×	0.6×	—	0.4%
Hanwha Systems	65.1×	2.5×	2.8×	—	0.8%
LG Innotek	11.6×	1.2×	0.3×	—	0.6%
Isupetasys	30.8×	7.2×	4.7×	—	0.0%
Daeduck Electronics	38.8×	6.0×	4.4×	—	0.4%
Similar companies (median)	36.6×	5.5×	3.6×	—	0.4%

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

Also known as: Dowooinsys / 도우인시스 / 484120 / KRX:484120

Source: KRX statistical information