Company Valuation: Doosan Bobcat Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 4,085,154 3,467,475 5,047,695 4,193,864 5,522,686 5,945,911 - -
Change - -15.12% 45.57% -16.92% 31.68% 7.66% - -
Enterprise Value (EV) 1 4,920 4,064 4,820 4,197 5,011 5,147 4,600 3,961
Change - -17.39% 18.6% -12.93% 19.41% 2.71% -10.63% -13.9%
P/E 9.81x 5.35x 5.35x 6.97x 13x 10.3x 9.32x 7.99x
PBR 0.9x 0.66x 0.82x 0.62x 0.74x 0.77x 0.73x 0.69x
PEG - 0.1x 0.1x -0.2x -0.5x 0.3x 0.9x 0.5x
Capitalization / Revenue 0.7x 0.4x 0.52x 0.49x 0.63x 0.62x 0.6x 0.57x
EV / Revenue 0.85x 0.47x 0.49x 0.49x 0.57x 0.54x 0.46x 0.38x
EV / EBITDA 5.82x 3.07x 2.87x 3.83x 4.76x 4.36x 3.57x 2.79x
EV / EBIT 8.26x 3.79x 3.46x 4.82x 7.3x 5.98x 4.92x 3.71x
EV / FCF 19x 7.45x 4.19x 8.71x 5.13x 8.64x 6.57x 4.64x
FCF Yield 5.25% 13.4% 23.9% 11.5% 19.5% 11.6% 15.2% 21.6%
Dividend per Share 3 1,200 750 1,600 1,600 - 1,975 2,350 2,600
Rate of return 2.94% 2.17% 3.17% 3.82% - 3.18% 3.78% 4.19%
EPS 3 4,154 6,466 9,418 6,009 4,425 6,049 6,662 7,770
Distribution rate 28.9% 11.6% 17% 26.6% - 32.6% 35.3% 33.5%
Net sales 1 5,816 8,622 9,762 8,551 8,792 9,565 9,930 10,421
EBITDA 1 846 1,325 1,679 1,095 1,052 1,180 1,289 1,420
EBIT 1 595.3 1,072 1,393 871.4 686.1 860.3 935.5 1,067
Net income 1 385.9 644.1 925.1 563.4 402.3 579.8 641.4 745
Net Debt 1 834.5 596.6 -227.7 2.89 -511.3 -798.5 -1,346 -1,985
Reference price 3 40,750.00 34,600.00 50,400.00 41,900.00 57,700.00 62,100.00 62,100.00 62,100.00
Nbr of stocks (in thousands) 100,249 100,216 100,153 100,092 95,714 95,747 - -
Announcement Date 2/9/22 2/8/23 1/19/24 1/23/25 2/11/26 - - -
1KRW in Million2KRW in Billions3KRW
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
10.3x0.54x4.38x3.17% 4.36B
29.82x5.08x22.5x0.78% 367B
17.35x1.45x9.78x2.92% 26.89B
10.79x1.02x7.81x3.46% 13.72B
11.87x1.27x9.36x6.33% 8.27B
9.91x0.79x7.63x1.95% 4.65B
10.93x0.45x5.17x3.94% 2.31B
16.43x0.99x8.36x1.74% 2.26B
Average 14.67x 1.45x 9.37x 3.04% 53.63B
Weighted average by Cap. 27.50x 4.51x 20.47x 1.16%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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