Company Valuation: Doosan Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,938,758 1,327,149 1,489,665 3,898,767 12,602,701 18,366,336 - -
Change - -31.55% 12.25% 161.72% 223.25% 45.73% - -
Enterprise Value (EV) 1 7,235 5,977 4,864 8,470 16,903 23,076 22,656 21,577
Change - -17.4% -18.62% 74.13% 99.57% 36.52% -1.82% -4.76%
P/E 9.92x -2.12x -4.3x -20.1x 186x 48.2x 30.6x 26.2x
PBR 0.74x 0.63x 0.98x 2.66x 8.53x 13.1x 9.16x 7.04x
PEG - 0x 0.1x 0.5x -1x 0x 0.5x 1.6x
Capitalization / Revenue 0.14x 0.08x 0.08x 0.22x 0.64x 0.84x 0.74x 0.66x
EV / Revenue 0.53x 0.35x 0.25x 0.47x 0.85x 1.06x 0.91x 0.78x
EV / EBITDA 4.6x 3.41x 2.27x 4.78x 9.03x 8.66x 6.87x 5.55x
EV / EBIT 7.55x 5.31x 3.39x 8.45x 15.9x 13.1x 9.31x 6.99x
EV / FCF 21.1x -35.8x 3.67x -21x 41x 44.3x 26.4x 18.7x
FCF Yield 4.74% -2.79% 27.2% -4.75% 2.44% 2.26% 3.78% 5.35%
Dividend per Share 3 2,050 2,000 2,000 2,000 4,000 4,273 4,551 4,911
Rate of return 1.74% 2.41% 2.13% 0.78% 0.51% 0.35% 0.37% 0.4%
EPS 3 11,890 -39,123 -21,823 -12,715 4,194 25,202 39,710 46,371
Distribution rate 17.2% -5.11% -9.16% -15.7% 95.4% 17% 11.5% 10.6%
Net sales 1 13,728 16,996 19,130 18,132 19,784 21,744 24,786 27,709
EBITDA 1 1,571 1,751 2,141 1,771 1,871 2,665 3,299 3,890
EBIT 1 958.8 1,126 1,435 1,003 1,063 1,761 2,433 3,089
Net income 1 656.7 -696.4 -388.3 -226.2 75.78 421.6 627.1 868.5
Net Debt 1 5,297 4,649 3,374 4,571 4,300 4,710 4,289 3,210
Reference price 3 118,000.00 83,100.00 93,900.00 255,000.00 781,000.00 1,214,000.00 1,214,000.00 1,214,000.00
Nbr of stocks (in thousands) 17,800 17,800 17,800 17,800 17,840 17,882 - -
Announcement Date 2/11/22 3/7/23 1/31/24 1/24/25 2/10/26 - - -
1KRW in Million2KRW in Billions3KRW
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
20.5x - - -.--% 1,081B
25.25x2.05x13x1.11% 149B
24.37x4x13.74x1.77% 92.83B
30.49x2.4x18.1x0.77% 82.66B
24.94x5.33x18.19x2.27% 81.31B
21.72x1.73x12.36x1.16% 72.17B
31.8x3.96x18.24x2.6% 69.94B
46.5x2.85x14.7x2.69% 26.84B
Average 28.20x 3.19x 15.48x 1.55% 206.97B
Weighted average by Cap. 22.81x 3.11x 15.22x 0.55%

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