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 21,700,960 - -
Change - -31.55% 12.25% 161.72% 223.25% 72.19% - -
Enterprise Value (EV) 1 7,235 5,977 4,864 8,470 16,903 26,148 25,557 24,390
Change - -17.4% -18.62% 74.13% 99.57% 54.7% -2.26% -4.57%
P/E 9.92x -2.12x -4.3x -20.1x 186x 31.7x 37.8x 32.4x
PBR 0.74x 0.63x 0.98x 2.66x 8.53x 9.59x 9.82x 7.47x
PEG - 0x 0.1x 0.5x -1x 0x -2.3x 1.9x
Capitalization / Revenue 0.14x 0.08x 0.08x 0.22x 0.64x 1x 0.87x 0.77x
EV / Revenue 0.53x 0.35x 0.25x 0.47x 0.85x 1.2x 1.02x 0.86x
EV / EBITDA 4.6x 3.41x 2.27x 4.78x 9.03x 9.9x 8.01x 6.3x
EV / EBIT 7.55x 5.31x 3.39x 8.45x 15.9x 14.5x 10.5x 7.61x
EV / FCF 21.1x -35.8x 3.67x -21x 41x 27.2x 29.8x 21.1x
FCF Yield 4.74% -2.79% 27.2% -4.75% 2.44% 3.67% 3.35% 4.74%
Dividend per Share 3 2,050 2,000 2,000 2,000 4,000 4,364 4,764 4,911
Rate of return 1.74% 2.41% 2.13% 0.78% 0.51% 0.3% 0.33% 0.34%
EPS 3 11,890 -39,123 -21,823 -12,715 4,194 45,653 38,286 44,655
Distribution rate 17.2% -5.11% -9.16% -15.7% 95.4% 9.56% 12.4% 11%
Net sales 1 13,728 16,996 19,130 18,132 19,784 21,751 24,945 28,196
EBITDA 1 1,571 1,751 2,141 1,771 1,871 2,642 3,190 3,871
EBIT 1 958.8 1,126 1,435 1,003 1,063 1,797 2,444 3,205
Net income 1 656.7 -696.4 -388.3 -226.2 75.78 576.4 639.8 877.8
Net Debt 1 5,297 4,649 3,374 4,571 4,300 4,447 3,856 2,689
Reference price 3 118,000.00 83,100.00 93,900.00 255,000.00 781,000.00 1,447,000.00 1,447,000.00 1,447,000.00
Nbr of stocks (in thousands) 17,800 17,800 17,800 17,800 17,840 17,882 - -
Announcement Date 2/11/22 A 3/7/23 A 1/31/24 A 1/24/25 A 2/10/26 A - - -
1KRW in Million2KRW in Billions3KRW
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
20.68x - - -.--% 1,091B
25.49x2.05x12.63x1.08% 158B
22.19x3.72x12.78x1.92% 85.55B
29.68x2.17x16.28x0.77% 83.05B
23.53x5.05x17.23x2.4% 76.73B
19.42x1.56x11.04x1.27% 66.84B
29.88x3.78x17.21x3.05% 65.44B
46.11x2.83x14.56x2.74% 26.11B
Average 27.12x 3.02x 14.53x 1.65% 206.53B
Weighted average by Cap. 22.52x 2.91x 14.26x 0.57%

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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