DL E&C Co Ltd (375500) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of DL E&C Co Ltd KRW 151,069, price KRW 80,900, upside +86.7%, quality 56 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 27,603 KRW – 102,500 KRW · fair‑value band 115,000 KRW – 203,592 KRW · the 80,900 KRW price screens below the 151,069 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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DL E&C Co.,Ltd., a construction company, provides engineering, procurement, and construction solutions in South Korea. The company undertakes various plant works in refinery/gas, petrochemical, energy, industrial facilities, environment, and other sectors; and offers civil works in road/bridge, port/water resources, and railroad/metro/tunnel.
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DL E&C Co.,Ltd., a construction company, provides engineering, procurement, and construction solutions in South Korea. The company undertakes various plant works in refinery/gas, petrochemical, energy, industrial facilities, environment, and other sectors; and offers civil works in road/bridge, port/water resources, and railroad/metro/tunnel. It also builds office/commercial, cultural/sports, hotel/resort, education/healthcare, and logistics centers; and provides housing works, such as apartments, and residential and commercial; and redevelopment, reconstruction, and remodeling services. DL E&C Co.,Ltd. was incorporated in 1939 and is headquartered in Seoul, South Korea.
Stock analysis
DL E&C Co Ltd (375500) currently trades at 80,900 KRW, while our model-based Fair Value estimate is 151,069 KRW, implying the stock looks roughly 46.4% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 167,570 KRW per share, and 22 of the 22 models we run sit above the 80,900 KRW price.
Bear case: the Earnings-Based group reads lowest at 81,923 KRW, and 0 of the 22 models stay below the price. Evidence for this calculation is medium.
Scenario range: 115,000 KRW (bear) to 203,592 KRW (bull), the price of 80,900 KRW sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 56/100 (solid quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
DL E&C Co Ltd reported revenue of 7.4T KRW in FY2025 versus 7.6T KRW in FY2021, a compound −0.8%/yr. Reported net income was 370B KRW in FY2025, compounding −10.5%/yr from FY2021.
Key figures
Market cap 3.1T KRW (≈ $2.2B) · P/S ratio 0.35 · Dividend yield 1.1% · Net margin 5.0% · Return on equity 9.7% · Return on assets (EBIT) 5.2% · Operating margin 8.9% · Revenue (TTM) 7.3T KRW.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 41 out of 100 (low confidence).
What moves the price
The share trades about 21% below its 52-week high and 112% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −31% fair-value upside, at 87%, 375500 screens cheaper than that median.
Fair Value models
Bear 115,000 KRWFair Value 151,069 KRWBull 203,592 KRW
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.59/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
What shareholders gained per year (last 5 years), in KRW ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis. Measured in KRW: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
≈ −26.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−27.9%
Dividend (yield on the price)1.1%
Profit margin 2021 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.12% → 5%
⚠ Rate on operating basis: 2025 sits 70% above its own trend.
Growth Forecast
Little optimism in the price
The price assumes about as much growth as the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−0.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+2.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (South Korea: IMF forecast 2.1% a year to 2030, 2.1% from 2016 to 2025) that is about −2.6% a year for the price and +0.7% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Engineering & Construction · 843 stocks
Beats the industry median on 7/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside+87% · Top 25%
Profitability
Return on equity (TTM)10% · Above median
Return on assets2% · Below median
Net margin (TTM)7% · Above median
Operating margin (TTM)9% · Above median
Growth and dividend
Revenue growth−5% · Below median
Dividend yield (TTM)1.1% · Below median
Balance sheet
Debt / equity0.09× · Below median
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
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Cite: Fair Value Calculator (2026). "DL E&C Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/375500
Frequently asked questions
Is DL E&C Co Ltd (375500) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 151,069 KRW versus a price of 80,900 KRW, about +87% upside (undervalued).
What is the fair value of 375500?
Our model-based fair value for DL E&C Co Ltd is 151,069 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 80,900 KRW.
What is the quality score of 375500?
DL E&C Co Ltd has a Quality Score of 56/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for DL E&C Co Ltd (375500)?
Our model-based price target is the fair value of 151,069 KRW (as of Sep 24, 2026) from 22 valuation models. Cautious scenario 115,000 KRW, optimistic scenario 203,592 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the DL E&C Co Ltd stock forecast for 2026?
Our models put fair value at 151,069 KRW, about +87% upside versus a price of 80,900 KRW (undervalued). Cautious scenario 115,000 KRW, optimistic scenario 203,592 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of DL E&C Co Ltd (375500)?
DL E&C Co Ltd reported trailing-twelve-month revenue of about 7.3T KRW (latest available figure, as of Sep 24, 2026).
Does DL E&C Co Ltd pay a dividend?
DL E&C Co Ltd currently shows a dividend yield of about 1.10% relative to its recent price (as of Sep 24, 2026).
What growth is priced into DL E&C Co Ltd (375500)?
For today's price to be fair in a discounted-cash-flow model, DL E&C Co Ltd would have to grow free cash flow by -0.6 % per year for five years (discount rate 10.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 4 years revenue grew -0.8 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 375500 use?
Our models discount DL E&C Co Ltd at 10.3 %: a base by market capitalisation (small), damped by beta 0.55, country premium for South Korea. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For DL E&C Co Ltd that is -0.6 % per year a year over ten years, using the same discount rate (10.3 %) and the same formula as our fair value.
How much growth has DL E&C Co Ltd (375500) delivered so far?
Over the past 4 years revenue at DL E&C Co Ltd grew -0.8 % a year. The price currently implies -0.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of DL E&C Co Ltd (375500) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into DL E&C Co Ltd (-0.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of DL E&C Co Ltd (375500)?
The free-cash-flow yield on the price is 6.74 %: that much free cash flow DL E&C Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (10.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of DL E&C Co Ltd (375500)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For DL E&C Co Ltd it is 151,069 KRW per share (as of Sep 24, 2026), against a price of 80,900 KRW. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is DL E&C Co Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 375500 trades below its calculated fair value: price 80,900 KRW, fair value 151,069 KRW, a gap of about +87% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 375500?
No. The price is what the market pays today (80,900 KRW); the fair value is what the company's own numbers justify (151,069 KRW). For DL E&C Co Ltd the two are 70,169 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is DL E&C Co Ltd worth?
The market values DL E&C Co Ltd at about 3.1T KRW (market capitalisation, as of Sep 24, 2026). Per share that is 80,900 KRW; our models calculate a fair value of 151,069 KRW per share.
What do the bullish and bearish scenarios say about 375500?
Our models span a range for DL E&C Co Ltd: cautious scenario 115,000 KRW, base 151,069 KRW, optimistic 203,592 KRW per share (as of Sep 24, 2026, price 80,900 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of DL E&C Co Ltd (375500)?
Balance-sheet figures for DL E&C Co Ltd (as of Sep 24, 2026): return on equity 9.7%, debt of 0.09 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is 375500 from its 52-week high?
DL E&C Co Ltd trades at 80,900 KRW, about 21% below its 52-week high of 102,500 KRW and 112% above the low of 38,177 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 151,069 KRW is for.
Which stocks are comparable to DL E&C Co Ltd?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is DL E&C Co Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 80,900 KRW, calculated fair value 151,069 KRW (+87%), Quality Score 56/100, from 22 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 375500 calculated?
We run DL E&C Co Ltd through 22 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 151,069 KRW, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. DL E&C Co Ltd currently trades 87 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of DL E&C Co Ltd (375500)?
The closing price on Sep 23, 2026 was 80,900 KRW. Our model-based fair value is 151,069 KRW, about +87% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with DL E&C Co Ltd right now?
The price is below even our cautious bear case (115,000 KRW). The market is more pessimistic than our downside scenario. Solid quality (56/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of DL E&C Co Ltd
How large is the market capitalisation of DL E&C Co Ltd (375500)?
The market capitalisation of DL E&C Co Ltd is 3.1T KRW (≈ $2.2B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of DL E&C Co Ltd (375500)?
The price-to-sales ratio of DL E&C Co Ltd is 0.35 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of DL E&C Co Ltd (375500)?
The dividend yield of DL E&C Co Ltd is 1.1%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of DL E&C Co Ltd (375500)?
The net margin of DL E&C Co Ltd is 5.0% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of DL E&C Co Ltd (375500)?
The return on equity (ROE) of DL E&C Co Ltd is 9.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of DL E&C Co Ltd (375500)?
On an EBIT basis the return on assets of DL E&C Co Ltd is 5.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of DL E&C Co Ltd (375500)?
The operating margin of DL E&C Co Ltd is 8.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at DL E&C Co Ltd (375500)?
Revenue at DL E&C Co Ltd is growing −4.6% versus a year earlier (3y avg −0.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at DL E&C Co Ltd (375500)?
Earnings per share at DL E&C Co Ltd are growing +388% versus a year earlier. How much earnings per share grew versus a year earlier.
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