Doosan Co., Ltd. Equity and Business Unit Value

Doosan Co., Ltd. serves as the holding company for the Doosan Group. If we take the value of Doosan Co., Ltd.'s stake in Doosan Enerbility, which is approximately 15 trillion KRW, and conservatively apply a 50% holding company discount—which is quite harsh in the domestic market—the value comes out to about 8 trillion KRW.
While the equity value of Doosan Robotics should also be added, I am excluding it. As for the recently acquired SK Siltron, its value is similar to the net debt previously held by SK Siltron, so I am excluding that as well.
Most of Doosan Co., Ltd.'s own business comes from the revenue and operating profit of the Electronic BG (Business Group).
Following NVIDIA's Blackwell, the Electronic BG is the exclusive vendor for the Rubin substrate, surpassing the Taiwanese company EMC, which is No. 1 in CCL.
The Electronic BG's operating profit for this year is expected to be in the mid-800 billion KRW range with an operating margin of around 30%. The securities industry expects operating profit to reach 1.2 trillion KRW next year and 1.8 trillion KRW by 2028.
The securities industry evaluates the current value of the Electronic BG alone at 24–25 trillion KRW. Given that HD Hyundai Electric, with a market cap of around 25 trillion KRW and an operating margin of 25%, is expected to have an operating profit of about 1.8 trillion KRW in 2028, the 24–25 trillion KRW valuation for the Electronic BG is not an overvaluation. Currently, the market cap does not sufficiently reflect the value of the stake in Doosan Enerbility.
The recent decision to increase CCL production is seen as a positive catalyst for Doosan Co., Ltd.'s stock price. Currently, the Electronic BG's high-end CCL production plants are running at full capacity, but without expansion, there were limits to revenue growth. With the decision to expand capacity, revenue could rise sharply starting from 2028.