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KREDKRED
375500KOSPI

DL E&C

67,400
-4,700 (-6.52%)

Price chart

  • MA5
  • MA20
  • MA60

Adjusted prices rescale past bars with coefficients taken from the base prices the exchange itself published, correcting for corporate actions such as stock splits and reverse splits. Cash dividends are not reflected, and the risk measures on this page never use these adjusted figures.

Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

DL E&C is a general construction company based in Seoul. It was established on January 4, 2021, through a spin-off from DL Co., Ltd. and is listed on the KOSPI market. The company is a member of the DL Group.

The company provides construction services across several segments including civil engineering, housing, plants, and power and environment. Its main activities involve civil engineering works, residential construction, real estate services, and plant construction. It operates through various domestic subsidiaries and overseas local corporations.

Business overview as filed

당사가 수행하는 사업은 주요 공사형태 및 용역 제공방식에 따라 사업을 토목, 주택, 플랜트, 발전/환경사업 등으로 구분할 수 있습니다. 당사의 종속회사가 영위하는 사업을 사업부문별로 살펴보면 다음과 같습니다.국내 주택, 토목사업을 영위하는 DL건설㈜, 사업부지 개발 및 아파트 신축, 분양(디벨로퍼) 사업을 수행하는 PFV인 오산랜드마크프로젝트㈜, 부동산 개발 사업을 수행하는 ㈜인천도화1임대주택위탁관리부동산투자회사, ㈜엔에스파트너스, ㈜사우북변도시개발, ㈜삼호시트론시티, 해외 건설공사를 수행하기 위해 설립된 해외 현지 법인(DL Saudi Arabia Co., Ltd., PT. DLENC UTAMA CONSTRUCTION, 달림(남경)건설관리 유한공사, DL USA, Inc., DL INSAAT GELISTIRME A.S., Daelim RUS LLC., DL Engineering & Construction Malaysia Sdn. Bhd., DLE&C FZCO) 그리고 친환경 탈탄소 사업을영위하는 CARBONCO PTE. Ltd. 가 있습니다.연결실체가 영위하는 각 사업부문의 주된 제품 및 서비스와 당기 매출은 아래와 같습니다.

토목공사 건설용역과 철구조물 제작/설치용역 등을 수행하는 토목사업 부문의 당기 매출은 1조 282억 원이며, 주택공사 건설용역, 부동산 관련 서비스 등을 제공하는 주택사업 부문의 당기 매출은 3조 9,045억 원입니다. 또한, 플랜트공사 건설용역을 수행하는 플랜트 사업 부문의 당기 매출은 2조 4,663억 원입니다.당기 연결 조정 후 연결실체의 연결 총 매출은 7조 4,024억 원입니다.

Company overview

가. 연결대상 종속회사 현황(요약)

나. 연결대상회사의 변동내용

다. 회사의 법적ㆍ상업적 명칭당사의 명칭은 "DL이앤씨"라 표기합니다. 또한 영문으로는 "DL E&C"라 표기합니다.단, 한글로 표기할 경우에는 "디엘이앤씨"라 표기합니다.라. 설립일자 및 존속기간당사는 DL㈜ (舊, 대림산업주식회사)가 영위하는 사업 중 건설사업부문을 2021년1월 4일 분할등기일 기준으로 인적분할되었으며 2021년 1월 25일자로 유가증권시장에 재상장되었습니다.마. 본사의 주소, 전화번호, 홈페이지- 주소 : 서울특별시 강서구 공항대로 165, 에이동(마곡동, 원그로브)- 전화번호 : 02) 2011 - 7114- 홈페이지 : http://www.dlenc.co.kr

바. 중소기업 등 해당 여부

사. 주요 사업의 내용'21년 1월 4일자로 인적분할이 된 신설법인 DL이앤씨는 종합건설업을 맡아 영위하고 있습니다. 당사에 포함되어 있는 연결대상종속기업은 국내 주택, 토목사업을 영위하는 DL건설㈜, 사업부지 개발 및 아파트 신축, 분양(디벨로퍼) 사업을 수행하는 PFV인 오산랜드마크프로젝트㈜, 부동산 개발 사업을 수행하는 ㈜인천도화1임대주택위탁관리부동산투자회사, ㈜엔에스파트너스, ㈜사우북변도시개발, ㈜삼호시트론시티, 해외 건설공사를 수행하기 위해 설립된 해외 현지 법인(DL Saudi Arabia Co., Ltd., PT. DLENC UTAMA CONSTRUCTION, 달림(남경)건설관리 유한공사, DL USA, Inc., DL INSAAT GELISTIRME A.S., Daelim RUS LLC., DL Engineering & Construction Malaysia Sdn. Bhd., DLE&C FZCO) 그리고 친환경 탈탄소 사업을 영위하는 CARBONCO PTE. Ltd. 가 있습니다.각 사업부문별 주요 제품 및 서비스와 매출 비중은 다음과 같습니다.

기타 자세한 사항은 동 보고서 Ⅱ. 아. 계열회사에 관한 사항 당사는 독점규제 및 공정거래에 관한 법률상 DL그룹에 속한 계열회사입니다.자. 신용평가에 관한 사항당사가 발행한 회사채, 기업어음에 대하여 신용평가 전문기관으로부터 신용평가를 받은 내역과 신용평가전문기관의 신용등급 체계 및 해당 신용등급에 대해 부여된 의미는 다음과 같습니다.

1) 최근 3년간 신용등급

2) 신용평가 전문기관의 신용등급 체계가) 회사채

회사채의 평가등급은 원리금 지급능력의 정도에 따라 AAA부터 D까지 10개 등급으로 분류됩니다. 등급 중 AAA부터 BBB까지는 원리금 상환능력이 인정되는 투자등급이며, BB에서 C까지는 환경변화에 따라 크게 영향을 받는 투기등급으로 분류됩니다. 회사채에 대한 평가등급은 신용평가 전문기관 3사(한국신용평가, 한국기업평가, NICE신용평가) 모두 동일하며 아래와 같습니다.

신용평가 회사에 따라 당해 등급내에서의 상대적 위치에 따라 + 또는 - 부호를 부여하여 동일등급내에서의 우열을 나타내고 있습니다.

나) 기업어음기업어음 신용등급은 신용도에 따라 A1에서 D까지 6개의 등급으로 구성되어 있습니다. 등급 중 A1에서 A3까지는 적기상환능력이 인정되는 투자등급이며, B와 C는 환경변화에 따라 적기상환능력이 크게 영향받을 수 있는 투기등급으로 분류됩니다.기업어음에 대한 평가등급은 신용평가 전문기관 3사(한국신용평가, 한국기업평가, NICE신용평가) 모두 동일하며 아래와 같습니다.

상기 등급 중 A2부터 B등급까지는 +, - 부호를 부가하여 동일등급내에서의 우열을 나타내고 있습니다.

차. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.05.15), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

4.73%
[2.77%, 7.96%] · As of 2026-10-02
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 48.9% (2026-07-29). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.63
Beta [0.44, 0.81] · KOSPI200 · As of 2026-10-08
Intercept
+0.054%[-0.495%, +0.602%]
R squared
0.24
Observations
252
Trading-time corrected beta
0.49[0.09, 0.89]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSPI200 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

20212022202320242025TTM
RevenueKRW 100M76,31774,96879,91183,18474,02471,310
Revenue growth%—-1.776.594.10-11.01—
Operating incomeKRW 100M9,5734,9703,3072,7093,8704,966
Operating income growth%—-48.08-33.46-18.0642.82—
Net incomeKRW 100M6,3584,3162,0222,2923,7026,215
Net income growth%—-32.13-53.1513.3861.50—
Attributable to ownersKRW 100M5,7704,1321,8792,2923,7026,215
Attributable to minoritiesKRW 100M——14300—
Operating margin%12.546.634.143.265.236.96
Net margin%8.335.762.532.765.008.72
ROE%——3.944.737.0611.30
ROA%7.314.812.162.363.836.06
Debt ratio%93.4991.2695.94100.4384.3886.43
Current ratio%170.70168.31154.26155.80151.21157.33
Quick ratio%140.74141.74129.24131.90127.43135.52
Reserve ratio%——2,205.332,132.882,269.222,379.44
OCF conversion%91.2935.21114.4281.9662.71—
Receivable daysdays—53.359.769.082.9—
Inventory daysdays—49.845.345.450.7—
Payable daysdays—71.370.478.386.9—
Cash conversion cycledays—31.834.636.146.7—
EPSKRW29,80810,6784,6795,4138,74616,062
PERx3.993.167.705.944.713.99
BPSKRW——123,245125,233135,529142,120
PBRx——0.290.260.300.45
Dividend per shareKRW2,7001,000500540——
Payout ratio%9.069.3710.699.98——

Consolidated basis

Profit flowKRW 100M

Revenue
74,024
Cost of sales
65,023
Gross profit
9,002
Other
5,132
Operating income
3,870
Non-operating expenses
2,698
Income tax benefit
2,530
Profit before tax
1,172
Net income
3,702

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

20212022202320242025
87,01789,74793,44197,12496,693
42,04542,82245,75348,66744,252
44,97146,92547,68848,45752,441

Income statement

20212022202320242025
76,31774,96879,91183,18474,024
9,5734,9703,3072,7093,870
9,0935,9552,7983,5391,172
6,3584,3162,0222,2923,702
Basic earnings per shareKRWNot applicableNot applicable4,6795,4138,746
Diluted earnings per shareKRWNot applicableNot applicableNot applicableNot applicableNot applicable
6,4472,9061,9351,1844,558

Cash flow statement

20212022202320242025
Net incomefrom the income statement6,3584,3162,0222,2923,702
Total adjustments to operating cash flowcomputed-554-2,796292-414-1,380
5,8041,5202,3131,8792,321
-3,380-3,8572,013-1,671-518
1,136-648-1,890-1,915-2,222
Cash at beginning of periodKRW 100M16,82120,44817,52420,04118,644
20,44817,52420,04118,64418,443
Net change in cash and cash equivalentsKRW 100M3,561-2,985Not applicableNot applicableNot applicable

In the latest fiscal year cash generated by operations covered both investing outflows and financing outflows.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.05.15.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 5한영회계법인2025-12-31
2024적정의견Term 4한영회계법인2025-12-31
2023적정의견Term 3안진회계법인2025-12-31
2022적정Term 2안진회계법인2022-12-31
2021적정Term 1안진회계법인2022-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 5Y0.70
%
%
Cost of equity7.91%
Weighted average cost of capital—
Initial growth7.1%
Effective tax rate0.0%
Base fiscal year2025
Current priceKRW67,400

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth modelNo dividend
Dividend discount model DDMNo dividend
Discounted cash flow FCFFNo cash flow lines
Discounted cash flow FCFENo cash flow lines
Residual income model RIM112,323+66.7%
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.70 × 5.00% = 7.91%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(7.06% × (1 − 0.00%), 0) = 7.06%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 135,529 KRW, ROE = 7.06%, payout ratio = 0.00%, r = 7.91%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
1135,5299,56710,725-1,1580.9267-1,073
2145,09610,24311,482-1,2390.8587-1,064
3155,33810,96612,293-1,3270.7957-1,056
4166,30411,74013,160-1,4210.7374-1,048
5178,04412,56814,089-1,5210.6833-1,039
Terminal value-26,2340.6833-17,926

P_0 = 135,529 + -5,280 + -17,926 = 112,323 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

Other issues on the same market

Neighbours in the market capitalisation order.

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