Doosan Corporation operates in the machinery manufacturing, apartment construction, service, and heavy industries in Korea, the United States, rest of Asia, the Middle East, Europe, and internationally. The company manufactures and sells copper clad laminates, and hydraulic and industrial equipment; and offers development and maintenance services for information technology systems and other products. It also engages in the construction of NSSS, BOP, turbines, plant facilities, and freshwater and water treatment facilities, as well as road construction; and operations of golf club and condominium, etc. In addition, the company is involved in software development and supply manufacturing; electric power generation and sale; forklift manufacture, rental, and sale; real estate development; and financial investment activities, as well as advertisement, sports, and education businesses. Further, it offers internal combustion engines, construction machinery, and transportation equipment and parts; research and development, manufacturing, IT, marketing, finance, and engineering services, as well as software and systems engineering services. The company was formerly known as OB Beer, Ltd. and changed its name to Doosan Corporation in September 1998. Doosan Corporation was founded in 1896 and is headquartered in Seoul, South Korea.

BUILD UP FREE CASH	2022-12-31 (A)	2023-12-31 (A)	2024-12-31 (A)	2025-12-31 (E)	2026-12-31 (E)	2027-12-31 (E)	2028-12-31 (E)	2029-12-31 (E)
Revenue	16,995,760.1	19,130,130	18,132,874	19,510,562.4	20,970,254.6	22,579,066.5	22,579,066.5	22,579,066.5
Revenue % Chg.	32.2%	12.6%	-5.2%
EBIT	1,112,798.7	1,356,232	978,171	1,234,244.6	1,828,878.1	2,146,491.6	2,146,491.6	2,146,491.6
EBIT Margin	6.5%	7.1%	5.4%
Tax Rate	-73.9%	39.7%	49%
NOPAT	1,935,346.2	818,220.2	498,571.8	761,528.9	1,316,792.2	1,566,938.9	1,566,938.9	1,566,938.9
NOPAT Margin	11.4%	4.3%	2.7%	3.9%	6.3%	6.9%	6.9%	6.9%
D&A	618,202.2	704,348	767,216	683,200	619,400	629,000	629,000	629,000
D&A / Revenue	3.6%	3.7%	4.2%
Capex	-701,059.4	-585,004	-714,242	-775,500	-715,000	-670,000	-670,000	-670,000
Capex / Revenue	-4.1%	-3.1%	-3.9%
Chg. NWC	-683,021.3	432,670	-1,052,641	-491,809.7	-528,604.7	-569,158.6	-569,158.6	-569,158.6
Chg. NWC / Revenue	-4%	2.3%	-5.8%
Unlevered FCF (UFCF)	1,169,467.7	1,370,234.2	-501,095.2	177,419.2	692,587.6	956,780.3	956,780.3	956,780.3
UFCF % Chg.	560.7%	17.2%	-136.6%	-135.4%	290.4%	38.1%	0%	—
PV of UFCF	—	—	—	164,538.7	595,675.1	763,157.8	707,753.1	656,370.6
Sum of PV of UFCF	—	—	—	164,538.7	760,213.8	1,523,371.6	2,231,124.7	2,887,495.3

Cost of Debt
Tax Rate
After Tax Cost of Debt	5.5%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	9.3%
Total Debt	9,084,793
Market Cap	13,796,619.1
Total Capital	22,881,412.1
Debt Weighting	39.7%
Equity Weighting	60.3%
WACC	7.8%

Exit Multiple EV/FCF
Terminal Value	30,889,370.1
PV of Terminal Value	19,652,297.8
Cumulative PV of UFCF	2,887,495.3
Net Debt	6,551,946
Equity Value	15,987,847.1
Shares Outstanding	17.8
Implied Share Price	896,184.2
Current Share Price	852,000
Implied Upside / (Downside)	5.2%