DIC Corporation

DPN.F · Basic Materials · Specialty Chemicals · Valued as of 2026-11-05 · Statements 2025-12-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

1.45B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

3.28B USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

2.85B USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

2.53B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

2.85B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.89×

the ratio the screener ranks by

Margin of Safety

-12.7%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 1.45B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)3.07B USD
−②Net Debt Today2.24B USD
+③Growth Value633.17M USD
=Value1.45B USD

EPV of the Operations (NOPAT over WACC)

3.07B USD

Net debt today

-2.24B USD

Growth Value

+633.17M USD

Value

1.45B USD

①EPV (Earnings Power Value)

3.07B USD

②Net Debt Today

2.24B USD

③Growth Value

633.17M USD

Market value

Market Cap2.85B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-95.7%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 3.28B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.

The projection was not made (a profit at or below zero in the latest three years), so the value is the book value today, 3.28B USD, as the screener leaves it.

①Present Value of the 15 Years of FCFE

Not in the value

②Equity at Year 15, Today

Not in the value

Market value

Market Cap2.85B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+13.1%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 2.85B USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).
①Present Value of the 15 Years of FCFF2.36B USD
+②Invested Capital at Year 15, Today2.74B USD
−③Net Debt Today2.24B USD
=Value2.85B USD
FCFF: the NOPAT left for the shareholders and the lenders once the business reinvests what next year's growth needsReinvestment: the part of the year's NOPAT put back into the business to grow the next year; below zero, capital the business releasesPresent value of the FCFFColoured bars show the FCFF, grey bars the reinvestment. With a positive reinvestment the two stacked are the year's NOPAT; with a negative one the grey is below zero, capital the business releases, and the NOPAT is the FCFF plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROIC on new investment rising to the WACC. Axes linear.

①Present Value of the 15 Years of FCFF

2.36B USD

②Invested Capital at Year 15, Today

2.74B USD

③Net Debt Today

2.24B USD

Market value

Market Cap2.85B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+0.1%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 4.71%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.62×Market Risk Premium 6.00%= 8.24%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 117.90M USDPretax Income 330.44M USD= 35.68%

The tax the interest saves.

Interest Expense =EBIT 371.00M USD−Pretax Income 330.44M USD= 40.56M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 40.56M USDTotal Debt 2.68B USD×(1 − Tax Rate for WACC 35.68%)= 0.97%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 2.68B USDMarket Cap + Total Debt 2.85B USD + 2.68B USD= 48.50%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 51.50%×Cost of Equity 8.24%+Debt Weight 48.50%×Cost of Debt 0.97%= 4.71%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-06-30.

Total Assets 8.23B USD − Total Liabilities 4.95B USD = Book Value Today 3.28B USD

Total Debt 2.68B USD − Cash and Short-Term Investments 436.98M USD = Net Debt Today 2.24B USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 10.1%at most 5%passes94,713,104 / 94,659,224
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets3.2%at least -10.0%passes(466.99M USD − 207.05M USD) ÷ 8.23B USD
Price to bookMarket Cap ÷ Book Value Today0.87×at most 3×passes2.85B USD ÷ 3.28B USD
Operating marginOperating Income ÷ Revenue5.0%above 10.0%does not pass334.01M USD ÷ 6.73B USD
Revenue growthRevenue ÷ Revenue a Year Before − 1-1.4%above 10.0%does not pass6.73B USD / 6.83B USD
Net cash(Cash − Total Debt) ÷ Market Cap-78.8%above -30%does not pass(436.98M USD − 2.68B USD) ÷ 2.85B USD
Operating efficiencyOperating Income ÷ Gross Profit22.9%above 25.0%does not pass334.01M USD ÷ 1.46B USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

27.03 EUR

Enterprise value

385.85B EUR

the provider's own figure

EV / EBITDA

2.89×

Price / book

0.89×

the provider's book

Price / earnings

8.16×

Return on equity

12.3%

the provider's figure, not this page's

Profit margin

5.0%

Revenue growth

18.9%

Analyst target, mean

—

Analysts

—

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

Income statement (USD)2022202320242025

Revenue

7.94B7.35B6.83B6.73B

Gross profit

1.50B1.32B1.42B1.46B

Operating income

298.85M127.00M283.87M334.01M

EBITDA

operating income before depreciation and amortisation

666.37M268.27M638.17M722.77M

Pretax income

264.94M-187.33M240.23M330.44M

Net income

132.62M-282.10M135.89M207.05M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

160.20M-88.13M137.01M176.66M

R&D

114.05M121.66M104.01M102.17M
Balance sheet, year end (USD)2022202320242025

Total assets

9.50B8.81B7.82B8.15B

Total liabilities

6.33B5.99B5.14B5.01B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

2.91B2.58B2.56B3.01B

Total debt

3.84B3.74B3.09B2.93B

Cash and equivalents

477.32M619.53M394.48M441.00M

Net PP&E

fixed assets after depreciation

2.66B2.65B2.32B2.37B

Working capital

current assets less current liabilities

2.03B1.92B1.75B1.54B
Cash flow (USD)2022202320242025

Operating cash flow

59.76M630.59M294.62M466.99M

Capital expenditure

paid out, so below zero

-341.89M-411.02M-300.45M-268.51M

Depreciation and amortisation

367.46M375.80M343.86M351.77M

Free cash flow

operating cash flow plus capital expenditure

-282.13M219.56M-5.83M198.49M