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JONBUR Research · Update note

You're reading an earlier report from Oct 21, 2026. See the latest report

KolmarBNH · 200130 · Biotech & Pharma

KolmarBNH: Model Fair Value Estimate Halves to ₩12,979 per Share

Why this report

Written after:

  • Model fair value changeModel estimate of fair value moved -50% (₩25,939 → ₩12,979 per share)Oct 22, 2026

Our model estimate of KolmarBNH's fair value fell 50.0% to ₩12,979 per share in the base case, from ₩25,939 in the previous report. The change comes from the model inputs, not from a new company filing, and it narrows but does not close the gap to the ₩7,850 share price.

Written Oct 21, 2026 · Data as of Oct 20, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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What happened

On 2026-10-22 the model estimate of fair value was cut from ₩25,939 to ₩12,979 per share in the base case, a fall of 50.0%. No company filings or news were attached to this event, and no smaller recent events were flagged as background.

The model is still a 5-year discounted cash flow based on trailing figures to H1 2026. The discount rate shown is now 7.0%, versus 7.5% in the previous report. A lower rate would normally raise a value, so the halving must come from other model inputs that the data does not detail. The reason for the cut therefore cannot be determined here.

The underlying trailing figures shown are the same as before: revenue ₩538.2B, operating income ₩32.9B (6.1% margin), net income -₩1.6B and free cash flow ₩29.2B. Borrowings are ₩108.1B against cash of ₩76.1B. The previous report described the company as debt-free, which does not match the borrowings figure in the current data.

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Model estimate of fair value

Bear
₩5,482
-25%
Base
₩12,979
+78%
Bull
₩26,506
+263%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Base case of the 5-year discounted cash flow model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 7%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 28, 2026Update noteM&A / restructuringKolmarBNH to Absorb Wholly Owned Subsidiary HNG in No-Share-Issue Merger
  2. Oct 21, 2026Update noteModel fair value changeKolmarBNH: Model Fair Value Estimate Halves to ₩12,979 per Share
  3. Oct 18, 2026InitiationStart of coverage (reader request)KolmarBNH: Share Price Down 46.6% Over a Year as Profits Slip Into a Net Loss

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information