Easy Bio: Model Fair Value Estimate Rises 61% to ₩40,320 Per Share

What happened

On 2026-10-22 the model estimate moved up 61%, from ₩25,109 to ₩40,320 per share in the base case. No filing excerpts or news headlines are provided with this event, and no smaller background events are listed, so the data does not show a business trigger for the change.

The model is still based on trailing figures to H1 2026. The discount rate was trimmed to 6.1% from 6.2%. The trailing revenue of ₩525.0B, operating margin of 10.1% and ROE of 37.8% are the same as in the previous report. The only other difference in the data is a lower share price: ₩5,520 on 2026-10-20, versus ₩5,680 in the previous report. Borrowings are shown as ₩175.1B, against ₩166.2B in the previous report; the data does not say why they differ.

What it changes for the thesis

The previous report described fast growth, high returns, a leveraged balance sheet, falling foreign ownership and a weak price trend, and said the evidence was mixed. None of that changes here. Liabilities are still 192.2% of equity, cash is ₩47.6B, and foreign ownership is 4.9%, down from 6.3% sixty days earlier. The share price is down 12.4% over one month.

The data still does not explain what drove the 132.4% revenue growth in 2024, so the question of durability remains open. A higher model output does not answer it.

What it changes for the valuation

The new model estimate, a model estimate based on the assumptions shown, is a base case of ₩40,320 per share, a bear case of ₩20,542 and a bull case of ₩77,789. The previous report had ₩25,109 base, ₩10,056 bear and ₩53,520 bull. Every case is higher, and the bear case is now roughly double the previous one.

The share price is ₩5,520. All three cases lie well above it, but the range is still very wide, from ₩20,542 to ₩77,789. A 0.1 point change in the discount rate and a small change in inputs produced a large shift. This shows how sensitive the output is to assumptions, and the data does not say which input drove most of the change.

The market multiples are P/E 4.6, P/B 1.4 and P/S 0.3, with a dividend yield of 4.5%. EV/EBITDA is not available.

Closing view

The event is a revision of the model, not new information about the company. The business data is unchanged, while the model estimate rose 61% and remains far above the share price in all three cases. A swing of that size in two days suggests the estimate is fragile and should be read with caution. Leverage, falling foreign ownership and the lack of explanation for past growth still limit what can be concluded. The evidence remains mixed.

Model estimate of fair value

Bear

₩20,542

+288%

Base

₩40,320

+661%

Bull

₩77,789

+1368%

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 6.1%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

• 5%+ holding reportOct 19, 2026
• Half-year report (Jun 2026)Aug 14, 2026
• 5%+ holding reportAug 10, 2026
• 5%+ holding reportJun 8, 2026
• Quarterly report (Mar 2026)May 15, 2026
• Corporate value-up planApr 1, 2026
• Change of CEOMar 31, 2026
• Annual general meeting resultsMar 31, 2026
• Report on Appointment, Dismissal, or Mid-Term Resignation of Independent DirectorsMar 31, 2026
• Annual report (Dec 2025)Mar 23, 2026
• Audit report submittedMar 19, 2026
• Reference Document for Proxy Solicitation of Voting RightsMar 17, 2026
• Daily prices up to 2026-10-20
• Financial statements, trailing 12 months as of H1 2026
• Our fair value model, statements as of TTM to H1 2026

Report history

1. Oct 21, 2026Update noteModel fair value changeEasy Bio: Model Fair Value Estimate Rises 61% to ₩40,320 Per Share
2. Oct 20, 2026InitiationStart of coverage (reader request)Easy Bio: Strong Earnings Growth and a Low P/E, With a Wide Range in the Model Estimate