Easy Bio: Strong Earnings Growth and a Low P/E, With a Wide Range in the Model Estimate

Thesis

The data supports a picture of a business that has grown quickly and earns high returns on equity. Revenue rose from ₩129.5B in 2021 to ₩476.9B in 2025, and net income rose from ₩10.9B to ₩27.8B over the same period. Trailing ROE is 37.8%.

What the data does not settle is how durable this is. Revenue growth of 132.4% in 2024 is a very large step, and the data does not say what drove it. Liabilities are 192.2% of equity and borrowings of ₩166.2B are well above cash of ₩47.6B. The share price is near the lower end of its 52-week range (₩5,400 to ₩8,560), and foreign investors have been trimming positions. No news headlines are available in the data.

Business overview

Easy Bio is listed on KOSDAQ in the Food & Beverage sector. It was founded on 2020-05-01 and listed on 2020-06-05, with 33,081,920 shares outstanding. Market capitalisation is about ₩187.9B and enterprise value is about ₩306.5B. Two co-CEOs are named in the data, and a change of CEO was filed on 2026-03-31. The data gives no further description of products or segments.

Model estimate of fair value

Bear

₩10,056

+94%

Base

₩25,109

+384%

Bull

₩53,520

+931%

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 6.2%). 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 2026-10-19
• 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