KOSPI · 000100 · Biotech & Pharma · ₩000100

Yuhan유한양행

000100 · KOSPI · ₩000100 · 유한양행

₩75,100▲ ₩400 (0.54%)End-of-day · Oct 30, 2026 · End-of-day prices.

Trade

Sell Buy

Valuation model · Discounted cash flow (DCF)

We use a 5-year discounted cash flow: the value of the cash the business is expected to produce, in today's money.

Fair value per share

₩9,194

vs the current price (₩75,100)

Enterprise value: ₩115B
Equity value: ₩687B
WACC: 7.3%

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

Why the model and the price differ

The model is 88% away from today's price. A gap this size usually means the market expects something the past figures don't show yet, or the model leaves something out. What we can see:

To match today's price of ₩75,100, the model needs an operating margin of 16.8% every year (it uses 3.3%).
62% of the last 12 months' net profit came from outside operations (stakes in other companies, interest, one-offs). The model adds those stakes at book value but doesn't project that income.
In the projection, spending on equipment, software and working capital takes most or all of the after-tax operating profit, so free cash flow is thin. Companies that invest heavily often look like this until spending slows.
Today's P/E is 23.7× against a typical 44.6× over the last 10 years.

Treat the model as a starting point: change the assumptions to the story you believe, and compare with the multiples check below.

Bear / Base / Bull

Bear: ₩1,113; −98.5%
Base: ₩9,194; −87.8%
Bull: ₩25,078; −66.6%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Cycle options

Start from

Preliminary results are the company's early announcement of a quarter's sales and operating profit, before the full report. Including them swaps that quarter in for the same quarter a year earlier.

Margin path

Every year uses the cycle-average margin (3.3%).

Revenue growth

Revenue growth, year 17.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 26.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 35.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 44%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.2% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin3.3%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 5 annual reports' operating margins.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation2.1%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
Capital spending7.9%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
Working capital28.3%
Stock and unpaid customer bills, less unpaid supplier bills, as a % of revenue. Each year's extra revenue ties up this much more cash.
Default: working capital (current assets less cash and deposits, minus current liabilities other than borrowings) as a share of revenue, averaged over the last 3 years.

Discount rate

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.01%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-30.
Beta0.6
How much the share moves when the market moves: 1 means just like the market.
Default: 105 weeks of weekly returns against KOSPI (official index); raw beta 0.1, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)5.51%
The interest rate the company would pay to borrow.
Default: the 10-year yield plus a 1.5% credit spread.

Starting point

Revenue (TTM to H1 2026): ₩2.3T
Net debt (borrowings and leases − cash and deposits): −₩139B
+ Stakes and investments: ₩518B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩84B
Shares: 74,764,121; incl. 1,148,340 preferred
Share price: ₩75,100
Market cap: ₩5.6T

TTM = trailing 12 months: the last four reported quarters added together. "TTM to H1 2026" is the 12 months up to the latest quarterly or half-year report (H1 = to the end of June). Year 1 grows from there.

Past years and projection

Grey columns are reported results from the annual reports (after-tax EBIT at the model's tax rate), so you can check the growth and margin assumptions against the past. Years 1–5 are the model.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩1.9T	₩2.1T	₩2.2T	₩2.4T	₩2.6T	₩2.7T	₩2.8T	₩2.9T
Growth	4.7%	11.2%	5.7%	7.2%	6.1%	5.1%	4.0%	3.0%
EBIT	₩57B	₩55B	₩104B	₩81B	₩86B	₩90B	₩94B	₩96B
EBIT margin	3.1%	2.7%	4.8%	3.3%	3.3%	3.3%	3.3%	3.3%
After-tax EBIT	₩41B	₩40B	₩76B	₩59B	₩62B	₩65B	₩68B	₩70B
+ Depreciation	₩37B	₩44B	₩50B	₩51B	₩55B	₩57B	₩60B	₩61B
− Capital spending	₩204B	₩134B	₩134B	₩193B	₩205B	₩216B	₩224B	₩231B
− Working capital	−₩42B	₩106B	₩77B	₩47B	₩42B	₩37B	₩31B	₩24B
Free cash flow	−₩84B	−₩156B	−₩86B	−₩130B	−₩131B	−₩130B	−₩128B	−₩124B
Discount factor	—	—	—	0.932	0.868	0.809	0.754	0.703
Present value	—	—	—	−₩121B	−₩113B	−₩106B	−₩96B	−₩87B

Terminal value ₩908B, worth ₩638B today: 556% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

Cross-check: what the market has paid before

For cyclical businesses, analysts check a DCF against the multiples the stock has traded at through past cycles. Price / book is the usual anchor for them: P/E looks highest at the bottom of a cycle, when earnings are smallest, and lowest at the top. The price each band would give today:

	Low	Typical	High
Price / book (book value ₩31,931 a share)Now 2.35×	₩64,1562.01×	₩80,8272.53×	₩132,8584.16×
Price / earnings (last 12 months: ₩3,171 a share)Now 23.7×	₩83,70026.4×	₩141,58944.6×	₩227,95571.9×
P/E on run-rate earnings (preliminary Q3 2026 × 4: ₩768 a share)Now 97.8×	₩20,27026.4×	₩34,28944.6×	₩55,20571.9×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2021, each against the latest report out by then, per share at today's share count; loss years and P/E above 100 are left out. Run-rate earnings are one quarter × 4, not a forecast. Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Sensitivity

Fair value per share as two inputs change; the middle is the current case.

WACC ↓ · Terminal growth →	1.0%	1.5%	2.0%	2.5%	3.0%
6.3%	₩10,877	₩11,156	₩11,490	₩11,901	₩12,425
6.8%	₩9,856	₩10,020	₩10,210	₩10,436	₩10,710
7.3%	₩9,015	₩9,100	₩9,194	₩9,299	₩9,419
7.8%	₩8,315	₩8,344	₩8,372	₩8,397	₩8,419
8.3%	₩7,726	₩7,715	₩7,697	₩7,668	₩7,628

Now (TTM)

Market cap: ₩5.5T
Enterprise value: ₩5.4T
P/E: 23.3×
P/B: 2.3×
P/S: 2.4×
EV/EBITDA: 30.4×
Dividend yield: 0.8%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩112,400	₩119,500	₩68,800	₩54,748	₩56,857
Market cap	₩8.3T	₩8.8T	₩5.1T	₩4T	₩4.2T
P/E	42.6×	124.5×	37.2×	44.5×	42.2×
P/B	3.5×	4.1×	2.4×	2.0×	2.2×
P/S	3.8×	4.3×	2.7×	2.3×	2.5×
EV/EBITDA	53.5×	88.9×	52.6×	52.5×	42.7×
Dividend yield	0.5%	0.4%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Yuhan	23.3×	2.3×	2.4×	30.4×	0.8%
Samsung Biologics	34.7×	8.2×	15.1×	—	0.0%
Celltrion	28.2×	2.5×	9.1×	—	0.0%
Alteogen	76.3×	27.5×	58.0×	—	0.1%
SK biopharmaceuticals	15.2×	6.0×	7.1×	—	0.0%
HLB	—	15.5×	54.7×	—	0.0%
Hanmi Pharm	24.5×	3.8×	3.2×	12.7×	0.5%
Similar companies (median)	28.2×	7.1×	12.1×	12.7×	0.0%

Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.

Also known as: Yuhan / 유한양행 / 000100 / KRX:000100

Source: KRX statistical information