KOSDAQ · 001540 · Biotech & Pharma · ₩001540

Ahn-Gook Pharmaceutical안국약품

001540 · KOSDAQ · ₩001540 · 안국약품

₩9,450▼ ₩40 (0.42%)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

₩5,324

vs the current price (₩9,450)

Enterprise value: ₩58B
Equity value: ₩69B
WACC: 7.0%

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 44% 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 ₩9,450, the model needs an operating margin of 3.9% every year (it uses 3.1%).
Or revenue growth +32.7 points a year higher than assumed in each of the 5 years.
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 5.7× against a typical 12.7× 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: —
Base: ₩5,324; −43.7%
Bull: ₩22,638; +139.6%

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

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (3.1%).

Revenue growth

Revenue growth, year 114.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (14.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 211.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (14.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 38.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (14.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 45.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (14.3% 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 (14.3% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin3.1%
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 & amortisation9%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: not in the statements, so 80% of capital spending (most spending replaces equipment that wears out).
Capital spending11.2%
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 capital14.8%
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 -0.07, 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): ₩345B
Net debt (borrowings and leases − cash and deposits): ₩13B
+ Stakes and investments: ₩25B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩1B
Shares: 13,042,420
Share price: ₩9,450
Market cap: ₩123B

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	₩234B	₩271B	₩307B	₩394B	₩440B	₩478B	₩506B	₩521B
Growth	13.8%	16.0%	13.2%	14.3%	11.5%	8.7%	5.8%	3.0%
EBIT	₩5.1B	₩6.7B	₩9.8B	₩12B	₩14B	₩15B	₩16B	₩16B
EBIT margin	2.2%	2.5%	3.2%	3.1%	3.1%	3.1%	3.1%	3.1%
After-tax EBIT	₩3.7B	₩4.9B	₩7.1B	₩8.9B	₩9.9B	₩11B	₩11B	₩12B
+ Depreciation	—	—	—	₩35B	₩40B	₩43B	₩46B	₩47B
− Capital spending	₩6.2B	₩76B	₩8.5B	₩44B	₩49B	₩54B	₩57B	₩58B
− Working capital	−₩14B	₩16B	−₩33B	₩7.3B	₩6.7B	₩5.7B	₩4.1B	₩2.2B
Free cash flow	—	—	—	−₩7.1B	−₩6.5B	−₩5.4B	−₩3.9B	−₩2B
Discount factor	—	—	—	0.935	0.873	0.816	0.763	0.713
Present value	—	—	—	−₩6.7B	−₩5.7B	−₩4.4B	−₩2.9B	−₩1.4B

Terminal value ₩112B, worth ₩80B today: 136% 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 ₩13,702 a share)Now 0.69×	₩7,6590.56×	₩9,2440.67×	₩12,0990.88×
Price / earnings (last 12 months: ₩1,660 a share)Now 5.69×	₩9,9015.96×	₩21,15212.7×	₩43,33426.1×
P/E on run-rate earnings (Q2 2026 × 4: ₩2,606 a share)Now 3.63×	₩15,5395.96×	₩33,19612.7×	₩68,00926.1×

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%
6.0%	₩6,410	₩6,755	₩7,180	₩7,720	₩8,434
6.5%	₩5,619	₩5,858	₩6,145	₩6,498	₩6,947
7.0%	₩4,966	₩5,131	₩5,324	₩5,556	₩5,840
7.5%	₩4,420	₩4,531	₩4,659	₩4,809	₩4,987
8.0%	₩3,957	₩4,029	₩4,111	₩4,204	₩4,311

Now (TTM)

Market cap: ₩123B
Enterprise value: ₩136B
P/E: 5.7×
P/B: 0.7×
P/S: 0.4×
EV/EBITDA: —
Dividend yield: 6.7%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩8,460	₩6,530	₩9,410	₩9,190	₩10,700
Market cap	₩110B	₩85B	₩123B	₩120B	₩140B
P/E	14.7×	5.1×	95.1×	17.4×	35.4×
P/B	0.7×	0.5×	0.8×	0.8×	0.9×
P/S	0.4×	0.3×	0.5×	0.6×	0.9×
EV/EBITDA	—	—	—	—	—
Dividend yield	7.5%	6.7%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Ahn-Gook Pharmaceutical	5.7×	0.7×	0.4×	—	6.7%
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%
Yuhan	23.3×	2.3×	2.4×	30.4×	0.8%
HLB	—	15.5×	54.7×	—	0.0%
Similar companies (median)	28.2×	7.1×	12.1×	30.4×	0.0%

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

Also known as: Ahn-Gook Pharmaceutical / 안국약품 / 001540 / KRX:001540

Source: KRX statistical information