KOSPI · 002620 · Business services · ₩002620

Jeil Pharma Holdings제일파마홀딩스

002620 · KOSPI · ₩002620 · 제일파마홀딩스

₩7,040▼ ₩160 (2.22%)End-of-day · Oct 26, 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

₩2,395

vs the current price (₩7,040)

Enterprise value: ₩37B
Equity value: ₩38B
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 66% 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 ₩7,040, the model needs an operating margin of 1.8% every year (it uses 0.8%).

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: ₩2,395; −66.0%
Bull: ₩15,988; +127.1%

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 (0.8%).

Revenue growth

Revenue growth, year 1-6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-3.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-1.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 40.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-6% 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 (-6% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin0.8%
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 & amortisation0.9%
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 spending1.2%
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 capital7%
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 rate4.03%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-27.
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)5.53%
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): ₩631B
Net debt (borrowings and leases − cash and deposits): −₩60B
+ Stakes and investments: ₩98B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩156B
Shares: 15,973,355
Share price: ₩7,040
Market cap: ₩112B

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	₩804B	₩780B	₩658B	₩593B	₩571B	₩562B	₩566B	₩583B
Growth	1.4%	−3.0%	−15.7%	−6.0%	−3.8%	−1.5%	0.7%	3.0%
EBIT	₩21B	−₩12B	₩39B	₩4.7B	₩4.6B	₩4.5B	₩4.5B	₩4.7B
EBIT margin	2.6%	−1.5%	5.9%	0.8%	0.8%	0.8%	0.8%	0.8%
After-tax EBIT	₩15B	−₩8.4B	₩28B	₩3.4B	₩3.3B	₩3.3B	₩3.3B	₩3.4B
+ Depreciation	—	—	—	₩5.3B	₩5.1B	₩5.1B	₩5.1B	₩5.2B
− Capital spending	₩9.8B	₩6.9B	₩9.3B	₩7.1B	₩6.8B	₩6.7B	₩6.8B	₩7B
− Working capital	−₩18B	−₩104B	₩171B	−₩2.6B	−₩1.6B	−₩599M	₩275M	₩1.2B
Free cash flow	—	—	—	₩4.3B	₩3.2B	₩2.2B	₩1.3B	₩444M
Discount factor	—	—	—	0.932	0.868	0.809	0.753	0.702
Present value	—	—	—	₩4B	₩2.8B	₩1.8B	₩986M	₩311M

Terminal value ₩39B, worth ₩27B today: 74% 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 ₩19,687 a share)Now 0.36×	₩7,4040.38×	₩8,9870.46×	₩10,7500.55×

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%	₩2,828	₩2,863	₩2,904	₩2,954	₩3,015
6.8%	₩2,593	₩2,608	₩2,623	₩2,640	₩2,659
7.3%	₩2,396	₩2,396	₩2,395	₩2,392	₩2,385
7.8%	₩2,228	₩2,219	₩2,206	₩2,190	₩2,168
8.3%	₩2,083	₩2,067	₩2,047	₩2,022	₩1,991

Now (TTM)

Market cap: ₩112B
Enterprise value: ₩51B
P/E: 13.3×
P/B: 0.4×
P/S: 0.2×
EV/EBITDA: —
Dividend yield: 1.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩8,040	₩7,820	₩11,770	₩15,400	₩16,000
Market cap	₩128B	₩125B	₩188B	₩246B	₩256B
P/E	8.8×	—	—	—	—
P/B	0.4×	0.4×	0.6×	0.7×	0.6×
P/S	0.2×	0.2×	0.2×	0.3×	0.3×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.9%	0.6%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Jeil Pharma Holdings	13.3×	0.4×	0.2×	—	1.0%
S-1	23.2×	2.1×	1.2×	—	0.0%
Cheil Worldwide	10.0×	1.4×	0.5×	—	6.4%
Doosan Tesna	53.9×	4.1×	5.6×	—	0.2%
Lotte Tour Development	15.3×	2.1×	1.1×	—	0.0%
Soulbrain Holdings	1.2×	0.4×	1.2×	—	1.4%
Innocean Worldwide	5.4×	0.6×	0.3×	—	6.8%
Similar companies (median)	12.7×	1.7×	1.1×	—	0.8%

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

Also known as: Jeil Pharma Holdings / 제일파마홀딩스 / 002620 / KRX:002620

Source: KRX statistical information