KOSPI · 003090 · Biotech & Pharma · ₩003090

Daewoong대웅

003090 · KOSPI · ₩003090 · 대웅

₩14,900▲ ₩100 (0.68%)End-of-day · Oct 29, 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

₩35,985

vs the current price (₩14,900)

Enterprise value: ₩2.7T
Equity value: ₩2.1T
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 142% 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 ₩14,900, the model needs an operating margin of 8.7% every year (it uses 12.1%).
Or revenue growth −12.8 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 4.8× against a typical 9.8× 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: ₩11,418; −23.4%
Base: ₩35,985; +141.5%
Bull: ₩79,694; +434.9%

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 (12.1%).

Revenue growth

Revenue growth, year 16.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (6.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 25.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (6.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 34.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (6.8% 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 (6.8% 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 (6.8% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin12.1%
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 & amortisation2%
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 spending15.6%
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 capital15.7%
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 rate4.08%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-29.
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 0.32, 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)5.58%
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): ₩2.1T
Net debt (borrowings and leases − cash and deposits): ₩106B
+ Stakes and investments: ₩164B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩625B
Shares: 58,141,980
Share price: ₩14,900
Market cap: ₩866B

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	₩1.8T	₩1.9T	₩2.1T	₩2.3T	₩2.4T	₩2.5T	₩2.6T	₩2.7T
Growth	6.9%	6.8%	6.8%	6.8%	5.9%	4.9%	4.0%	3.0%
EBIT	₩196B	₩282B	₩262B	₩274B	₩290B	₩305B	₩317B	₩326B
EBIT margin	10.8%	14.6%	12.7%	12.1%	12.1%	12.1%	12.1%	12.1%
After-tax EBIT	₩142B	₩204B	₩190B	₩199B	₩211B	₩221B	₩230B	₩237B
+ Depreciation	₩37B	—	—	₩45B	₩48B	₩50B	₩52B	₩54B
− Capital spending	₩229B	₩336B	₩348B	₩354B	₩374B	₩393B	₩408B	₩421B
− Working capital	−₩130B	₩43B	−₩26B	₩23B	₩21B	₩18B	₩16B	₩12B
Free cash flow	₩80B	—	—	−₩132B	−₩137B	−₩140B	−₩142B	−₩143B
Discount factor	—	—	—	0.934	0.873	0.816	0.762	0.712
Present value	—	—	—	−₩123B	−₩119B	−₩114B	−₩108B	−₩102B

Terminal value ₩4.5T, worth ₩3.2T today: 121% 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 ₩21,549 a share)Now 0.69×	₩18,9530.88×	₩27,3131.27×	₩48,0802.23×
Price / earnings (last 12 months: ₩3,086 a share)Now 4.83×	₩18,3545.95×	₩30,1089.76×	₩62,37920.2×
P/E on run-rate earnings (Q2 2026 × 4: ₩2,348 a share)Now 6.35×	₩13,9665.95×	₩22,9109.76×	₩47,46720.2×

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%	₩38,906	₩45,112	₩52,856	₩62,795	₩76,018
6.5%	₩32,484	₩37,425	₩43,452	₩50,974	₩60,627
7.0%	₩27,182	₩31,187	₩35,985	₩41,840	₩49,145
7.5%	₩22,738	₩26,035	₩29,925	₩34,586	₩40,272
8.0%	₩18,970	₩21,719	₩24,921	₩28,699	₩33,225

Now (TTM)

Market cap: ₩866B
Enterprise value: ₩969B
P/E: 4.8×
P/B: 0.7×
P/S: 0.4×
EV/EBITDA: —
Dividend yield: 1.3%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩22,050	₩21,600	₩20,650	₩20,350	₩31,050
Market cap	₩1.3T	₩1.3T	₩1.2T	₩1.2T	₩1.8T
P/E	7.3×	21.7×	7.9×	11.5×	22.9×
P/B	1.1×	1.3×	1.3×	1.4×	2.5×
P/S	0.6×	0.6×	0.7×	0.7×	1.2×
EV/EBITDA	—	—	5.9×	5.6×	9.7×
Dividend yield	0.9%	0.9%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Daewoong	4.8×	0.7×	0.4×	—	1.3%
Samsung Biologics	31.9×	7.6×	13.9×	—	0.0%
Celltrion	27.9×	2.5×	9.0×	—	0.0%
Alteogen	79.4×	28.6×	60.3×	—	0.1%
SK biopharmaceuticals	15.2×	6.0×	7.1×	—	0.0%
Yuhan	23.2×	2.3×	2.4×	30.2×	0.8%
HLB	—	15.4×	54.3×	—	0.0%
Similar companies (median)	27.9×	6.8×	11.4×	30.2×	0.0%

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

Also known as: Daewoong / 대웅 / 003090 / KRX:003090

Source: KRX statistical information