KOSPI · 003850 · Biotech & Pharma · ₩003850

Boryung보령

003850 · KOSPI · ₩003850 · 보령

₩8,350▼ ₩50 (0.60%)End-of-day · Oct 28, 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

₩15,115

vs the current price (₩8,350)

Enterprise value: ₩1.2T
Equity value: ₩1.3T
WACC: 6.7%

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 81% 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 ₩8,350, the model needs an operating margin of 4.2% every year (it uses 7.0%).
Or revenue growth −18.3 points a year higher than assumed in each of the 5 years.
56% 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.
Today's P/E is 5.9× against a typical 16.1× 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: ₩7,854; −5.9%
Base: ₩15,115; +81.0%
Bull: ₩28,490; +241.2%

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 (7.0%).

Revenue growth

Revenue growth, year 110.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (10.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 28.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (10.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 36.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (10.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 44.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (10.2% 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 (10.2% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin7%
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: not in the statements, so 80% of capital spending (most spending replaces equipment that wears out).
Capital spending2.5%
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 capital20.4%
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 0.23, 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): ₩1.1T
Net debt (borrowings and leases − cash and deposits): ₩201B
+ Stakes and investments: ₩281B; Associates, long-term financial assets and deposits (book value)
Shares: 85,787,207
Share price: ₩8,350
Market cap: ₩716B

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	₩860B	₩1T	₩1T	₩1.2T	₩1.3T	₩1.4T	₩1.4T	₩1.5T
Growth	13.0%	18.3%	0.0%	10.2%	8.4%	6.6%	4.8%	3.0%
EBIT	₩68B	₩70B	₩65B	₩82B	₩89B	₩95B	₩99B	₩102B
EBIT margin	7.9%	6.9%	6.4%	7.0%	7.0%	7.0%	7.0%	7.0%
After-tax EBIT	₩49B	₩51B	₩47B	₩59B	₩64B	₩69B	₩72B	₩74B
+ Depreciation	—	—	—	₩23B	₩25B	₩27B	₩28B	₩29B
− Capital spending	₩23B	₩20B	₩30B	₩29B	₩32B	₩34B	₩35B	₩36B
− Working capital	₩84B	−₩6.7B	−₩23B	₩22B	₩20B	₩17B	₩13B	₩8.7B
Free cash flow	—	—	—	₩31B	₩38B	₩45B	₩52B	₩58B
Discount factor	—	—	—	0.938	0.879	0.824	0.773	0.725
Present value	—	—	—	₩29B	₩33B	₩37B	₩40B	₩42B

Terminal value ₩1.4T, worth ₩1T today: 85% 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 ₩10,431 a share)Now 0.80×	₩9,4940.91×	₩15,3701.47×	₩22,7982.19×
Price / earnings (last 12 months: ₩1,406 a share)Now 5.94×	₩10,3207.34×	₩22,62616.1×	₩39,28327.9×

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%
5.7%	₩16,209	₩17,537	₩19,224	₩21,442	₩24,493
6.2%	₩14,630	₩15,654	₩16,921	₩18,532	₩20,649
6.7%	₩13,333	₩14,139	₩15,115	₩16,324	₩17,861
7.2%	₩12,248	₩12,894	₩13,662	₩14,593	₩15,745
7.7%	₩11,328	₩11,852	₩12,467	₩13,199	₩14,086

Now (TTM)

Market cap: ₩716B
Enterprise value: ₩899B
P/E: 5.9×
P/B: 0.8×
P/S: 0.7×
EV/EBITDA: —
Dividend yield: 1.9%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩9,010	₩10,290	₩11,890	₩9,060	₩14,600
Market cap	₩773B	₩883B	₩1T	₩777B	₩1.3T
P/E	12.0×	12.7×	25.4×	18.6×	29.1×
P/B	0.9×	1.1×	1.9×	1.5×	2.6×
P/S	0.8×	0.9×	1.2×	1.0×	2.0×
EV/EBITDA	—	—	—	—	—
Dividend yield	1.8%	1.0%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Boryung	5.9×	0.8×	0.7×	—	1.9%
Samsung Biologics	32.0×	7.6×	14.0×	—	0.0%
Celltrion	27.9×	2.5×	9.0×	—	0.0%
Alteogen	80.5×	29.0×	61.2×	—	0.1%
SK biopharmaceuticals	14.7×	5.8×	6.8×	—	0.0%
Yuhan	24.0×	2.4×	2.5×	31.3×	0.8%
HLB	—	15.7×	55.6×	—	0.0%
Similar companies (median)	27.9×	6.7×	11.5×	31.3×	0.0%

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

Also known as: Boryung / 보령 / 003850 / KRX:003850

Source: KRX statistical information