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Pharmicell

005690 · KOSPI · ₩005690 · 파미셀

₩10,230▲ ₩430 (4.39%)End-of-day · Oct 28, 2026 · End-of-day prices.
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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

₩5,727

vs the current price (₩10,230)

Enterprise value
₩354B
Equity value
₩344B
WACC
8.1%

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 ₩10,230, the model needs an operating margin of 26.8% every year (it uses 16.7%).
  • Or revenue growth +16.6 points a year higher than assumed in each of the 5 years.
  • Margins ranged from 2.3% to 30.1% over the last 5 years, so this is a cyclical business. The model uses the average; the price may be set by where the cycle is now. Try the margin fade option.
  • Today's P/E is 14.2× against a typical 59.3× 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
₩3,641
−64.4%
Base
₩5,727
−44.0%
Bull
₩9,074
−11.3%

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

Assumptions

Sign in to change the assumptions and see the results update. Sign in

Cycle options

Margin path

Every year uses the cycle-average margin (16.7%).

Revenue growth

  • 23.8%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (23.8% a year, annual reports), fading to 3% by year 5.

  • 18.6%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (23.8% a year, annual reports), fading to 3% by year 5.

  • 13.4%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (23.8% a year, annual reports), fading to 3% by year 5.

  • 8.2%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (23.8% a year, annual reports), fading to 3% by year 5.

  • 3%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (23.8% a year, annual reports), fading to 3% by year 5.

Business

  • 16.7%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 6.6%

    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).

  • 8.3%

    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).

  • 40%

    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

  • 2%

    How fast cash flows keep growing every year after year 5.

    Default: about Korea's long-run inflation plus real growth.

  • 4.11%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-28.

  • 0.74

    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 0.62, adjusted toward 1 and kept between 0.6 and 2.0.

  • 5.5%

    The extra return investors want for owning shares instead of bonds.

    Default: a typical premium for Korean shares.

  • 5.61%

    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)
₩136B
Net debt (borrowings and leases − cash and deposits)
₩10B
Shares
60,004,014
Share price
₩10,230
Market cap
₩614B

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.

FY2023FY2024FY2025Year 1Year 2Year 3Year 4Year 5
Revenue₩56B₩65B₩114B₩168B₩200B₩226B₩245B₩252B
Growth−6.6%15.3%75.9%23.8%18.6%13.4%8.2%3.0%
EBIT₩1.3B₩4.7B₩34B₩28B₩33B₩38B₩41B₩42B
EBIT margin2.3%7.2%30.1%16.7%16.7%16.7%16.7%16.7%
After-tax EBIT₩940M₩3.4B₩25B₩20B₩24B₩27B₩30B₩31B
+ Depreciation———₩11B₩13B₩15B₩16B₩17B
− Capital spending₩6.5B₩4.3B₩7.5B₩14B₩17B₩19B₩20B₩21B
− Working capital−₩12B₩8.3B₩20B₩13B₩13B₩11B₩7.4B₩2.9B
Free cash flow———₩4.6B₩8.3B₩13B₩18B₩23B
Discount factor———0.9250.8560.7910.7320.677
Present value———₩4.2B₩7.1B₩10B₩13B₩16B

Terminal value ₩448B, worth ₩304B today: 86% 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:

LowTypicalHigh
Price / book (book value ₩2,389 a share)Now 4.28×₩10,1544.25×₩16,7927.03×₩24,24610.1×
Price / earnings (last 12 months: ₩721 a share)Now 14.2×₩12,88417.9×₩42,76559.3×₩62,55686.7×

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%
7.1%₩6,142₩6,549₩7,034₩7,624₩8,355
7.6%₩5,599₩5,932₩6,322₩6,787₩7,353
8.1%₩5,135₩5,409₩5,727₩6,101₩6,548
8.6%₩4,732₩4,961₩5,224₩5,529₩5,888
9.1%₩4,380₩4,573₩4,793₩5,044₩5,336

Now (TTM)

Market cap
₩614B
Enterprise value
₩624B
P/E
14.2×
P/B
4.3×
P/S
4.5×
EV/EBITDA
—
Dividend yield
0.5%

Over time (at each year end)

20252024202320222021
Price₩14,530₩8,280₩6,070₩11,300₩13,050
Market cap₩872B₩497B₩364B₩678B₩783B
P/E21.6×78.5×101.8×62.3×82.3×
P/B7.0×5.7×4.5×8.5×12.0×
P/S7.6×7.7×6.5×11.3×15.4×
EV/EBITDA—————
Dividend yield0.3%0.2%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Pharmicell14.2×4.3×4.5×—0.5%
Samsung Electro-Mechanics96.8×9.5×7.8×—0.2%
Doosan39.2×5.5×0.7×—0.4%
Hanwha Systems71.2×2.8×3.0×—0.8%
LG Innotek13.1×1.4×0.4×—0.5%
Isupetasys35.4×8.3×5.4×—0.0%
Daeduck Electronics44.8×7.0×5.0×—0.4%
Similar companies (median)42.0×6.3×4.0×—0.4%

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

Also known as: Pharmicell / 파미셀 / 005690 / KRX:005690

Source: KRX statistical information