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Naturecell

007390 · KOSDAQ · ₩007390 · 네이처셀

₩22,300▲ ₩500 (2.29%)End-of-day · Oct 27, 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

With these assumptions the model gives no positive value.

Enterprise value
−₩85B
Equity value
−₩84B
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 gives no positive value at these assumptions. What we can see:

  • No operating margin up to 90% gets the model to today's price at these growth assumptions.
  • Margins ranged from −53.1% to 1.8% 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.
  • 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.

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
—
Bull
—

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 (−20.0%).

Revenue growth

  • -1.3%

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

    Default: the last 3 years' revenue growth (-1.3% a year, annual reports), fading to 3% by year 5.

  • -0.2%

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

    Default: the last 3 years' revenue growth (-1.3% a year, annual reports), fading to 3% by year 5.

  • 0.9%

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

    Default: the last 3 years' revenue growth (-1.3% a year, annual reports), fading to 3% by year 5.

  • 1.9%

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

    Default: the last 3 years' revenue growth (-1.3% 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 (-1.3% a year, annual reports), fading to 3% by year 5.

Business

  • -20%

    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.

  • 8.1%

    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).

  • 40.4%

    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).

  • 34.6%

    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.

  • 4.03%

    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.

  • 0.6

    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 0.2, 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.

  • 5.53%

    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)
₩21B
Net debt (borrowings and leases − cash and deposits)
−₩1.5B
+ Stakes and investments
₩14M
Associates, long-term financial assets and deposits (book value)
Shares
64,435,056
Share price
₩22,300
Market cap
₩1.4T

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₩19B₩32B₩21B₩20B₩20B₩20B₩21B₩21B
Growth−10.2%67.1%−35.9%−1.3%−0.2%0.9%1.9%3.0%
EBIT−₩10B₩598M−₩3.6B−₩4B−₩4B−₩4.1B−₩4.2B−₩4.3B
EBIT margin−53.1%1.8%−17.6%−20.0%−20.0%−20.0%−20.0%−20.0%
After-tax EBIT−₩7.4B₩433M−₩2.6B−₩2.9B−₩2.9B−₩3B−₩3B−₩3.1B
+ Depreciation₩1.6B——₩1.6B₩1.6B₩1.7B₩1.7B₩1.7B
− Capital spending₩6.1B₩3.1B₩17B₩8.2B₩8.2B₩8.2B₩8.4B₩8.6B
− Working capital−₩18B₩3B−₩1.1B−₩92M−₩14M₩63M₩134M₩216M
Free cash flow₩6B——−₩9.4B−₩9.4B−₩9.6B−₩9.9B−₩10B
Discount factor———0.9320.8680.8090.7530.702
Present value———−₩8.7B−₩8.2B−₩7.8B−₩7.4B−₩7.2B

Terminal value −₩65B, worth −₩46B today: 54% 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 ₩977 a share)Now 22.8×₩7,4767.65×₩19,12419.6×₩26,34927.0×

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%—————
6.8%—————
7.3%—————
7.8%—————
8.3%—————

Now (TTM)

Market cap
₩1.4T
Enterprise value
₩1.4T
P/E
—
P/B
22.8×
P/S
70.1×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩21,800₩21,500₩7,990₩15,250₩17,800
Market cap₩1.4T₩1.4T₩515B₩983B₩1.1T
P/E—1,129.8×———
P/B22.3×21.4×8.4×17.2×18.9×
P/S67.7×42.8×26.6×45.6×51.7×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Naturecell—22.8×70.1×—0.0%
Samsung Biologics32.1×7.6×14.0×—0.0%
Celltrion27.8×2.4×8.9×—0.0%
Alteogen78.8×28.4×59.9×—0.1%
Yuhan24.8×2.5×2.6×32.5×0.8%
SK biopharmaceuticals14.6×5.7×6.8×—0.0%
HLB—15.4×54.6×—0.0%
Similar companies (median)27.8×6.7×11.5×32.5×0.0%

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

Also known as: Naturecell / 네이처셀 / 007390 / KRX:007390

Source: KRX statistical information