KOSDAQ · 0082N0 · Biotech & Pharma · ₩0082N0

Kanaph Therapeutics카나프테라퓨틱스

0082N0 · KOSDAQ · ₩0082N0 · 카나프테라퓨틱스

₩9,650▼ ₩380 (3.79%)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

₩2,086

vs the current price (₩9,650)

Enterprise value: −₩17B
Equity value: ₩28B
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 78% 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:

No operating margin up to 90% gets the model to today's price at these growth assumptions.
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: ₩2,357; −75.6%
Base: ₩2,086; −78.4%
Bull: ₩1,705; −82.3%

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 (−20.0%).

Revenue growth

Revenue growth, year 13%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Revenue growth, year 23%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Revenue growth, year 33%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Revenue growth, year 43%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.

Business

EBIT margin-20%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 1 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 & amortisation1.1%
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 spending1.4%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 1 annual reports (cash flow statements; equipment and intangibles).
Working capital40%
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 1 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 rate4.01%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-30.
Beta0.6
How much the share moves when the market moves: 1 means just like the market.
Default: 32 weeks of weekly returns against KOSPI (official index); raw beta 0.14, 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)5.51%
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): ₩5.6B
Net debt (borrowings and leases − cash and deposits): −₩45B
+ Stakes and investments: ₩100M; Associates, long-term financial assets and deposits (book value)
Shares: 13,300,580
Share price: ₩9,650
Market cap: ₩128B

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.

	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩5.6B	₩5.7B	₩5.9B	₩6.1B	₩6.3B	₩6.4B
Growth	—	3.0%	3.0%	3.0%	3.0%	3.0%
EBIT	−₩4.3B	−₩1.1B	−₩1.2B	−₩1.2B	−₩1.3B	−₩1.3B
EBIT margin	−76.8%	−20.0%	−20.0%	−20.0%	−20.0%	−20.0%
After-tax EBIT	−₩3.1B	−₩830M	−₩855M	−₩881M	−₩907M	−₩935M
+ Depreciation	—	₩63M	₩65M	₩67M	₩69M	₩71M
− Capital spending	₩77M	₩80M	₩83M	₩85M	₩88M	₩90M
− Working capital	—	₩67M	₩69M	₩71M	₩73M	₩75M
Free cash flow	—	−₩914M	−₩942M	−₩970M	−₩999M	−₩1B
Discount factor	—	0.932	0.868	0.809	0.754	0.703
Present value	—	−₩852M	−₩818M	−₩785M	−₩754M	−₩723M

Terminal value −₩19B, worth −₩13B today: 77% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

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%	₩2,067	₩1,941	₩1,784	₩1,587	₩1,330
6.8%	₩2,181	₩2,077	₩1,951	₩1,796	₩1,600
7.3%	₩2,276	₩2,189	₩2,086	₩1,961	₩1,807
7.8%	₩2,358	₩2,284	₩2,198	₩2,096	₩1,972
8.3%	₩2,428	₩2,365	₩2,292	₩2,207	₩2,105

Now (TTM)

Market cap: ₩128B
Enterprise value: ₩83B
P/E: —
P/B: 2.8×
P/S: 23.1×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

Loading data for this company — check back soon

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Kanaph Therapeutics	—	2.8×	23.1×	—	0.0%
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: Kanaph Therapeutics / 카나프테라퓨틱스 / 0082N0 / KRX:0082N0

Source: KRX statistical information