KOSPI · 0120G0 · Biotech & Pharma · ₩0120G0

Samyang Biopharm삼양바이오팜

0120G0 · KOSPI · ₩0120G0 · 삼양바이오팜

₩42,300▼ ₩1,200 (2.76%)End-of-day · Oct 26, 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

₩2,999

vs the current price (₩42,300)

Enterprise value: ₩20B
Equity value: ₩22B
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 93% 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 ₩42,300, the model needs an operating margin of 79.9% every year (it uses 9.4%).
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: ₩1,579; −96.3%
Base: ₩2,999; −92.9%
Bull: ₩5,585; −86.8%

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 (9.4%).

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 margin9.4%
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 & amortisation18.9%
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 spending23.6%
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 rate4.03%
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.
Beta0.6
How much the share moves when the market moves: 1 means just like the market.
Default: 48 weeks of weekly returns against KOSPI (official index); raw beta 0.05, 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)5.53%
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): ₩29B
Net debt (borrowings and leases − cash and deposits): −₩2.7B
Shares: 7,435,870
Share price: ₩42,300
Market cap: ₩315B

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	₩29B	₩29B	₩30B	₩31B	₩32B	₩33B
Growth	—	3.0%	3.0%	3.0%	3.0%	3.0%
EBIT	₩2.7B	₩2.8B	₩2.9B	₩2.9B	₩3B	₩3.1B
EBIT margin	9.4%	9.4%	9.4%	9.4%	9.4%	9.4%
After-tax EBIT	₩2B	₩2B	₩2.1B	₩2.1B	₩2.2B	₩2.3B
+ Depreciation	—	₩5.6B	₩5.7B	₩5.9B	₩6.1B	₩6.3B
− Capital spending	₩6.7B	₩7B	₩7.2B	₩7.4B	₩7.6B	₩7.8B
− Working capital	—	₩343M	₩353M	₩364M	₩375M	₩386M
Free cash flow	—	₩280M	₩288M	₩297M	₩306M	₩315M
Discount factor	—	0.932	0.868	0.809	0.753	0.702
Present value	—	₩261M	₩250M	₩240M	₩230M	₩221M

Terminal value ₩26B, worth ₩18B today: 94% 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%	₩3,345	₩3,513	₩3,719	₩3,977	₩4,310
6.8%	₩3,042	₩3,169	₩3,321	₩3,507	₩3,739
7.3%	₩2,788	₩2,885	₩2,999	₩3,135	₩3,301
7.8%	₩2,573	₩2,647	₩2,733	₩2,834	₩2,955
8.3%	₩2,387	₩2,445	₩2,510	₩2,586	₩2,675

Now (TTM)

Market cap: ₩315B
Enterprise value: ₩312B
P/E: 140.6×
P/B: 1.3×
P/S: 11.0×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025
Price	₩52,500
Market cap	₩390B
P/E	174.6×
P/B	1.7×
P/S	13.7×
EV/EBITDA	—
Dividend yield	0.0%

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Samyang Biopharm	140.6×	1.3×	11.0×	—	0.0%
Samsung Biologics	33.9×	8.0×	14.8×	—	0.0%
Celltrion	28.0×	2.5×	9.0×	—	0.0%
Alteogen	78.8×	28.4×	59.9×	—	0.2%
Yuhan	25.4×	2.5×	2.6×	33.2×	0.7%
SK biopharmaceuticals	14.8×	5.8×	6.9×	—	0.0%
HLB	—	15.2×	53.6×	—	0.0%
Similar companies (median)	28.0×	6.9×	11.9×	33.2×	0.0%

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

Also known as: Samyang Biopharm / 삼양바이오팜 / 0120G0 / KRX:0120G0

Source: KRX statistical information