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HLB

028300 · KOSDAQ · ₩028300 · HLB

₩39,900▲ ₩650 (1.66%)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
−₩253B
Equity value
−₩429B
WACC
7.2%

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 −291.4% to −41.5% 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

  • -10%

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

    Default: the last 3 years' revenue growth (-22.3% a year, annual reports), fading to 3% by year 5.

  • -6.7%

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

    Default: the last 3 years' revenue growth (-22.3% a year, annual reports), fading to 3% by year 5.

  • -3.5%

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

    Default: the last 3 years' revenue growth (-22.3% 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 (-22.3% 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 (-22.3% 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.

  • 20.5%

    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).

  • 25.7%

    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).

  • -10%

    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 0.37, 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)
₩97B
Net debt (borrowings and leases − cash and deposits)
₩271B
+ Stakes and investments
₩173B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩78B
Shares
133,280,647
Share price
₩39,900
Market cap
₩5.3T

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₩43B₩68B₩84B₩88B₩82B₩79B₩79B₩81B
Growth−76.1%58.8%23.6%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT−₩125B−₩119B−₩104B−₩18B−₩16B−₩16B−₩16B−₩16B
EBIT margin−291.4%−174.0%−123.8%−20.0%−20.0%−20.0%−20.0%−20.0%
After-tax EBIT−₩91B−₩86B−₩76B−₩13B−₩12B−₩11B−₩11B−₩12B
+ Depreciation———₩18B₩17B₩16B₩16B₩17B
− Capital spending₩7.1B₩27B₩18B₩23B₩21B₩20B₩20B₩21B
− Working capital−₩85B₩40B−₩75B₩975M₩588M₩286M₩16M−₩236M
Free cash flow———−₩18B−₩17B−₩16B−₩16B−₩16B
Discount factor———0.9330.8710.8120.7580.707
Present value———−₩17B−₩15B−₩13B−₩12B−₩11B

Terminal value −₩262B, worth −₩185B today: 73% 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 ₩2,583 a share)Now 15.4×₩17,9086.93×₩32,90012.7×₩50,63919.6×

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%
6.2%—————
6.7%—————
7.2%—————
7.7%—————
8.2%—————

Now (TTM)

Market cap
₩5.3T
Enterprise value
₩5.6T
P/E
—
P/B
15.4×
P/S
54.6×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩50,800₩73,100₩50,700₩27,087₩33,191
Market cap₩6.8T₩9.7T₩6.8T₩3.6T₩4.4T
P/E—————
P/B16.2×16.9×12.9×5.7×10.1×
P/S80.4×143.0×157.5×20.1×63.4×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
HLB—15.4×54.6×—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%
Hanmi Pharm20.7×3.2×2.7×10.6×0.6%
Similar companies (median)26.3×4.5×7.9×21.5×0.1%

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

Also known as: HLB / 028300 / KRX:028300

Source: KRX statistical information