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Hans Biomed

042520 · KOSDAQ · ₩042520 · 한스바이오메드

₩17,880▲ ₩770 (4.50%)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

With these assumptions the model gives no positive value.

Enterprise value
−₩228B
Equity value
−₩247B
WACC
7.7%

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:

  • To match today's price of ₩17,880, the model needs an operating margin of 18.0% every year (it uses −13.0%).
  • Margins ranged from −33.5% to 1.7% 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 (−13.0%).

Revenue growth

  • 6.4%

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

    Default: the last 3 years' revenue growth (6.4% a year, annual reports), fading to 3% by year 5.

  • 5.6%

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

    Default: the last 3 years' revenue growth (6.4% a year, annual reports), fading to 3% by year 5.

  • 4.7%

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

    Default: the last 3 years' revenue growth (6.4% a year, annual reports), fading to 3% by year 5.

  • 3.9%

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

    Default: the last 3 years' revenue growth (6.4% 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 (6.4% a year, annual reports), fading to 3% by year 5.

Business

  • -13%

    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.

  • 2.2%

    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).

  • 2.7%

    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).

  • 19.3%

    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.

  • 4.08%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-29.

  • 0.72

    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 0.58, 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.

  • 5.58%

    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)
₩111B
Net debt (borrowings and leases − cash and deposits)
₩24B
+ Stakes and investments
₩5.4B
Associates, long-term financial assets and deposits (book value)
Shares
14,261,367
Share price
₩17,880
Market cap
₩255B

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₩78B₩81B₩90B₩118B₩124B₩130B₩135B₩139B
Growth4.8%4.0%10.7%6.4%5.6%4.7%3.9%3.0%
EBIT−₩4.2B₩626M−₩26B−₩15B−₩16B−₩17B−₩18B−₩18B
EBIT margin−5.3%0.8%−28.8%−13.0%−13.0%−13.0%−13.0%−13.0%
After-tax EBIT−₩3B₩454M−₩19B−₩11B−₩12B−₩12B−₩13B−₩13B
+ Depreciation———₩2.6B₩2.7B₩2.9B₩3B₩3.1B
− Capital spending₩2.1B₩2.8B₩1.8B₩3.2B₩3.4B₩3.5B₩3.6B₩3.8B
− Working capital−₩2.4B₩9.1B−₩24B₩1.4B₩1.3B₩1.1B₩978M₩782M
Free cash flow———−₩13B−₩14B−₩14B−₩14B−₩15B
Discount factor———0.9290.8620.8010.7430.690
Present value———−₩12B−₩12B−₩11B−₩11B−₩10B

Terminal value −₩250B, worth −₩173B today: 76% 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 ₩5,204 a share)Now 3.44×₩8,6031.65×₩17,6263.39×₩40,9567.87×

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%
6.7%—————
7.2%—————
7.7%—————
8.2%—————
8.7%—————

Now (TTM)

Market cap
₩255B
Enterprise value
₩277B
P/E
—
P/B
3.4×
P/S
2.3×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩27,600₩8,820₩14,680₩9,840₩11,350
Market cap₩394B₩126B₩209B₩140B₩162B
P/E———22.8×—
P/B11.7×1.9×4.3×3.1×3.6×
P/S4.4×1.6×2.7×1.9×2.7×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Hans Biomed—3.4×2.3×—0.0%
Samsung Biologics32.0×7.6×14.0×—0.0%
Celltrion27.9×2.5×9.0×—0.0%
Alteogen80.5×29.0×61.2×—0.1%
SK biopharmaceuticals14.7×5.8×6.8×—0.0%
Yuhan24.0×2.4×2.5×31.3×0.8%
HLB—15.7×55.6×—0.0%
Similar companies (median)27.9×6.7×11.5×31.3×0.0%

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

Also known as: Hans Biomed / 한스바이오메드 / 042520 / KRX:042520

Source: KRX statistical information