KOSDAQ · 048530 · Biotech & Pharma · ₩048530

iNtRON Biotechnology인트론바이오

048530 · KOSDAQ · ₩048530 · 인트론바이오

₩2,875▼ ₩170 (5.58%)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

₩433

vs the current price (₩2,875)

Enterprise value: −₩13B
Equity value: ₩13B
WACC: 7.4%

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 85% 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 ₩2,875, the model needs an operating margin of 79.2% every year (it uses −20.0%).
Margins ranged from −137.6% to 35.1% 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.

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: ₩539; −81.3%
Base: ₩433; −84.9%
Bull: ₩278; −90.3%

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 1-10%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-25.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-6.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-25.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-3.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-25.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 4-0.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-25.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-25.7% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-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.
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 & amortisation17.5%
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).
Capital spending4%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: not in the statements, so a typical level.
Working capital24.2%
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

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 rate4.08%
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.
Beta0.6
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 -0.21, 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)5.58%
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): ₩7.2B
Net debt (borrowings and leases − cash and deposits): −₩21B
+ Stakes and investments: ₩5.3B; Associates, long-term financial assets and deposits (book value)
Shares: 30,891,758
Share price: ₩2,875
Market cap: ₩89B

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.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩9.6B	₩6.4B	₩5.7B	₩6.5B	₩6.1B	₩5.9B	₩5.9B	₩6B
Growth	−31.6%	−33.0%	−10.6%	−10.0%	−6.7%	−3.5%	−0.2%	3.0%
EBIT	−₩3.2B	−₩5.2B	−₩7.9B	−₩1.3B	−₩1.2B	−₩1.2B	−₩1.2B	−₩1.2B
EBIT margin	−33.7%	−81.6%	−137.6%	−20.0%	−20.0%	−20.0%	−20.0%	−20.0%
After-tax EBIT	−₩2.3B	−₩3.8B	−₩5.7B	−₩946M	−₩882M	−₩851M	−₩850M	−₩875M
+ Depreciation	₩1.7B	—	—	₩1.1B	₩1.1B	₩1B	₩1B	₩1.1B
− Capital spending	—	—	—	₩261M	₩243M	₩235M	₩234M	₩241M
− Working capital	−₩51B	−₩1.9B	₩41M	−₩175M	−₩106M	−₩52M	−₩2.8M	₩43M
Free cash flow	—	—	—	₩110M	₩45M	−₩7.2M	−₩56M	−₩103M
Discount factor	—	—	—	0.931	0.867	0.808	0.752	0.700
Present value	—	—	—	₩103M	₩39M	−₩5.8M	−₩42M	−₩72M

Terminal value −₩19B, worth −₩13B today: 100% 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:

	Low	Typical	High
Price / book (book value ₩2,013 a share)Now 1.43×	₩2,8001.39×	₩4,1032.04×	₩10,9825.46×

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%
6.4%	₩423	₩371	₩308	₩229	₩125
6.9%	₩470	₩428	₩377	₩315	₩236
7.4%	₩510	₩475	₩433	₩383	₩321
7.9%	₩543	₩514	₩479	₩438	₩388
8.4%	₩572	₩547	₩518	₩483	₩443

Now (TTM)

Market cap: ₩89B
Enterprise value: ₩67B
P/E: —
P/B: 1.4×
P/S: 12.3×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩3,250	₩5,610	₩8,780	₩8,130	₩21,050
Market cap	₩100B	₩173B	₩271B	₩251B	₩650B
P/E	—	—	—	43.9×	65.4×
P/B	1.4×	2.1×	2.8×	2.4×	6.4×
P/S	17.5×	27.0×	28.3×	17.9×	22.2×
EV/EBITDA	—	—	—	11,921.2×	50.6×
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
iNtRON Biotechnology	—	1.4×	12.3×	—	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: iNtRON Biotechnology / 인트론바이오 / 048530 / KRX:048530

Source: KRX statistical information