KOSDAQ · 049960 · Biotech & Pharma · ₩049960

Cell Biotech쎌바이오텍

049960 · KOSDAQ · ₩049960 · 쎌바이오텍

₩14,910▼ ₩90 (0.60%)End-of-day · Oct 27, 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

₩21,918

vs the current price (₩14,910)

Enterprise value: ₩109B
Equity value: ₩206B
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 47% 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 ₩14,910, the model needs an operating margin of 6.1% every year (it uses 14.0%).
Or revenue growth −21.6 points a year higher than assumed in each of the 5 years.
Margins ranged from 4.1% to 15.5% 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.
56% of the last 12 months' net profit came from outside operations (stakes in other companies, interest, one-offs). The model adds those stakes at book value but doesn't project that income.
Today's P/E is 8.3× against a typical 11.5× over the last 10 years.

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: ₩17,642; +18.3%
Base: ₩21,918; +47.0%
Bull: ₩29,033; +94.7%

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 (14.0%).

Revenue growth

Revenue growth, year 11.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (1.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 22%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (1.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 32.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (1.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 42.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (1.7% 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 (1.7% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin14%
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 & amortisation3.1%
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 spending3.9%
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).
Working capital12.8%
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 rate4.11%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-28.
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 0.13, 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)5.61%
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): ₩60B
Net debt (borrowings and leases − cash and deposits): −₩96B
+ Stakes and investments: ₩502M; Associates, long-term financial assets and deposits (book value)
Shares: 9,400,000
Share price: ₩14,910
Market cap: ₩140B

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	₩54B	₩50B	₩53B	₩61B	₩63B	₩64B	₩66B	₩68B
Growth	6.5%	−7.2%	6.4%	1.7%	2.0%	2.3%	2.7%	3.0%
EBIT	₩2.2B	₩6.8B	₩7.9B	₩8.6B	₩8.8B	₩9B	₩9.2B	₩9.5B
EBIT margin	4.1%	13.6%	14.9%	14.0%	14.0%	14.0%	14.0%	14.0%
After-tax EBIT	₩1.6B	₩4.9B	₩5.7B	₩6.2B	₩6.4B	₩6.5B	₩6.7B	₩6.9B
+ Depreciation	—	—	—	₩1.9B	₩1.9B	₩2B	₩2B	₩2.1B
− Capital spending	₩1.7B	₩1.3B	₩3.2B	₩2.4B	₩2.4B	₩2.5B	₩2.6B	₩2.6B
− Working capital	−₩49B	−₩6.8B	₩2B	₩131M	₩157M	₩184M	₩222M	₩253M
Free cash flow	—	—	—	₩5.6B	₩5.7B	₩5.8B	₩5.9B	₩6.1B
Discount factor	—	—	—	0.931	0.867	0.807	0.751	0.700
Present value	—	—	—	₩5.2B	₩4.9B	₩4.7B	₩4.5B	₩4.3B

Terminal value ₩123B, worth ₩86B today: 78% 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 ₩14,547 a share)Now 1.02×	₩14,1030.97×	₩15,7501.08×	₩20,1391.38×
Price / earnings (last 12 months: ₩1,787 a share)Now 8.34×	₩14,5728.15×	₩20,51911.5×	₩31,98117.9×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,535 a share)Now 9.72×	₩12,5128.15×	₩17,61711.5×	₩27,45917.9×

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%	₩22,457	₩23,416	₩24,592	₩26,069	₩27,977
6.9%	₩21,407	₩22,184	₩23,119	₩24,265	₩25,704
7.4%	₩20,521	₩21,161	₩21,918	₩22,829	₩23,946
7.9%	₩19,764	₩20,298	₩20,921	₩21,659	₩22,547
8.4%	₩19,110	₩19,560	₩20,080	₩20,688	₩21,407

Now (TTM)

Market cap: ₩140B
Enterprise value: ₩44B
P/E: 8.3×
P/B: 1.0×
P/S: 2.3×
EV/EBITDA: —
Dividend yield: 4.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩13,110	₩14,270	₩11,220	₩12,700	₩18,850
Market cap	₩123B	₩134B	₩105B	₩119B	₩177B
P/E	12.2×	8.9×	16.7×	14.4×	17.1×
P/B	0.9×	1.1×	0.9×	1.1×	1.7×
P/S	2.3×	2.7×	2.0×	2.4×	3.8×
EV/EBITDA	—	—	—	—	—
Dividend yield	4.6%	3.2%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Cell Biotech	8.3×	1.0×	2.3×	—	4.0%
Samsung Biologics	32.1×	7.6×	14.0×	—	0.0%
Celltrion	27.8×	2.4×	8.9×	—	0.0%
Alteogen	78.8×	28.4×	59.9×	—	0.1%
Yuhan	24.8×	2.5×	2.6×	32.5×	0.8%
SK biopharmaceuticals	14.6×	5.7×	6.8×	—	0.0%
HLB	—	15.4×	54.6×	—	0.0%
Similar companies (median)	27.8×	6.7×	11.5×	32.5×	0.0%

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

Also known as: Cell Biotech / 쎌바이오텍 / 049960 / KRX:049960

Source: KRX statistical information