KOSDAQ · 052260 · Chemicals · ₩052260

Hyundai Bioland현대바이오랜드

052260 · KOSDAQ · ₩052260 · 현대바이오랜드

₩4,260▲ ₩5 (0.12%)End-of-day · Oct 28, 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

₩6,129

vs the current price (₩4,260)

Enterprise value: ₩181B
Equity value: ₩184B
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 44% 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 ₩4,260, the model needs an operating margin of 7.5% every year (it uses 9.9%).
Or revenue growth −12.7 points a year higher than assumed in each of the 5 years.
Today's P/E is 9.6× against a typical 21.7× 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: ₩3,553; −16.6%
Base: ₩6,129; +43.9%
Bull: ₩10,608; +149.0%

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 (9.9%).

Revenue growth

Revenue growth, year 19.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (9.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 27.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (9.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 36.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (9.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 44.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (9.6% 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 (9.6% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin9.9%
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 & amortisation3.4%
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 spending4.2%
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 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 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 0.2, 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): ₩141B
Net debt (borrowings and leases − cash and deposits): −₩2.9B
Shares: 30,000,000
Share price: ₩4,260
Market cap: ₩128B

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	₩102B	₩120B	₩131B	₩154B	₩166B	₩177B	₩185B	₩191B
Growth	2.6%	17.5%	9.2%	9.6%	7.9%	6.3%	4.6%	3.0%
EBIT	₩7.1B	₩16B	₩13B	₩15B	₩16B	₩18B	₩18B	₩19B
EBIT margin	7.0%	13.7%	9.7%	9.9%	9.9%	9.9%	9.9%	9.9%
After-tax EBIT	₩5.1B	₩12B	₩9.2B	₩11B	₩12B	₩13B	₩13B	₩14B
+ Depreciation	—	—	—	₩5.2B	₩5.7B	₩6B	₩6.3B	₩6.5B
− Capital spending	₩6.3B	₩3.9B	₩4.1B	₩6.5B	₩7B	₩7.4B	₩7.8B	₩8B
− Working capital	−₩1.2B	₩14B	−₩9B	₩5.4B	₩4.9B	₩4.2B	₩3.3B	₩2.2B
Free cash flow	—	—	—	₩4.4B	₩5.7B	₩7.1B	₩8.5B	₩9.9B
Discount factor	—	—	—	0.931	0.867	0.808	0.752	0.700
Present value	—	—	—	₩4.1B	₩5B	₩5.7B	₩6.4B	₩7B

Terminal value ₩218B, worth ₩153B today: 84% 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 ₩4,852 a share)Now 0.88×	₩4,2870.88×	₩5,3661.11×	₩8,0981.67×
Price / earnings (last 12 months: ₩445 a share)Now 9.57×	₩4,2039.45×	₩9,64521.7×	₩16,32536.7×
P/E on run-rate earnings (Q2 2026 × 4: ₩795 a share)Now 5.36×	₩7,5119.45×	₩17,23521.7×	₩29,17236.7×

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%	₩6,699	₩7,113	₩7,619	₩8,254	₩9,073
6.9%	₩6,086	₩6,409	₩6,797	₩7,271	₩7,865
7.4%	₩5,570	₩5,826	₩6,129	₩6,491	₩6,934
7.9%	₩5,130	₩5,336	₩5,575	₩5,856	₩6,194
8.4%	₩4,751	₩4,917	₩5,108	₩5,331	₩5,592

Now (TTM)

Market cap: ₩128B
Enterprise value: ₩125B
P/E: 9.6×
P/B: 0.9×
P/S: 0.9×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩4,295	₩4,515	₩4,990	₩6,725	₩8,600
Market cap	₩129B	₩135B	₩150B	₩202B	₩258B
P/E	510.1×	23.8×	18.6×	42.3×	—
P/B	0.9×	1.0×	1.1×	1.6×	2.1×
P/S	1.0×	1.1×	1.5×	2.0×	2.5×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	0.0%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Hyundai Bioland	9.6×	0.9×	0.9×	—	0.0%
LG Chem	—	0.5×	0.3×	—	0.8%
Hanwha Solutions	—	0.6×	0.4×	—	0.0%
Hanwha	6.3×	0.4×	0.1×	—	1.4%
SKC	—	2.1×	2.0×	—	0.0%
KCC	0.9×	0.3×	0.5×	8.9×	0.0%
Kumho Petro Chemical	5.3×	0.4×	0.4×	—	1.6%
Similar companies (median)	5.3×	0.4×	0.4×	8.9×	0.4%

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

Also known as: Hyundai Bioland / 현대바이오랜드 / 052260 / KRX:052260

Source: KRX statistical information