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NH Nongwoobio

054050 · KOSDAQ · ₩054050 · NH농우바이오

₩6,740▲ ₩60 (0.90%)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

₩10,144

vs the current price (₩6,740)

Enterprise value
₩146B
Equity value
₩163B
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 51% 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 ₩6,740, the model needs an operating margin of 4.7% every year (it uses 7.1%).
  • Or revenue growth −23.3 points a year higher than assumed in each of the 5 years.
  • 60% 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 5.6× against a typical 11.8× 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
₩6,291
−6.7%
Base
₩10,144
+50.5%
Bull
₩16,956
+151.6%

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 (7.1%).

Revenue growth

  • 2.8%

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

    Default: the last 3 years' revenue growth (2.8% a year, annual reports), fading to 3% by year 5.

  • 2.8%

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

    Default: the last 3 years' revenue growth (2.8% a year, annual reports), fading to 3% by year 5.

  • 2.9%

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

    Default: the last 3 years' revenue growth (2.8% a year, annual reports), fading to 3% by year 5.

  • 2.9%

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

    Default: the last 3 years' revenue growth (2.8% 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 (2.8% a year, annual reports), fading to 3% by year 5.

Business

  • 7.1%

    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.

  • 2.5%

    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).

  • 0%

    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).

  • 40%

    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.

  • 4.11%

    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.

  • 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 0.1, 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.

  • 5.61%

    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)
₩161B
Net debt (borrowings and leases − cash and deposits)
−₩14B
+ Stakes and investments
₩3B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩693M
Shares
16,030,561
Share price
₩6,740
Market cap
₩108B

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₩136B₩145B₩159B₩165B₩170B₩175B₩180B₩185B
Growth−7.1%6.5%9.8%2.8%2.8%2.9%2.9%3.0%
EBIT₩8.9B₩11B₩14B₩12B₩12B₩12B₩13B₩13B
EBIT margin6.6%7.7%8.6%7.1%7.1%7.1%7.1%7.1%
After-tax EBIT₩6.5B₩8B₩9.9B₩8.5B₩8.7B₩9B₩9.2B₩9.5B
+ Depreciation₩3.1B₩3.8B₩4.1B₩4.1B₩4.2B₩4.4B₩4.5B₩4.6B
− Capital spending₩23M₩1.6M₩20M₩0₩0₩0₩0₩0
− Working capital−₩6.2B₩897M₩3.7B₩1.8B₩1.8B₩2B₩2B₩2.2B
Free cash flow₩16B₩11B₩10B₩11B₩11B₩11B₩12B₩12B
Discount factor———0.9310.8670.8070.7510.700
Present value———₩10B₩9.6B₩9.2B₩8.8B₩8.4B

Terminal value ₩143B, worth ₩100B today: 68% 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 ₩17,895 a share)Now 0.38×₩7,5840.42×₩8,9180.50×₩12,2430.68×
Price / earnings (last 12 months: ₩1,205 a share)Now 5.59×₩11,3249.40×₩14,26211.8×₩30,22725.1×
P/E on run-rate earnings (Q2 2026 × 4: ₩800 a share)Now 8.43×₩7,5119.40×₩9,46011.8×₩20,05025.1×

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%₩11,090₩11,503₩12,005₩12,632₩13,438
6.9%₩10,298₩10,609₩10,981₩11,433₩11,997
7.4%₩9,627₩9,865₩10,144₩10,476₩10,880
7.9%₩9,053₩9,235₩9,446₩9,693₩9,987
8.4%₩8,554₩8,695₩8,855₩9,040₩9,256

Now (TTM)

Market cap
₩108B
Enterprise value
₩94B
P/E
5.6×
P/B
0.4×
P/S
0.7×
EV/EBITDA
6.4×
Dividend yield
3.7%

Over time (at each year end)

20252024202320222021
Price₩7,970₩7,110₩8,360₩8,670₩10,950
Market cap₩128B₩114B₩134B₩139B₩176B
P/E10.4×10.4×13.0×14.2×25.2×
P/B0.5×0.4×0.5×0.6×0.7×
P/S0.8×0.8×1.0×0.9×1.3×
EV/EBITDA5.7×6.3×10.0×9.4×15.9×
Dividend yield3.1%3.1%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
NH Nongwoobio5.6×0.4×0.7×6.4×3.7%
Silla3.0×0.2×0.3×—0.0%
Dongwon Fisheries2.3×0.4×0.1×5.2×0.0%
Asia Seed—0.8×3.4×522.7×0.0%
Similar companies (median)2.6×0.4×0.3×263.9×0.0%

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

Also known as: NH Nongwoobio / NH농우바이오 / 054050 / KRX:054050

Source: KRX statistical information