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Metabiomed

059210 · KOSDAQ · ₩059210 · 메타바이오메드

₩3,625▼ ₩10 (0.28%)End-of-day · Oct 29, 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

₩8,649

vs the current price (₩3,625)

Enterprise value
₩251B
Equity value
₩235B
WACC
6.5%

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 139% 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 ₩3,625, the model needs an operating margin of 8.5% every year (it uses 14.6%).
  • Or revenue growth −19.9 points a year higher than assumed in each of the 5 years.
  • Margins ranged from 7.7% to 20.8% 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.
  • Today's P/E is 5.8× against a typical 8.5× 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
₩4,874
+34.5%
Base
₩8,649
+138.6%
Bull
₩15,432
+325.7%

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 (14.6%).

Revenue growth

  • 14.3%

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

    Default: the last 3 years' revenue growth (14.3% a year, annual reports), fading to 3% by year 5.

  • 11.5%

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

    Default: the last 3 years' revenue growth (14.3% a year, annual reports), fading to 3% by year 5.

  • 8.7%

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

    Default: the last 3 years' revenue growth (14.3% a year, annual reports), fading to 3% by year 5.

  • 5.8%

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

    Default: the last 3 years' revenue growth (14.3% 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 (14.3% a year, annual reports), fading to 3% by year 5.

Business

  • 14.6%

    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.

  • 12.1%

    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).

  • 15.2%

    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).

  • 27.7%

    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.

  • 4.01%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-30.

  • 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 0.11, 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.

  • 5.51%

    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)
₩101B
Net debt (borrowings and leases − cash and deposits)
₩30B
+ Stakes and investments
₩14B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩391M
Shares
27,171,445
Share price
₩3,625
Market cap
₩98B

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₩83B₩94B₩103B₩116B₩129B₩140B₩148B₩153B
Growth20.5%13.2%9.5%14.3%11.5%8.7%5.8%3.0%
EBIT₩11B₩17B₩21B₩17B₩19B₩20B₩22B₩22B
EBIT margin12.9%18.3%20.8%14.6%14.6%14.6%14.6%14.6%
After-tax EBIT₩7.8B₩12B₩16B₩12B₩14B₩15B₩16B₩16B
+ Depreciation———₩14B₩16B₩17B₩18B₩18B
− Capital spending₩11B₩11B₩20B₩18B₩20B₩21B₩23B₩23B
− Working capital₩1.2B−₩21B₩41B₩4B₩3.7B₩3.1B₩2.3B₩1.2B
Free cash flow———₩4.6B₩6B₩7.4B₩8.8B₩10B
Discount factor———0.9390.8810.8270.7760.729
Present value———₩4.4B₩5.3B₩6.1B₩6.9B₩7.4B

Terminal value ₩303B, worth ₩221B today: 88% 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 ₩4,784 a share)Now 0.76×₩4,3440.91×₩6,2541.31×₩8,2711.73×
Price / earnings (last 12 months: ₩625 a share)Now 5.80×₩3,9546.32×₩5,3018.48×₩13,18721.1×
P/E on run-rate earnings (Q2 2026 × 4: ₩933 a share)Now 3.89×₩5,8966.32×₩7,9048.48×₩19,66321.1×

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%
5.5%₩9,257₩10,236₩11,490₩13,156₩15,477
6.0%₩8,191₩8,949₩9,892₩11,101₩12,707
6.5%₩7,320₩7,919₩8,649₩9,558₩10,723
7.0%₩6,595₩7,077₩7,654₩8,357₩9,233
7.5%₩5,982₩6,376₩6,841₩7,397₩8,074

Now (TTM)

Market cap
₩98B
Enterprise value
₩129B
P/E
5.8×
P/B
0.8×
P/S
1.0×
EV/EBITDA
—
Dividend yield
2.9%

Over time (at each year end)

20252024202320222021
Price₩4,970₩3,710₩4,360₩2,310₩2,890
Market cap₩135B₩101B₩118B₩63B₩79B
P/E12.3×4.5×11.8×23.9×8.2×
P/B1.1×1.1×1.7×1.0×1.3×
P/S1.3×1.1×1.4×0.9×1.3×
EV/EBITDA—————
Dividend yield2.1%0.8%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Metabiomed5.8×0.8×1.0×—2.9%
Samsung Biologics31.9×7.6×13.9×—0.0%
Celltrion27.9×2.5×9.0×—0.0%
Alteogen79.4×28.6×60.3×—0.1%
SK biopharmaceuticals15.2×6.0×7.1×—0.0%
Yuhan23.2×2.3×2.4×30.2×0.8%
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: Metabiomed / 메타바이오메드 / 059210 / KRX:059210

Source: KRX statistical information