KOSDAQ · 060590 · Biotech & Pharma · ₩060590

CTC Bio씨티씨바이오

060590 · KOSDAQ · ₩060590 · 씨티씨바이오

₩2,585▼ ₩50 (1.90%)End-of-day · Oct 30, 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

₩514

vs the current price (₩2,585)

Enterprise value: ₩21B
Equity value: ₩12B
WACC: 6.9%

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 80% 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 ₩2,585, the model needs an operating margin of 5.3% every year (it uses 1.8%).
Margins ranged from −3.3% to 7.1% 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: —
Base: ₩514; −80.1%
Bull: ₩2,462; −4.8%

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 (1.8%).

Revenue growth

Revenue growth, year 1-9.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-9.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-6.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-9.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-3.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-9.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 4-0%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-9.2% 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 (-9.2% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin1.8%
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 & amortisation1.1%
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 spending1.4%
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 capital15%
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 rate4.01%
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.
Beta0.6
How much the share moves when the market moves: 1 means just like the market.
Default: 104 weeks of weekly returns against KOSPI (official index); raw beta 0.08, 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)5.51%
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): ₩122B
Net debt (borrowings and leases − cash and deposits): ₩8.3B
+ Stakes and investments: ₩50M; Associates, long-term financial assets and deposits (book value)
Shares: 24,181,020
Share price: ₩2,585
Market cap: ₩63B

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	₩138B	₩144B	₩124B	₩111B	₩104B	₩101B	₩101B	₩104B
Growth	−16.5%	4.7%	−14.3%	−9.2%	−6.1%	−3.1%	0.0%	3.0%
EBIT	−₩4.6B	−₩4B	₩6.2B	₩2B	₩1.9B	₩1.8B	₩1.8B	₩1.9B
EBIT margin	−3.3%	−2.7%	5.0%	1.8%	1.8%	1.8%	1.8%	1.8%
After-tax EBIT	−₩3.3B	−₩2.9B	₩4.5B	₩1.5B	₩1.4B	₩1.3B	₩1.3B	₩1.4B
+ Depreciation	—	—	—	₩1.2B	₩1.1B	₩1.1B	₩1.1B	₩1.1B
− Capital spending	₩2.5B	₩2.2B	₩925M	₩1.6B	₩1.5B	₩1.4B	₩1.4B	₩1.5B
− Working capital	−₩7.7B	₩674M	₩12B	−₩1.7B	−₩1B	−₩485M	₩0	₩455M
Free cash flow	—	—	—	₩2.8B	₩2.1B	₩1.5B	₩1B	₩592M
Discount factor	—	—	—	0.935	0.875	0.818	0.765	0.716
Present value	—	—	—	₩2.6B	₩1.8B	₩1.2B	₩778M	₩423M

Terminal value ₩19B, worth ₩14B today: 67% 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 ₩3,260 a share)Now 0.79×	₩4,1081.26×	₩7,6612.35×	₩8,8722.72×

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%
5.9%	₩641	₩668	₩701	₩742	₩797
6.4%	₩560	₩577	₩597	₩622	₩653
6.9%	₩492	₩502	₩514	₩528	₩546
7.4%	₩434	₩440	₩447	₩454	₩462
7.9%	₩385	₩388	₩390	₩393	₩395

Now (TTM)

Market cap: ₩63B
Enterprise value: ₩66B
P/E: 8.3×
P/B: 0.8×
P/S: 0.5×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩4,625	₩6,550	₩10,700	₩6,300	₩9,060
Market cap	₩112B	₩158B	₩259B	₩152B	₩219B
P/E	34.5×	—	—	22.6×	—
P/B	1.5×	2.3×	3.4×	1.6×	2.6×
P/S	0.9×	1.1×	1.9×	0.9×	1.6×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
CTC Bio	8.3×	0.8×	0.5×	—	0.0%
Samsung Biologics	34.7×	8.2×	15.1×	—	0.0%
Celltrion	28.2×	2.5×	9.1×	—	0.0%
Alteogen	76.3×	27.5×	58.0×	—	0.1%
SK biopharmaceuticals	15.2×	6.0×	7.1×	—	0.0%
Yuhan	23.3×	2.3×	2.4×	30.4×	0.8%
HLB	—	15.5×	54.7×	—	0.0%
Similar companies (median)	28.2×	7.1×	12.1×	30.4×	0.0%

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

Also known as: CTC Bio / 씨티씨바이오 / 060590 / KRX:060590

Source: KRX statistical information