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BL Pharmtech

065170 · KOSDAQ · ₩065170 · 비엘팜텍

₩1,767▼ ₩103 (5.51%)End-of-day · Oct 28, 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

₩32

vs the current price (₩1,767)

Enterprise value
−₩4.6B
Equity value
₩888M
WACC
10.7%

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 98% 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:

  • No operating margin up to 90% gets the model to today's price at these growth assumptions.
  • Margins ranged from −43.4% to −3.4% 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.
  • In the projection, spending on equipment, software and working capital takes most or all of the after-tax operating profit, so free cash flow is thin. Companies that invest heavily often look like this until spending slows.

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
₩52
−97.0%
Base
₩32
−98.2%
Bull
₩7
−99.6%

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 (−20.0%).

Revenue growth

  • -10%

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

    Default: the last 3 years' revenue growth (-56.8% a year, annual reports), fading to 3% by year 5.

  • -6.7%

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

    Default: the last 3 years' revenue growth (-56.8% a year, annual reports), fading to 3% by year 5.

  • -3.5%

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

    Default: the last 3 years' revenue growth (-56.8% a year, annual reports), fading to 3% by year 5.

  • -0.2%

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

    Default: the last 3 years' revenue growth (-56.8% 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 (-56.8% a year, annual reports), fading to 3% by year 5.

Business

  • -20%

    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.

  • 4%

    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).

  • 8.7%

    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).

  • -10%

    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.

  • 1.19

    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 1.28, 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)
₩3.1B
Net debt (borrowings and leases − cash and deposits)
−₩2.7B
+ Stakes and investments
₩2.8B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩25M
Shares
27,913,793
Share price
₩1,767
Market cap
₩49B

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₩25B₩8.8B₩6.5B₩2.8B₩2.6B₩2.5B₩2.5B₩2.6B
Growth−69.6%−64.1%−26.1%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT−₩6.8B−₩3.2B−₩2.8B−₩556M−₩519M−₩501M−₩500M−₩515M
EBIT margin−27.7%−36.5%−43.4%−20.0%−20.0%−20.0%−20.0%−20.0%
After-tax EBIT−₩4.9B−₩2.3B−₩2B−₩403M−₩376M−₩363M−₩362M−₩373M
+ Depreciation₩544M₩511M—₩111M₩104M₩100M₩100M₩103M
− Capital spending₩314M₩2.2B₩7.1M₩242M₩226M₩218M₩217M₩224M
− Working capital−₩9.9B₩566M−₩3.4B₩31M₩19M₩9.1M₩500,769−₩7.5M
Free cash flow₩5.2B−₩4.6B—−₩565M−₩517M−₩490M−₩480M−₩487M
Discount factor———0.9040.8170.7380.6670.603
Present value———−₩510M−₩422M−₩362M−₩320M−₩293M

Terminal value −₩4.5B, worth −₩2.7B today: 58% 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 ₩298 a share)Now 5.93×₩2480.83×₩4711.58×₩1,7675.93×

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%
9.7%₩26₩20₩12₩4—
10.2%₩34₩29₩23₩16₩8
10.7%₩42₩37₩32₩26₩19
11.2%₩49₩45₩40₩35₩29
11.7%₩55₩51₩47₩43₩37

Now (TTM)

Market cap
₩49B
Enterprise value
₩47B
P/E
—
P/B
5.9×
P/S
16.0×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩548₩767₩1,655₩2,048₩4,293
Market cap₩15B₩21B₩46B₩57B₩120B
P/E—————
P/B1.9×0.9×1.5×1.7×2.0×
P/S2.4×2.4×1.9×0.7×1.4×
EV/EBITDA———186.2×—
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
BL Pharmtech—5.9×16.0×—0.0%
Samsung C&T18.8×0.5×1.2×—0.9%
POSCO International10.6×1.3×0.3×—3.7%
ISC45.3×6.0×12.6×—0.5%
Youngone5.1×0.7×0.7×—3.1%
Dong SUH Companies18.9×1.6×5.1×—4.2%
Shinsegae14.4×0.5×0.3×—2.0%
Similar companies (median)16.6×1.0×1.0×—2.6%

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

Also known as: BL Pharmtech / 비엘팜텍 / 065170 / KRX:065170

Source: KRX statistical information