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SunBio

067370 · KOSDAQ · ₩067370 · 선바이오

₩5,250▼ ₩280 (5.06%)End-of-day · Oct 30, 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

₩850

vs the current price (₩5,250)

Enterprise value
₩36B
Equity value
₩10B
WACC
6.4%

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 84% 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 ₩5,250, the model needs an operating margin of 41.0% every year (it uses 25.1%).
  • Or revenue growth +24.2 points a year higher than assumed in each of the 5 years.
  • Margins ranged from −6.1% to 42.2% over the last 4 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.
  • Today's P/E is 14.9× against a typical 28.9× 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
—
Base
₩850
−83.8%
Bull
₩3,349
−36.2%

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 (25.1%).

Revenue growth

  • 22.6%

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

    Default: the last 3 years' revenue growth (22.6% a year, annual reports), fading to 3% by year 5.

  • 17.7%

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

    Default: the last 3 years' revenue growth (22.6% a year, annual reports), fading to 3% by year 5.

  • 12.8%

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

    Default: the last 3 years' revenue growth (22.6% a year, annual reports), fading to 3% by year 5.

  • 7.9%

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

    Default: the last 3 years' revenue growth (22.6% 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 (22.6% a year, annual reports), fading to 3% by year 5.

Business

  • 25.1%

    Operating profit as a share of revenue.

    Default: through-the-cycle average of the last 12 months and the last 4 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.

  • 73.7%

    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).

  • 92.2%

    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).

  • 35.2%

    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 0.24, 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)
₩12B
Net debt (borrowings and leases − cash and deposits)
₩25B
Shares
12,213,841
Share price
₩5,250
Market cap
₩64B

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₩12B₩8.7B₩14B₩15B₩18B₩20B₩22B₩23B
Growth65.7%−29.4%57.5%22.6%17.7%12.8%7.9%3.0%
EBIT₩5.2B−₩533M₩5B₩3.8B₩4.5B₩5.1B₩5.5B₩5.7B
EBIT margin42.2%−6.1%36.8%25.1%25.1%25.1%25.1%25.1%
After-tax EBIT₩3.8B−₩387M₩3.7B₩2.8B₩3.3B₩3.7B₩4B₩4.1B
+ Depreciation———₩11B₩13B₩15B₩16B₩17B
− Capital spending₩8.6B₩16B₩3.2B₩14B₩17B₩19B₩20B₩21B
− Working capital−₩10B−₩808M₩2.6B₩991M₩951M₩810M₩564M₩231M
Free cash flow———−₩1B−₩1B−₩871M−₩630M−₩299M
Discount factor———0.9400.8840.8310.7810.734
Present value———−₩975M−₩889M−₩724M−₩492M−₩220M

Terminal value ₩53B, worth ₩39B today: 109% 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 ₩2,453 a share)Now 2.14×₩6,1312.50×₩8,1863.34×₩12,5955.13×
Price / earnings (last 12 months: ₩353 a share)Now 14.9×₩6,23017.6×₩10,20928.9×₩12,78736.2×
P/E on run-rate earnings (Q2 2026 × 4: ₩207 a share)Now 25.4×₩3,64717.6×₩5,97728.9×₩7,48536.2×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2022, 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%
5.4%₩1,082₩1,480₩1,996₩2,691₩3,679
5.9%₩659₩964₩1,348₩1,844₩2,513
6.4%₩318₩557₩850₩1,219₩1,696
6.9%₩37₩228₩458₩740₩1,094
7.4%——₩140₩361₩633

Now (TTM)

Market cap
₩64B
Enterprise value
₩90B
P/E
14.9×
P/B
2.1×
P/S
5.1×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

2025202420232022
Price₩5,680₩6,950₩11,300₩11,150
Market cap₩69B₩85B₩138B₩136B
P/E24.8×—30.0×156.7×
P/B2.4×3.1×4.9×5.7×
P/S5.1×9.8×11.2×18.4×
EV/EBITDA———453.0×
Dividend yield0.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
SunBio14.9×2.1×5.1×—0.0%
Samsung Biologics34.7×8.2×15.1×—0.0%
Celltrion28.2×2.5×9.1×—0.0%
Alteogen76.3×27.5×58.0×—0.1%
SK biopharmaceuticals15.2×6.0×7.1×—0.0%
Yuhan23.3×2.3×2.4×30.4×0.8%
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: SunBio / 선바이오 / 067370 / KRX:067370

Source: KRX statistical information