KOSDAQ · 068330 · Machinery · ₩068330

ilShinbiobase일신바이오

068330 · KOSDAQ · ₩068330 · 일신바이오

₩998▼ ₩2 (0.20%)End-of-day · Oct 28, 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

₩2,172

vs the current price (₩998)

Enterprise value: ₩48B
Equity value: ₩96B
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 118% 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 ₩998, the model needs an operating margin of −1.8% every year (it uses 29.5%).
Margins ranged from 20.9% to 37.8% 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.
40% 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 7.3× against a typical 14.2× 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: ₩1,849; +85.3%
Base: ₩2,172; +117.7%
Bull: ₩2,700; +170.5%

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 (29.5%).

Revenue growth

Revenue growth, year 1-10%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-10.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-6.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-10.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-3.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-10.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 4-0.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-10.7% 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 (-10.7% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin29.5%
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 & amortisation0.6%
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 spending0.7%
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).
Working capital40%
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 rate4.08%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-29.
Beta0.6
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 0.21, 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)5.58%
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): ₩16B
Net debt (borrowings and leases − cash and deposits): −₩47B
+ Stakes and investments: ₩329M; Associates, long-term financial assets and deposits (book value)
Shares: 44,216,140
Share price: ₩998
Market cap: ₩44B

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	₩16B	₩11B	₩15B	₩14B	₩13B	₩13B	₩13B	₩13B
Growth	−19.6%	−34.2%	34.3%	−10.0%	−6.7%	−3.5%	−0.2%	3.0%
EBIT	₩6.2B	₩2.3B	₩4.5B	₩4.2B	₩3.9B	₩3.8B	₩3.8B	₩3.9B
EBIT margin	37.8%	20.9%	31.3%	29.5%	29.5%	29.5%	29.5%	29.5%
After-tax EBIT	₩4.5B	₩1.6B	₩3.3B	₩3B	₩2.8B	₩2.7B	₩2.7B	₩2.8B
+ Depreciation	—	—	—	₩85M	₩80M	₩77M	₩77M	₩79M
− Capital spending	₩262M	₩54M	₩21M	₩99M	₩93M	₩90M	₩89M	₩92M
− Working capital	−₩23B	−₩461M	−₩264M	−₩632M	−₩381M	−₩186M	−₩10M	₩153M
Free cash flow	—	—	—	₩3.7B	₩3.2B	₩2.9B	₩2.7B	₩2.6B
Discount factor	—	—	—	0.931	0.867	0.808	0.752	0.700
Present value	—	—	—	₩3.4B	₩2.8B	₩2.4B	₩2.1B	₩1.9B

Terminal value ₩51B, worth ₩36B today: 74% 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 ₩1,517 a share)Now 0.66×	₩1,1540.76×	₩1,7401.15×	₩3,7142.45×
Price / earnings (last 12 months: ₩136 a share)Now 7.34×	₩1,3009.56×	₩1,92514.2×	₩2,94321.6×
P/E on run-rate earnings (Q2 2026 × 4: ₩149 a share)Now 6.69×	₩1,4279.56×	₩2,11214.2×	₩3,22921.6×

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%	₩2,226	₩2,310	₩2,412	₩2,541	₩2,708
6.9%	₩2,132	₩2,199	₩2,280	₩2,379	₩2,504
7.4%	₩2,052	₩2,107	₩2,172	₩2,251	₩2,347
7.9%	₩1,983	₩2,029	₩2,083	₩2,146	₩2,223
8.4%	₩1,924	₩1,963	₩2,007	₩2,059	₩2,121

Now (TTM)

Market cap: ₩44B
Enterprise value: −₩3.3B
P/E: 7.3×
P/B: 0.7×
P/S: 2.8×
EV/EBITDA: —
Dividend yield: 1.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩1,611	₩1,035	₩1,347	₩1,555	₩3,710
Market cap	₩71B	₩46B	₩60B	₩69B	₩164B
P/E	14.9×	12.0×	9.6×	18.0×	28.0×
P/B	1.1×	0.8×	1.0×	1.3×	3.3×
P/S	4.9×	4.2×	3.6×	3.4×	6.7×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.6%	0.7%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
ilShinbiobase	7.3×	0.7×	2.8×	—	1.0%
Doosan Enerbility	217.2×	4.8×	2.2×	—	0.0%
Hanmi Semiconductor	87.4×	26.0×	35.2×	78.7×	0.4%
Jusung Engineering	1,189.7×	14.6×	38.2×	2,291.7×	0.0%
Rainbow Robotics	4,610.6×	59.1×	174.0×	—	0.0%
EO Technics	47.5×	6.9×	11.6×	—	0.0%
Wonik IPS	28.2×	4.5×	5.3×	42.7×	0.2%
Similar companies (median)	152.3×	10.7×	23.4×	78.7×	0.0%

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

Also known as: ilShinbiobase / 일신바이오 / 068330 / KRX:068330

Source: KRX statistical information