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Aminologics

074430 · KOSDAQ · ₩074430 · 아미노로직스

₩1,009▲ ₩9 (0.90%)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

₩554

vs the current price (₩1,009)

Enterprise value
₩43B
Equity value
₩50B
WACC
7.3%

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 45% 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 ₩1,009, the model needs an operating margin of 29.2% every year (it uses 15.6%).
  • Or revenue growth +18.3 points a year higher than assumed in each of the 5 years.
  • Margins ranged from −12.8% to 25.7% 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 28.5× against a typical 40.0× 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
₩391
−61.2%
Base
₩554
−45.1%
Bull
₩831
−17.7%

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 (15.6%).

Revenue growth

  • -7%

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

    Default: the last 3 years' revenue growth (-7% a year, annual reports), fading to 3% by year 5.

  • -4.5%

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

    Default: the last 3 years' revenue growth (-7% a year, annual reports), fading to 3% by year 5.

  • -2%

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

    Default: the last 3 years' revenue growth (-7% a year, annual reports), fading to 3% by year 5.

  • 0.5%

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

    Default: the last 3 years' revenue growth (-7% 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 (-7% a year, annual reports), fading to 3% by year 5.

Business

  • 15.6%

    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.

  • 3%

    The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).

    Default: not in the statements, so a typical level.

  • 4%

    Money spent on factories, equipment, software and other long-term assets (% of revenue).

    Default: not in the statements, so a typical level.

  • 40%

    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: 104 weeks of weekly returns against KOSPI (official index); raw beta 0.31, 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)
₩26B
Net debt (borrowings and leases − cash and deposits)
−₩6.2B
Shares
89,341,992
Share price
₩1,009
Market cap
₩90B

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₩21B₩17B₩22B₩24B₩23B₩23B₩23B₩24B
Growth−23.6%−19.6%31.1%−7.0%−4.5%−2.0%0.5%3.0%
EBIT₩1.5B−₩2.2B₩3.6B₩3.8B₩3.6B₩3.6B₩3.6B₩3.7B
EBIT margin7.0%−12.8%16.3%15.6%15.6%15.6%15.6%15.6%
After-tax EBIT₩1.1B−₩1.6B₩2.6B₩2.8B₩2.6B₩2.6B₩2.6B₩2.7B
+ Depreciation———₩730M₩697M₩683M₩686M₩707M
− Capital spending———₩973M₩929M₩911M₩915M₩943M
− Working capital₩3.2B−₩7.3B₩16B−₩732M−₩438M−₩186M₩46M₩275M
Free cash flow———₩3.2B₩2.8B₩2.5B₩2.3B₩2.2B
Discount factor———0.9320.8680.8090.7540.703
Present value———₩3B₩2.5B₩2.1B₩1.7B₩1.5B

Terminal value ₩46B, worth ₩32B today: 75% 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 ₩654 a share)Now 1.54×₩1,0091.54×₩1,4972.29×₩2,1403.27×
Price / earnings (last 12 months: ₩35 a share)Now 28.5×₩1,01428.7×₩1,41640.0×₩1,76950.0×
P/E on run-rate earnings (Q2 2026 × 4: ₩44 a share)Now 22.8×₩1,27228.7×₩1,77540.0×₩2,21750.0×

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%
6.3%₩586₩621₩663₩717₩787
6.8%₩542₩570₩603₩644₩696
7.3%₩505₩528₩554₩586₩625
7.8%₩474₩492₩514₩539₩570
8.3%₩447₩462₩480₩500₩525

Now (TTM)

Market cap
₩90B
Enterprise value
₩83B
P/E
28.5×
P/B
1.5×
P/S
3.4×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩1,194₩898₩1,344₩1,830₩2,195
Market cap₩107B₩80B₩120B₩163B₩196B
P/E30.3×—49.3×—36.6×
P/B1.9×1.6×2.2×3.2×3.3×
P/S4.8×4.8×5.7×6.0×8.6×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Aminologics28.5×1.5×3.4×—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: Aminologics / 아미노로직스 / 074430 / KRX:074430

Source: KRX statistical information