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Vivozon Pharmaceutical

082800 · KOSDAQ · ₩082800 · 비보존 제약

₩2,935▲ ₩20 (0.69%)End-of-day · Oct 29, 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

With these assumptions the model gives no positive value.

Enterprise value
−₩158B
Equity value
−₩180B
WACC
7.0%

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 gives no positive value at these assumptions. What we can see:

  • To match today's price of ₩2,935, the model needs an operating margin of 29.2% every year (it uses −20.0%).
  • Margins ranged from −32.3% to 3.6% 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.
  • The group includes a financial business (an insurer, bank or broker), whose investments and minority shareholders are left out here. A sum-of-the-parts view usually fits groups like this better.

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
—
Bull
—

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

  • 0.2%

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

    Default: the last 3 years' revenue growth (0.2% a year, annual reports), fading to 3% by year 5.

  • 0.9%

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

    Default: the last 3 years' revenue growth (0.2% a year, annual reports), fading to 3% by year 5.

  • 1.6%

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

    Default: the last 3 years' revenue growth (0.2% a year, annual reports), fading to 3% by year 5.

  • 2.3%

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

    Default: the last 3 years' revenue growth (0.2% 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 (0.2% 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.

  • 3.8%

    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).

  • 8.4%

    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).

  • -4.3%

    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.

  • 4.08%

    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.

  • 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 -0.14, 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.

  • 5.58%

    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)
₩50B
Net debt (borrowings and leases − cash and deposits)
₩23B
Shares
60,719,666
Share price
₩2,935
Market cap
₩178B

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₩71B₩88B₩59B₩50B₩51B₩52B₩53B₩54B
Growth20.7%22.8%−32.3%0.2%0.9%1.6%2.3%3.0%
EBIT₩2.6B₩2.9B−₩19B−₩10B−₩10B−₩10B−₩11B−₩11B
EBIT margin3.6%3.3%−32.3%−20.0%−20.0%−20.0%−20.0%−20.0%
After-tax EBIT₩1.9B₩2.1B−₩14B−₩7.3B−₩7.4B−₩7.5B−₩7.7B−₩7.9B
+ Depreciation₩2.4B₩2.5B₩3.2B₩1.9B₩1.9B₩2B₩2B₩2.1B
− Capital spending₩6.7B₩11B₩2.2B₩4.2B₩4.3B₩4.3B₩4.4B₩4.6B
− Working capital−₩9B−₩4.7B−₩6.3B−₩4.3M−₩20M−₩35M−₩51M−₩68M
Free cash flow₩6.6B−₩1.3B−₩6.6B−₩9.6B−₩9.7B−₩9.8B−₩10B−₩10B
Discount factor———0.9350.8730.8160.7630.713
Present value———−₩9B−₩8.5B−₩8B−₩7.7B−₩7.4B

Terminal value −₩164B, worth −₩117B 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:

LowTypicalHigh
Price / book (book value ₩1,570 a share)Now 1.87×₩2,4031.53×₩3,4322.19×₩6,0153.83×

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%
6.0%—————
6.5%—————
7.0%—————
7.5%—————
8.0%—————

Now (TTM)

Market cap
₩178B
Enterprise value
₩200B
P/E
—
P/B
1.9×
P/S
3.5×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩3,849₩6,538₩2,851₩3,027₩5,203
Market cap₩234B₩397B₩173B₩184B₩316B
P/E—————
P/B3.2×3.7×1.7×1.7×3.7×
P/S3.9×4.5×2.4×3.1×5.5×
EV/EBITDA—79.5×39.4×——
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Vivozon Pharmaceutical—1.9×3.5×—0.0%
Samsung Biologics31.9×7.6×13.9×—0.0%
Celltrion27.9×2.5×9.0×—0.0%
Alteogen79.4×28.6×60.3×—0.1%
SK biopharmaceuticals15.2×6.0×7.1×—0.0%
Yuhan23.2×2.3×2.4×30.2×0.8%
HLB—15.4×54.3×—0.0%
Similar companies (median)27.9×6.8×11.4×30.2×0.0%

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

Also known as: Vivozon Pharmaceutical / 비보존 제약 / 082800 / KRX:082800

Source: KRX statistical information