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ISU Abxis

086890 · KOSDAQ · ₩086890 · 이수앱지스

₩3,595▲ ₩60 (1.70%)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

With these assumptions the model gives no positive value.

Enterprise value
−₩111B
Equity value
−₩98B
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 gives no positive value at these assumptions. What we can see:

  • To match today's price of ₩3,595, the model needs an operating margin of 17.3% every year (it uses −10.5%).
  • Margins ranged from −38.9% to 22.2% 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
—
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 (−10.5%).

Revenue growth

  • 11.2%

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

    Default: the last 3 years' revenue growth (11.2% a year, annual reports), fading to 3% by year 5.

  • 9.2%

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

    Default: the last 3 years' revenue growth (11.2% a year, annual reports), fading to 3% by year 5.

  • 7.1%

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

    Default: the last 3 years' revenue growth (11.2% a year, annual reports), fading to 3% by year 5.

  • 5.1%

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

    Default: the last 3 years' revenue growth (11.2% 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 (11.2% a year, annual reports), fading to 3% by year 5.

Business

  • -10.5%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 5.7%

    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).

  • 13.3%

    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 0.1, 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)
₩51B
Net debt (borrowings and leases − cash and deposits)
−₩1.9B
+ Stakes and investments
₩10B
Associates, long-term financial assets and deposits (book value)
Shares
40,774,990
Share price
₩3,595
Market cap
₩147B

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₩54B₩60B₩57B₩57B₩62B₩66B₩70B₩72B
Growth31.9%11.0%−6.0%11.2%9.2%7.1%5.1%3.0%
EBIT₩3.9B₩13B₩1.6B−₩6B−₩6.5B−₩7B−₩7.3B−₩7.5B
EBIT margin7.2%22.2%2.9%−10.5%−10.5%−10.5%−10.5%−10.5%
After-tax EBIT₩2.8B₩9.7B₩1.2B−₩4.3B−₩4.7B−₩5.1B−₩5.3B−₩5.5B
+ Depreciation₩2.8B₩3.3B₩3.7B₩3.2B₩3.5B₩3.8B₩4B₩4.1B
− Capital spending—₩5.7B₩4.4B₩4.9B₩5.4B₩5.8B₩6.1B₩6.3B
− Working capital−₩21B₩64B−₩1.5B₩760M₩694M₩585M₩450M₩278M
Free cash flow—−₩56B₩1.9B−₩6.8B−₩7.3B−₩7.6B−₩7.9B−₩7.9B
Discount factor———0.9310.8670.8080.7520.700
Present value———−₩6.3B−₩6.3B−₩6.2B−₩5.9B−₩5.5B

Terminal value −₩115B, worth −₩81B today: 73% 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 ₩2,909 a share)Now 1.24×₩4,6271.59×₩10,8923.74×₩14,1954.88×

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%—————
6.9%—————
7.4%—————
7.9%—————
8.4%—————

Now (TTM)

Market cap
₩147B
Enterprise value
₩142B
P/E
—
P/B
1.2×
P/S
2.9×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩5,150₩4,450₩6,050₩5,750₩8,790
Market cap₩210B₩181B₩247B₩234B₩358B
P/E—12.3×68.3×—431.9×
P/B1.8×1.8×3.2×3.6×5.0×
P/S3.7×3.0×4.5×5.7×12.8×
EV/EBITDA38.4×10.7×26.4×——
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
ISU Abxis—1.2×2.9×—0.0%
Samsung Biologics32.0×7.6×14.0×—0.0%
Celltrion27.9×2.5×9.0×—0.0%
Alteogen80.5×29.0×61.2×—0.1%
SK biopharmaceuticals14.7×5.8×6.8×—0.0%
Yuhan24.0×2.4×2.5×31.3×0.8%
HLB—15.7×55.6×—0.0%
Similar companies (median)27.9×6.7×11.5×31.3×0.0%

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

Also known as: ISU Abxis / 이수앱지스 / 086890 / KRX:086890

Source: KRX statistical information