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Peptron

087010 · KOSDAQ · ₩087010 · 펩트론

₩95,600▼ ₩2,700 (2.75%)End-of-day · Oct 27, 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

₩2

vs the current price (₩95,600)

Enterprise value
−₩21B
Equity value
₩41M
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 100% 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:

  • No operating margin up to 90% gets the model to today's price at these growth assumptions.
  • Margins ranged from −524.3% to −236.4% 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
₩194
−99.8%
Base
₩2
−100.0%
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

  • -1%

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

    Default: the last 3 years' revenue growth (-1% a year, annual reports), fading to 3% by year 5.

  • -0%

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

    Default: the last 3 years' revenue growth (-1% a year, annual reports), fading to 3% by year 5.

  • 1%

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

    Default: the last 3 years' revenue growth (-1% 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 (-1% 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 (-1% 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.

  • 33.1%

    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).

  • 41.3%

    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).

  • 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.

  • 4.11%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-28.

  • 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 0.08, 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.

  • 5.61%

    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)
₩6B
Net debt (borrowings and leases − cash and deposits)
−₩21B
Shares
23,317,350
Share price
₩95,600
Market cap
₩2.2T

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₩3.3B₩3.2B₩5.6B₩5.9B₩5.9B₩6B₩6.1B₩6.3B
Growth−42.5%−5.7%78.8%−1.0%0.0%1.0%2.0%3.0%
EBIT−₩16B−₩17B−₩21B−₩1.2B−₩1.2B−₩1.2B−₩1.2B−₩1.3B
EBIT margin−475.3%−524.3%−377.3%−20.0%−20.0%−20.0%−20.0%−20.0%
After-tax EBIT−₩12B−₩12B−₩15B−₩861M−₩861M−₩870M−₩887M−₩914M
+ Depreciation———₩2B₩2B₩2B₩2B₩2.1B
− Capital spending₩869M₩1.4B₩3B₩2.5B₩2.5B₩2.5B₩2.5B₩2.6B
− Working capital−₩16B₩12B₩20B−₩24M₩0₩24M₩48M₩73M
Free cash flow———−₩1.3B−₩1.3B−₩1.4B−₩1.4B−₩1.5B
Discount factor———0.9310.8670.8070.7510.700
Present value———−₩1.2B−₩1.2B−₩1.1B−₩1.1B−₩1.1B

Terminal value −₩22B, worth −₩15B 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 ₩5,553 a share)Now 17.2×₩18,4713.33×₩112,54720.3×₩286,61451.6×

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%—————
6.9%₩60————
7.4%₩123₩67₩2——
7.9%₩177₩130₩75₩10—
8.4%₩224₩184₩137₩83₩18

Now (TTM)

Market cap
₩2.2T
Enterprise value
₩2.2T
P/E
—
P/B
17.2×
P/S
371.5×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩254,000₩101,800₩40,250₩7,650₩11,100
Market cap₩5.9T₩2.4T₩939B₩178B₩259B
P/E—————
P/B41.7×15.6×26.0×3.4×4.2×
P/S1,051.1×753.0×280.8×30.7×39.1×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Peptron—17.2×371.5×—0.0%
Samsung Biologics32.1×7.6×14.0×—0.0%
Celltrion27.8×2.4×8.9×—0.0%
Alteogen78.8×28.4×59.9×—0.1%
Yuhan24.8×2.5×2.6×32.5×0.8%
SK biopharmaceuticals14.6×5.7×6.8×—0.0%
HLB—15.4×54.6×—0.0%
Similar companies (median)27.8×6.7×11.5×32.5×0.0%

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

Also known as: Peptron / 펩트론 / 087010 / KRX:087010

Source: KRX statistical information