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Seoul Viosys

092190 · KOSDAQ · ₩092190 · 서울바이오시스

₩6,410 ₩0 (0.00%)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

With these assumptions the model gives no positive value.

Enterprise value
−₩605B
Equity value
−₩930B
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 ₩6,410, the model needs an operating margin of 4.4% every year (it uses −2.3%).
  • Margins ranged from −14.5% to 4.6% 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.

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 (−2.3%).

Revenue growth

  • 20.3%

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

    Default: the last 3 years' revenue growth (20.3% a year, annual reports), fading to 3% by year 5.

  • 16%

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

    Default: the last 3 years' revenue growth (20.3% a year, annual reports), fading to 3% by year 5.

  • 11.6%

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

    Default: the last 3 years' revenue growth (20.3% a year, annual reports), fading to 3% by year 5.

  • 7.3%

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

    Default: the last 3 years' revenue growth (20.3% 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 (20.3% a year, annual reports), fading to 3% by year 5.

Business

  • -2.3%

    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.

  • 8.4%

    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).

  • 10.5%

    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).

  • -10%

    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.

  • 0.93

    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 0.9, 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)
₩810B
Net debt (borrowings and leases − cash and deposits)
₩223B
+ Stakes and investments
₩400M
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩102B
Shares
45,868,383
Share price
₩6,410
Market cap
₩294B

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₩504B₩699B₩764B₩974B₩1.1T₩1.3T₩1.4T₩1.4T
Growth14.9%38.7%9.2%20.3%16.0%11.6%7.3%3.0%
EBIT−₩73B₩3.5B₩226M−₩22B−₩26B−₩29B−₩31B−₩32B
EBIT margin−14.5%0.5%0.0%−2.3%−2.3%−2.3%−2.3%−2.3%
After-tax EBIT−₩53B₩2.5B₩164M−₩16B−₩19B−₩21B−₩23B−₩23B
+ Depreciation———₩82B₩95B₩106B₩114B₩117B
− Capital spending₩74B₩68B₩55B₩102B₩119B₩132B₩142B₩146B
− Working capital−₩72B₩30B−₩16B−₩16B−₩16B−₩13B−₩9.2B−₩4.1B
Free cash flow———−₩20B−₩27B−₩34B−₩42B−₩48B
Discount factor———0.9350.8730.8160.7630.713
Present value———−₩19B−₩24B−₩28B−₩32B−₩35B

Terminal value −₩656B, worth −₩468B today: 77% 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 ₩2,161 a share)Now 2.97×₩4,2841.98×₩8,1483.77×₩26,94712.5×

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
₩294B
Enterprise value
₩517B
P/E
17.5×
P/B
3.0×
P/S
0.4×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩2,560₩3,060₩3,985₩5,010₩13,250
Market cap₩117B₩140B₩183B₩230B₩608B
P/E—19.7×——136.7×
P/B1.5×3.6×10.3×2.9×3.7×
P/S0.2×0.2×0.4×0.5×1.2×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Seoul Viosys17.5×3.0×0.4×—0.0%
SK hynix6.0×3.7×5.2×—0.2%
DB HiTek11.9×1.7×2.7×—0.9%
Fadu—37.7×13.2×—0.0%
Hana Micron13.8×4.3×1.1×—0.2%
Jeju Semiconductor9.5×4.9×3.3×—0.0%
SFA Semicon—3.0×3.2×—0.0%
Similar companies (median)10.7×4.0×3.2×—0.1%

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

Also known as: Seoul Viosys / 서울바이오시스 / 092190 / KRX:092190

Source: KRX statistical information