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BioPlus

099430 · KOSDAQ · ₩099430 · 바이오플러스

₩3,360▲ ₩40 (1.20%)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

₩7,372

vs the current price (₩3,360)

Enterprise value
₩510B
Equity value
₩454B
WACC
6.9%

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 119% 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 ₩3,360, the model needs an operating margin of 23.6% every year (it uses 35.3%).
  • Or revenue growth −14.5 points a year higher than assumed in each of the 5 years.
  • Margins ranged from 16.5% to 48.7% 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 15.0× against a typical 20.1× 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
₩4,512
+34.3%
Base
₩7,372
+119.4%
Bull
₩12,152
+261.7%

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 (35.3%).

Revenue growth

  • 17%

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

    Default: the last 3 years' revenue growth (17% a year, annual reports), fading to 3% by year 5.

  • 13.5%

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

    Default: the last 3 years' revenue growth (17% a year, annual reports), fading to 3% by year 5.

  • 10%

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

    Default: the last 3 years' revenue growth (17% a year, annual reports), fading to 3% by year 5.

  • 6.5%

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

    Default: the last 3 years' revenue growth (17% 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 (17% a year, annual reports), fading to 3% by year 5.

Business

  • 35.3%

    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.

  • 61.7%

    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).

  • 77.1%

    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%

    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 0.29, 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)
₩99B
Net debt (borrowings and leases − cash and deposits)
₩34B
+ Stakes and investments
₩29M
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩22B
Shares
61,640,722
Share price
₩3,360
Market cap
₩207B

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₩65B₩66B₩91B₩116B₩132B₩145B₩154B₩159B
Growth14.7%2.1%36.9%17.0%13.5%10.0%6.5%3.0%
EBIT₩28B₩24B₩15B₩41B₩46B₩51B₩54B₩56B
EBIT margin43.1%35.6%16.5%35.3%35.3%35.3%35.3%35.3%
After-tax EBIT₩20B₩17B₩11B₩30B₩34B₩37B₩39B₩41B
+ Depreciation———₩72B₩81B₩89B₩95B₩98B
− Capital spending₩22B₩97B₩48B₩89B₩102B₩112B₩119B₩122B
− Working capital−₩55B−₩48B₩37B₩674M₩626M₩527M₩377M₩185M
Free cash flow———₩11B₩13B₩14B₩15B₩16B
Discount factor———0.9350.8740.8180.7650.715
Present value———₩10B₩11B₩12B₩12B₩11B

Terminal value ₩634B, worth ₩453B today: 89% 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 ₩2,895 a share)Now 1.16×₩4,9851.72×₩9,4773.27×₩14,6825.07×
Price / earnings (last 12 months: ₩225 a share)Now 15.0×₩3,54615.8×₩4,50920.1×₩8,54638.0×
P/E on run-rate earnings (Q2 2026 × 4: ₩132 a share)Now 25.5×₩2,08415.8×₩2,64920.1×₩5,02138.0×

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%
5.9%₩7,693₩8,587₩9,708₩11,155₩13,093
6.4%₩6,815₩7,531₩8,407₩9,506₩10,924
6.9%₩6,087₩6,671₩7,372₩8,232₩9,309
7.4%₩5,474₩5,957₩6,530₩7,218₩8,060
7.9%₩4,951₩5,357₩5,831₩6,392₩7,066

Now (TTM)

Market cap
₩207B
Enterprise value
₩239B
P/E
15.0×
P/B
1.2×
P/S
2.1×
EV/EBITDA
—
Dividend yield
2.1%

Over time (at each year end)

20252024202320222021
Price₩5,030₩7,310₩6,870₩6,940₩6,882
Market cap₩310B₩451B₩423B₩428B₩424B
P/E20.7×31.8×16.6×20.2×39.6×
P/B1.8×3.4×3.3×3.8×5.4×
P/S3.4×6.8×6.5×7.5×11.3×
EV/EBITDA—————
Dividend yield1.4%0.7%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
BioPlus15.0×1.2×2.1×—2.1%
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: BioPlus / 바이오플러스 / 099430 / KRX:099430

Source: KRX statistical information