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Inbiogen

101140 · KOSPI · ₩101140 · 인바이오젠

₩4,605 ₩0 (0.00%)End-of-day · Oct 30, 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
−₩10B
Equity value
−₩8.3B
WACC
7.3%

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 ₩4,605, the model needs an operating margin of 80.5% every year (it uses −20.0%).
  • Margins ranged from −98.6% to −55.5% 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

  • -10%

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

    Default: the last 3 years' revenue growth (-18% a year, annual reports), fading to 3% by year 5.

  • -6.7%

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

    Default: the last 3 years' revenue growth (-18% a year, annual reports), fading to 3% by year 5.

  • -3.5%

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

    Default: the last 3 years' revenue growth (-18% a year, annual reports), fading to 3% by year 5.

  • -0.2%

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

    Default: the last 3 years' revenue growth (-18% 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 (-18% 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.

  • 11.1%

    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).

  • 2.1%

    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).

  • 37.1%

    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.

  • 4.01%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-30.

  • 0.6

    How much the share moves when the market moves: 1 means just like the market.

    Default: 104 weeks of weekly returns against KOSPI (official index); raw beta 0.2, 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.

  • 5.51%

    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)
₩5.1B
Net debt (borrowings and leases − cash and deposits)
−₩1.8B
Shares
10,044,216
Share price
₩4,605
Market cap
₩46B

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₩6.2B₩7B₩6.3B₩4.6B₩4.3B₩4.1B₩4.1B₩4.3B
Growth−45.3%12.8%−10.6%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT−₩6.2B−₩6.1B−₩4.3B−₩919M−₩857M−₩827M−₩825M−₩850M
EBIT margin−98.6%−86.5%−68.8%−20.0%−20.0%−20.0%−20.0%−20.0%
After-tax EBIT−₩4.5B−₩4.4B−₩3.1B−₩666M−₩621M−₩600M−₩598M−₩616M
+ Depreciation₩1.1B₩862M₩250M₩510M₩476M₩459M₩458M₩472M
− Capital spending₩331M₩24M₩43M₩96M₩90M₩87M₩87M₩89M
− Working capital₩31B−₩1.7B₩1.1B−₩189M−₩114M−₩56M−₩3.1M₩46M
Free cash flow−₩35B−₩1.9B−₩4B−₩63M−₩122M−₩172M−₩224M−₩280M
Discount factor———0.9320.8680.8090.7540.703
Present value———−₩59M−₩106M−₩139M−₩169M−₩197M

Terminal value −₩13B, worth −₩9.4B today: 93% 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 ₩14,088 a share)Now 0.33×₩6,4180.46×₩11,1080.79×₩80,3795.71×
P/E on run-rate earnings (Q2 2026 × 4: ₩5,258 a share)Now 0.88×₩21,5654.10×₩42,5908.10×₩110,86721.1×

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%
6.3%—————
6.8%—————
7.3%—————
7.8%—————
8.3%—————

Now (TTM)

Market cap
₩46B
Enterprise value
₩44B
P/E
—
P/B
0.3×
P/S
9.1×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩10,490₩11,700₩11,700₩19,416₩89,187
Market cap₩105B₩118B₩118B₩195B₩896B
P/E—7.3×10.4×—9.5×
P/B0.7×0.7×0.8×1.8×5.0×
P/S16.7×16.7×18.8×17.1×85.5×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Inbiogen—0.3×9.1×—0.0%
Samsung C&T18.1×0.5×1.2×—0.9%
POSCO International10.3×1.2×0.3×—3.8%
ISC42.6×5.7×11.9×—0.5%
Youngone5.2×0.7×0.7×—3.0%
Dong SUH Companies19.6×1.7×5.3×—4.0%
SK Gas7.4×0.6×0.3×—3.5%
Similar companies (median)14.2×1.0×0.9×—3.3%

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

Also known as: Inbiogen / 인바이오젠 / 101140 / KRX:101140

Source: KRX statistical information