KOSDAQ · 114450 · Biotech & Pharma · ₩114450

Green Lifescience그린생명과학

114450 · KOSDAQ · ₩114450 · 그린생명과학

₩2,160▼ ₩15 (0.69%)End-of-day · Oct 27, 2026 · End-of-day prices.

Trade

Sell Buy

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: −₩68B
Equity value: −₩59B
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 ₩2,160, the model needs an operating margin of 5.3% every year (it uses −6.8%).
Margins ranged from −20.8% to 1.5% 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.
40% of the last 12 months' net profit came from outside operations (stakes in other companies, interest, one-offs). The model adds those stakes at book value but doesn't project that income.
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

Cycle options

Margin path

Every year uses the cycle-average margin (−6.8%).

Revenue growth

Revenue growth, year 13.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (3.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 23.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (3.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 33.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (3.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 43.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (3.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (3.4% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-6.8%
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.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation1.8%
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).
Capital spending2.3%
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).
Working capital27.4%
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

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.11%
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.
Beta0.6
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.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)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): ₩59B
Net debt (borrowings and leases − cash and deposits): −₩8.3B
Shares: 20,000,000
Share price: ₩2,160
Market cap: ₩43B

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.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩22B	₩25B	₩40B	₩61B	₩63B	₩65B	₩67B	₩69B
Growth	−38.7%	11.1%	62.3%	3.4%	3.3%	3.2%	3.1%	3.0%
EBIT	−₩4.6B	₩377M	₩204M	−₩4.1B	−₩4.3B	−₩4.4B	−₩4.5B	−₩4.7B
EBIT margin	−20.8%	1.5%	0.5%	−6.8%	−6.8%	−6.8%	−6.8%	−6.8%
After-tax EBIT	−₩3.4B	₩273M	₩148M	−₩3B	−₩3.1B	−₩3.2B	−₩3.3B	−₩3.4B
+ Depreciation	—	—	—	₩1.1B	₩1.1B	₩1.2B	₩1.2B	₩1.2B
− Capital spending	₩465M	₩463M	₩1.2B	₩1.4B	₩1.4B	₩1.5B	₩1.5B	₩1.6B
− Working capital	−₩12B	₩4.6B	₩454M	₩546M	₩548M	₩549M	₩548M	₩547M
Free cash flow	—	—	—	−₩3.8B	−₩3.9B	−₩4.1B	−₩4.2B	−₩4.3B
Discount factor	—	—	—	0.931	0.867	0.807	0.751	0.700
Present value	—	—	—	−₩3.6B	−₩3.4B	−₩3.3B	−₩3.1B	−₩3B

Terminal value −₩73B, worth −₩51B today: 76% 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:

	Low	Typical	High
Price / book (book value ₩2,243 a share)Now 0.96×	₩2,0020.89×	₩2,6441.18×	₩3,8841.73×

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: ₩43B
Enterprise value: ₩34B
P/E: 9.7×
P/B: 1.0×
P/S: 0.7×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩2,900	₩1,604	₩2,225	₩4,448	₩7,575
Market cap	₩58B	₩32B	₩45B	₩89B	₩152B
P/E	526.6×	20.5×	—	—	—
P/B	1.5×	0.9×	1.2×	1.7×	2.7×
P/S	1.4×	1.3×	2.0×	2.4×	6.0×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Green Lifescience	9.7×	1.0×	0.7×	—	0.0%
Samsung Biologics	32.1×	7.6×	14.0×	—	0.0%
Celltrion	27.8×	2.4×	8.9×	—	0.0%
Alteogen	78.8×	28.4×	59.9×	—	0.1%
Yuhan	24.8×	2.5×	2.6×	32.5×	0.8%
SK biopharmaceuticals	14.6×	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: Green Lifescience / 그린생명과학 / 114450 / KRX:114450

Source: KRX statistical information