KOSDAQ · 131030 · Biotech & Pharma · ₩131030

Optus Pharmaceutical옵투스제약

131030 · KOSDAQ · ₩131030 · 옵투스제약

₩5,850▲ ₩100 (1.74%)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

₩2,757

vs the current price (₩5,850)

Enterprise value: ₩40B
Equity value: ₩49B
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 53% 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 ₩5,850, the model needs an operating margin of 13.9% every year (it uses 10.7%).
Or revenue growth +13.6 points a year higher than assumed in each of the 5 years.
Margins ranged from 9.0% to 18.3% 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.
41% 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.
Today's P/E is 8.3× against a typical 11.9× 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: —
Base: ₩2,757; −52.9%
Bull: ₩8,283; +41.6%

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 (10.7%).

Revenue growth

Revenue growth, year 114.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (14.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 211.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (14.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 38.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (14.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 45.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (14.1% 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 (14.1% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin10.7%
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 & amortisation5.1%
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).
Capital spending29.2%
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 capital15.1%
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

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 0.17, 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): ₩94B
Net debt (borrowings and leases − cash and deposits): −₩5.7B
+ Stakes and investments: ₩2.6B; Associates, long-term financial assets and deposits (book value)
Shares: 17,646,590
Share price: ₩5,850
Market cap: ₩103B

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	₩72B	₩82B	₩87B	₩108B	₩120B	₩130B	₩138B	₩142B
Growth	23.5%	13.1%	6.4%	14.1%	11.3%	8.6%	5.8%	3.0%
EBIT	₩8.2B	₩8.6B	₩8.9B	₩12B	₩13B	₩14B	₩15B	₩15B
EBIT margin	11.3%	10.5%	10.2%	10.7%	10.7%	10.7%	10.7%	10.7%
After-tax EBIT	₩5.9B	₩6.2B	₩6.4B	₩8.4B	₩9.3B	₩10B	₩11B	₩11B
+ Depreciation	₩4.2B	₩3.9B	₩4B	₩5.5B	₩6.1B	₩6.6B	₩7B	₩7.2B
− Capital spending	₩3.3B	₩26B	₩45B	₩31B	₩35B	₩38B	₩40B	₩41B
− Working capital	−₩40B	−₩4.3B	₩15B	₩2B	₩1.8B	₩1.6B	₩1.1B	₩624M
Free cash flow	₩47B	−₩11B	−₩50B	−₩20B	−₩21B	−₩23B	−₩24B	−₩24B
Discount factor	—	—	—	0.931	0.867	0.807	0.751	0.700
Present value	—	—	—	−₩18B	−₩19B	−₩18B	−₩18B	−₩17B

Terminal value ₩186B, worth ₩130B today: 322% 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 ₩10,208 a share)Now 0.57×	₩6,7620.66×	₩8,7050.85×	₩10,4271.02×
Price / earnings (last 12 months: ₩703 a share)Now 8.32×	₩6,2578.90×	₩8,37911.9×	₩15,45422.0×
P/E on run-rate earnings (Q2 2026 × 4: ₩315 a share)Now 18.5×	₩2,8068.90×	₩3,75711.9×	₩6,92922.0×

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%
6.4%	₩3,057	₩3,804	₩4,719	₩5,868	₩7,352
6.9%	₩2,302	₩2,905	₩3,629	₩4,516	₩5,630
7.4%	₩1,679	₩2,173	₩2,757	₩3,459	₩4,319
7.9%	₩1,158	₩1,568	₩2,047	₩2,613	₩3,294
8.4%	₩720	₩1,064	₩1,461	₩1,925	₩2,474

Now (TTM)

Market cap: ₩103B
Enterprise value: ₩96B
P/E: 8.3×
P/B: 0.6×
P/S: 1.1×
EV/EBITDA: 6.8×
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩6,880	₩6,100	₩5,320	₩6,290	₩6,770
Market cap	₩121B	₩108B	₩94B	₩111B	₩119B
P/E	10.7×	10.4×	8.7×	22.1×	12.1×
P/B	0.7×	0.7×	0.7×	0.9×	0.9×
P/S	1.4×	1.3×	1.3×	1.9×	2.1×
EV/EBITDA	7.8×	4.5×	2.0×	10.3×	6.7×
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Optus Pharmaceutical	8.3×	0.6×	1.1×	6.8×	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: Optus Pharmaceutical / 옵투스제약 / 131030 / KRX:131030

Source: KRX statistical information