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SD Biosensor

137310 · KOSPI · ₩137310 · 에스디바이오센서

₩6,280▲ ₩20 (0.32%)End-of-day · Oct 29, 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

₩1,747

vs the current price (₩6,280)

Enterprise value
₩44B
Equity value
₩211B
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 is 72% 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 ₩6,280, the model needs an operating margin of 9.8% every year (it uses 2.8%).
  • Margins ranged from −37.8% to 46.6% 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
₩868
−86.2%
Base
₩1,747
−72.2%
Bull
₩3,540
−43.6%

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 (2.8%).

Revenue growth

  • -10%

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

    Default: the last 3 years' revenue growth (-37.7% 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 (-37.7% 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 (-37.7% 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 (-37.7% 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 (-37.7% a year, annual reports), fading to 3% by year 5.

Business

  • 2.8%

    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.

  • 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: not in the statements, so 80% of capital spending (most spending replaces equipment that wears out).

  • 13.9%

    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).

  • 25.2%

    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: 105 weeks of weekly returns against KOSPI (official index); raw beta 0.04, 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)
₩739B
Net debt (borrowings and leases − cash and deposits)
−₩29B
+ Stakes and investments
₩144B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩5.9B
Shares
120,749,102
Share price
₩6,280
Market cap
₩758B

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₩656B₩695B₩711B₩665B₩620B₩599B₩597B₩615B
Growth−77.6%5.9%2.3%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT−₩248B−₩54B−₩81B₩19B₩17B₩17B₩17B₩17B
EBIT margin−37.8%−7.8%−11.4%2.8%2.8%2.8%2.8%2.8%
After-tax EBIT−₩180B−₩39B−₩59B₩13B₩13B₩12B₩12B₩12B
+ Depreciation———₩74B₩69B₩66B₩66B₩68B
− Capital spending₩145B₩81B₩57B₩92B₩86B₩83B₩83B₩86B
− Working capital−₩130B₩78B−₩298B−₩19B−₩11B−₩5.5B−₩302M₩4.5B
Free cash flow———₩13B₩6.4B₩862M−₩4.3B−₩9.3B
Discount factor———0.9320.8680.8090.7540.703
Present value———₩13B₩5.6B₩698M−₩3.2B−₩6.5B

Terminal value ₩49B, worth ₩35B today: 79% 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 ₩19,874 a share)Now 0.32×₩6,9790.35×₩9,1000.46×₩49,9572.51×
P/E on run-rate earnings (Q2 2026 × 4: ₩545 a share)Now 11.5×₩1,4532.66×₩2,8205.17×₩5,1779.49×

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%₩1,936₩1,889₩1,829₩1,752₩1,651
6.8%₩1,886₩1,840₩1,784₩1,713₩1,623
7.3%₩1,844₩1,800₩1,747₩1,682₩1,601
7.8%₩1,808₩1,767₩1,717₩1,658₩1,585
8.3%₩1,778₩1,739₩1,692₩1,637₩1,571

Now (TTM)

Market cap
₩758B
Enterprise value
₩713B
P/E
—
P/B
0.3×
P/S
1.0×
EV/EBITDA
—
Dividend yield
3.2%

Over time (at each year end)

20252024202320222021
Price₩8,900₩10,280₩11,440₩30,150₩55,900
Market cap₩1.1T₩1.2T₩1.4T₩3.6T₩6.7T
P/E———4.0×6.3×
P/B0.5×0.4×0.5×1.2×3.1×
P/S1.5×1.8×2.1×1.2×2.3×
EV/EBITDA—————
Dividend yield2.2%1.9%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
SD Biosensor—0.3×1.0×—3.2%
TSE27.5×6.1×5.1×—0.2%
Kctech22.1×3.4×4.1×17.1×0.5%
Classys12.7×3.2×4.7×9.9×3.7%
Park Systems69.0×4.7×8.2×—0.2%
DI42.2×5.8×2.6×—0.6%
Curiox Biosystems—21.3×182.0×—0.0%
Similar companies (median)27.5×5.3×4.9×13.5×0.3%

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

Also known as: SD Biosensor / 에스디바이오센서 / 137310 / KRX:137310

Source: KRX statistical information