KOSDAQ · 145020 · Biotech & Pharma · ₩145020

Hugel휴젤

145020 · KOSDAQ · ₩145020 · 휴젤

₩181,500▲ ₩2,100 (1.17%)End-of-day · Oct 28, 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

₩324,202

vs the current price (₩181,500)

Enterprise value: ₩3.5T
Equity value: ₩4.1T
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 79% 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 ₩181,500, the model needs an operating margin of 21.1% every year (it uses 41.1%).
Or revenue growth −16.5 points a year higher than assumed in each of the 5 years.
Analysts' forecasts for 2026: revenue ₩486B, operating profit ₩174B (35.8% margin) (1 broker). The model starts from the last 12 months reported.
Analysts' forecasts for 2027: revenue ₩657B, operating profit ₩272B (41.4% margin) (1 broker). The model starts from the last 12 months reported.
Margins ranged from 36.0% to 47.2% 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 14.4× against a typical 25.9× 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: ₩241,635; +33.1%
Base: ₩324,202; +78.6%
Bull: ₩455,659; +151.1%

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 (41.1%).

Revenue growth

Revenue growth, year 114.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (14.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 211.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (14.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 38.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (14.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 45.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (14.7% 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 (14.7% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin41.1%
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 & amortisation7.6%
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 spending9.5%
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 capital14.6%
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 rate4.08%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-29.
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 0.24, 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)5.58%
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): ₩480B
Net debt (borrowings and leases − cash and deposits): −₩586B
+ Stakes and investments: ₩12B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩33B
Shares: 12,515,173
Share price: ₩181,500
Market cap: ₩2.3T

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	₩320B	₩373B	₩425B	₩550B	₩615B	₩670B	₩709B	₩730B
Growth	13.5%	16.7%	14.0%	14.7%	11.8%	8.9%	5.9%	3.0%
EBIT	₩118B	₩166B	₩201B	₩226B	₩253B	₩275B	₩291B	₩300B
EBIT margin	36.8%	44.6%	47.2%	41.1%	41.1%	41.1%	41.1%	41.1%
After-tax EBIT	₩85B	₩121B	₩146B	₩164B	₩183B	₩200B	₩211B	₩218B
+ Depreciation	—	—	—	₩42B	₩47B	₩51B	₩54B	₩56B
− Capital spending	₩41B	₩33B	₩30B	₩52B	₩58B	₩64B	₩67B	₩69B
− Working capital	−₩250B	−₩24B	₩33B	₩10B	₩9.5B	₩8B	₩5.8B	₩3.1B
Free cash flow	—	—	—	₩143B	₩162B	₩179B	₩192B	₩201B
Discount factor	—	—	—	0.931	0.867	0.808	0.752	0.700
Present value	—	—	—	₩133B	₩141B	₩144B	₩144B	₩141B

Terminal value ₩4T, worth ₩2.8T today: 80% 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 ₩84,314 a share)Now 2.15×	₩151,3321.79×	₩245,6442.91×	₩387,4354.60×
Price / earnings (last 12 months: ₩12,623 a share)Now 14.4×	₩255,94820.3×	₩327,40425.9×	₩389,66930.9×
P/E on run-rate earnings (Q2 2026 × 4: ₩13,852 a share)Now 13.1×	₩280,87120.3×	₩359,28425.9×	₩427,61130.9×

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%	₩335,376	₩359,792	₩389,774	₩427,474	₩476,315
6.9%	₩309,879	₩329,721	₩353,621	₩382,970	₩419,873
7.4%	₩288,394	₩304,778	₩324,202	₩347,599	₩376,330
7.9%	₩270,045	₩283,759	₩299,799	₩318,816	₩341,722
8.4%	₩254,194	₩265,806	₩279,233	₩294,938	₩313,557

Now (TTM)

Market cap: ₩2.3T
Enterprise value: ₩1.7T
P/E: 14.4×
P/B: 2.2×
P/S: 4.7×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩230,500	₩280,500	₩149,400	₩134,900	₩153,500
Market cap	₩2.9T	₩3.5T	₩1.9T	₩1.7T	₩1.9T
P/E	20.5×	25.8×	20.1×	29.4×	33.3×
P/B	3.0×	4.4×	2.5×	2.1×	2.5×
P/S	6.8×	9.4×	5.8×	6.0×	7.8×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Hugel	14.4×	2.2×	4.7×	—	0.0%
Samsung Biologics	32.0×	7.6×	14.0×	—	0.0%
Celltrion	27.9×	2.5×	9.0×	—	0.0%
Alteogen	80.5×	29.0×	61.2×	—	0.1%
SK biopharmaceuticals	14.7×	5.8×	6.8×	—	0.0%
Yuhan	24.0×	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: Hugel / 휴젤 / 145020 / KRX:145020

Source: KRX statistical information