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Eye Gene

185490 · KOSDAQ · ₩185490 · 아이진

₩1,705▼ ₩45 (2.57%)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

₩656

vs the current price (₩1,705)

Enterprise value
−₩15B
Equity value
₩28B
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 62% 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 ₩1,705, the model needs an operating margin of 75.1% every year (it uses −20.0%).
  • Margins ranged from −1,079.7% to −276.2% 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.
  • 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
₩726
−57.4%
Base
₩656
−61.5%
Bull
₩554
−67.5%

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 (-12.3% 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 (-12.3% 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 (-12.3% 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 (-12.3% 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 (-12.3% 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.

  • 63%

    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).

  • 78.7%

    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).

  • -10%

    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 -0.01, 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)
₩4.5B
Net debt (borrowings and leases − cash and deposits)
−₩35B
+ Stakes and investments
₩8.5B
Associates, long-term financial assets and deposits (book value)
Shares
43,229,784
Share price
₩1,705
Market cap
₩74B

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₩3.1B₩3.4B₩3.6B₩4B₩3.8B₩3.6B₩3.6B₩3.7B
Growth−41.0%7.4%6.3%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT−₩27B−₩13B−₩9.9B−₩807M−₩753M−₩727M−₩725M−₩747M
EBIT margin−866.6%−395.0%−276.2%−20.0%−20.0%−20.0%−20.0%−20.0%
After-tax EBIT−₩20B−₩9.6B−₩7.1B−₩585M−₩546M−₩527M−₩526M−₩541M
+ Depreciation———₩2.5B₩2.4B₩2.3B₩2.3B₩2.4B
− Capital spending₩1.7B₩5B₩1.2B₩3.2B₩3B₩2.9B₩2.9B₩2.9B
− Working capital−₩65B−₩3.4B₩3.6B₩45M₩27M₩13M₩726,551−₩11M
Free cash flow———−₩1.3B−₩1.2B−₩1.1B−₩1.1B−₩1.1B
Discount factor———0.9320.8680.8090.7540.703
Present value———−₩1.2B−₩1B−₩899M−₩826M−₩785M

Terminal value −₩15B, worth −₩10B today: 69% 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 ₩1,163 a share)Now 1.47×₩1,7051.47×₩2,6402.27×₩5,3024.56×

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%₩643₩616₩583₩541₩487
6.8%₩671₩649₩623₩591₩550
7.3%₩695₩677₩656₩630₩599
7.8%₩715₩701₩683₩662₩637
8.3%₩733₩721₩706₩689₩668

Now (TTM)

Market cap
₩74B
Enterprise value
₩38B
P/E
—
P/B
1.5×
P/S
16.4×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩1,739₩2,272₩3,786₩4,465₩16,954
Market cap₩75B₩98B₩164B₩193B₩733B
P/E—————
P/B1.3×2.0×2.6×2.8×8.2×
P/S21.1×29.3×52.4×36.5×226.1×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Eye Gene—1.5×16.4×—0.0%
Samsung Biologics34.7×8.2×15.1×—0.0%
Celltrion28.2×2.5×9.1×—0.0%
Alteogen76.3×27.5×58.0×—0.1%
SK biopharmaceuticals15.2×6.0×7.1×—0.0%
Yuhan23.3×2.3×2.4×30.4×0.8%
HLB—15.5×54.7×—0.0%
Similar companies (median)28.2×7.1×12.1×30.4×0.0%

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

Also known as: Eye Gene / 아이진 / 185490 / KRX:185490

Source: KRX statistical information