KOSDAQ · 196170 · Biotech & Pharma · ₩196170

Alteogen알테오젠

196170 · KOSDAQ · ₩196170 · 알테오젠

₩218,500 ₩0 (0.00%)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

₩9,825

vs the current price (₩218,500)

Enterprise value: ₩248B
Equity value: ₩684B
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 96% 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:

No operating margin up to 90% gets the model to today's price at these growth assumptions.
Margins ranged from −102.0% to 49.5% 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.
55% 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: ₩7,513; −96.6%
Base: ₩9,825; −95.5%
Bull: ₩13,829; −93.7%

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 (7.7%).

Revenue growth

Revenue growth, year 125%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (95.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 219.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (95.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 314%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (95.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 48.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (95.7% 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 (95.7% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin7.7%
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 & amortisation22.5%
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 spending28.1%
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 capital-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

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 rate4.03%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-27.
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 0.29, 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)5.53%
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): ₩254B
Net debt (borrowings and leases − cash and deposits): −₩441B
+ Stakes and investments: ₩5.3B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩11B
Shares: 69,655,133
Share price: ₩218,500
Market cap: ₩15T

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	₩97B	₩103B	₩216B	₩318B	₩379B	₩433B	₩469B	₩483B
Growth	235.1%	6.6%	109.9%	25.0%	19.5%	14.0%	8.5%	3.0%
EBIT	−₩9.7B	₩25B	₩107B	₩24B	₩29B	₩33B	₩36B	₩37B
EBIT margin	−10.1%	24.7%	49.5%	7.7%	7.7%	7.7%	7.7%	7.7%
After-tax EBIT	−₩7.1B	₩18B	₩78B	₩18B	₩21B	₩24B	₩26B	₩27B
+ Depreciation	—	—	—	₩71B	₩85B	₩97B	₩106B	₩109B
− Capital spending	₩43B	₩24B	₩33B	₩89B	₩107B	₩122B	₩132B	₩136B
− Working capital	−₩50B	−₩59B	−₩86B	−₩6.4B	−₩6.2B	−₩5.3B	−₩3.7B	−₩1.4B
Free cash flow	—	—	—	₩6.3B	₩6.1B	₩5.2B	₩3.6B	₩1.3B
Discount factor	—	—	—	0.932	0.868	0.809	0.753	0.702
Present value	—	—	—	₩5.9B	₩5.3B	₩4.2B	₩2.7B	₩929M

Terminal value ₩327B, worth ₩229B today: 92% 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 ₩7,702 a share)Now 28.4×	₩103,02813.4×	₩254,50033.0×	₩708,95092.0×

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%
6.3%	₩9,859	₩10,274	₩10,786	₩11,431	₩12,272
6.8%	₩9,501	₩9,842	₩10,255	₩10,763	₩11,405
7.3%	₩9,201	₩9,486	₩9,825	₩10,235	₩10,741
7.8%	₩8,946	₩9,187	₩9,471	₩9,808	₩10,216
8.3%	₩8,726	₩8,934	₩9,174	₩9,456	₩9,791

Now (TTM)

Market cap: ₩15T
Enterprise value: ₩15T
P/E: 78.8×
P/B: 28.4×
P/S: 59.9×
EV/EBITDA: —
Dividend yield: 0.1%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩345,853	₩238,135	₩75,788	₩29,430	₩48,583
Market cap	₩24T	₩17T	₩5.3T	₩2T	₩3.4T
P/E	170.1×	273.3×	—	—	—
P/B	54.1×	60.6×	35.6×	13.8×	24.7×
P/S	111.6×	161.3×	54.7×	71.2×	82.3×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.1%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Alteogen	78.8×	28.4×	59.9×	—	0.1%
Samsung Biologics	32.1×	7.6×	14.0×	—	0.0%
Celltrion	27.8×	2.4×	8.9×	—	0.0%
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%
Hanmi Pharm	20.7×	3.2×	2.7×	10.6×	0.6%
Similar companies (median)	24.8×	4.5×	7.9×	21.5×	0.0%

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

Also known as: Alteogen / 알테오젠 / 196170 / KRX:196170

Source: KRX statistical information