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ToolGen

199800 · KOSDAQ · ₩199800 · 툴젠

₩29,800▲ ₩1,750 (6.24%)End-of-day · Oct 28, 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

With these assumptions the model gives no positive value.

Enterprise value
−₩20B
Equity value
−₩11B
WACC
8.3%

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 gives no positive value at these assumptions. What we can see:

  • No operating margin up to 90% gets the model to today's price at these growth assumptions.
  • Margins ranged from −2,607.5% to −1,297.9% 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
—
Base
—
Bull
—

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

  • 20.7%

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

    Default: the last 3 years' revenue growth (20.7% a year, annual reports), fading to 3% by year 5.

  • 16.3%

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

    Default: the last 3 years' revenue growth (20.7% a year, annual reports), fading to 3% by year 5.

  • 11.8%

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

    Default: the last 3 years' revenue growth (20.7% a year, annual reports), fading to 3% by year 5.

  • 7.4%

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

    Default: the last 3 years' revenue growth (20.7% 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 (20.7% 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.

  • 186.1%

    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).

  • 232.6%

    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).

  • 40%

    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.

  • 4.11%

    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.

  • 0.77

    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 0.66, 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.

  • 5.61%

    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)
₩1.9B
Net debt (borrowings and leases − cash and deposits)
−₩8.5B
Shares
9,774,629
Share price
₩29,800
Market cap
₩291B

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₩1.1B₩891M₩1.3B₩2.3B₩2.7B₩3B₩3.2B₩3.3B
Growth48.4%−19.3%46.6%20.7%16.3%11.8%7.4%3.0%
EBIT−₩17B−₩22B−₩23B−₩462M−₩537M−₩600M−₩645M−₩664M
EBIT margin−1,548.6%−2,446.6%−1,783.0%−20.0%−20.0%−20.0%−20.0%−20.0%
After-tax EBIT−₩12B−₩16B−₩17B−₩335M−₩389M−₩435M−₩467M−₩481M
+ Depreciation———₩4.3B₩5B₩5.6B₩6B₩6.2B
− Capital spending₩6.7B₩511M₩451M₩5.4B₩6.2B₩7B₩7.5B₩7.7B
− Working capital−₩6.7B−₩11B₩646M₩158M₩151M₩127M₩89M₩39M
Free cash flow———−₩1.6B−₩1.8B−₩2B−₩2.1B−₩2.1B
Discount factor———0.9230.8520.7860.7260.670
Present value———−₩1.4B−₩1.5B−₩1.5B−₩1.5B−₩1.4B

Terminal value −₩18B, worth −₩12B today: 62% 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 ₩4,757 a share)Now 6.26×₩25,8815.44×₩36,8047.74×₩122,66825.8×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2022, 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%
7.3%—————
7.8%—————
8.3%—————
8.8%—————
9.3%—————

Now (TTM)

Market cap
₩291B
Enterprise value
₩283B
P/E
—
P/B
6.3×
P/S
152.3×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩58,600₩38,250₩70,200₩54,900₩90,600
Market cap₩573B₩374B₩686B₩537B₩886B
P/E—60.0×———
P/B10.3×6.4×22.8×7.6×10.5×
P/S438.4×419.6×621.9×721.8×554.4×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
ToolGen—6.3×152.3×—0.0%
Samsung Biologics32.0×7.6×14.0×—0.0%
Celltrion27.9×2.5×9.0×—0.0%
Alteogen80.5×29.0×61.2×—0.1%
SK biopharmaceuticals14.7×5.8×6.8×—0.0%
Yuhan24.0×2.4×2.5×31.3×0.8%
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: ToolGen / 툴젠 / 199800 / KRX:199800

Source: KRX statistical information