KOSDAQ · 200130 · Biotech & Pharma · ₩200130

KolmarBNH콜마비앤에이치

200130 · KOSDAQ · ₩200130 · 콜마비앤에이치

₩7,300▲ ₩80 (1.11%)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

₩13,285

vs the current price (₩7,300)

Enterprise value: ₩396B
Equity value: ₩382B
WACC: 6.9%

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 82% 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 ₩7,300, the model needs an operating margin of 4.4% every year (it uses 6.6%).
Or revenue growth −14.0 points a year higher than assumed in each of the 5 years.
Margins ranged from 4.0% to 15.5% 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.

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: ₩5,595; −23.4%
Base: ₩13,285; +82.0%
Bull: ₩27,273; +273.6%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Cycle options

Start from

Preliminary results are the company's early announcement of a quarter's sales and operating profit, before the full report. Including them swaps that quarter in for the same quarter a year earlier.

Margin path

Every year uses the cycle-average margin (6.6%).

Revenue growth

Revenue growth, year 1-0.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-0.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 20.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-0.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 31.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-0.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 42.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-0.1% 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 (-0.1% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin6.6%
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 & amortisation7.3%
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 spending9.2%
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 capital9.8%
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 0.3, 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): ₩538B
Net debt (borrowings and leases − cash and deposits): ₩36B
+ Stakes and investments: ₩24B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩1.6B
Shares: 28,775,558
Share price: ₩7,300
Market cap: ₩210B

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	₩580B	₩616B	₩575B	₩538B	₩541B	₩550B	₩562B	₩578B
Growth	0.6%	6.2%	−6.6%	−0.1%	0.7%	1.5%	2.2%	3.0%
EBIT	₩30B	₩25B	₩27B	₩35B	₩36B	₩36B	₩37B	₩38B
EBIT margin	5.2%	4.0%	4.6%	6.6%	6.6%	6.6%	6.6%	6.6%
After-tax EBIT	₩22B	₩18B	₩19B	₩26B	₩26B	₩26B	₩27B	₩28B
+ Depreciation	—	—	—	₩39B	₩40B	₩40B	₩41B	₩42B
− Capital spending	₩92B	₩48B	₩22B	₩49B	₩50B	₩51B	₩52B	₩53B
− Working capital	−₩27B	−₩29B	−₩23B	−₩53M	₩369M	₩796M	₩1.2B	₩1.7B
Free cash flow	—	—	—	₩16B	₩15B	₩15B	₩15B	₩15B
Discount factor	—	—	—	0.935	0.875	0.819	0.766	0.716
Present value	—	—	—	₩15B	₩13B	₩12B	₩12B	₩11B

Terminal value ₩465B, worth ₩333B today: 84% 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 ₩13,242 a share)Now 0.55×	₩10,8950.82×	₩15,1311.14×	₩30,2892.29×
P/E on run-rate earnings (preliminary Q3 2026 × 4: ₩4,781 a share)Now 1.53×	₩60,78812.7×	₩93,90319.6×	₩135,79828.4×

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%
5.9%	₩14,088	₩15,387	₩17,017	₩19,124	₩21,958
6.4%	₩12,656	₩13,681	₩14,937	₩16,515	₩18,554
6.9%	₩11,469	₩12,294	₩13,285	₩14,501	₩16,027
7.4%	₩10,470	₩11,144	₩11,942	₩12,901	₩14,077
7.9%	₩9,617	₩10,176	₩10,828	₩11,599	₩12,527

Now (TTM)

Market cap: ₩210B
Enterprise value: ₩242B
P/E: —
P/B: 0.6×
P/S: 0.4×
EV/EBITDA: —
Dividend yield: 1.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩12,800	₩11,550	₩17,940	₩28,300	₩31,050
Market cap	₩368B	₩332B	₩516B	₩814B	₩893B
P/E	—	18.4×	26.2×	20.1×	12.8×
P/B	1.0×	0.8×	1.3×	2.0×	2.3×
P/S	0.6×	0.5×	0.9×	1.4×	1.5×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.6%	2.7%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
KolmarBNH	—	0.6×	0.4×	—	1.0%
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: KolmarBNH / 콜마비앤에이치 / 200130 / KRX:200130

Source: KRX statistical information