KOSDAQ · 200670 · Biotech & Pharma · ₩200670

Humedix휴메딕스

200670 · KOSDAQ · ₩200670 · 휴메딕스

₩22,950▲ ₩250 (1.10%)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

₩71,276

vs the current price (₩22,950)

Enterprise value: ₩679B
Equity value: ₩787B
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 211% 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 ₩22,950, the model needs an operating margin of 6.2% every year (it uses 23.4%).
Margins ranged from 13.0% to 26.7% 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.
36% 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.
The group includes a financial business (an insurer, bank or broker), whose investments and minority shareholders are left out here. A sum-of-the-parts view usually fits groups like this better.
Today's P/E is 5.5× against a typical 12.7× 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: ₩51,296; +123.5%
Base: ₩71,276; +210.6%
Bull: ₩103,871; +352.6%

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 (23.4%).

Revenue growth

Revenue growth, year 111.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (11.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 29.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (11.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 37.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (11.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 45.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (11.3% 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 (11.3% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin23.4%
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 & amortisation4.3%
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 spending5.3%
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 capital19.5%
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 0.25, 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): ₩178B
Net debt (borrowings and leases − cash and deposits): −₩108B
Shares: 11,045,930
Share price: ₩22,950
Market cap: ₩254B

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	₩152B	₩162B	₩170B	₩198B	₩216B	₩232B	₩244B	₩251B
Growth	23.6%	6.3%	5.1%	11.3%	9.3%	7.2%	5.1%	3.0%
EBIT	₩37B	₩43B	₩42B	₩46B	₩51B	₩54B	₩57B	₩59B
EBIT margin	24.5%	26.7%	24.9%	23.4%	23.4%	23.4%	23.4%	23.4%
After-tax EBIT	₩27B	₩31B	₩31B	₩34B	₩37B	₩39B	₩41B	₩43B
+ Depreciation	—	—	—	₩8.5B	₩9.3B	₩10B	₩10B	₩11B
− Capital spending	₩9B	₩8.7B	₩8B	₩10B	₩11B	₩12B	₩13B	₩13B
− Working capital	₩65B	−₩147M	₩3.4B	₩3.9B	₩3.6B	₩3B	₩2.3B	₩1.4B
Free cash flow	—	—	—	₩28B	₩31B	₩34B	₩37B	₩39B
Discount factor	—	—	—	0.932	0.868	0.809	0.753	0.702
Present value	—	—	—	₩26B	₩27B	₩27B	₩28B	₩27B

Terminal value ₩776B, worth ₩544B 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 ₩27,897 a share)Now 0.82×	₩34,5091.24×	₩52,7571.89×	₩68,7772.47×
Price / earnings (last 12 months: ₩4,156 a share)Now 5.52×	₩26,1506.29×	₩52,69812.7×	₩79,14119.0×
P/E on run-rate earnings (Q2 2026 × 4: ₩886 a share)Now 25.9×	₩5,5766.29×	₩11,23712.7×	₩16,87619.0×

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%	₩74,101	₩79,398	₩85,914	₩94,125	₩104,796
6.8%	₩68,389	₩72,671	₩77,836	₩84,189	₩92,197
7.3%	₩63,582	₩67,100	₩71,276	₩76,314	₩82,510
7.8%	₩59,482	₩62,413	₩65,845	₩69,918	₩74,830
8.3%	₩55,944	₩58,415	₩61,275	₩64,622	₩68,594

Now (TTM)

Market cap: ₩254B
Enterprise value: ₩145B
P/E: 5.5×
P/B: 0.8×
P/S: 1.4×
EV/EBITDA: —
Dividend yield: 4.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩40,350	₩42,250	₩33,750	₩27,700	₩23,950
Market cap	₩446B	₩467B	₩373B	₩306B	₩265B
P/E	8.6×	11.9×	15.0×	14.5×	29.4×
P/B	1.5×	2.0×	1.9×	2.2×	2.1×
P/S	2.6×	2.9×	2.4×	2.5×	2.8×
EV/EBITDA	—	—	—	—	—
Dividend yield	2.3%	1.5%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Humedix	5.5×	0.8×	1.4×	—	4.0%
Samsung Biologics	32.1×	7.6×	14.0×	—	0.0%
Celltrion	27.8×	2.4×	8.9×	—	0.0%
Alteogen	78.8×	28.4×	59.9×	—	0.1%
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%
Similar companies (median)	27.8×	6.7×	11.5×	32.5×	0.0%

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

Also known as: Humedix / 휴메딕스 / 200670 / KRX:200670

Source: KRX statistical information