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Union biometrics

203450 · KOSDAQ · ₩203450 · 유니온바이오메트릭스

₩2,590 ₩0 (0.00%)End-of-day · Oct 27, 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

₩484

vs the current price (₩2,590)

Enterprise value
₩6.4B
Equity value
₩6.8B
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 81% 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 ₩2,590, the model needs an operating margin of 5.8% every year (it uses 2.2%).
  • 100% 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.
  • Today's P/E is 29.6× against a typical 16.1× 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
—
Base
₩484
−81.3%
Bull
₩2,220
−14.3%

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 (2.2%).

Revenue growth

  • 3.5%

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

    Default: the last 3 years' revenue growth (3.5% a year, annual reports), fading to 3% by year 5.

  • 3.4%

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

    Default: the last 3 years' revenue growth (3.5% a year, annual reports), fading to 3% by year 5.

  • 3.3%

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

    Default: the last 3 years' revenue growth (3.5% a year, annual reports), fading to 3% by year 5.

  • 3.1%

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

    Default: the last 3 years' revenue growth (3.5% 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 (3.5% a year, annual reports), fading to 3% by year 5.

Business

  • 2.2%

    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.

  • 1.7%

    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).

  • 2.2%

    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).

  • 35.4%

    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.

  • 4.03%

    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.

  • 0.6

    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 0.18, 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.

  • 5.53%

    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)
₩52B
Net debt (borrowings and leases − cash and deposits)
₩5B
+ Stakes and investments
₩5.5B
Associates, long-term financial assets and deposits (book value)
Shares
14,079,007
Share price
₩2,590
Market cap
₩36B

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₩51B₩57B₩51B₩54B₩55B₩57B₩59B₩61B
Growth11.1%10.4%−9.6%3.5%3.4%3.3%3.1%3.0%
EBIT₩1.6B₩2.8B₩1B₩1.2B₩1.2B₩1.3B₩1.3B₩1.3B
EBIT margin3.1%5.0%2.0%2.2%2.2%2.2%2.2%2.2%
After-tax EBIT₩1.1B₩2.1B₩740M₩856M₩885M₩914M₩943M₩971M
+ Depreciation———₩912M₩943M₩975M₩1B₩1B
− Capital spending₩2B₩748M₩686M₩1.2B₩1.2B₩1.3B₩1.3B₩1.3B
− Working capital−₩10B−₩4.9B₩14B₩642M₩646M₩648M₩629M₩628M
Free cash flow———−₩55M−₩38M−₩21M₩18M₩39M
Discount factor———0.9350.8750.8180.7650.715
Present value———−₩51M−₩33M−₩17M₩14M₩28M

Terminal value ₩9B, worth ₩6.5B today: 101% 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 ₩2,871 a share)Now 0.90×₩2,7690.96×₩3,2291.12×₩4,1251.44×
Price / earnings (last 12 months: ₩88 a share)Now 29.6×₩7188.20×₩1,41216.1×₩2,53228.9×

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%₩736₩689₩628₩548₩439
6.4%₩656₩608₩548₩471₩370
6.9%₩589₩542₩484₩411₩319
7.4%₩533₩487₩432₩364₩280
7.9%₩486₩441₩389₩326₩249

Now (TTM)

Market cap
₩36B
Enterprise value
₩42B
P/E
29.6×
P/B
0.9×
P/S
0.7×
EV/EBITDA
—
Dividend yield
3.5%

Over time (at each year end)

20252024202320222021
Price₩3,115₩2,710₩3,340₩3,085₩3,910
Market cap₩44B₩38B₩47B₩43B₩55B
P/E21.8×7.7×15.3×20.2×23.4×
P/B1.1×0.9×1.2×1.2×1.5×
P/S0.9×0.7×0.9×0.9×1.4×
EV/EBITDA—————
Dividend yield2.9%2.6%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Union biometrics29.6×0.9×0.7×—3.5%
Samsung Electronics8.7×2.3×2.7×—0.8%
LG Electronics24.7×1.0×0.3×—0.9%
Hanwha Vision16.4×2.1×1.0×—0.0%
RFHIC37.6×3.4×6.1×—0.9%
KMW—4.9×8.1×—0.0%
Intellian Technologies12.9×2.0×1.6×—0.4%
Similar companies (median)16.4×2.2×2.1×—0.6%

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

Also known as: Union biometrics / 유니온바이오메트릭스 / 203450 / KRX:203450

Source: KRX statistical information