KOSDAQ · 205470 · Biotech & Pharma · ₩205470

Humasis휴마시스

205470 · KOSDAQ · ₩205470 · 휴마시스

₩2,380▲ ₩15 (0.63%)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

₩3,951

vs the current price (₩2,380)

Enterprise value: −₩48B
Equity value: ₩97B
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 66% 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 −378.6% to 60.2% 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: ₩4,437; +86.4%
Base: ₩3,951; +66.0%
Bull: ₩3,254; +36.7%

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 (−16.2%).

Revenue growth

Revenue growth, year 1-10%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-60% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-6.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-60% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-3.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-60% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 4-0.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-60% 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 (-60% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-16.2%
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.
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 & amortisation15.8%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
Capital spending4%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: not in the statements, so a typical level.
Working capital40%
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 0.06, 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): ₩32B
Net debt (borrowings and leases − cash and deposits): −₩135B
+ Stakes and investments: ₩37B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩27B
Shares: 24,675,001
Share price: ₩2,380
Market cap: ₩59B

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	₩14B	₩25B	₩30B	₩29B	₩27B	₩26B	₩26B	₩26B
Growth	−97.1%	83.8%	18.5%	−10.0%	−6.7%	−3.5%	−0.2%	3.0%
EBIT	−₩52B	−₩11B	−₩11B	−₩4.6B	−₩4.3B	−₩4.2B	−₩4.2B	−₩4.3B
EBIT margin	−378.6%	−41.5%	−35.0%	−16.2%	−16.2%	−16.2%	−16.2%	−16.2%
After-tax EBIT	−₩38B	−₩7.7B	−₩7.7B	−₩3.4B	−₩3.1B	−₩3B	−₩3B	−₩3.1B
+ Depreciation	₩4.5B	₩1.9B	₩2.2B	₩4.5B	₩4.2B	₩4.1B	₩4.1B	₩4.2B
− Capital spending	—	—	—	₩1.1B	₩1.1B	₩1B	₩1B	₩1.1B
− Working capital	—	−₩71B	−₩10B	−₩1.3B	−₩765M	−₩373M	−₩21M	₩308M
Free cash flow	—	—	—	₩1.3B	₩780M	₩387M	₩35M	−₩293M
Discount factor	—	—	—	0.932	0.868	0.809	0.753	0.702
Present value	—	—	—	₩1.2B	₩677M	₩313M	₩26M	−₩206M

Terminal value −₩71B, worth −₩50B today: 104% 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 ₩8,575 a share)Now 0.28×	₩3,6160.42×	₩6,8410.80×	₩17,0951.99×

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%	₩3,935	₩3,678	₩3,363	₩2,964	₩2,445
6.8%	₩4,153	₩3,943	₩3,688	₩3,374	₩2,978
7.3%	₩4,336	₩4,160	₩3,951	₩3,697	₩3,385
7.8%	₩4,491	₩4,342	₩4,167	₩3,959	₩3,707
8.3%	₩4,624	₩4,496	₩4,348	₩4,174	₩3,967

Now (TTM)

Market cap: ₩59B
Enterprise value: −₩78B
P/E: —
P/B: 0.3×
P/S: 1.9×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩5,070	₩8,185	₩9,430	₩18,681	₩21,893
Market cap	₩125B	₩202B	₩233B	₩461B	₩540B
P/E	—	—	—	2.5×	3.6×
P/B	0.6×	0.9×	0.8×	1.3×	2.7×
P/S	4.2×	7.9×	16.8×	1.0×	1.7×
EV/EBITDA	—	—	—	2.0×	1.8×
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Humasis	—	0.3×	1.9×	—	0.0%
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: Humasis / 휴마시스 / 205470 / KRX:205470

Source: KRX statistical information