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Boditech Med

206640 · KOSDAQ · ₩206640 · 바디텍메드

₩8,560▲ ₩60 (0.71%)End-of-day · Oct 29, 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

₩23,805

vs the current price (₩8,560)

Enterprise value
₩501B
Equity value
₩522B
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 178% 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 ₩8,560, the model needs an operating margin of 8.8% every year (it uses 19.7%).
  • Margins ranged from 17.9% to 32.9% 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.
  • Today's P/E is 7.2× against a typical 11.2× 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
₩15,954
+86.4%
Base
₩23,805
+178.1%
Bull
₩36,905
+331.1%

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 (19.7%).

Revenue growth

  • 11.1%

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

    Default: the last 3 years' revenue growth (11.1% a year, annual reports), fading to 3% by year 5.

  • 9.1%

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

    Default: the last 3 years' revenue growth (11.1% a year, annual reports), fading to 3% by year 5.

  • 7.1%

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

    Default: the last 3 years' revenue growth (11.1% a year, annual reports), fading to 3% by year 5.

  • 5%

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

    Default: the last 3 years' revenue growth (11.1% 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 (11.1% a year, annual reports), fading to 3% by year 5.

Business

  • 19.7%

    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.

  • 9.1%

    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).

  • 11.4%

    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.

  • 4.01%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-30.

  • 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 0.19, 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.

  • 5.51%

    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)
₩175B
Net debt (borrowings and leases − cash and deposits)
−₩21B
+ Stakes and investments
₩14B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩14B
Shares
21,907,921
Share price
₩8,560
Market cap
₩188B

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₩134B₩138B₩162B₩194B₩212B₩227B₩238B₩245B
Growth13.7%2.9%17.3%11.1%9.1%7.1%5.0%3.0%
EBIT₩28B₩26B₩29B₩38B₩42B₩45B₩47B₩48B
EBIT margin21.2%18.9%17.9%19.7%19.7%19.7%19.7%19.7%
After-tax EBIT₩21B₩19B₩21B₩28B₩30B₩32B₩34B₩35B
+ Depreciation———₩18B₩19B₩21B₩22B₩22B
− Capital spending₩5.6B₩12B₩34B₩22B₩24B₩26B₩27B₩28B
− Working capital−₩3.7B−₩8.7B₩16B₩7.8B₩7.1B₩6B₩4.5B₩2.9B
Free cash flow———₩16B₩18B₩21B₩24B₩27B
Discount factor———0.9320.8680.8090.7540.703
Present value———₩14B₩16B₩17B₩18B₩19B

Terminal value ₩593B, worth ₩417B today: 83% 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 ₩11,286 a share)Now 0.76×₩11,8201.05×₩18,6081.65×₩26,4762.35×
Price / earnings (last 12 months: ₩1,185 a share)Now 7.23×₩7,9936.75×₩13,27311.2×₩16,62714.0×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,333 a share)Now 6.42×₩8,9976.75×₩14,94111.2×₩18,71614.0×

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%₩25,263₩27,144₩29,457₩32,373₩36,166
6.8%₩23,021₩24,523₩26,335₩28,564₩31,373
7.3%₩21,137₩22,357₩23,805₩25,550₩27,696
7.8%₩19,533₩20,538₩21,713₩23,106₩24,787
8.3%₩18,151₩18,988₩19,955₩21,086₩22,428

Now (TTM)

Market cap
₩188B
Enterprise value
₩165B
P/E
7.2×
P/B
0.8×
P/S
1.1×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩13,120₩16,780₩20,500₩10,250₩16,800
Market cap₩287B₩368B₩449B₩225B₩368B
P/E12.2×13.5×16.8×8.9×7.8×
P/B1.2×1.7×2.4×1.4×2.4×
P/S1.8×2.7×3.3×1.9×2.3×
EV/EBITDA—————
Dividend yield0.0%0.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Boditech Med7.2×0.8×1.1×—0.0%
Samsung Biologics31.9×7.6×13.9×—0.0%
Celltrion27.9×2.5×9.0×—0.0%
Alteogen79.4×28.6×60.3×—0.1%
SK biopharmaceuticals15.2×6.0×7.1×—0.0%
Yuhan23.2×2.3×2.4×30.2×0.8%
HLB—15.4×54.3×—0.0%
Similar companies (median)27.9×6.8×11.4×30.2×0.0%

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

Also known as: Boditech Med / 바디텍메드 / 206640 / KRX:206640

Source: KRX statistical information