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EuBiologics

206650 · KOSDAQ · ₩206650 · 유바이오로직스

₩7,620▲ ₩120 (1.60%)End-of-day · Oct 28, 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

₩13,362

vs the current price (₩7,620)

Enterprise value
₩425B
Equity value
₩486B
WACC
7.4%

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 75% 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 ₩7,620, the model needs an operating margin of 12.8% every year (it uses 20.2%).
  • Or revenue growth −16.4 points a year higher than assumed in each of the 5 years.
  • Margins ranged from −18.7% to 40.7% 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.

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
₩9,125
+19.8%
Base
₩13,362
+75.4%
Bull
₩20,324
+166.7%

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 (20.2%).

Revenue growth

  • 25%

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

    Default: the last 3 years' revenue growth (39.4% a year, annual reports), fading to 3% by year 5.

  • 19.5%

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

    Default: the last 3 years' revenue growth (39.4% a year, annual reports), fading to 3% by year 5.

  • 14%

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

    Default: the last 3 years' revenue growth (39.4% a year, annual reports), fading to 3% by year 5.

  • 8.5%

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

    Default: the last 3 years' revenue growth (39.4% 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 (39.4% a year, annual reports), fading to 3% by year 5.

Business

  • 20.2%

    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.

  • 23.3%

    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).

  • 29.1%

    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).

  • 15.6%

    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.

  • 4.11%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-28.

  • 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 0.16, 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.

  • 5.61%

    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)
₩122B
Net debt (borrowings and leases − cash and deposits)
−₩49B
+ Stakes and investments
₩12B
Associates, long-term financial assets and deposits (book value)
Shares
36,353,320
Share price
₩7,620
Market cap
₩277B

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₩69B₩96B₩149B₩153B₩183B₩208B₩226B₩233B
Growth24.5%40.0%55.4%25.0%19.5%14.0%8.5%3.0%
EBIT₩8.8B₩34B₩61B₩31B₩37B₩42B₩46B₩47B
EBIT margin12.8%35.7%40.7%20.2%20.2%20.2%20.2%20.2%
After-tax EBIT₩6.4B₩25B₩44B₩22B₩27B₩31B₩33B₩34B
+ Depreciation———₩36B₩43B₩49B₩53B₩54B
− Capital spending₩44B₩12B₩17B₩44B₩53B₩61B₩66B₩68B
− Working capital₩202M−₩4.2B₩10B₩4.8B₩4.7B₩4B₩2.8B₩1.1B
Free cash flow———₩8.8B₩12B₩14B₩17B₩20B
Discount factor———0.9310.8670.8070.7510.700
Present value———₩8.1B₩10B₩12B₩13B₩14B

Terminal value ₩527B, worth ₩369B today: 87% 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 ₩4,993 a share)Now 1.53×₩10,6522.13×₩15,8803.18×₩30,1006.03×

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%
6.4%₩13,928₩14,996₩16,306₩17,950₩20,075
6.9%₩12,776₩13,641₩14,682₩15,959₩17,561
7.4%₩11,806₩12,518₩13,362₩14,377₩15,621
7.9%₩10,978₩11,573₩12,267₩13,090₩14,079
8.4%₩10,265₩10,767₩11,346₩12,023₩12,825

Now (TTM)

Market cap
₩277B
Enterprise value
₩228B
P/E
9.6×
P/B
1.5×
P/S
2.3×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩11,360₩12,150₩11,470₩8,900₩35,050
Market cap₩413B₩442B₩417B₩324B₩1.3T
P/E10.0×23.3×———
P/B2.4×3.3×3.9×2.7×11.0×
P/S2.8×4.6×6.1×5.9×32.3×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
EuBiologics9.6×1.5×2.3×—0.0%
Samsung Biologics32.0×7.6×14.0×—0.0%
Celltrion27.9×2.5×9.0×—0.0%
Alteogen80.5×29.0×61.2×—0.1%
SK biopharmaceuticals14.7×5.8×6.8×—0.0%
Yuhan24.0×2.4×2.5×31.3×0.8%
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: EuBiologics / 유바이오로직스 / 206650 / KRX:206650

Source: KRX statistical information