KOSPI · 207940 · Biotech & Pharma · ₩SBL

Samsung Biologics삼성바이오로직스

207940 · KOSPI · ₩SBL · 삼성바이오로직스

₩1,374,000▼ ₩78,000 (5.37%)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

₩584,949

vs the current price (₩1,374,000)

Enterprise value: ₩26T
Equity value: ₩27T
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 57% 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 ₩1,374,000, the model needs an operating margin of 78.1% every year (it uses 35.6%).
Or revenue growth +22.7 points a year higher than assumed in each of the 5 years.
Analysts' forecasts for 2026: revenue ₩5.6T, operating profit ₩2.5T (44.3% margin) (1 broker). The model starts from the last 12 months reported.
Analysts' forecasts for 2027: revenue ₩6.2T, operating profit ₩2.8T (44.9% margin) (1 broker). The model starts from the last 12 months reported.
Margins ranged from 29.0% to 45.4% 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 32.1× against a typical 56.3× 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: ₩409,423; −70.2%
Base: ₩584,949; −57.4%
Bull: ₩867,998; −36.8%

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 (35.6%).

Revenue growth

Revenue growth, year 114.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (14.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 212%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (14.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 39%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (14.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 46%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (14.9% 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 (14.9% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin35.6%
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 & amortisation24.7%
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).
Capital spending30.9%
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 capital17.1%
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 0.18, 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): ₩4.5T
Net debt (borrowings and leases − cash and deposits): −₩947B
+ Stakes and investments: ₩52B; Associates, long-term financial assets and deposits (book value)
Shares: 46,290,951
Share price: ₩1,374,000
Market cap: ₩64T

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	₩3.7T	₩4.5T	₩4.6T	₩5.2T	₩5.9T	₩6.4T	₩6.8T	₩7T
Growth	23.1%	23.1%	0.2%	14.9%	12.0%	9.0%	6.0%	3.0%
EBIT	₩1.1T	₩1.3T	₩2.1T	₩1.9T	₩2.1T	₩2.3T	₩2.4T	₩2.5T
EBIT margin	30.1%	29.0%	45.4%	35.6%	35.6%	35.6%	35.6%	35.6%
After-tax EBIT	₩807B	₩957B	₩1.5T	₩1.3T	₩1.5T	₩1.6T	₩1.7T	₩1.8T
+ Depreciation	—	—	—	₩1.3T	₩1.4T	₩1.6T	₩1.7T	₩1.7T
− Capital spending	₩1.1T	₩1.4T	₩1.5T	₩1.6T	₩1.8T	₩2T	₩2.1T	₩2.2T
− Working capital	−₩1.7T	−₩41B	₩46B	₩116B	₩107B	₩90B	₩65B	₩35B
Free cash flow	—	—	—	₩909B	₩1T	₩1.2T	₩1.3T	₩1.3T
Discount factor	—	—	—	0.932	0.868	0.809	0.753	0.702
Present value	—	—	—	₩847B	₩903B	₩939B	₩950B	₩934B

Terminal value ₩31T, worth ₩22T today: 82% 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 ₩180,638 a share)Now 7.61×	₩977,7675.41×	₩1,167,7666.46×	₩2,066,36611.4×
Price / earnings (last 12 months: ₩42,866 a share)Now 32.1×	₩1,518,00035.4×	₩2,412,70056.3×	₩2,858,12366.7×
P/E on run-rate earnings (Q2 2026 × 4: ₩37,213 a share)Now 36.9×	₩1,317,80335.4×	₩2,094,50856.3×	₩2,481,18866.7×

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%	₩608,889	₩659,810	₩722,464	₩801,443	₩904,096
6.8%	₩555,508	₩596,769	₩646,552	₩707,804	₩785,017
7.3%	₩510,621	₩544,607	₩584,949	₩633,621	₩693,509
7.8%	₩472,364	₩500,743	₩533,973	₩573,419	₩621,010
8.3%	₩439,377	₩463,355	₩491,105	₩523,599	₩562,171

Now (TTM)

Market cap: ₩64T
Enterprise value: ₩62T
P/E: 32.1×
P/B: 7.6×
P/S: 14.0×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩1,695,000	₩1,396,753	₩1,118,580	₩1,208,361	₩1,329,050
Market cap	₩78T	₩65T	₩52T	₩56T	₩62T
P/E	44.0×	59.7×	60.4×	70.1×	156.3×
P/B	10.5×	5.9×	5.3×	6.2×	12.3×
P/S	17.2×	14.2×	14.0×	18.6×	39.2×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
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%
Hanmi Pharm	20.7×	3.2×	2.7×	10.6×	0.6%
Similar companies (median)	24.8×	4.5×	7.9×	21.5×	0.1%

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

Also known as: Samsung Biologics / 삼성바이오로직스 / 207940 / KRX:207940

Source: KRX statistical information