KOSDAQ · 214370 · Biotech & Pharma · ₩214370

Caregen케어젠

214370 · KOSDAQ · ₩214370 · 케어젠

₩34,350▲ ₩1,050 (3.15%)End-of-day · Oct 28, 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

₩7,538

vs the current price (₩34,350)

Enterprise value: ₩371B
Equity value: ₩405B
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 78% 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.
Or revenue growth +42.7 points a year higher than assumed in each of the 5 years.
Margins ranged from 28.0% to 51.0% 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.
42% 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.
Today's P/E is 80.7× against a typical 44.6× 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: ₩5,472; −84.1%
Base: ₩7,538; −78.1%
Bull: ₩10,873; −68.3%

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 (41.5%).

Revenue growth

Revenue growth, year 11.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (1.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 22.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (1.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 32.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (1.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 42.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (1.8% 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 (1.8% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin41.5%
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 & amortisation26.7%
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 spending33.4%
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).
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 rate4.08%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-29.
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 0.16, 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)5.58%
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): ₩75B
Net debt (borrowings and leases − cash and deposits): −₩32B
+ Stakes and investments: ₩1.8B; Associates, long-term financial assets and deposits (book value)
Shares: 53,715,000
Share price: ₩34,350
Market cap: ₩1.8T

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	₩79B	₩83B	₩73B	₩76B	₩78B	₩80B	₩82B	₩84B
Growth	14.6%	4.3%	−11.8%	1.8%	2.1%	2.4%	2.7%	3.0%
EBIT	₩40B	₩34B	₩20B	₩32B	₩32B	₩33B	₩34B	₩35B
EBIT margin	51.0%	41.5%	28.0%	41.5%	41.5%	41.5%	41.5%	41.5%
After-tax EBIT	₩29B	₩25B	₩15B	₩23B	₩23B	₩24B	₩25B	₩25B
+ Depreciation	—	—	—	₩20B	₩21B	₩21B	₩22B	₩23B
− Capital spending	₩9.7B	₩67B	₩4.9B	₩25B	₩26B	₩27B	₩27B	₩28B
− Working capital	−₩57B	₩21B	₩1.5B	₩539M	₩640M	₩747M	₩861M	₩982M
Free cash flow	—	—	—	₩17B	₩18B	₩18B	₩18B	₩19B
Discount factor	—	—	—	0.931	0.867	0.808	0.752	0.700
Present value	—	—	—	₩16B	₩15B	₩14B	₩14B	₩13B

Terminal value ₩425B, worth ₩298B today: 80% 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 ₩4,071 a share)Now 8.44×	₩16,8254.13×	₩28,5317.01×	₩72,85817.9×
Price / earnings (last 12 months: ₩426 a share)Now 80.7×	₩13,14230.9×	₩18,99944.6×	₩34,35080.7×
P/E on run-rate earnings (Q2 2026 × 4: ₩321 a share)Now 107.2×	₩9,89330.9×	₩14,30244.6×	₩25,85880.7×

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%
6.4%	₩7,870	₩8,453	₩9,168	₩10,066	₩11,230
6.9%	₩7,231	₩7,702	₩8,269	₩8,965	₩9,840
7.4%	₩6,692	₩7,079	₩7,538	₩8,090	₩8,767
7.9%	₩6,232	₩6,555	₩6,931	₩7,378	₩7,915
8.4%	₩5,835	₩6,107	₩6,421	₩6,788	₩7,222

Now (TTM)

Market cap: ₩1.8T
Enterprise value: ₩1.8T
P/E: 80.7×
P/B: 8.4×
P/S: 24.6×
EV/EBITDA: —
Dividend yield: 1.3%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩71,800	₩28,800	₩27,500	₩27,421	₩13,301
Market cap	₩3.9T	₩1.5T	₩1.5T	₩1.5T	₩714B
P/E	191.9×	47.9×	37.0×	54.0×	28.2×
P/B	18.2×	6.9×	6.5×	6.8×	3.4×
P/S	53.0×	18.7×	18.6×	21.3×	12.1×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.6%	2.2%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Caregen	80.7×	8.4×	24.6×	—	1.3%
Samsung Biologics	32.0×	7.6×	14.0×	—	0.0%
Celltrion	27.9×	2.5×	9.0×	—	0.0%
Alteogen	80.5×	29.0×	61.2×	—	0.1%
SK biopharmaceuticals	14.7×	5.8×	6.8×	—	0.0%
Yuhan	24.0×	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: Caregen / 케어젠 / 214370 / KRX:214370

Source: KRX statistical information