KOSDAQ · 216080 · Biotech & Pharma · ₩216080

Jetema제테마

216080 · KOSDAQ · ₩216080 · 제테마

₩5,920▼ ₩40 (0.67%)End-of-day · Oct 29, 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

With these assumptions the model gives no positive value.

Enterprise value: ₩65B
Equity value: −₩16B
WACC: 6.4%

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 gives no positive value at these assumptions. What we can see:

To match today's price of ₩5,920, the model needs an operating margin of 18.2% every year (it uses 5.7%).
Or revenue growth +41.3 points a year higher than assumed in each of the 5 years.
In the projection, spending on equipment, software and working capital takes most or all of the after-tax operating profit, so free cash flow is thin. Companies that invest heavily often look like this until spending slows.

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: —
Base: —
Bull: ₩1,964; −66.8%

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 (5.7%).

Revenue growth

Revenue growth, year 118.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (18.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 214.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (18.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 310.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (18.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 46.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (18.7% 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 (18.7% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin5.7%
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.
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 & amortisation12.2%
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 spending15.2%
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 capital2.7%
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 0.21, 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): ₩77B
Net debt (borrowings and leases − cash and deposits): ₩86B
+ Stakes and investments: ₩4.8B; Associates, long-term financial assets and deposits (book value)
Shares: 37,287,099
Share price: ₩5,920
Market cap: ₩221B

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	₩59B	₩69B	₩77B	₩91B	₩104B	₩116B	₩124B	₩127B
Growth	27.7%	16.7%	12.2%	18.7%	14.8%	10.8%	6.9%	3.0%
EBIT	₩2.6B	₩4.1B	₩3.8B	₩5.2B	₩5.9B	₩6.6B	₩7B	₩7.3B
EBIT margin	4.5%	6.0%	5.0%	5.7%	5.7%	5.7%	5.7%	5.7%
After-tax EBIT	₩1.9B	₩3B	₩2.8B	₩3.8B	₩4.3B	₩4.8B	₩5.1B	₩5.3B
+ Depreciation	—	—	—	₩11B	₩13B	₩14B	₩15B	₩16B
− Capital spending	₩7.2B	₩8.8B	₩16B	₩14B	₩16B	₩18B	₩19B	₩19B
− Working capital	−₩4.2B	₩10B	₩4.5B	₩387M	₩363M	₩304M	₩215M	₩100M
Free cash flow	—	—	—	₩643M	₩819M	₩1B	₩1.2B	₩1.3B
Discount factor	—	—	—	0.939	0.882	0.829	0.779	0.732
Present value	—	—	—	₩604M	₩722M	₩833M	₩922M	₩982M

Terminal value ₩83B, worth ₩61B today: 94% 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 ₩2,189 a share)Now 2.70×	₩7,1673.27×	₩9,4974.34×	₩17,8998.18×

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%
5.4%	—	—	₩161	₩537	₩1,066
5.9%	—	—	—	₩108	₩475
6.4%	—	—	—	—	₩56
6.9%	—	—	—	—	—
7.4%	—	—	—	—	—

Now (TTM)

Market cap: ₩221B
Enterprise value: ₩306B
P/E: —
P/B: 2.7×
P/S: 2.9×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩6,120	₩7,755	₩7,780	₩6,554	₩10,232
Market cap	₩228B	₩289B	₩290B	₩244B	₩382B
P/E	—	—	20.8×	168.0×	35.1×
P/B	3.5×	4.0×	4.1×	4.3×	7.0×
P/S	3.0×	4.2×	4.9×	5.3×	11.5×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Jetema	—	2.7×	2.9×	—	0.0%
Samsung Biologics	31.9×	7.6×	13.9×	—	0.0%
Celltrion	27.9×	2.5×	9.0×	—	0.0%
Alteogen	79.4×	28.6×	60.3×	—	0.1%
SK biopharmaceuticals	15.2×	6.0×	7.1×	—	0.0%
Yuhan	23.2×	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: Jetema / 제테마 / 216080 / KRX:216080

Source: KRX statistical information