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Pharmaresearch Bio

217950 · KONEX · ₩217950 · 파마리서치바이오

₩29,250▲ ₩50 (0.17%)End-of-day · Oct 30, 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

₩48,755

vs the current price (₩29,250)

Enterprise value
₩195B
Equity value
₩204B
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 67% 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 ₩29,250, the model needs an operating margin of 22.1% every year (it uses 33.3%).
  • Or revenue growth −12.3 points a year higher than assumed in each of the 5 years.
  • Margins ranged from 20.1% to 44.2% 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 9.9× against a typical 15.2× 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
₩33,720
+15.3%
Base
₩48,755
+66.7%
Bull
₩72,954
+149.4%

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 (33.3%).

Revenue growth

  • 25%

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

    Default: the last 3 years' revenue growth (35.5% 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 (35.5% 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 (35.5% 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 (35.5% 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 (35.5% a year, annual reports), fading to 3% by year 5.

Business

  • 33.3%

    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.

  • 39.3%

    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).

  • 49.1%

    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).

  • -10%

    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 0.02, 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 (FY 2025)
₩31B
Net debt (borrowings and leases − cash and deposits)
−₩9.2B
Shares
4,183,240
Share price
₩29,250
Market cap
₩122B

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₩20B₩26B₩31B₩39B₩46B₩53B₩57B₩59B
Growth60.2%30.3%19.1%25.0%19.5%14.0%8.5%3.0%
EBIT₩6.2B₩8.7B₩14B₩13B₩15B₩18B₩19B₩20B
EBIT margin31.1%33.2%44.2%33.3%33.3%33.3%33.3%33.3%
After-tax EBIT₩4.5B₩6.3B₩10B₩9.4B₩11B₩13B₩14B₩14B
+ Depreciation———₩15B₩18B₩21B₩23B₩23B
− Capital spending₩5.6B₩19B₩15B₩19B₩23B₩26B₩28B₩29B
− Working capital₩9.5B−₩4.5B₩1.2B−₩777M−₩758M−₩650M−₩450M−₩172M
Free cash flow———₩6.4B₩7.4B₩8.2B₩8.7B₩8.7B
Discount factor———0.9320.8680.8090.7540.703
Present value———₩5.9B₩6.4B₩6.7B₩6.6B₩6.1B

Terminal value ₩232B, worth ₩163B today: 84% 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 ₩13,774 a share)Now 2.12×₩31,9002.32×₩53,3333.87×₩118,8508.63×
Price / earnings (last 12 months: ₩2,947 a share)Now 9.92×₩31,90010.8×₩44,70115.2×₩180,62561.3×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2022, 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%₩50,242₩54,758₩60,324₩67,353₩76,509
6.8%₩45,813₩49,491₩53,934₩59,409₩66,324
7.3%₩42,094₩45,137₩48,755₩53,126₩58,513
7.8%₩38,926₩41,480₩44,475₩48,034₩52,336
8.3%₩36,198₩38,366₩40,879₩43,826₩47,329

Now (TTM)

Market cap
₩122B
Enterprise value
₩113B
P/E
9.9×
P/B
2.1×
P/S
3.9×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩31,600₩29,500₩20,100₩26,900₩39,899
Market cap₩132B₩123B₩84B₩113B₩167B
P/E10.7×12.1×36.4×15.2×72.2×
P/B2.3×2.9×2.4×5.1×11.9×
P/S4.3×4.7×4.2×9.0×15.8×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Pharmaresearch Bio9.9×2.1×3.9×—0.0%
Samsung Biologics34.7×8.2×15.1×—0.0%
Celltrion28.2×2.5×9.1×—0.0%
Alteogen76.3×27.5×58.0×—0.1%
SK biopharmaceuticals15.2×6.0×7.1×—0.0%
Yuhan23.3×2.3×2.4×30.4×0.8%
HLB—15.5×54.7×—0.0%
Similar companies (median)28.2×7.1×12.1×30.4×0.0%

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

Also known as: Pharmaresearch Bio / 파마리서치바이오 / 217950 / KRX:217950

Source: KRX statistical information