KOSDAQ · 218150 · Food & Beverage · ₩218150

Milae Bioresources미래생명자원

218150 · KOSDAQ · ₩218150 · 미래생명자원

₩1,697 ₩0 (0.00%)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

₩561

vs the current price (₩1,697)

Enterprise value: ₩1.9B
Equity value: ₩11B
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 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 ₩1,697, the model needs an operating margin of 2.9% every year (it uses 0.3%).

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: ₩6; −99.6%
Base: ₩561; −66.9%
Bull: ₩1,661; −2.1%

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 (0.3%).

Revenue growth

Revenue growth, year 1-3.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-0.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 41.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3.7% 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 (-3.7% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin0.3%
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.
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 & amortisation2%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
Capital spending0.6%
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 capital16.3%
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 rate4.11%
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.
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 -0.14, 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)5.61%
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): ₩72B
Net debt (borrowings and leases − cash and deposits): −₩9.5B
Shares: 20,415,802
Share price: ₩1,697
Market cap: ₩35B

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	₩60B	₩62B	₩68B	₩70B	₩68B	₩68B	₩69B	₩71B
Growth	−20.7%	4.1%	8.2%	−3.7%	−2.0%	−0.3%	1.3%	3.0%
EBIT	₩20M	₩184M	−₩1.4B	₩209M	₩205M	₩205M	₩207M	₩213M
EBIT margin	0.0%	0.3%	−2.1%	0.3%	0.3%	0.3%	0.3%	0.3%
After-tax EBIT	₩15M	₩133M	−₩1B	₩152M	₩149M	₩148M	₩150M	₩155M
+ Depreciation	₩902M	₩1.1B	₩1.8B	₩1.4B	₩1.4B	₩1.4B	₩1.4B	₩1.4B
− Capital spending	₩628M	₩104M	₩454M	₩419M	₩410M	₩409M	₩414M	₩427M
− Working capital	−₩21B	₩4B	−₩3.6B	−₩437M	−₩227M	−₩33M	₩144M	₩338M
Free cash flow	₩22B	−₩2.9B	₩3.9B	₩1.6B	₩1.3B	₩1.1B	₩973M	₩813M
Discount factor	—	—	—	0.931	0.867	0.807	0.751	0.700
Present value	—	—	—	₩1.5B	₩1.2B	₩917M	₩731M	₩569M

Terminal value −₩4.1B, worth −₩2.9B today: -150% 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 ₩1,965 a share)Now 0.86×	₩2,5941.32×	₩4,1012.09×	₩6,8173.47×

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%	₩640	₩589	₩527	₩448	₩345
6.9%	₩644	₩600	₩546	₩480	₩396
7.4%	₩647	₩608	₩561	₩505	₩435
7.9%	₩650	₩615	₩574	₩524	₩465
8.4%	₩652	₩620	₩583	₩540	₩489

Now (TTM)

Market cap: ₩35B
Enterprise value: ₩25B
P/E: —
P/B: 0.9×
P/S: 0.5×
EV/EBITDA: 31.9×
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩2,975	₩3,835	₩4,350	₩3,850	₩3,975
Market cap	₩61B	₩78B	₩89B	₩79B	₩81B
P/E	—	—	201.2×	81.6×	71.0×
P/B	1.5×	1.8×	2.0×	1.9×	2.5×
P/S	0.9×	1.3×	1.5×	1.0×	1.2×
EV/EBITDA	145.6×	60.4×	72.5×	33.7×	30.7×
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Milae Bioresources	—	0.9×	0.5×	31.9×	0.0%
Samyang Foods	18.4×	5.9×	3.3×	—	0.4%
Orion	10.5×	1.1×	1.2×	5.3×	3.1%
CJ Cheiljedang	—	0.3×	0.1×	—	3.5%
Nongshim	12.0×	0.8×	0.7×	—	1.5%
Otoki	16.9×	0.6×	0.3×	—	2.9%
Hite Jinro	23.0×	0.9×	0.4×	6.3×	4.5%
Similar companies (median)	16.9×	0.9×	0.5×	5.8×	3.0%

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

Also known as: Milae Bioresources / 미래생명자원 / 218150 / KRX:218150

Source: KRX statistical information