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Pangen Biotech

222110 · KOSDAQ · ₩222110 · 팬젠

₩4,580▼ ₩30 (0.65%)End-of-day · Oct 27, 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

With these assumptions the model gives no positive value.

Enterprise value
−₩75B
Equity value
−₩72B
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 gives no positive value at these assumptions. What we can see:

  • To match today's price of ₩4,580, the model needs an operating margin of 20.6% every year (it uses −20.0%).
  • Margins ranged from −70.6% to 11.2% 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.
  • 85% 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.
  • 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
—

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 (−20.0%).

Revenue growth

  • 25%

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

    Default: the last 3 years' revenue growth (27.3% 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 (27.3% 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 (27.3% 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 (27.3% 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 (27.3% a year, annual reports), fading to 3% by year 5.

Business

  • -20%

    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.

  • 3.2%

    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).

  • 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).

  • 40%

    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.

  • 4.03%

    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.

  • 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 0.14, 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.

  • 5.53%

    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)
₩14B
Net debt (borrowings and leases − cash and deposits)
−₩3B
Shares
13,514,509
Share price
₩4,580
Market cap
₩62B

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.

FY2023FY2024FY2025Year 1Year 2Year 3Year 4Year 5
Revenue₩7.3B₩15B₩13B₩18B₩21B₩24B₩26B₩27B
Growth12.5%100.6%−8.6%25.0%19.5%14.0%8.5%3.0%
EBIT−₩4.2B₩1B₩1.5B−₩3.5B−₩4.2B−₩4.8B−₩5.2B−₩5.4B
EBIT margin−57.8%7.0%11.2%−20.0%−20.0%−20.0%−20.0%−20.0%
After-tax EBIT−₩3.1B₩740M₩1.1B−₩2.6B−₩3.1B−₩3.5B−₩3.8B−₩3.9B
+ Depreciation———₩567M₩678M₩773M₩838M₩863M
− Capital spending—₩374M₩737M₩709M₩847M₩966M₩1B₩1.1B
− Working capital−₩454M₩11B₩345M₩1.4B₩1.4B₩1.2B₩821M₩314M
Free cash flow———−₩4.1B−₩4.6B−₩4.9B−₩4.8B−₩4.4B
Discount factor———0.9320.8680.8090.7530.702
Present value———−₩3.8B−₩4B−₩3.9B−₩3.6B−₩3.1B

Terminal value −₩81B, worth −₩57B today: 75% 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 ₩2,275 a share)Now 2.01×₩5,2742.32×₩9,7274.28×₩12,4945.49×

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%—————
6.8%—————
7.3%—————
7.8%—————
8.3%—————

Now (TTM)

Market cap
₩62B
Enterprise value
₩59B
P/E
54.7×
P/B
2.0×
P/S
4.4×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩5,600₩5,700₩6,880₩6,500₩9,350
Market cap₩76B₩77B₩93B₩88B₩126B
P/E36.9×81.6×———
P/B2.5×3.1×7.4×5.1×6.0×
P/S5.6×5.3×12.7×13.5×15.9×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Pangen Biotech54.7×2.0×4.4×—0.0%
Samsung Biologics32.1×7.6×14.0×—0.0%
Celltrion27.8×2.4×8.9×—0.0%
Alteogen78.8×28.4×59.9×—0.1%
Yuhan24.8×2.5×2.6×32.5×0.8%
SK biopharmaceuticals14.6×5.7×6.8×—0.0%
HLB—15.4×54.6×—0.0%
Similar companies (median)27.8×6.7×11.5×32.5×0.0%

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

Also known as: Pangen Biotech / 팬젠 / 222110 / KRX:222110

Source: KRX statistical information