KOSDAQ · 226950 · Biotech & Pharma · ₩226950

OliX Pharmaceuticals올릭스

226950 · KOSDAQ · ₩226950 · 올릭스

₩96,100▼ ₩7,200 (6.97%)End-of-day · Oct 26, 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

₩5,250

vs the current price (₩96,100)

Enterprise value: −₩50B
Equity value: ₩120B
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 95% 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.
Margins ranged from −691.9% to −106.6% 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.

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: ₩5,771; −94.0%
Base: ₩5,250; −94.5%
Bull: ₩4,486; −95.3%

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 (−20.0%).

Revenue growth

Revenue growth, year 116.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (16.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 213%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (16.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 39.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (16.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 46.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (16.3% 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 (16.3% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-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.
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 & amortisation22.9%
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 spending4%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: not in the statements, so a typical level.
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 rate4.03%
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.
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 0.27, 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)5.53%
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): −₩171B
− Minority interests: ₩741M
Shares: 22,874,858
Share price: ₩96,100
Market cap: ₩2.2T

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	₩17B	₩5.7B	₩15B	₩16B	₩18B	₩20B	₩21B	₩22B
Growth	83.1%	−66.7%	158.3%	16.3%	13.0%	9.7%	6.3%	3.0%
EBIT	−₩18B	−₩31B	−₩30B	−₩3.2B	−₩3.6B	−₩3.9B	−₩4.2B	−₩4.3B
EBIT margin	−106.6%	−544.6%	−204.4%	−20.0%	−20.0%	−20.0%	−20.0%	−20.0%
After-tax EBIT	−₩13B	−₩22B	−₩22B	−₩2.3B	−₩2.6B	−₩2.9B	−₩3B	−₩3.1B
+ Depreciation	₩2.3B	₩2.3B	₩2.1B	₩3.6B	₩4.1B	₩4.5B	₩4.8B	₩4.9B
− Capital spending	—	—	—	₩634M	₩717M	₩786M	₩836M	₩861M
− Working capital	−₩36B	−₩5B	₩27B	₩889M	₩825M	₩695M	₩495M	₩251M
Free cash flow	—	—	—	−₩191M	−₩36M	₩170M	₩424M	₩696M
Discount factor	—	—	—	0.932	0.868	0.809	0.753	0.702
Present value	—	—	—	−₩178M	−₩31M	₩137M	₩320M	₩489M

Terminal value −₩72B, worth −₩51B today: 101% 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 ₩10,347 a share)Now 9.29×	₩74,7457.22×	₩214,69620.8×	₩525,89250.8×

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%	₩5,220	₩4,946	₩4,608	₩4,181	₩3,625
6.8%	₩5,461	₩5,235	₩4,963	₩4,627	₩4,204
7.3%	₩5,662	₩5,474	₩5,250	₩4,980	₩4,647
7.8%	₩5,832	₩5,673	₩5,487	₩5,265	₩4,997
8.3%	₩5,978	₩5,842	₩5,684	₩5,499	₩5,280

Now (TTM)

Market cap: ₩2.2T
Enterprise value: ₩2T
P/E: —
P/B: 9.3×
P/S: 161.2×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩140,400	₩19,260	₩14,580	₩20,350	₩41,000
Market cap	₩3.2T	₩441B	₩334B	₩466B	₩938B
P/E	—	—	—	—	—
P/B	21.5×	24.7×	6.7×	7.1×	50.6×
P/S	219.0×	77.6×	19.5×	49.9×	255.2×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
OliX Pharmaceuticals	—	9.3×	161.2×	—	0.0%
Samsung Biologics	33.9×	8.0×	14.8×	—	0.0%
Celltrion	28.0×	2.5×	9.0×	—	0.0%
Alteogen	78.8×	28.4×	59.9×	—	0.2%
Yuhan	25.4×	2.5×	2.6×	33.2×	0.7%
SK biopharmaceuticals	14.8×	5.8×	6.9×	—	0.0%
HLB	—	15.2×	53.6×	—	0.0%
Similar companies (median)	28.0×	6.9×	11.9×	33.2×	0.0%

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

Also known as: OliX Pharmaceuticals / 올릭스 / 226950 / KRX:226950

Source: KRX statistical information