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GC WellBeing

234690 · KOSDAQ · ₩234690 · 녹십자웰빙

₩10,450▼ ₩800 (7.11%)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

₩15,683

vs the current price (₩10,450)

Enterprise value
₩332B
Equity value
₩282B
WACC
6.3%

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 50% 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 ₩10,450, the model needs an operating margin of 6.9% every year (it uses 9.0%).
  • Or revenue growth −9.5 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 13.8× against a typical 21.6× 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
₩6,998
−33.0%
Base
₩15,683
+50.1%
Bull
₩32,141
+207.6%

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 (9.0%).

Revenue growth

  • 14.5%

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

    Default: the last 3 years' revenue growth (14.5% a year, annual reports), fading to 3% by year 5.

  • 11.6%

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

    Default: the last 3 years' revenue growth (14.5% a year, annual reports), fading to 3% by year 5.

  • 8.7%

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

    Default: the last 3 years' revenue growth (14.5% a year, annual reports), fading to 3% by year 5.

  • 5.9%

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

    Default: the last 3 years' revenue growth (14.5% 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 (14.5% a year, annual reports), fading to 3% by year 5.

Business

  • 9%

    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.

  • 2.6%

    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).

  • 2.7%

    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).

  • 32.1%

    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 -0.09, 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 (TTM to H1 2026)
₩192B
Net debt (borrowings and leases − cash and deposits)
₩87B
+ Stakes and investments
₩37B
Associates, long-term financial assets and deposits (book value)
Shares
17,963,290
Share price
₩10,450
Market cap
₩188B

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₩121B₩134B₩165B₩220B₩246B₩267B₩283B₩291B
Growth9.8%11.0%23.1%14.5%11.6%8.7%5.9%3.0%
EBIT₩10B₩13B₩17B₩20B₩22B₩24B₩25B₩26B
EBIT margin8.7%9.7%10.5%9.0%9.0%9.0%9.0%9.0%
After-tax EBIT₩7.6B₩9.4B₩13B₩14B₩16B₩17B₩18B₩19B
+ Depreciation₩3.6B₩3.6B₩3.7B₩5.7B₩6.4B₩6.9B₩7.4B₩7.6B
− Capital spending₩1.9B₩3.7B₩6.2B₩5.9B₩6.6B₩7.2B₩7.6B₩7.9B
− Working capital₩14B₩5.2B₩6B₩8.9B₩8.2B₩6.9B₩5.1B₩2.7B
Free cash flow−₩4.4B₩4.1B₩4B₩5.2B₩7.6B₩10B₩13B₩16B
Discount factor———0.9410.8860.8330.7840.738
Present value———₩4.9B₩6.7B₩8.6B₩10B₩12B

Terminal value ₩392B, worth ₩289B today: 87% 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 ₩6,355 a share)Now 1.64×₩8,2231.29×₩9,9101.56×₩12,5471.97×
Price / earnings (last 12 months: ₩759 a share)Now 13.8×₩11,28414.9×₩16,39221.6×₩29,78739.2×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,561 a share)Now 6.69×₩23,21114.9×₩33,71721.6×₩61,27239.2×

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%
5.3%₩17,330₩19,236₩21,722₩25,100₩29,964
5.8%₩15,063₩16,494₩18,300₩20,653₩23,852
6.3%₩13,230₩14,330₩15,683₩17,392₩19,618
6.8%₩11,718₩12,580₩13,619₩14,898₩16,512
7.3%₩10,450₩11,136₩11,950₩12,930₩14,137

Now (TTM)

Market cap
₩188B
Enterprise value
₩262B
P/E
13.8×
P/B
1.6×
P/S
1.0×
EV/EBITDA
12.3×
Dividend yield
1.3%

Over time (at each year end)

20252024202320222021
Price₩9,140₩10,060₩8,130₩8,230₩10,150
Market cap₩164B₩181B₩146B₩148B₩182B
P/E16.4×25.6×21.6×18.5×27.2×
P/B1.5×1.7×1.5×1.5×2.1×
P/S1.0×1.4×1.2×1.3×2.0×
EV/EBITDA10.7×12.5×12.4×18.2×23.0×
Dividend yield1.5%1.2%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
GC WellBeing13.8×1.6×1.0×12.3×1.3%
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: GC WellBeing / 녹십자웰빙 / 234690 / KRX:234690

Source: KRX statistical information