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SCL Science

246960 · KOSDAQ · ₩246960 · SCL사이언스

₩2,140▼ ₩70 (3.17%)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

With these assumptions the model gives no positive value.

Enterprise value
−₩277B
Equity value
−₩296B
WACC
6.5%

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 ₩2,140, the model needs an operating margin of 23.6% every year (it uses −20.0%).
  • Margins ranged from −1,245.4% to −15.4% 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.
  • 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 (290.4% 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 (290.4% 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 (290.4% 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 (290.4% 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 (290.4% 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.

  • 75.8%

    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).

  • 94.7%

    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).

  • -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 0.26, 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)
₩31B
Net debt (borrowings and leases − cash and deposits)
₩25B
+ Stakes and investments
₩6.5B
Associates, long-term financial assets and deposits (book value)
Shares
34,793,688
Share price
₩2,140
Market cap
₩74B

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₩1.3B₩4.7B₩22B₩38B₩46B₩52B₩56B₩58B
Growth257.5%258.3%364.6%25.0%19.5%14.0%8.5%3.0%
EBIT−₩4B−₩3.7B−₩3.4B−₩7.6B−₩9.1B−₩10B−₩11B−₩12B
EBIT margin−303.8%−77.3%−15.4%−20.0%−20.0%−20.0%−20.0%−20.0%
After-tax EBIT−₩2.9B−₩2.7B−₩2.5B−₩5.5B−₩6.6B−₩7.5B−₩8.2B−₩8.4B
+ Depreciation———₩29B₩35B₩39B₩43B₩44B
− Capital spending₩2.9B₩2.6B₩2.4B₩36B₩43B₩49B₩53B₩55B
− Working capital−₩2.7B₩3B−₩7.8B−₩763M−₩743M−₩638M−₩441M−₩169M
Free cash flow———−₩12B−₩14B−₩17B−₩18B−₩19B
Discount factor———0.9390.8820.8280.7780.731
Present value———−₩11B−₩13B−₩14B−₩14B−₩14B

Terminal value −₩289B, worth −₩211B today: 76% 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 ₩693 a share)Now 3.09×₩2,0542.96×₩3,2144.64×₩6,1938.94×

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%
5.5%—————
6.0%—————
6.5%—————
7.0%—————
7.5%—————

Now (TTM)

Market cap
₩74B
Enterprise value
₩94B
P/E
—
P/B
3.1×
P/S
2.4×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩2,300₩2,060₩2,218₩2,140₩3,025
Market cap₩80B₩72B₩77B₩74B₩105B
P/E—————
P/B3.3×4.6×4.1×5.7×10.4×
P/S3.6×15.1×58.4×201.4×207.5×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
SCL Science—3.1×2.4×—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: SCL Science / SCL사이언스 / 246960 / KRX:246960

Source: KRX statistical information