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Bio-Fd&C

251120 · KOSDAQ · ₩251120 · 바이오에프디엔씨

₩9,200▼ ₩80 (0.86%)End-of-day · Oct 29, 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

₩16,699

vs the current price (₩9,200)

Enterprise value
₩90B
Equity value
₩145B
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 82% 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 ₩9,200, the model needs an operating margin of 10.0% every year (it uses 31.1%).
  • Or revenue growth −28.2 points a year higher than assumed in each of the 5 years.
  • 31% 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.
  • Today's P/E is 12.5× against a typical 24.8× 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
₩13,472
+46.4%
Base
₩16,699
+81.5%
Bull
₩21,918
+138.2%

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 (31.1%).

Revenue growth

  • 6.5%

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

    Default: the last 3 years' revenue growth (6.5% a year, annual reports), fading to 3% by year 5.

  • 5.7%

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

    Default: the last 3 years' revenue growth (6.5% a year, annual reports), fading to 3% by year 5.

  • 4.8%

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

    Default: the last 3 years' revenue growth (6.5% a year, annual reports), fading to 3% by year 5.

  • 3.9%

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

    Default: the last 3 years' revenue growth (6.5% 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 (6.5% a year, annual reports), fading to 3% by year 5.

Business

  • 31.1%

    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.

  • 7.6%

    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).

  • 9.5%

    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).

  • 13.8%

    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 0.1, 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)
₩20B
Net debt (borrowings and leases − cash and deposits)
−₩54B
+ Stakes and investments
₩854M
Associates, long-term financial assets and deposits (book value)
Shares
8,695,700
Share price
₩9,200
Market cap
₩80B

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₩16B₩16B₩19B₩21B₩22B₩23B₩24B₩25B
Growth−1.7%3.0%19.4%6.5%5.7%4.8%3.9%3.0%
EBIT₩5B₩4.9B₩6.3B₩6.5B₩6.8B₩7.2B₩7.4B₩7.7B
EBIT margin32.3%30.2%32.6%31.1%31.1%31.1%31.1%31.1%
After-tax EBIT₩3.6B₩3.5B₩4.5B₩4.7B₩5B₩5.2B₩5.4B₩5.6B
+ Depreciation———₩1.6B₩1.7B₩1.8B₩1.8B₩1.9B
− Capital spending₩2.3B₩1.3B₩1B₩2B₩2.1B₩2.2B₩2.3B₩2.3B
− Working capital−₩29B₩954M−₩820M₩175M₩164M₩146M₩124M₩99M
Free cash flow———₩4.1B₩4.4B₩4.6B₩4.8B₩5B
Discount factor———0.9320.8680.8090.7540.703
Present value———₩3.8B₩3.8B₩3.7B₩3.6B₩3.5B

Terminal value ₩102B, worth ₩72B today: 79% 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 ₩8,387 a share)Now 1.10×₩10,6061.26×₩17,9192.14×₩24,2682.89×
Price / earnings (last 12 months: ₩737 a share)Now 12.5×₩10,66714.5×₩18,24824.8×₩39,44153.5×
P/E on run-rate earnings (Q2 2026 × 4: ₩906 a share)Now 10.2×₩13,12014.5×₩22,44324.8×₩48,50853.5×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2022, 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%₩17,124₩18,035₩19,158₩20,575₩22,420
6.8%₩16,170₩16,909₩17,800₩18,898₩20,284
7.3%₩15,369₩15,977₩16,699₩17,571₩18,645
7.8%₩14,685₩15,193₩15,787₩16,494₩17,347
8.3%₩14,095₩14,524₩15,021₩15,603₩16,294

Now (TTM)

Market cap
₩80B
Enterprise value
₩26B
P/E
12.5×
P/B
1.1×
P/S
4.1×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

2025202420232022
Price₩15,800₩13,820₩14,120₩17,000
Market cap₩137B₩120B₩123B₩148B
P/E20.6×26.7×22.0×34.1×
P/B2.0×1.9×2.1×2.8×
P/S7.2×7.5×7.9×9.3×
EV/EBITDA————
Dividend yield0.0%———

Loading data for this company — check back soon

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Bio-Fd&C12.5×1.1×4.1×—0.0%
Samsung Biologics31.9×7.6×13.9×—0.0%
Celltrion27.9×2.5×9.0×—0.0%
Alteogen79.4×28.6×60.3×—0.1%
SK biopharmaceuticals15.2×6.0×7.1×—0.0%
Yuhan23.2×2.3×2.4×30.2×0.8%
HLB—15.4×54.3×—0.0%
Similar companies (median)27.9×6.8×11.4×30.2×0.0%

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

Also known as: Bio-Fd&C / 바이오에프디엔씨 / 251120 / KRX:251120

Source: KRX statistical information