Ask Warren

Eutilex

263050 · KOSDAQ · ₩263050 · 유틸렉스

₩959 ₩0 (0.00%)End-of-day · Oct 28, 2026 · End-of-day prices.
Trade
Alert me
SellBuy

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
−₩49B
Equity value
−₩64B
WACC
6.4%

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 ₩959, the model needs an operating margin of 25.8% every year (it uses −20.0%).
  • Margins ranged from −45,633.0% to −183.8% 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 (262.8% 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 (262.8% 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 (262.8% 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 (262.8% 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 (262.8% 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.

  • 4.8%

    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).

  • 5.9%

    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.

  • 4.11%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-28.

  • 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 0.04, 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.

  • 5.61%

    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)
₩7.7B
Net debt (borrowings and leases − cash and deposits)
₩14B
− Minority interests
₩65M
Shares
36,834,856
Share price
₩959
Market cap
₩35B

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₩132M₩9.5B₩10B₩9.6B₩12B₩13B₩14B₩15B
Growth−39.0%7,136.1%8.1%25.0%19.5%14.0%8.5%3.0%
EBIT−₩30B−₩27B−₩19B−₩1.9B−₩2.3B−₩2.6B−₩2.9B−₩2.9B
EBIT margin−22,622.8%−278.3%−183.8%−20.0%−20.0%−20.0%−20.0%−20.0%
After-tax EBIT−₩22B−₩19B−₩14B−₩1.4B−₩1.7B−₩1.9B−₩2.1B−₩2.1B
+ Depreciation———₩463M₩553M₩630M₩684M₩705M
− Capital spending—₩534M₩648M₩569M₩680M₩775M₩841M₩866M
− Working capital−₩19B−₩4.8B−₩3.6B₩771M₩752M₩645M₩447M₩171M
Free cash flow———−₩2.3B−₩2.5B−₩2.7B−₩2.7B−₩2.5B
Discount factor———0.9390.8830.8290.7790.732
Present value———−₩2.1B−₩2.3B−₩2.2B−₩2.1B−₩1.8B

Terminal value −₩53B, worth −₩39B 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 ₩286 a share)Now 3.35×₩3881.36×₩5792.02×₩1,6655.83×

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%
5.4%—————
5.9%—————
6.4%—————
6.9%—————
7.4%—————

Now (TTM)

Market cap
₩35B
Enterprise value
₩50B
P/E
—
P/B
3.4×
P/S
4.6×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩1,108₩1,924₩3,380₩6,640₩13,654
Market cap₩41B₩71B₩125B₩245B₩503B
P/E—————
P/B2.7×1.8×2.1×2.8×7.4×
P/S4.0×7.4×945.7×1,134.1×6,838.7×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Eutilex—3.4×4.6×—0.0%
Samsung Biologics32.0×7.6×14.0×—0.0%
Celltrion27.9×2.5×9.0×—0.0%
Alteogen80.5×29.0×61.2×—0.1%
SK biopharmaceuticals14.7×5.8×6.8×—0.0%
Yuhan24.0×2.4×2.5×31.3×0.8%
HLB—15.7×55.6×—0.0%
Similar companies (median)27.9×6.7×11.5×31.3×0.0%

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

Also known as: Eutilex / 유틸렉스 / 263050 / KRX:263050

Source: KRX statistical information