KOSDAQ · 290650 · Biotech & Pharma · ₩290650

L&C Bio엘앤씨바이오

290650 · KOSDAQ · ₩290650 · 엘앤씨바이오

₩23,950▼ ₩1,150 (4.58%)End-of-day · Oct 30, 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

₩8,382

vs the current price (₩23,950)

Enterprise value: ₩195B
Equity value: ₩226B
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 65% 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 ₩23,950, the model needs an operating margin of 30.8% every year (it uses 12.8%).
Or revenue growth +33.2 points a year higher than assumed in each of the 5 years.
Margins ranged from 3.5% to 28.8% 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.

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: ₩5,194; −78.3%
Base: ₩8,382; −65.0%
Bull: ₩13,864; −42.1%

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 (12.8%).

Revenue growth

Revenue growth, year 117.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (17.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 213.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (17.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 310.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (17.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 46.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (17.6% 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 (17.6% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin12.8%
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 & amortisation17%
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).
Capital spending21.2%
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).
Working capital28.5%
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 rate4.01%
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.
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 0.18, 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)5.51%
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): ₩116B
Net debt (borrowings and leases − cash and deposits): −₩16B
+ Stakes and investments: ₩25B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩10B
Shares: 26,969,704
Share price: ₩23,950
Market cap: ₩646B

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	₩69B	₩72B	₩85B	₩137B	₩156B	₩172B	₩183B	₩189B
Growth	31.0%	4.7%	18.6%	17.6%	13.9%	10.3%	6.6%	3.0%
EBIT	₩7.7B	₩2.5B	₩4.4B	₩18B	₩20B	₩22B	₩23B	₩24B
EBIT margin	11.3%	3.5%	5.2%	12.8%	12.8%	12.8%	12.8%	12.8%
After-tax EBIT	₩5.6B	₩1.8B	₩3.2B	₩13B	₩14B	₩16B	₩17B	₩18B
+ Depreciation	—	—	—	₩23B	₩26B	₩29B	₩31B	₩32B
− Capital spending	₩25B	₩5.3B	₩17B	₩29B	₩33B	₩36B	₩39B	₩40B
− Working capital	₩8.1B	−₩1.5B	−₩104B	₩5.8B	₩5.4B	₩4.6B	₩3.2B	₩1.6B
Free cash flow	—	—	—	₩1.1B	₩2.5B	₩4.2B	₩6.1B	₩8B
Discount factor	—	—	—	0.932	0.868	0.809	0.754	0.703
Present value	—	—	—	₩1B	₩2.2B	₩3.4B	₩4.6B	₩5.6B

Terminal value ₩254B, worth ₩179B today: 91% 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 ₩12,042 a share)Now 1.99×	₩19,0951.59×	₩38,9203.23×	₩69,6005.78×

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%	₩8,932	₩9,560	₩10,332	₩11,305	₩12,569
6.8%	₩8,154	₩8,653	₩9,254	₩9,993	₩10,924
7.3%	₩7,501	₩7,904	₩8,382	₩8,957	₩9,664
7.8%	₩6,947	₩7,277	₩7,662	₩8,118	₩8,669
8.3%	₩6,470	₩6,743	₩7,058	₩7,427	₩7,863

Now (TTM)

Market cap: ₩646B
Enterprise value: ₩630B
P/E: —
P/B: 2.0×
P/S: 5.6×
EV/EBITDA: —
Dividend yield: 0.1%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩30,702	₩12,110	₩14,572	₩11,607	₩18,391
Market cap	₩828B	₩327B	₩393B	₩313B	₩496B
P/E	—	2.3×	8.1×	68.9×	35.9×
P/B	4.2×	1.1×	2.7×	3.2×	5.8×
P/S	9.7×	4.5×	5.7×	6.0×	10.9×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.1%	0.2%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
L&C Bio	—	2.0×	5.6×	—	0.1%
Samsung Biologics	34.7×	8.2×	15.1×	—	0.0%
Celltrion	28.2×	2.5×	9.1×	—	0.0%
Alteogen	76.3×	27.5×	58.0×	—	0.1%
SK biopharmaceuticals	15.2×	6.0×	7.1×	—	0.0%
Yuhan	23.3×	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: L&C Bio / 엘앤씨바이오 / 290650 / KRX:290650

Source: KRX statistical information