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Remed

302550 · KOSDAQ · ₩302550 · 리메드

₩2,215▼ ₩80 (3.49%)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

₩754

vs the current price (₩2,215)

Enterprise value
₩15B
Equity value
₩23B
WACC
7.4%

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 is 66% 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 ₩2,215, the model needs an operating margin of 15.9% every year (it uses 5.0%).
  • Or revenue growth +54.7 points a year higher than assumed in each of the 5 years.
  • Margins ranged from −15.4% to 7.8% 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.
  • 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 32.7× against a typical 25.1× 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
₩462
−79.2%
Base
₩754
−65.9%
Bull
₩1,286
−42.0%

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 (5.0%).

Revenue growth

  • 4.7%

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

    Default: the last 3 years' revenue growth (4.7% a year, annual reports), fading to 3% by year 5.

  • 4.3%

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

    Default: the last 3 years' revenue growth (4.7% a year, annual reports), fading to 3% by year 5.

  • 3.8%

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

    Default: the last 3 years' revenue growth (4.7% a year, annual reports), fading to 3% by year 5.

  • 3.4%

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

    Default: the last 3 years' revenue growth (4.7% 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 (4.7% a year, annual reports), fading to 3% by year 5.

Business

  • 5%

    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.

  • 4.9%

    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).

  • 4%

    Money spent on factories, equipment, software and other long-term assets (% of revenue).

    Default: not in the statements, so a typical level.

  • 29.5%

    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

  • 2%

    How fast cash flows keep growing every year after year 5.

    Default: about Korea's long-run inflation plus real growth.

  • 4.08%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-29.

  • 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 0.23, 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.

  • 5.58%

    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)
₩27B
Net debt (borrowings and leases − cash and deposits)
−₩7.6B
+ Stakes and investments
₩9.3M
Associates, long-term financial assets and deposits (book value)
Shares
30,275,013
Share price
₩2,215
Market cap
₩67B

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₩19B₩26B₩25B₩28B₩30B₩31B₩32B₩33B
Growth−13.2%37.9%−4.1%4.7%4.3%3.8%3.4%3.0%
EBIT−₩2.9B₩1.1B₩726M₩1.4B₩1.5B₩1.5B₩1.6B₩1.6B
EBIT margin−15.4%4.4%3.0%5.0%5.0%5.0%5.0%5.0%
After-tax EBIT−₩2.1B₩813M₩526M₩1B₩1.1B₩1.1B₩1.1B₩1.2B
+ Depreciation₩856M₩1.2B₩1.3B₩1.4B₩1.4B₩1.5B₩1.6B₩1.6B
− Capital spending———₩1.1B₩1.2B₩1.2B₩1.3B₩1.3B
− Working capital−₩19B₩14B−₩2.2B₩375M₩359M₩331M₩308M₩281M
Free cash flow———₩907M₩977M₩1.1B₩1.1B₩1.2B
Discount factor———0.9310.8670.8080.7520.700
Present value———₩844M₩848M₩853M₩848M₩839M

Terminal value ₩16B, worth ₩11B today: 72% 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 ₩1,265 a share)Now 1.75×₩2,7862.20×₩3,4342.71×₩5,7124.52×
Price / earnings (last 12 months: ₩68 a share)Now 32.7×₩93613.8×₩1,69925.1×₩4,50266.5×
P/E on run-rate earnings (Q2 2026 × 4: ₩93 a share)Now 23.9×₩1,28013.8×₩2,32325.1×₩6,15666.5×

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%
6.4%₩816₩837₩863₩895₩936
6.9%₩769₩784₩803₩826₩854
7.4%₩729₩741₩754₩770₩789
7.9%₩696₩704₩714₩725₩738
8.4%₩666₩672₩679₩687₩697

Now (TTM)

Market cap
₩67B
Enterprise value
₩60B
P/E
32.7×
P/B
1.8×
P/S
2.5×
EV/EBITDA
17.9×
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩3,070₩3,600₩3,255₩2,470₩5,310
Market cap₩93B₩109B₩99B₩75B₩161B
P/E176.6×15.2×123.6×18.7×213.7×
P/B2.3×2.7×3.2×2.5×6.2×
P/S3.8×4.3×5.3×3.5×8.0×
EV/EBITDA41.6×45.5×—40.5×110.1×
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Remed32.7×1.8×2.5×17.9×0.0%
TSE27.5×6.1×5.1×—0.2%
Kctech22.1×3.4×4.1×17.1×0.5%
Classys12.7×3.2×4.7×9.9×3.7%
Park Systems69.0×4.7×8.2×—0.2%
DI42.2×5.8×2.6×—0.6%
Curiox Biosystems—21.3×182.0×—0.0%
Similar companies (median)27.5×5.3×4.9×13.5×0.3%

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

Also known as: Remed / 리메드 / 302550 / KRX:302550

Source: KRX statistical information