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Kukjeon

307750 · KOSDAQ · ₩307750 · 국전

₩2,075▼ ₩45 (2.12%)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

With these assumptions the model gives no positive value.

Enterprise value
−₩33B
Equity value
−₩38B
WACC
7.1%

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 ₩2,075, the model needs an operating margin of 9.2% every year (it uses 2.7%).
  • Margins ranged from −2.0% to 7.2% 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
₩596
−71.3%

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 (2.7%).

Revenue growth

  • 8.1%

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

    Default: the last 3 years' revenue growth (8.1% a year, annual reports), fading to 3% by year 5.

  • 6.8%

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

    Default: the last 3 years' revenue growth (8.1% a year, annual reports), fading to 3% by year 5.

  • 5.6%

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

    Default: the last 3 years' revenue growth (8.1% 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 (8.1% 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 (8.1% a year, annual reports), fading to 3% by year 5.

Business

  • 2.7%

    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.

  • 3.1%

    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).

  • 14%

    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).

  • 18.2%

    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 0.24, 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)
₩135B
Net debt (borrowings and leases − cash and deposits)
₩7.5B
+ Stakes and investments
₩4.2B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩1.3B
Shares
53,986,288
Share price
₩2,075
Market cap
₩112B

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₩122B₩136B₩131B₩145B₩155B₩164B₩171B₩176B
Growth17.6%11.9%−4.0%8.1%6.8%5.6%4.3%3.0%
EBIT₩6.5B₩368M−₩2.6B₩3.9B₩4.2B₩4.4B₩4.6B₩4.8B
EBIT margin5.3%0.3%−2.0%2.7%2.7%2.7%2.7%2.7%
After-tax EBIT₩4.7B₩267M−₩1.9B₩2.8B₩3B₩3.2B₩3.3B₩3.5B
+ Depreciation₩2.8B₩4.6B₩4.7B₩4.5B₩4.8B₩5.1B₩5.3B₩5.5B
− Capital spending₩38B₩11B₩3.2B₩20B₩22B₩23B₩24B₩25B
− Working capital−₩34B−₩40B−₩2.4B₩2B₩1.8B₩1.6B₩1.3B₩934M
Free cash flow₩3.8B₩33B₩2.1B−₩15B−₩16B−₩16B−₩17B−₩17B
Discount factor———0.9340.8720.8140.7600.710
Present value———−₩14B−₩14B−₩13B−₩13B−₩12B

Terminal value ₩45B, worth ₩32B today: -97% 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 ₩2,088 a share)Now 0.99×₩3,5301.69×₩6,6073.16×₩11,8065.65×
P/E on run-rate earnings (Q2 2026 × 4: ₩453 a share)Now 4.58×₩13,03228.8×₩15,95735.3×₩28,62363.2×

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%
6.1%—————
6.6%—————
7.1%—————
7.6%—————
8.1%—————

Now (TTM)

Market cap
₩112B
Enterprise value
₩119B
P/E
—
P/B
1.0×
P/S
0.8×
EV/EBITDA
16.8×
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩3,365₩3,515₩6,240₩6,620₩10,950
Market cap₩182B₩190B₩337B₩357B₩591B
P/E—109.3×69.8×39.9×146.4×
P/B1.9×1.9×3.5×3.9×7.1×
P/S1.4×1.4×2.8×3.4×6.9×
EV/EBITDA90.8×41.8×42.0×82.6×81.7×
Dividend yield0.0%0.3%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Kukjeon—1.0×0.8×16.8×0.0%
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: Kukjeon / 국전 / 307750 / KRX:307750

Source: KRX statistical information