It-Chem아이티켐
309710 · KOSDAQ · ₩309710 · 아이티켐
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
- −₩144B
- Equity value
- −₩168B
- WACC
- 6.8%
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 ₩21,000, the model needs an operating margin of 43.8% every year (it uses −6.7%).
- 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 (−6.7%).
Revenue growth
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Business
- -6.7%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 1 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.
- 55.5%
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).
- 69.4%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 1 annual reports (cash flow statements; equipment and intangibles).
- -1%
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 1 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: 64 weeks of weekly returns against KOSPI (official index); raw beta 0.36, 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)
- ₩53B
- Net debt (borrowings and leases − cash and deposits)
- ₩62B
- + Stakes and investments
- ₩38B
- Associates, long-term financial assets and deposits (book value)
- Shares
- 12,783,001
- Share price
- ₩21,000
- Market cap
- ₩268B
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.
| FY2025 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
|---|---|---|---|---|---|---|
| Revenue | ₩62B | ₩55B | ₩56B | ₩58B | ₩60B | ₩62B |
| Growth | — | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% |
| EBIT | −₩1.9B | −₩3.7B | −₩3.8B | −₩3.9B | −₩4B | −₩4.1B |
| EBIT margin | −3.0% | −6.7% | −6.7% | −6.7% | −6.7% | −6.7% |
| After-tax EBIT | −₩1.3B | −₩2.7B | −₩2.7B | −₩2.8B | −₩2.9B | −₩3B |
| + Depreciation | — | ₩30B | ₩31B | ₩32B | ₩33B | ₩34B |
| − Capital spending | ₩43B | ₩38B | ₩39B | ₩40B | ₩41B | ₩43B |
| − Working capital | — | −₩16M | −₩16M | −₩17M | −₩17M | −₩18M |
| Free cash flow | — | −₩10B | −₩11B | −₩11B | −₩11B | −₩12B |
| Discount factor | — | 0.937 | 0.877 | 0.822 | 0.770 | 0.721 |
| Present value | — | −₩9.6B | −₩9.3B | −₩8.9B | −₩8.6B | −₩8.3B |
Terminal value −₩137B, worth −₩99B today: 69% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.
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% |
|---|---|---|---|---|---|
| 5.8% | — | — | — | — | — |
| 6.3% | — | — | — | — | — |
| 6.8% | — | — | — | — | — |
| 7.3% | — | — | — | — | — |
| 7.8% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩268B
- Enterprise value
- ₩330B
- P/E
- —
- P/B
- 4.5×
- P/S
- 5.1×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | |
|---|---|
| Price | ₩34,650 |
| Market cap | ₩443B |
| P/E | — |
| P/B | 6.8× |
| P/S | 7.1× |
| EV/EBITDA | — |
| Dividend yield | 0.0% |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| It-Chem | — | 4.5× | 5.1× | — | 0.0% |
| Samsung Biologics | 31.9× | 7.6× | 13.9× | — | 0.0% |
| Celltrion | 27.9× | 2.5× | 9.0× | — | 0.0% |
| Alteogen | 79.4× | 28.6× | 60.3× | — | 0.1% |
| SK biopharmaceuticals | 15.2× | 6.0× | 7.1× | — | 0.0% |
| Yuhan | 23.2× | 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: It-Chem / 아이티켐 / 309710 / KRX:309710
Source: KRX statistical information