KOSDAQ · 310210 · Biotech & Pharma · ₩310210

Voronoi보로노이

310210 · KOSDAQ · ₩310210 · 보로노이

₩115,200▼ ₩5,900 (4.87%)End-of-day · Oct 29, 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

With these assumptions the model gives no positive value.

Enterprise value: −₩8.8B
Equity value: −₩12B
WACC: 8.3%

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 gives no positive value at these assumptions. What we can see:

No operating margin up to 90% gets the model to today's price at these growth assumptions.
Analysts' forecasts for 2026: revenue ₩7B, operating profit — (1 broker). The model starts from the last 12 months reported.
Analysts' forecasts for 2027: revenue ₩22B, operating profit — (1 broker). The model starts from the last 12 months reported.
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

Cycle options

Margin path

Every year uses the cycle-average margin (−20.0%).

Revenue growth

Revenue growth, year 1-10%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-23.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-6.7%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-23.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-3.5%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-23.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 4-0.2%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-23.1% 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 1 years' revenue growth (-23.1% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-20%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 4 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 & amortisation17.9%
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 spending22.4%
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 capital40%
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 rate4.08%
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.
Beta0.77
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 0.66, 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)5.58%
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): ₩4.2B
Net debt (borrowings and leases − cash and deposits): ₩3.5B
Shares: 18,616,563
Share price: ₩115,200
Market cap: ₩2.1T

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	₩0	₩0	₩7.5B	₩3.7B	₩3.5B	₩3.4B	₩3.4B	₩3.5B
Growth	—	—	—	−10.0%	−6.7%	−3.5%	−0.2%	3.0%
EBIT	−₩31B	−₩36B	−₩54B	−₩749M	−₩699M	−₩675M	−₩673M	−₩693M
EBIT margin	—	—	−723.9%	−20.0%	−20.0%	−20.0%	−20.0%	−20.0%
After-tax EBIT	−₩23B	−₩26B	−₩39B	−₩543M	−₩507M	−₩489M	−₩488M	−₩503M
+ Depreciation	—	—	—	₩671M	₩626M	₩604M	₩602M	₩621M
− Capital spending	₩1.1B	₩1.2B	₩1.7B	₩839M	₩783M	₩755M	₩754M	₩777M
− Working capital	₩2.9B	−₩3B	₩46B	−₩166M	−₩100M	−₩49M	−₩2.7M	₩40M
Free cash flow	—	—	—	−₩545M	−₩564M	−₩592M	−₩637M	−₩699M
Discount factor	—	—	—	0.923	0.852	0.787	0.727	0.671
Present value	—	—	—	−₩503M	−₩480M	−₩466M	−₩463M	−₩469M

Terminal value −₩9.6B, worth −₩6.4B today: 73% 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 ₩3,716 a share)Now 31.0×	₩33,3348.97×	₩101,69427.4×	₩241,04164.9×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2022, 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%
7.3%	—	—	—	—	—
7.8%	—	—	—	—	—
8.3%	—	—	—	—	—
8.8%	—	—	—	—	—
9.3%	—	—	—	—	—

Now (TTM)

Market cap: ₩2.1T
Enterprise value: ₩2.1T
P/E: —
P/B: 31.0×
P/S: 515.3×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022
Price	₩217,500	₩80,000	₩54,000	₩28,626
Market cap	₩4T	₩1.5T	₩1T	₩533B
P/E	—	—	—	—
P/B	39.0×	22.4×	12.4×	15.6×
P/S	539.0×	—	—	54.6×
EV/EBITDA	—	—	—	—
Dividend yield	0.0%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Voronoi	—	31.0×	515.3×	—	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: Voronoi / 보로노이 / 310210 / KRX:310210

Source: KRX statistical information