KOSDAQ · 314140 · Biotech & Pharma · ₩314140

RPbio알피바이오

314140 · KOSDAQ · ₩314140 · 알피바이오

₩5,270▼ ₩30 (0.57%)End-of-day · Oct 27, 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

₩7,435

vs the current price (₩5,270)

Enterprise value: ₩68B
Equity value: ₩64B
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 is 41% 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 ₩5,270, the model needs an operating margin of 3.5% every year (it uses 4.5%).
Or revenue growth −8.3 points a year higher than assumed in each of the 5 years.
Today's P/E is 6.8× against a typical 18.0× 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: ₩2,099; −60.2%
Base: ₩7,435; +41.1%
Bull: ₩17,134; +225.1%

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 (4.5%).

Revenue growth

Revenue growth, year 1-0.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-0.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 20.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-0.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 31.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-0.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 42.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-0.5% 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 (-0.5% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin4.5%
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 & amortisation4.4%
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 spending5.5%
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 capital8.2%
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

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 rate4.11%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-28.
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 0.11, 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)5.61%
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): ₩141B
Net debt (borrowings and leases − cash and deposits): ₩4B
Shares: 8,666,361
Share price: ₩5,270
Market cap: ₩46B

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	₩151B	₩124B	₩136B	₩141B	₩141B	₩143B	₩146B	₩151B
Growth	9.4%	−17.9%	9.9%	−0.5%	0.4%	1.3%	2.1%	3.0%
EBIT	₩6.6B	−₩694M	₩5.1B	₩6.3B	₩6.4B	₩6.4B	₩6.6B	₩6.8B
EBIT margin	4.4%	−0.6%	3.7%	4.5%	4.5%	4.5%	4.5%	4.5%
After-tax EBIT	₩4.8B	−₩503M	₩3.7B	₩4.6B	₩4.6B	₩4.7B	₩4.8B	₩4.9B
+ Depreciation	—	—	—	₩6.2B	₩6.2B	₩6.3B	₩6.4B	₩6.6B
− Capital spending	₩11B	₩6B	₩5.6B	₩7.7B	₩7.8B	₩7.9B	₩8B	₩8.3B
− Working capital	−₩22B	₩18B	−₩575M	−₩58M	₩46M	₩151M	₩246M	₩359M
Free cash flow	—	—	—	₩3.1B	₩3B	₩2.9B	₩2.9B	₩2.9B
Discount factor	—	—	—	0.933	0.871	0.813	0.759	0.708
Present value	—	—	—	₩2.9B	₩2.6B	₩2.4B	₩2.2B	₩2.1B

Terminal value ₩79B, worth ₩56B today: 82% 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 ₩13,472 a share)Now 0.39×	₩5,9400.44×	₩7,9050.59×	₩16,0901.19×
Price / earnings (last 12 months: ₩776 a share)Now 6.79×	₩6,3508.18×	₩13,96218.0×	₩25,23332.5×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,371 a share)Now 3.84×	₩11,2188.18×	₩24,66318.0×	₩44,57332.5×

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%
6.1%	₩7,925	₩8,595	₩9,426	₩10,484	₩11,876
6.6%	₩7,144	₩7,677	₩8,323	₩9,124	₩10,143
7.1%	₩6,491	₩6,922	₩7,435	₩8,058	₩8,830
7.6%	₩5,937	₩6,290	₩6,705	₩7,200	₩7,800
8.1%	₩5,462	₩5,755	₩6,096	₩6,495	₩6,972

Now (TTM)

Market cap: ₩46B
Enterprise value: ₩46B
P/E: 6.8×
P/B: 0.4×
P/S: 0.3×
EV/EBITDA: —
Dividend yield: 0.9%

Over time (at each year end)

	2025	2024	2023	2022
Price	₩7,400	₩5,050	₩8,650	₩12,550
Market cap	₩64B	₩44B	₩75B	₩109B
P/E	13.7×	—	13.8×	25.2×
P/B	0.6×	0.4×	0.7×	1.2×
P/S	0.5×	0.4×	0.5×	0.8×
EV/EBITDA	—	—	—	—
Dividend yield	0.7%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
RPbio	6.8×	0.4×	0.3×	—	0.9%
Samsung Biologics	32.1×	7.6×	14.0×	—	0.0%
Celltrion	27.8×	2.4×	8.9×	—	0.0%
Alteogen	78.8×	28.4×	59.9×	—	0.1%
Yuhan	24.8×	2.5×	2.6×	32.5×	0.8%
SK biopharmaceuticals	14.6×	5.7×	6.8×	—	0.0%
HLB	—	15.4×	54.6×	—	0.0%
Similar companies (median)	27.8×	6.7×	11.5×	32.5×	0.0%

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

Also known as: RPbio / 알피바이오 / 314140 / KRX:314140

Source: KRX statistical information