KOSDAQ · 314930 · Medical & precision devices · ₩314930

Biodyne바이오다인

314930 · KOSDAQ · ₩314930 · 바이오다인

₩5,890▲ ₩120 (2.08%)End-of-day · Oct 30, 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

₩209

vs the current price (₩5,890)

Enterprise value: −₩16B
Equity value: ₩6.2B
WACC: 7.3%

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 is 96% 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:

No operating margin up to 90% gets the model to today's price at these growth assumptions.
Margins ranged from −62.2% to 54.7% 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.
93% 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.
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: ₩309; −94.8%
Base: ₩209; −96.5%
Bull: ₩70; −98.8%

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 (−18.1%).

Revenue growth

Revenue growth, year 1-10%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-16.8% 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 3 years' revenue growth (-16.8% 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 3 years' revenue growth (-16.8% 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 3 years' revenue growth (-16.8% 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 (-16.8% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-18.1%
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.
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 & amortisation13.8%
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).
Capital spending35.6%
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 capital18.5%
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

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 rate4.01%
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.
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 0.3, 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)5.51%
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): ₩5.8B
Net debt (borrowings and leases − cash and deposits): −₩15B
+ Stakes and investments: ₩7.9B; Associates, long-term financial assets and deposits (book value)
Shares: 29,764,103
Share price: ₩5,890
Market cap: ₩175B

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	₩4.1B	₩5.3B	₩7B	₩5.2B	₩4.8B	₩4.7B	₩4.7B	₩4.8B
Growth	−66.5%	28.9%	33.3%	−10.0%	−6.7%	−3.5%	−0.2%	3.0%
EBIT	−₩2.1B	−₩1.7B	₩652M	−₩941M	−₩878M	−₩847M	−₩845M	−₩871M
EBIT margin	−50.2%	−32.8%	9.3%	−18.1%	−18.1%	−18.1%	−18.1%	−18.1%
After-tax EBIT	−₩1.5B	−₩1.3B	₩473M	−₩682M	−₩636M	−₩614M	−₩613M	−₩631M
+ Depreciation	₩818M	₩768M	₩476M	₩717M	₩669M	₩646M	₩644M	₩664M
− Capital spending	₩670M	₩539M	₩5.6B	₩1.9B	₩1.7B	₩1.7B	₩1.7B	₩1.7B
− Working capital	−₩10B	−₩304M	₩1.3B	−₩107M	−₩64M	−₩31M	−₩1.7M	₩26M
Free cash flow	₩8.8B	−₩722M	−₩6B	−₩1.7B	−₩1.6B	−₩1.6B	−₩1.6B	−₩1.7B
Discount factor	—	—	—	0.932	0.868	0.809	0.754	0.703
Present value	—	—	—	−₩1.6B	−₩1.4B	−₩1.3B	−₩1.2B	−₩1.2B

Terminal value −₩14B, worth −₩9.7B today: 59% 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 ₩1,478 a share)Now 3.98×	₩6,1714.17×	₩9,9336.72×	₩15,89710.8×

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%
6.3%	₩194	₩156	₩108	₩48	—
6.8%	₩233	₩202	₩163	₩116	₩57
7.3%	₩266	₩240	₩209	₩171	₩124
7.8%	₩294	₩272	₩246	₩216	₩178
8.3%	₩319	₩300	₩278	₩253	₩222

Now (TTM)

Market cap: ₩175B
Enterprise value: ₩161B
P/E: 222.5×
P/B: 4.0×
P/S: 30.4×
EV/EBITDA: 311.8×
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩13,500	₩16,100	₩13,509	₩4,739	₩6,942
Market cap	₩402B	₩479B	₩402B	₩141B	₩207B
P/E	471.8×	44,493.5×	—	25.1×	—
P/B	9.1×	11.1×	9.3×	3.2×	5.4×
P/S	57.2×	90.9×	98.3×	11.6×	54.9×
EV/EBITDA	342.0×	—	—	17.6×	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Biodyne	222.5×	4.0×	30.4×	311.8×	0.0%
TSE	23.5×	5.2×	4.3×	—	0.2%
Kctech	19.8×	3.0×	3.6×	15.3×	0.5%
Classys	12.4×	3.1×	4.6×	9.7×	3.8%
Park Systems	66.3×	4.5×	7.9×	—	0.2%
DI	37.8×	5.2×	2.3×	—	0.6%
LivsMed	—	6.1×	19.4×	—	0.0%
Similar companies (median)	23.5×	4.8×	4.5×	12.5×	0.4%

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

Also known as: Biodyne / 바이오다인 / 314930 / KRX:314930

Source: KRX statistical information