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Cell Bio Human Tech

318160 · KOSDAQ · ₩318160 · 셀바이오휴먼텍

₩6,100▼ ₩150 (2.40%)End-of-day · Oct 30, 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

₩18,486

vs the current price (₩6,100)

Enterprise value
₩185B
Equity value
₩174B
WACC
6.9%

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 203% 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 ₩6,100, the model needs an operating margin of 7.5% every year (it uses 15.0%).
  • Or revenue growth −26.4 points a year higher than assumed in each of the 5 years.
  • 33% 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.
  • Today's P/E is 5.4× against a typical 11.1× 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
₩10,618
+74.1%
Base
₩18,486
+203.1%
Bull
₩32,188
+427.7%

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 (15.0%).

Revenue growth

  • 25%

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

    Default: the last 2 years' revenue growth (36.7% a year, annual reports), fading to 3% by year 5.

  • 19.5%

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

    Default: the last 2 years' revenue growth (36.7% a year, annual reports), fading to 3% by year 5.

  • 14%

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

    Default: the last 2 years' revenue growth (36.7% a year, annual reports), fading to 3% by year 5.

  • 8.5%

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

    Default: the last 2 years' revenue growth (36.7% 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 2 years' revenue growth (36.7% a year, annual reports), fading to 3% by year 5.

Business

  • 15%

    Operating profit as a share of revenue.

    Default: through-the-cycle average of the last 12 months and the last 3 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.

  • 5%

    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).

  • 8.2%

    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).

  • 34%

    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: 104 weeks of weekly returns against KOSPI (official index); raw beta 0.22, 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)
₩61B
Net debt (borrowings and leases − cash and deposits)
₩9.1B
+ Stakes and investments
₩270M
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩2.2B
Shares
9,392,953
Share price
₩6,100
Market cap
₩57B

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₩27B₩28B₩51B₩76B₩91B₩104B₩113B₩116B
Growth—4.0%79.7%25.0%19.5%14.0%8.5%3.0%
EBIT₩3.1B₩4B₩9.3B₩11B₩14B₩16B₩17B₩17B
EBIT margin11.5%14.2%18.2%15.0%15.0%15.0%15.0%15.0%
After-tax EBIT₩2.3B₩2.9B₩6.8B₩8.3B₩9.9B₩11B₩12B₩13B
+ Depreciation₩1.5B₩1.6B₩2B₩3.8B₩4.5B₩5.2B₩5.6B₩5.8B
− Capital spending₩1.1B₩2B₩6.8B₩6.2B₩7.5B₩8.5B₩9.2B₩9.5B
− Working capital—−₩3.7B₩12B₩5.2B₩5B₩4.3B₩3B₩1.1B
Free cash flow₩2.6B₩6.2B−₩10B₩666M₩1.9B₩3.6B₩5.6B₩7.7B
Discount factor———0.9360.8760.8200.7670.718
Present value———₩623M₩1.7B₩3B₩4.3B₩5.6B

Terminal value ₩236B, worth ₩169B today: 92% 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 ₩6,537 a share)Now 0.93×₩4,6780.72×₩6,0840.93×₩10,0381.54×
Price / earnings (last 12 months: ₩1,125 a share)Now 5.42×₩6,6825.94×₩12,49011.1×₩29,01625.8×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,249 a share)Now 4.88×₩7,4215.94×₩13,87111.1×₩32,22525.8×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2023, 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%
5.9%₩19,885₩21,849₩24,318₩27,519₩31,834
6.4%₩17,637₩19,175₩21,064₩23,438₩26,515
6.9%₩15,778₩17,007₩18,486₩20,302₩22,584
7.4%₩14,218₩15,215₩16,396₩17,818₩19,562
7.9%₩12,890₩13,710₩14,668₩15,803₩17,168

Now (TTM)

Market cap
₩57B
Enterprise value
₩66B
P/E
5.4×
P/B
0.9×
P/S
0.9×
EV/EBITDA
5.3×
Dividend yield
0.0%

Over time (at each year end)

202520242023
Price₩8,170₩3,150₩4,090
Market cap₩77B₩30B₩38B
P/E8.8×6.8×—
P/B1.4×0.6×0.9×
P/S1.5×1.0×1.4×
EV/EBITDA7.1×3.4×6.6×
Dividend yield0.0%——

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Cell Bio Human Tech5.4×0.9×0.9×5.3×0.0%
F&F4.6×1.2×1.2×—4.3%
LF5.7×0.4×0.3×4.6×3.2%
Chokwang Leather44.9×0.7×5.0×59.8×0.0%
Handsome7.1×0.3×0.3×—0.0%
JS4.0×0.6×0.2×—5.3%
Hansae9.3×0.4×0.2×—0.0%
Similar companies (median)6.4×0.5×0.3×32.2×1.6%

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

Also known as: Cell Bio Human Tech / 셀바이오휴먼텍 / 318160 / KRX:318160

Source: KRX statistical information