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SK biopharmaceuticals

326030 · KOSPI · ₩326030 · SK바이오팜

₩77,800▲ ₩2,600 (3.46%)End-of-day · Oct 29, 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

₩38,688

vs the current price (₩77,800)

Enterprise value
₩2.7T
Equity value
₩3T
WACC
7.4%

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 50% 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 ₩77,800, the model needs an operating margin of 30.0% every year (it uses 14.6%).
  • Or revenue growth +20.8 points a year higher than assumed in each of the 5 years.
  • Margins ranged from −53.2% to 28.9% 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.
  • 45% 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.

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
₩26,172
−66.4%
Base
₩38,688
−50.3%
Bull
₩59,332
−23.7%

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 (14.6%).

Revenue growth

  • 25%

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

    Default: the last 3 years' revenue growth (42.1% 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 3 years' revenue growth (42.1% 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 3 years' revenue growth (42.1% 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 3 years' revenue growth (42.1% 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 3 years' revenue growth (42.1% a year, annual reports), fading to 3% by year 5.

Business

  • 14.6%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 2%

    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).

  • 2.5%

    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).

  • 13.9%

    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.

  • 4.08%

    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: 105 weeks of weekly returns against KOSPI (official index); raw beta 0.25, 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)
₩861B
Net debt (borrowings and leases − cash and deposits)
−₩333B
+ Stakes and investments
₩19B
Associates, long-term financial assets and deposits (book value)
Shares
78,313,250
Share price
₩77,800
Market cap
₩6.1T

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.

FY2023FY2024FY2025Year 1Year 2Year 3Year 4Year 5
Revenue₩355B₩548B₩707B₩1.1T₩1.3T₩1.5T₩1.6T₩1.6T
Growth44.2%54.3%29.1%25.0%19.5%14.0%8.5%3.0%
EBIT−₩38B₩96B₩204B₩157B₩188B₩214B₩232B₩239B
EBIT margin−10.6%17.6%28.9%14.6%14.6%14.6%14.6%14.6%
After-tax EBIT−₩27B₩70B₩148B₩114B₩136B₩155B₩168B₩174B
+ Depreciation———₩22B₩26B₩29B₩32B₩33B
− Capital spending₩3.2B₩13B₩30B₩27B₩32B₩37B₩40B₩41B
− Working capital−₩165B₩25B−₩2.8B₩30B₩29B₩25B₩17B₩6.6B
Free cash flow———₩79B₩101B₩123B₩143B₩159B
Discount factor———0.9310.8670.8080.7520.700
Present value———₩73B₩87B₩99B₩108B₩111B

Terminal value ₩3.1T, worth ₩2.2T 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:

LowTypicalHigh
Price / book (book value ₩13,047 a share)Now 5.96×₩119,1379.13×₩206,56615.8×₩332,70425.5×

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%
6.4%₩40,332₩43,298₩46,938₩51,514₩57,439
6.9%₩37,100₩39,499₩42,389₩45,935₩50,393
7.4%₩34,377₩36,350₩38,688₩41,503₩44,959
7.9%₩32,053₩33,698₩35,620₩37,898₩40,641
8.4%₩30,047₩31,433₩33,036₩34,909₩37,129

Now (TTM)

Market cap
₩6.1T
Enterprise value
₩5.7T
P/E
15.2×
P/B
6.0×
P/S
7.1×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩124,600₩111,100₩100,400₩72,100₩97,200
Market cap₩9.8T₩8.7T₩7.9T₩5.6T₩7.6T
P/E36.6×36.1×——117.4×
P/B12.0×15.9×27.7×17.8×17.1×
P/S13.8×15.9×22.2×22.9×18.2×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
SK biopharmaceuticals15.2×6.0×7.1×—0.0%
Samsung Biologics31.9×7.6×13.9×—0.0%
Celltrion27.9×2.5×9.0×—0.0%
Alteogen79.4×28.6×60.3×—0.1%
Yuhan23.2×2.3×2.4×30.2×0.8%
HLB—15.4×54.3×—0.0%
Hanmi Pharm22.9×3.5×3.0×11.8×0.5%
Similar companies (median)27.9×5.6×11.4×21.0×0.1%

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

Also known as: SK biopharmaceuticals / SK바이오팜 / 326030 / KRX:326030

Source: KRX statistical information