Prestige Biologics프레스티지바이오로직스
334970 · KOSDAQ · ₩334970 · 프레스티지바이오로직스
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
- −₩380B
- Equity value
- −₩470B
- WACC
- 5.7%
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.
- Margins ranged from −235,333.1% to −268.7% 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.
- 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
Sign in to change the assumptions and see the results update. Sign in
Cycle options
Margin path
Every year uses the cycle-average margin (−20.0%).
Revenue growth
- 25%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (830.3% 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 (830.3% 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 (830.3% 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 (830.3% 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 (830.3% a year, annual reports), fading to 3% by year 5.
Business
- -20%
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.
- 418.7%
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).
- 523.4%
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).
- -10%
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.
- 4.03%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-27.
- 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 0.02, 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.
- 5.53%
The interest rate the company would pay to borrow.
Default: the 10-year yield plus a 1.5% credit spread.
Starting point
- Revenue (FY 2025)
- ₩13B
- Net debt (borrowings and leases − cash and deposits)
- ₩90B
- Shares
- 77,752,637
- Share price
- ₩1,231
- Market cap
- ₩96B
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 | ₩1.7B | ₩2.2B | ₩13B | ₩16B | ₩19B | ₩21B | ₩23B | ₩24B |
| Growth | 11,015.9% | 25.4% | 477.8% | 25.0% | 19.5% | 14.0% | 8.5% | 3.0% |
| EBIT | −₩22B | −₩33B | −₩34B | −₩3.1B | −₩3.7B | −₩4.3B | −₩4.6B | −₩4.8B |
| EBIT margin | −1,277.6% | −1,541.2% | −268.7% | −20.0% | −20.0% | −20.0% | −20.0% | −20.0% |
| After-tax EBIT | −₩16B | −₩24B | −₩24B | −₩2.3B | −₩2.7B | −₩3.1B | −₩3.4B | −₩3.5B |
| + Depreciation | — | — | — | ₩66B | ₩78B | ₩89B | ₩97B | ₩100B |
| − Capital spending | ₩19B | ₩8.6B | ₩5.7B | ₩82B | ₩98B | ₩112B | ₩121B | ₩125B |
| − Working capital | −₩14B | ₩2.5B | ₩14B | −₩313M | −₩305M | −₩262M | −₩181M | −₩69M |
| Free cash flow | — | — | — | −₩18B | −₩22B | −₩25B | −₩27B | −₩28B |
| Discount factor | — | — | — | 0.946 | 0.895 | 0.846 | 0.800 | 0.757 |
| Present value | — | — | — | −₩17B | −₩20B | −₩21B | −₩22B | −₩21B |
Terminal value −₩367B, worth −₩278B 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 ₩1,739 a share)Now 0.71× | ₩2,3801.37× | ₩6,0243.46× | ₩9,3285.36× |
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% |
|---|---|---|---|---|---|
| 4.7% | — | — | — | — | — |
| 5.2% | — | — | — | — | — |
| 5.7% | — | — | — | — | — |
| 6.2% | — | — | — | — | — |
| 6.7% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩96B
- Enterprise value
- ₩186B
- P/E
- —
- P/B
- 0.7×
- P/S
- 7.6×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Price | ₩3,035 | ₩5,090 | ₩4,400 | ₩3,020 | ₩9,600 |
| Market cap | ₩236B | ₩396B | ₩342B | ₩235B | ₩746B |
| P/E | — | — | — | — | — |
| P/B | 1.7× | 5.5× | 3.4× | 2.0× | 7.0× |
| P/S | 18.8× | 182.5× | 197.7× | 15,085.3× | 231.3× |
| EV/EBITDA | — | — | — | — | — |
| Dividend yield | 0.0% | — | — | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Prestige Biologics | — | 0.7× | 7.6× | — | 0.0% |
| 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: Prestige Biologics / 프레스티지바이오로직스 / 334970 / KRX:334970
Source: KRX statistical information