KOSDAQ · 340570 · Biotech & Pharma · ₩340570

T&L티앤엘

340570 · KOSDAQ · ₩340570 · 티앤엘

₩24,500▲ ₩500 (2.08%)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

₩70,596

vs the current price (₩24,500)

Enterprise value: ₩1.1T
Equity value: ₩1.1T
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 188% 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 ₩24,500, the model needs an operating margin of 12.0% every year (it uses 30.4%).
Or revenue growth −26.9 points a year higher than assumed in each of the 5 years.
Today's P/E is 11.4× against a typical 13.2× 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: ₩49,300; +101.2%
Base: ₩70,596; +188.1%
Bull: ₩104,790; +327.7%

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 (30.4%).

Revenue growth

Revenue growth, year 125%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (26.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 219.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (26.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 314%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (26.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 48.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (26.2% 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 (26.2% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin30.4%
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 & amortisation8.9%
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 spending11.1%
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 capital25.2%
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 0.22, 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): ₩175B
Net debt (borrowings and leases − cash and deposits): −₩32B
Shares: 16,070,120
Share price: ₩24,500
Market cap: ₩394B

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	₩115B	₩175B	₩164B	₩219B	₩262B	₩298B	₩324B	₩333B
Growth	41.5%	51.5%	−6.1%	25.0%	19.5%	14.0%	8.5%	3.0%
EBIT	₩31B	₩57B	₩46B	₩67B	₩80B	₩91B	₩98B	₩101B
EBIT margin	26.7%	32.6%	28.2%	30.4%	30.4%	30.4%	30.4%	30.4%
After-tax EBIT	₩22B	₩41B	₩34B	₩48B	₩58B	₩66B	₩71B	₩73B
+ Depreciation	—	—	—	₩19B	₩23B	₩27B	₩29B	₩30B
− Capital spending	₩15B	₩16B	₩18B	₩24B	₩29B	₩33B	₩36B	₩37B
− Working capital	₩13B	−₩12B	₩7.3B	₩11B	₩11B	₩9.2B	₩6.4B	₩2.4B
Free cash flow	—	—	—	₩32B	₩41B	₩50B	₩58B	₩64B
Discount factor	—	—	—	0.931	0.867	0.807	0.751	0.700
Present value	—	—	—	₩30B	₩36B	₩40B	₩43B	₩45B

Terminal value ₩1.3T, worth ₩908B 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 ₩13,952 a share)Now 1.76×	₩29,7212.13×	₩42,7903.07×	₩55,8814.01×
Price / earnings (last 12 months: ₩2,154 a share)Now 11.4×	₩19,6369.12×	₩28,39013.2×	₩38,56617.9×
P/E on run-rate earnings (Q2 2026 × 4: ₩873 a share)Now 28.1×	₩7,9579.12×	₩11,50513.2×	₩15,62917.9×

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%	₩73,803	₩79,776	₩87,100	₩96,293	₩108,178
6.9%	₩67,337	₩72,178	₩78,003	₩85,144	₩94,109
7.4%	₩61,887	₩65,874	₩70,596	₩76,275	₩83,239
7.9%	₩57,232	₩60,560	₩64,449	₩69,053	₩74,592
8.4%	₩53,212	₩56,022	₩59,268	₩63,060	₩67,550

Now (TTM)

Market cap: ₩394B
Enterprise value: ₩361B
P/E: 11.4×
P/B: 1.8×
P/S: 2.2×
EV/EBITDA: —
Dividend yield: 3.1%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩24,824	₩33,857	₩20,243	₩18,320	₩23,938
Market cap	₩399B	₩544B	₩325B	₩294B	₩385B
P/E	10.5×	11.7×	11.9×	13.9×	19.6×
P/B	2.0×	3.2×	2.5×	2.8×	4.3×
P/S	2.4×	3.1×	2.8×	3.6×	5.4×
EV/EBITDA	—	—	—	—	—
Dividend yield	3.1%	1.1%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
T&L	11.4×	1.8×	2.2×	—	3.1%
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: T&L / 티앤엘 / 340570 / KRX:340570

Source: KRX statistical information