KOSDAQ · 344860 · Cosmetics · ₩344860

Innogene이노진

344860 · KOSDAQ · ₩344860 · 이노진

₩1,483▲ ₩18 (1.23%)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

₩650

vs the current price (₩1,483)

Enterprise value: ₩8.2B
Equity value: ₩9.8B
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 56% 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 ₩1,483, the model needs an operating margin of 15.0% every year (it uses 6.4%).
Or revenue growth +38.4 points a year higher than assumed in each of the 5 years.
Margins ranged from 0.1% to 16.3% over the last 4 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.

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: ₩409; −72.4%
Base: ₩650; −56.2%
Bull: ₩1,084; −26.9%

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 (6.4%).

Revenue growth

Revenue growth, year 1-3.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-1.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-0.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 41.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3.5% 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 (-3.5% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin6.4%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 4 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 & amortisation2.5%
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).
Capital spending1.8%
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 capital40%
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 0.02, 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): ₩12B
Net debt (borrowings and leases − cash and deposits): −₩1.6B
Shares: 15,030,000
Share price: ₩1,483
Market cap: ₩22B

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	₩10B	₩8.9B	₩8.2B	₩12B	₩11B	₩11B	₩11B	₩12B
Growth	10.5%	−11.4%	−8.2%	−3.5%	−1.9%	−0.2%	1.4%	3.0%
EBIT	₩1.2B	₩630M	₩4.5M	₩737M	₩723M	₩722M	₩732M	₩754M
EBIT margin	12.1%	7.0%	0.1%	6.4%	6.4%	6.4%	6.4%	6.4%
After-tax EBIT	₩889M	₩457M	₩3.3M	₩535M	₩524M	₩523M	₩531M	₩547M
+ Depreciation	₩228M	₩221M	₩224M	₩288M	₩283M	₩282M	₩286M	₩294M
− Capital spending	—	₩0	₩293M	₩207M	₩203M	₩203M	₩206M	₩212M
− Working capital	₩9.4B	₩737M	−₩3.2B	−₩167M	−₩88M	−₩9M	₩63M	₩137M
Free cash flow	—	−₩59M	₩3.1B	₩782M	₩691M	₩611M	₩548M	₩492M
Discount factor	—	—	—	0.931	0.867	0.807	0.751	0.700
Present value	—	—	—	₩728M	₩599M	₩493M	₩411M	₩344M

Terminal value ₩8B, worth ₩5.6B today: 68% 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 ₩802 a share)Now 1.85×	₩1,1391.42×	₩1,4831.85×	₩2,4223.02×

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%
6.4%	₩711	₩733	₩760	₩793	₩837
6.9%	₩663	₩680	₩699	₩723	₩752
7.4%	₩623	₩635	₩650	₩667	₩687
7.9%	₩589	₩598	₩608	₩620	₩635
8.4%	₩559	₩566	₩573	₩582	₩592

Now (TTM)

Market cap: ₩22B
Enterprise value: ₩21B
P/E: —
P/B: 1.8×
P/S: 1.9×
EV/EBITDA: —
Dividend yield: 6.1%

Over time (at each year end)

	2025	2024	2023	2022
Price	₩1,864	₩1,481	₩2,740	₩3,174
Market cap	₩28B	₩22B	₩41B	₩48B
P/E	97.3×	23.6×	29.5×	35.6×
P/B	2.0×	1.3×	2.6×	7.1×
P/S	3.4×	2.5×	4.1×	5.2×
EV/EBITDA	117.8×	25.2×	27.7×	27.3×
Dividend yield	4.8%	5.4%	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Innogene	—	1.8×	1.9×	—	6.1%
APR	24.1×	16.1×	4.5×	23.7×	1.8%
Amorepacific	25.4×	1.3×	1.6×	—	1.0%
LG H&H	—	0.7×	0.6×	6.8×	0.8%
Cosmax	16.2×	4.6×	1.1×	13.8×	1.3%
Kolmar Korea	15.0×	2.8×	0.9×	—	0.7%
d'Alba Global	16.8×	7.2×	2.9×	—	1.8%
Similar companies (median)	16.8×	3.7×	1.4×	13.8×	1.1%

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

Also known as: Innogene / 이노진 / 344860 / KRX:344860

Source: KRX statistical information