KOSDAQ · 347850 · Biotech & Pharma · ₩347850

D&D Pharmatech디앤디파마텍

347850 · KOSDAQ · ₩347850 · 디앤디파마텍

₩40,800▲ ₩150 (0.37%)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

₩716

vs the current price (₩40,800)

Enterprise value: −₩4.2B
Equity value: ₩33B
WACC: 9.5%

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 98% 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:

No operating margin up to 90% gets the model to today's price at these growth assumptions.
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.
The group includes a financial business (an insurer, bank or broker), whose investments and minority shareholders are left out here. A sum-of-the-parts view usually fits groups like this better.

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: ₩733; −98.2%
Base: ₩716; −98.2%
Bull: ₩694; −98.3%

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 (−20.0%).

Revenue growth

Revenue growth, year 1-10%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-62.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-6.7%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-62.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-3.5%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-62.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 4-0.2%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-62.4% 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 1 years' revenue growth (-62.4% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-20%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 2 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 & amortisation2.1%
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 spending2.6%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 2 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 2 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.
Beta0.98
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 0.96, 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): ₩2.8B
Net debt (borrowings and leases − cash and deposits): −₩37B
Shares: 45,996,189
Share price: ₩40,800
Market cap: ₩1.9T

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.

	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩11B	₩4.3B	₩2.5B	₩2.3B	₩2.2B	₩2.2B	₩2.3B
Growth	—	−62.4%	−10.0%	−6.7%	−3.5%	−0.2%	3.0%
EBIT	−₩25B	−₩34B	−₩495M	−₩462M	−₩446M	−₩445M	−₩458M
EBIT margin	−218.7%	−791.0%	−20.0%	−20.0%	−20.0%	−20.0%	−20.0%
After-tax EBIT	−₩18B	−₩25B	−₩359M	−₩335M	−₩323M	−₩323M	−₩332M
+ Depreciation	—	—	₩52M	₩49M	₩47M	₩47M	₩48M
− Capital spending	₩416M	₩64M	₩64M	₩60M	₩58M	₩58M	₩60M
− Working capital	—	₩14B	−₩110M	−₩66M	−₩32M	−₩1.8M	₩27M
Free cash flow	—	—	−₩261M	−₩280M	−₩302M	−₩332M	−₩370M
Discount factor	—	—	0.913	0.834	0.762	0.696	0.635
Present value	—	—	−₩239M	−₩234M	−₩230M	−₩231M	−₩235M

Terminal value −₩4.8B, worth −₩3.1B today: 72% 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 ₩2,929 a share)Now 13.9×	₩18,5546.33×	₩62,50421.3×	₩165,23056.4×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2024, 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%
8.5%	₩714	₩708	₩701	₩693	₩683
9.0%	₩720	₩715	₩709	₩702	₩694
9.5%	₩726	₩721	₩716	₩710	₩703
10.0%	₩730	₩726	₩722	₩716	₩710
10.5%	₩735	₩731	₩727	₩722	₩717

Now (TTM)

Market cap: ₩1.9T
Enterprise value: ₩1.8T
P/E: —
P/B: 13.9×
P/S: 682.3×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024
Price	₩91,800	₩12,163
Market cap	₩4.2T	₩559B
P/E	—	—
P/B	53.1×	8.0×
P/S	982.5×	48.9×
EV/EBITDA	—	—
Dividend yield	0.0%	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
D&D Pharmatech	—	13.9×	682.3×	—	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: D&D Pharmatech / 디앤디파마텍 / 347850 / KRX:347850

Source: KRX statistical information