Celestra셀레스트라
352770 · KOSDAQ · ₩352770 · 셀레스트라
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
- —
- Equity value
- —
- WACC
- 0.0%
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 −386.5% to 41.4% 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.
- 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
- —
- 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
- -10%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-55.7% a year, annual reports), fading to 3% by year 5.
- -6.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-55.7% a year, annual reports), fading to 3% by year 5.
- -3.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-55.7% a year, annual reports), fading to 3% by year 5.
- -0.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-55.7% 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 (-55.7% 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.
- 31.6%
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).
- 4%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: not in the statements, so a typical level.
- -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.
- 4.01%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-30.
- 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 0.03, 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.
- 5.51%
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)
- −₩158M
- Net debt (borrowings and leases − cash and deposits)
- ₩3.7B
- Shares
- 2,592,407
- Share price
- ₩5,250
- Market cap
- ₩14B
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.
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 |
|---|
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% |
|---|---|---|---|---|---|
| −1.0% | — | — | — | — | — |
| −0.5% | — | — | — | — | — |
| 0.0% | — | — | — | — | — |
| 0.5% | — | — | — | — | — |
| 1.0% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩14B
- Enterprise value
- ₩16B
- P/E
- —
- P/B
- —
- P/S
- —
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Price | ₩5,250 | ₩7,800 | ₩38,475 | ₩58,169 | ₩113,789 |
| Market cap | ₩14B | ₩20B | ₩100B | ₩151B | ₩295B |
| P/E | — | — | — | — | 18.6× |
| P/B | — | 3.7× | 2.6× | 2.8× | 5.0× |
| P/S | 6.8× | 2.4× | 8.7× | 6.5× | 5.3× |
| EV/EBITDA | — | — | — | — | 11.4× |
| Dividend yield | 0.0% | — | — | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Celestra | — | — | — | — | 0.0% |
| Samsung Biologics | 34.7× | 8.2× | 15.1× | — | 0.0% |
| Celltrion | 28.2× | 2.5× | 9.1× | — | 0.0% |
| Alteogen | 76.3× | 27.5× | 58.0× | — | 0.1% |
| SK biopharmaceuticals | 15.2× | 6.0× | 7.1× | — | 0.0% |
| Yuhan | 23.3× | 2.3× | 2.4× | 30.4× | 0.8% |
| HLB | — | 15.5× | 54.7× | — | 0.0% |
| Similar companies (median) | 28.2× | 7.1× | 12.1× | 30.4× | 0.0% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Celestra / 셀레스트라 / 352770 / KRX:352770
Source: KRX statistical information