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Easy Bio

353810 · KOSDAQ · ₩353810 · 이지바이오

₩5,260▼ ₩90 (1.68%)End-of-day · Oct 30, 2026 · End-of-day prices.
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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

₩42,433

vs the current price (₩5,260)

Enterprise value
₩1.5T
Equity value
₩1.4T
WACC
5.9%

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 707% 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 ₩5,260, the model needs an operating margin of 3.3% every year (it uses 10.6%).
  • Today's P/E is 4.4× against a typical 9.1× 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
₩21,479
+308.3%
Base
₩42,433
+706.7%
Bull
₩82,971
+1,477.4%

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 (10.6%).

Revenue growth

  • 25%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (45.3% 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 (45.3% 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 (45.3% 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 (45.3% 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 (45.3% a year, annual reports), fading to 3% by year 5.

Business

  • 10.6%

    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.

  • 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).

  • 1.2%

    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).

  • 28.1%

    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 -0.02, 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.

  • 5.51%

    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)
₩525B
Net debt (borrowings and leases − cash and deposits)
₩127B
+ Stakes and investments
₩8.7B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩5.1B
Shares
33,081,920
Share price
₩5,260
Market cap
₩174B

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.

FY2023FY2024FY2025Year 1Year 2Year 3Year 4Year 5
Revenue₩165B₩384B₩477B₩656B₩784B₩894B₩970B₩999B
Growth6.3%132.4%24.1%25.0%19.5%14.0%8.5%3.0%
EBIT₩21B₩32B₩45B₩70B₩83B₩95B₩103B₩106B
EBIT margin12.5%8.4%9.4%10.6%10.6%10.6%10.6%10.6%
After-tax EBIT₩15B₩23B₩33B₩50B₩60B₩69B₩75B₩77B
+ Depreciation———₩6.6B₩7.8B₩8.9B₩9.7B₩10B
− Capital spending₩2B₩4.3B₩6.3B₩7.9B₩9.4B₩11B₩12B₩12B
− Working capital₩23B₩33B−₩30B₩37B₩36B₩31B₩21B₩8.2B
Free cash flow———₩12B₩23B₩36B₩51B₩67B
Discount factor———0.9440.8920.8420.7950.751
Present value———₩12B₩20B₩30B₩41B₩50B

Terminal value ₩1.8T, worth ₩1.4T today: 90% 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:

LowTypicalHigh
Price / book (book value ₩3,838 a share)Now 1.37×₩6,9191.80×₩8,8912.32×₩13,5513.53×
Price / earnings (last 12 months: ₩1,204 a share)Now 4.37×₩7,5216.25×₩10,9699.11×₩18,48215.4×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,233 a share)Now 4.27×₩7,7026.25×₩11,2339.11×₩18,92615.4×

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%
4.9%₩45,913₩51,756₩59,598₩70,682₩87,558
5.4%₩39,806₩44,146₩49,751₩57,271₩67,900
5.9%₩34,953₩38,272₩42,433₩47,805₩55,014
6.4%₩31,004₩33,603₩36,784₩40,770₩45,918
6.9%₩27,731₩29,804₩32,293₩35,339₩39,157

Now (TTM)

Market cap
₩174B
Enterprise value
₩301B
P/E
4.4×
P/B
1.4×
P/S
0.3×
EV/EBITDA
—
Dividend yield
4.8%

Over time (at each year end)

20252024202320222021
Price₩5,810₩4,210₩3,620₩4,025₩4,735
Market cap₩192B₩139B₩120B₩133B₩157B
P/E6.9×7.1×7.7×14.6×14.4×
P/B1.8×1.7×1.9×2.7×3.6×
P/S0.4×0.4×0.7×0.9×1.2×
EV/EBITDA—————
Dividend yield4.3%4.8%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Easy Bio4.4×1.4×0.3×—4.8%
Samyang Foods17.6×5.6×3.1×—0.4%
Orion10.8×1.1×1.3×5.4×3.0%
CJ Cheiljedang—0.3×0.1×—3.5%
Nongshim12.3×0.8×0.7×—1.5%
Otoki17.4×0.6×0.3×—2.8%
Hite Jinro23.7×1.0×0.5×6.4×4.4%
Similar companies (median)17.4×0.9×0.6×5.9×2.9%

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

Also known as: Easy Bio / 이지바이오 / 353810 / KRX:353810

Source: KRX statistical information