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curacle

365270 · KOSDAQ · ₩365270 · 큐라클

₩7,950▼ ₩70 (0.87%)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

₩808

vs the current price (₩7,950)

Enterprise value
−₩21M
Equity value
₩18B
WACC
9.7%

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 90% 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.
  • Margins ranged from −232,393.8% to −102.1% 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.
  • 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.

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
₩808
−89.8%
Base
₩808
−89.8%
Bull
₩808
−89.8%

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 (-87.4% 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 (-87.4% 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 (-87.4% 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 (-87.4% 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 (-87.4% 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.

  • 94.1%

    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).

  • 117.7%

    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).

  • -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.

  • 1.03

    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 1.05, 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)
₩7.1M
Net debt (borrowings and leases − cash and deposits)
−₩12B
+ Stakes and investments
₩6.1B
Associates, long-term financial assets and deposits (book value)
Shares
22,156,992
Share price
₩7,950
Market cap
₩176B

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₩10B₩1.6B₩7.1M₩6.4M₩6M₩5.8M₩5.7M₩5.9M
Growth187.3%−84.1%−99.6%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT−₩11B−₩13B−₩17B−₩1.3M−₩1.2M−₩1.2M−₩1.1M−₩1.2M
EBIT margin−102.1%−773.9%−232,393.8%−20.0%−20.0%−20.0%−20.0%−20.0%
After-tax EBIT−₩7.6B−₩9.2B−₩12B−₩926,742−₩864,650−₩834,387−₩832,718−₩857,700
+ Depreciation———₩6M₩5.6M₩5.4M₩5.4M₩5.6M
− Capital spending₩129M₩318M₩24M₩7.5M₩7M₩6.8M₩6.8M₩7M
− Working capital−₩22B−₩8.1B₩4.6B₩71,015₩42,822₩20,871₩1,151−₩17,229
Free cash flow———−₩2.5M−₩2.3M−₩2.2M−₩2.2M−₩2.2M
Discount factor———0.9120.8310.7580.6910.630
Present value———−₩2.3M−₩1.9M−₩1.7M−₩1.5M−₩1.4M

Terminal value −₩19M, worth −₩12M today: 57% 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 ₩2,108 a share)Now 3.77×₩7,0503.34×₩9,4854.50×₩17,5068.31×

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%
8.7%₩808₩808₩808₩808₩808
9.2%₩808₩808₩808₩808₩808
9.7%₩808₩808₩808₩808₩808
10.2%₩808₩808₩808₩808₩808
10.7%₩808₩808₩808₩808₩808

Now (TTM)

Market cap
₩176B
Enterprise value
₩164B
P/E
—
P/B
3.8×
P/S
24,804.5×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩7,130₩5,278₩10,196₩9,951₩19,858
Market cap₩158B₩117B₩226B₩220B₩440B
P/E—————
P/B4.3×3.9×5.4×4.8×8.0×
P/S22,246.0×71.6×21.9×61.5×70.3×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
curacle—3.8×24,804.5×—0.0%
Samsung Biologics34.7×8.2×15.1×—0.0%
Celltrion28.2×2.5×9.1×—0.0%
Alteogen76.3×27.5×58.0×—0.1%
SK biopharmaceuticals15.2×6.0×7.1×—0.0%
Yuhan23.3×2.3×2.4×30.4×0.8%
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: curacle / 큐라클 / 365270 / KRX:365270

Source: KRX statistical information