Rokit Healthcare로킷헬스케어
376900 · KOSDAQ · ₩376900 · 로킷헬스케어
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
- −₩146B
- Equity value
- −₩91B
- 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 gives no positive value at these assumptions. What we can see:
- To match today's price of ₩19,450, the model needs an operating margin of 37.0% every year (it uses −20.0%).
- Margins ranged from −59.4% to 1.7% over the last 3 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
- —
- 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
- 25%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (45.4% 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 2 years' revenue growth (45.4% 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 2 years' revenue growth (45.4% 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 2 years' revenue growth (45.4% 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 2 years' revenue growth (45.4% 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 3 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.
- 4.5%
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).
- 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).
- -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.
- 4.08%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-29.
- 0.6
How much the share moves when the market moves: 1 means just like the market.
Default: 76 weeks of weekly returns against KOSPI (official index); raw beta -0.04, 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.
- 5.58%
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)
- ₩33B
- Net debt (borrowings and leases − cash and deposits)
- −₩38B
- + Stakes and investments
- ₩16B
- Associates, long-term financial assets and deposits (book value)
- Shares
- 17,493,263
- Share price
- ₩19,450
- Market cap
- ₩340B
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 | ₩12B | ₩13B | ₩26B | ₩41B | ₩49B | ₩56B | ₩61B | ₩62B |
| Growth | — | 5.6% | 100.2% | 25.0% | 19.5% | 14.0% | 8.5% | 3.0% |
| EBIT | −₩7.4B | −₩5.6B | ₩453M | −₩8.2B | −₩9.8B | −₩11B | −₩12B | −₩12B |
| EBIT margin | −59.4% | −42.5% | 1.7% | −20.0% | −20.0% | −20.0% | −20.0% | −20.0% |
| After-tax EBIT | −₩5.3B | −₩4B | ₩328M | −₩5.9B | −₩7.1B | −₩8.1B | −₩8.8B | −₩9.1B |
| + Depreciation | ₩792M | ₩674M | ₩483M | ₩1.8B | ₩2.2B | ₩2.5B | ₩2.7B | ₩2.8B |
| − Capital spending | ₩296M | ₩196M | ₩536M | ₩820M | ₩980M | ₩1.1B | ₩1.2B | ₩1.2B |
| − Working capital | — | ₩7.9B | ₩72B | −₩820M | −₩800M | −₩686M | −₩475M | −₩182M |
| Free cash flow | −₩4.9B | −₩11B | −₩72B | −₩4.1B | −₩5.1B | −₩6B | −₩6.8B | −₩7.3B |
| Discount factor | — | — | — | 0.931 | 0.867 | 0.808 | 0.752 | 0.700 |
| Present value | — | — | — | −₩3.8B | −₩4.4B | −₩4.9B | −₩5.1B | −₩5.1B |
Terminal value −₩175B, worth −₩122B today: 84% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.
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% | — | — | — | — | — |
| 6.9% | — | — | — | — | — |
| 7.4% | — | — | — | — | — |
| 7.9% | — | — | — | — | — |
| 8.4% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩340B
- Enterprise value
- ₩302B
- P/E
- —
- P/B
- 50.2×
- P/S
- 10.4×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | |
|---|---|
| Price | ₩65,500 |
| Market cap | ₩1.1T |
| P/E | — |
| P/B | 99.1× |
| P/S | 43.7× |
| EV/EBITDA | 1,217.6× |
| Dividend yield | 0.0% |
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Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Rokit Healthcare | — | 50.2× | 10.4× | — | 0.0% |
| Samsung Biologics | 31.9× | 7.6× | 13.9× | — | 0.0% |
| Celltrion | 27.9× | 2.5× | 9.0× | — | 0.0% |
| Alteogen | 79.4× | 28.6× | 60.3× | — | 0.1% |
| SK biopharmaceuticals | 15.2× | 6.0× | 7.1× | — | 0.0% |
| Yuhan | 23.2× | 2.3× | 2.4× | 30.2× | 0.8% |
| HLB | — | 15.4× | 54.3× | — | 0.0% |
| Similar companies (median) | 27.9× | 6.8× | 11.4× | 30.2× | 0.0% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Rokit Healthcare / 로킷헬스케어 / 376900 / KRX:376900
Source: KRX statistical information