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BioNote

377740 · KOSPI · ₩377740 · 바이오노트

₩4,555▼ ₩40 (0.87%)End-of-day · Oct 27, 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

₩2,276

vs the current price (₩4,555)

Enterprise value
₩168B
Equity value
₩232B
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 is 50% 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 ₩4,555, the model needs an operating margin of 31.7% every year (it uses 14.1%).
  • Or revenue growth +24.9 points a year higher than assumed in each of the 5 years.
  • Margins ranged from −52.2% to 61.6% over the last 4 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
₩1,716
−62.3%
Base
₩2,276
−50.0%
Bull
₩3,231
−29.1%

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 (14.1%).

Revenue growth

  • -10%

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

    Default: the last 3 years' revenue growth (-37.3% 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 (-37.3% 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 (-37.3% 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 (-37.3% 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 (-37.3% a year, annual reports), fading to 3% by year 5.

Business

  • 14.1%

    Operating profit as a share of revenue.

    Default: through-the-cycle average of the last 12 months and the last 4 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.

  • 5.9%

    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).

  • 7.4%

    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).

  • 40%

    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.

  • 4.11%

    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.

  • 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 0.04, 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.

  • 5.61%

    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)
₩126B
Net debt (borrowings and leases − cash and deposits)
−₩64B
Shares
101,886,048
Share price
₩4,555
Market cap
₩464B

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₩90B₩103B₩118B₩114B₩106B₩102B₩102B₩105B
Growth−81.2%14.1%15.1%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT−₩47B₩12B₩17B₩16B₩15B₩14B₩14B₩15B
EBIT margin−52.2%11.9%14.1%14.1%14.1%14.1%14.1%14.1%
After-tax EBIT−₩34B₩8.9B₩12B₩12B₩11B₩10B₩10B₩11B
+ Depreciation———₩6.7B₩6.3B₩6B₩6B₩6.2B
− Capital spending₩4.5B₩10B₩8.3B₩8.4B₩7.9B₩7.6B₩7.6B₩7.8B
− Working capital₩200B₩27B₩51B−₩5.1B−₩3B−₩1.5B−₩82M₩1.2B
Free cash flow———₩15B₩12B₩10B₩9B₩8B
Discount factor———0.9310.8670.8070.7510.700
Present value———₩14B₩11B₩8.4B₩6.8B₩5.6B

Terminal value ₩175B, worth ₩123B today: 73% 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 ₩15,220 a share)Now 0.30×₩4,0990.27×₩4,6750.31×₩5,3190.35×
P/E on run-rate earnings (Q2 2026 × 4: ₩356 a share)Now 12.8×₩5001.41×₩7622.14×₩3,70410.4×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2023, 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%
6.4%₩2,388₩2,497₩2,630₩2,797₩3,013
6.9%₩2,245₩2,331₩2,435₩2,562₩2,721
7.4%₩2,123₩2,193₩2,276₩2,375₩2,496
7.9%₩2,020₩2,077₩2,143₩2,222₩2,316
8.4%₩1,930₩1,977₩2,031₩2,095₩2,170

Now (TTM)

Market cap
₩464B
Enterprise value
₩397B
P/E
—
P/B
0.3×
P/S
3.7×
EV/EBITDA
—
Dividend yield
5.0%

Over time (at each year end)

2025202420232022
Price₩5,470₩4,710₩4,245₩8,580
Market cap₩557B₩480B₩433B₩874B
P/E—8.7×—2.8×
P/B0.4×0.3×0.3×0.5×
P/S4.7×4.7×4.8×1.8×
EV/EBITDA————
Dividend yield4.2%4.2%——

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
BioNote—0.3×3.7×—5.0%
Samsung Biologics32.1×7.6×14.0×—0.0%
Celltrion27.8×2.4×8.9×—0.0%
Alteogen78.8×28.4×59.9×—0.1%
Yuhan24.8×2.5×2.6×32.5×0.8%
SK biopharmaceuticals14.6×5.7×6.8×—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: BioNote / 바이오노트 / 377740 / KRX:377740

Source: KRX statistical information