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Shaperon

378800 · KOSDAQ · ₩378800 · 샤페론

₩2,350▲ ₩5 (0.21%)End-of-day · Oct 28, 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

₩1,113

vs the current price (₩2,350)

Enterprise value
−₩7.9B
Equity value
₩10B
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 53% 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 −85,523.5% to −551.5% 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.
  • 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
₩1,301
−44.7%
Base
₩1,113
−52.6%
Bull
₩833
−64.6%

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

Start from

Preliminary results are the company's early announcement of a quarter's sales and operating profit, before the full report. Including them swaps that quarter in for the same quarter a year earlier.

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 (-51.5% 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 (-51.5% 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 (-51.5% 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 (-51.5% 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 (-51.5% 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 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.

  • 1,136.4%

    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).

  • 1,420.5%

    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: 105 weeks of weekly returns against KOSPI (official index); raw beta 0.25, 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)
₩323M
Net debt (borrowings and leases − cash and deposits)
−₩18B
Shares
9,248,606
Share price
₩2,350
Market cap
₩22B

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₩215M₩18M₩228M₩290M₩271M₩261M₩261M₩269M
Growth−89.2%−91.8%1,186.7%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT−₩13B−₩15B−₩16B−₩58M−₩54M−₩52M−₩52M−₩54M
EBIT margin−6,145.5%−85,523.5%−6,952.9%−20.0%−20.0%−20.0%−20.0%−20.0%
After-tax EBIT−₩9.6B−₩11B−₩11B−₩42M−₩39M−₩38M−₩38M−₩39M
+ Depreciation———₩3.3B₩3.1B₩3B₩3B₩3.1B
− Capital spending₩1.9B₩564M₩405M₩4.1B₩3.8B₩3.7B₩3.7B₩3.8B
− Working capital−₩27B−₩454M−₩71M₩3.2M₩1.9M₩948,030₩52,277−₩782,588
Free cash flow———−₩870M−₩811M−₩781M−₩779M−₩802M
Discount factor———0.9310.8670.8080.7520.700
Present value———−₩810M−₩703M−₩631M−₩586M−₩561M

Terminal value −₩6.5B, worth −₩4.6B today: 58% 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 ₩2,057 a share)Now 1.14×₩2,5351.23×₩14,3136.96×₩25,47712.4×

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%₩1,085₩1,030₩962₩877₩767
6.9%₩1,144₩1,099₩1,045₩979₩895
7.4%₩1,194₩1,157₩1,113₩1,060₩995
7.9%₩1,238₩1,207₩1,170₩1,127₩1,075
8.4%₩1,275₩1,249₩1,218₩1,183₩1,140

Now (TTM)

Market cap
₩22B
Enterprise value
₩3.6B
P/E
—
P/B
1.1×
P/S
67.4×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

2025202420232022
Price₩8,700₩15,395₩16,538₩31,229
Market cap₩80B₩142B₩153B₩289B
P/E————
P/B3.3×8.9×8.1×9.9×
P/S353.2×8,042.0×710.6×144.4×
EV/EBITDA————
Dividend yield0.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Shaperon—1.1×67.4×—0.0%
Samsung Biologics32.0×7.6×14.0×—0.0%
Celltrion27.9×2.5×9.0×—0.0%
Alteogen80.5×29.0×61.2×—0.1%
SK biopharmaceuticals14.7×5.8×6.8×—0.0%
Yuhan24.0×2.4×2.5×31.3×0.8%
HLB—15.7×55.6×—0.0%
Similar companies (median)27.9×6.7×11.5×31.3×0.0%

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

Also known as: Shaperon / 샤페론 / 378800 / KRX:378800

Source: KRX statistical information