GFC Life Science지에프씨생명과학
388610 · KOSDAQ · ₩388610 · 지에프씨생명과학
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
- ₩3.1B
- Equity value
- −₩75M
- WACC
- 6.9%
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 gives no positive value at these assumptions. What we can see:
- To match today's price of ₩4,275, the model needs an operating margin of 12.7% every year (it uses 5.6%).
- Or revenue growth +55.0 points a year higher than assumed in each of the 5 years.
- 43% of the last 12 months' net profit came from outside operations (stakes in other companies, interest, one-offs). The model adds those stakes at book value but doesn't project that income.
- 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
- ₩2,134
- −50.1%
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 (5.6%).
Revenue growth
- 5.4%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (5.4% a year, annual reports), fading to 3% by year 5.
- 4.8%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (5.4% a year, annual reports), fading to 3% by year 5.
- 4.2%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (5.4% a year, annual reports), fading to 3% by year 5.
- 3.6%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (5.4% 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 1 years' revenue growth (5.4% a year, annual reports), fading to 3% by year 5.
Business
- 5.6%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 2 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.
- 24.6%
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).
- 30.7%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 2 annual reports (cash flow statements; equipment and intangibles).
- 6.8%
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 2 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 0.08, 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)
- ₩19B
- Net debt (borrowings and leases − cash and deposits)
- ₩3.1B
- + Stakes and investments
- ₩11M
- Associates, long-term financial assets and deposits (book value)
- Shares
- 5,325,383
- Share price
- ₩4,275
- Market cap
- ₩23B
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.
| FY2024 | FY2025 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
|---|---|---|---|---|---|---|---|
| Revenue | ₩17B | ₩18B | ₩20B | ₩21B | ₩22B | ₩23B | ₩24B |
| Growth | — | 5.4% | 5.4% | 4.8% | 4.2% | 3.6% | 3.0% |
| EBIT | ₩1.7B | ₩386M | ₩1.1B | ₩1.2B | ₩1.2B | ₩1.3B | ₩1.3B |
| EBIT margin | 10.1% | 2.2% | 5.6% | 5.6% | 5.6% | 5.6% | 5.6% |
| After-tax EBIT | ₩1.2B | ₩280M | ₩823M | ₩863M | ₩899M | ₩931M | ₩959M |
| + Depreciation | — | — | ₩5B | ₩5.2B | ₩5.4B | ₩5.6B | ₩5.8B |
| − Capital spending | ₩3B | ₩7.7B | ₩6.2B | ₩6.5B | ₩6.8B | ₩7B | ₩7.3B |
| − Working capital | — | ₩1.3B | ₩71M | ₩66M | ₩61M | ₩54M | ₩47M |
| Free cash flow | — | — | −₩484M | −₩500M | −₩512M | −₩522M | −₩529M |
| Discount factor | — | — | 0.935 | 0.875 | 0.818 | 0.766 | 0.716 |
| Present value | — | — | −₩453M | −₩437M | −₩419M | −₩400M | −₩379M |
Terminal value ₩7.2B, worth ₩5.2B today: 168% 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% |
|---|---|---|---|---|---|
| 5.9% | ₩58 | ₩157 | ₩281 | ₩441 | ₩656 |
| 6.4% | — | ₩22 | ₩116 | ₩234 | ₩387 |
| 6.9% | — | — | — | ₩76 | ₩189 |
| 7.4% | — | — | — | — | ₩37 |
| 7.9% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩23B
- Enterprise value
- ₩25B
- P/E
- 21.2×
- P/B
- 0.9×
- P/S
- 1.2×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | |
|---|---|---|
| Price | ₩14,200 | ₩8,387 |
| Market cap | ₩76B | ₩45B |
| P/E | 136.1× | — |
| P/B | 3.2× | 4.1× |
| P/S | 4.3× | 2.7× |
| EV/EBITDA | — | — |
| Dividend yield | 0.0% | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| GFC Life Science | 21.2× | 0.9× | 1.2× | — | 0.0% |
| LG Chem | — | 0.5× | 0.3× | — | 0.9% |
| Hanwha Solutions | — | 0.5× | 0.3× | — | 0.0% |
| Hanwha | 5.9× | 0.4× | 0.1× | — | 1.5% |
| SKC | — | 1.8× | 1.7× | — | 0.0% |
| KCC | 0.9× | 0.3× | 0.5× | 8.9× | 0.0% |
| Kumho Petro Chemical | 5.3× | 0.4× | 0.4× | — | 1.6% |
| Similar companies (median) | 5.3× | 0.4× | 0.4× | 8.9× | 0.4% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: GFC Life Science / 지에프씨생명과학 / 388610 / KRX:388610
Source: KRX statistical information