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Inventage Lab

389470 · KOSDAQ · ₩389470 · 인벤티지랩

₩23,950▲ ₩1,150 (5.04%)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

₩2,060

vs the current price (₩23,950)

Enterprise value
−₩27B
Equity value
₩27B
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 91% 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 −2,425.1% to −292.8% 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
₩2,491
−89.6%
Base
₩2,060
−91.4%
Bull
₩1,422
−94.1%

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 (−20.0%).

Revenue growth

  • -7.6%

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

    Default: the last 3 years' revenue growth (-7.6% a year, annual reports), fading to 3% by year 5.

  • -4.9%

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

    Default: the last 3 years' revenue growth (-7.6% a year, annual reports), fading to 3% by year 5.

  • -2.3%

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

    Default: the last 3 years' revenue growth (-7.6% a year, annual reports), fading to 3% by year 5.

  • 0.4%

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

    Default: the last 3 years' revenue growth (-7.6% 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 (-7.6% 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.

  • 414.8%

    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).

  • 518.5%

    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.

  • 4.11%

    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 0.32, 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)
₩2.5B
Net debt (borrowings and leases − cash and deposits)
−₩77B
− Minority interests
₩23B
Shares
13,307,708
Share price
₩23,950
Market cap
₩319B

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₩658M₩1.8B₩2.9B₩2.3B₩2.2B₩2.1B₩2.1B₩2.2B
Growth−82.3%170.9%64.8%−7.6%−4.9%−2.3%0.4%3.0%
EBIT−₩16B−₩19B−₩28B−₩457M−₩435M−₩425M−₩426M−₩439M
EBIT margin−2,425.1%−1,063.6%−965.7%−20.0%−20.0%−20.0%−20.0%−20.0%
After-tax EBIT−₩12B−₩14B−₩21B−₩331M−₩315M−₩308M−₩309M−₩318M
+ Depreciation———₩9.5B₩9B₩8.8B₩8.8B₩9.1B
− Capital spending₩7.1B₩4.2B₩6.9B₩12B₩11B₩11B₩11B₩11B
− Working capital−₩28B₩20B₩18B₩19M₩11M₩5M−₩849,168−₩6.4M
Free cash flow———−₩2.7B−₩2.6B−₩2.5B−₩2.5B−₩2.6B
Discount factor———0.9310.8670.8070.7510.700
Present value———−₩2.5B−₩2.2B−₩2B−₩1.9B−₩1.8B

Terminal value −₩23B, worth −₩16B today: 61% 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 ₩6,640 a share)Now 3.61×₩28,3504.27×₩89,78413.5×₩230,29734.7×

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%₩1,991₩1,857₩1,692₩1,485₩1,218
6.9%₩2,135₩2,026₩1,894₩1,733₩1,530
7.4%₩2,258₩2,167₩2,060₩1,931₩1,773
7.9%₩2,363₩2,287₩2,199₩2,094₩1,967
8.4%₩2,455₩2,391₩2,316₩2,229₩2,126

Now (TTM)

Market cap
₩319B
Enterprise value
₩236B
P/E
—
P/B
3.6×
P/S
128.9×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

2025202420232022
Price₩84,200₩21,300₩17,400₩9,780
Market cap₩1.1T₩283B₩232B₩130B
P/E————
P/B17.4×8.7×52.5×4.3×
P/S381.3×159.0×351.8×35.0×
EV/EBITDA————
Dividend yield0.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Inventage Lab—3.6×128.9×—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: Inventage Lab / 인벤티지랩 / 389470 / KRX:389470

Source: KRX statistical information