ImmuneOncia Therapeutics이뮨온시아
424870 · KOSDAQ · ₩424870 · 이뮨온시아
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
- —
- Equity value
- —
- WACC
- 0.0%
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:
- No operating margin up to 90% gets the model to today's price at these growth assumptions.
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
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Cycle options
Margin path
Every year uses the cycle-average margin (−20.0%).
Revenue growth
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Business
- -20%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 1 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.
- 331.2%
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).
- 414%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 1 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 1 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: 75 weeks of weekly returns against KOSPI (official index); raw beta 0.14, 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)
- ₩0
- Net debt (borrowings and leases − cash and deposits)
- −₩93B
- Shares
- 91,402,269
- Share price
- ₩2,870
- Market cap
- ₩262B
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.
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% |
|---|---|---|---|---|---|
| −1.0% | — | — | — | — | — |
| −0.5% | — | — | — | — | — |
| 0.0% | — | — | — | — | — |
| 0.5% | — | — | — | — | — |
| 1.0% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩262B
- Enterprise value
- ₩169B
- P/E
- —
- P/B
- 2.6×
- P/S
- —
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | |
|---|---|
| Price | ₩13,020 |
| Market cap | ₩1.2T |
| P/E | — |
| P/B | 41.9× |
| P/S | 10,701.1× |
| EV/EBITDA | — |
| Dividend yield | 0.0% |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| ImmuneOncia Therapeutics | — | 2.6× | — | — | 0.0% |
| Samsung Biologics | 32.0× | 7.6× | 14.0× | — | 0.0% |
| Celltrion | 27.9× | 2.5× | 9.0× | — | 0.0% |
| Alteogen | 80.5× | 29.0× | 61.2× | — | 0.1% |
| SK biopharmaceuticals | 14.7× | 5.8× | 6.8× | — | 0.0% |
| Yuhan | 24.0× | 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: ImmuneOncia Therapeutics / 이뮨온시아 / 424870 / KRX:424870
Source: KRX statistical information