Curiox Biosystems큐리옥스바이오시스템즈
445680 · KOSDAQ · ₩445680 · 큐리옥스바이오시스템즈
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
- −₩12B
- Equity value
- −₩1.6B
- WACC
- 7.3%
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.
- Margins ranged from −291.6% to −155.5% over the last 3 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
- ₩45
- −99.9%
- Base
- —
- Bull
- —
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
- -10%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (-12.9% 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 2 years' revenue growth (-12.9% 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 2 years' revenue growth (-12.9% 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 2 years' revenue growth (-12.9% 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 2 years' revenue growth (-12.9% 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 3 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.
- 10.4%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
- 3.8%
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.
- 4.01%
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 0.19, 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)
- ₩5.7B
- Net debt (borrowings and leases − cash and deposits)
- −₩10B
- − Minority interests
- ₩4.7M
- Shares
- 17,224,699
- Share price
- ₩49,400
- Market cap
- ₩851B
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.
| FY2023 | FY2024 | FY2025 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ₩6.8B | ₩4.6B | ₩5.2B | ₩5.2B | ₩4.8B | ₩4.6B | ₩4.6B | ₩4.8B |
| Growth | — | −32.4% | 12.3% | −10.0% | −6.7% | −3.5% | −0.2% | 3.0% |
| EBIT | −₩11B | −₩13B | −₩12B | −₩1B | −₩963M | −₩929M | −₩927M | −₩955M |
| EBIT margin | −155.5% | −291.6% | −239.0% | −20.0% | −20.0% | −20.0% | −20.0% | −20.0% |
| After-tax EBIT | −₩7.7B | −₩9.7B | −₩8.9B | −₩748M | −₩698M | −₩674M | −₩672M | −₩693M |
| + Depreciation | ₩529M | ₩579M | ₩553M | ₩537M | ₩501M | ₩483M | ₩482M | ₩497M |
| − Capital spending | ₩212M | ₩258M | ₩136M | ₩196M | ₩183M | ₩177M | ₩176M | ₩182M |
| − Working capital | — | −₩9.4B | ₩9.3B | ₩57M | ₩35M | ₩17M | ₩929,348 | −₩14M |
| Free cash flow | −₩7.3B | ₩37M | −₩18B | −₩465M | −₩415M | −₩384M | −₩367M | −₩363M |
| Discount factor | — | — | — | 0.932 | 0.868 | 0.809 | 0.754 | 0.703 |
| Present value | — | — | — | −₩433M | −₩360M | −₩311M | −₩277M | −₩255M |
Terminal value −₩14B, worth −₩9.9B today: 86% 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:
| Low | Typical | High | |
|---|---|---|---|
| Price / book (book value ₩2,844 a share)Now 17.4× | ₩16,3295.74× | ₩27,3339.61× | ₩106,62437.5× |
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% |
|---|---|---|---|---|---|
| 6.3% | — | — | — | — | — |
| 6.8% | — | — | — | — | — |
| 7.3% | ₩2 | — | — | — | — |
| 7.8% | ₩49 | ₩14 | — | — | — |
| 8.3% | ₩90 | ₩60 | ₩25 | — | — |
Now (TTM)
- Market cap
- ₩851B
- Enterprise value
- ₩840B
- P/E
- —
- P/B
- 17.4×
- P/S
- 148.4×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Price | ₩117,000 | ₩18,560 | ₩25,156 |
| Market cap | ₩2T | ₩320B | ₩433B |
| P/E | — | — | — |
| P/B | 38.2× | 6.6× | 8.2× |
| P/S | 391.2× | 69.7× | 63.8× |
| EV/EBITDA | — | — | — |
| Dividend yield | 0.0% | — | — |
Versus similar companies
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Curiox Biosystems / 큐리옥스바이오시스템즈 / 445680 / KRX:445680
Source: KRX statistical information