KOSDAQ · 456070 · Biotech & Pharma · ₩456070

ENCell이엔셀

456070 · KOSDAQ · ₩456070 · 이엔셀

₩4,675▼ ₩185 (3.81%)End-of-day · Oct 30, 2026 · End-of-day prices.

Trade

Sell Buy

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

₩636

vs the current price (₩4,675)

Enterprise value: −₩11B
Equity value: ₩7B
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 is 86% 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:

To match today's price of ₩4,675, the model needs an operating margin of 80.6% every year (it uses −20.0%).
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: ₩862; −81.6%
Base: ₩636; −86.4%
Bull: ₩312; −93.3%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (−20.0%).

Revenue growth

Revenue growth, year 1-10%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-27.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-6.7%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-27.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-3.5%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-27.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 4-0.2%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-27.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-27.1% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-20%
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.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation27.5%
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).
Capital spending34.4%
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).
Working capital39.5%
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

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.01%
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.
Beta0.6
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 0.24, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)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): ₩4.2B
Net debt (borrowings and leases − cash and deposits): −₩18B
Shares: 11,029,517
Share price: ₩4,675
Market cap: ₩52B

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	₩7.2B	₩5.3B	₩3.7B	₩3.5B	₩3.4B	₩3.4B	₩3.5B
Growth	—	−27.1%	−10.0%	−6.7%	−3.5%	−0.2%	3.0%
EBIT	−₩16B	−₩18B	−₩750M	−₩699M	−₩675M	−₩674M	−₩694M
EBIT margin	−217.5%	−340.4%	−20.0%	−20.0%	−20.0%	−20.0%	−20.0%
After-tax EBIT	−₩11B	−₩13B	−₩543M	−₩507M	−₩489M	−₩488M	−₩503M
+ Depreciation	—	—	₩1B	₩962M	₩928M	₩926M	₩954M
− Capital spending	₩641M	₩3.1B	₩1.3B	₩1.2B	₩1.2B	₩1.2B	₩1.2B
− Working capital	—	−₩305M	−₩164M	−₩99M	−₩48M	−₩2.7M	₩40M
Free cash flow	—	—	−₩638M	−₩649M	−₩674M	−₩718M	−₩782M
Discount factor	—	—	0.932	0.868	0.809	0.754	0.703
Present value	—	—	−₩594M	−₩564M	−₩545M	−₩541M	−₩550M

Terminal value −₩12B, worth −₩8.5B today: 75% 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 ₩2,526 a share)Now 1.85×	₩5,8302.31×	₩8,3033.29×	₩11,0144.36×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2024, 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%	₩617	₩523	₩406	₩258	₩66
6.8%	₩705	₩627	₩533	₩417	₩271
7.3%	₩778	₩713	₩636	₩543	₩428
7.8%	₩840	₩786	₩722	₩645	₩553
8.3%	₩895	₩848	₩794	₩730	₩654

Now (TTM)

Market cap: ₩52B
Enterprise value: ₩30B
P/E: —
P/B: 1.9×
P/S: 12.4×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024
Price	₩18,180	₩17,300
Market cap	₩201B	₩191B
P/E	—	—
P/B	5.1×	4.0×
P/S	38.1×	26.5×
EV/EBITDA	—	—
Dividend yield	0.0%	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
ENCell	—	1.9×	12.4×	—	0.0%
Samsung Biologics	34.7×	8.2×	15.1×	—	0.0%
Celltrion	28.2×	2.5×	9.1×	—	0.0%
Alteogen	76.3×	27.5×	58.0×	—	0.1%
SK biopharmaceuticals	15.2×	6.0×	7.1×	—	0.0%
Yuhan	23.3×	2.3×	2.4×	30.4×	0.8%
HLB	—	15.5×	54.7×	—	0.0%
Similar companies (median)	28.2×	7.1×	12.1×	30.4×	0.0%

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

Also known as: ENCell / 이엔셀 / 456070 / KRX:456070

Source: KRX statistical information