Tdspharm티디에스팜
464280 · KOSDAQ · ₩464280 · 티디에스팜
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
₩13,947
vs the current price (₩4,685)
- Enterprise value
- ₩63B
- Equity value
- ₩77B
- 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 198% 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 ₩4,685, the model needs an operating margin of 3.2% every year (it uses 14.8%).
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
- ₩9,726
- +107.6%
- Base
- ₩13,947
- +197.7%
- Bull
- ₩20,889
- +345.9%
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 (14.8%).
Revenue growth
- 0.4%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (0.4% a year, annual reports), fading to 3% by year 5.
- 1%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (0.4% a year, annual reports), fading to 3% by year 5.
- 1.7%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (0.4% 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 1 years' revenue growth (0.4% 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 (0.4% a year, annual reports), fading to 3% by year 5.
Business
- 14.8%
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.
- 3%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: not in the statements, so a typical level.
- 4%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: not in the statements, so a typical level.
- -4.4%
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.
- 4.11%
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 0.31, 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)
- ₩33B
- Net debt (borrowings and leases − cash and deposits)
- −₩14B
- + Stakes and investments
- ₩101M
- Associates, long-term financial assets and deposits (book value)
- Shares
- 5,530,000
- Share price
- ₩4,685
- Market cap
- ₩26B
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 | ₩28B | ₩28B | ₩33B | ₩33B | ₩34B | ₩35B | ₩36B |
| Growth | — | 0.4% | 0.4% | 1.0% | 1.7% | 2.3% | 3.0% |
| EBIT | ₩3.7B | ₩3.8B | ₩4.9B | ₩4.9B | ₩5B | ₩5.1B | ₩5.3B |
| EBIT margin | 13.6% | 13.6% | 14.8% | 14.8% | 14.8% | 14.8% | 14.8% |
| After-tax EBIT | ₩2.7B | ₩2.7B | ₩3.5B | ₩3.6B | ₩3.6B | ₩3.7B | ₩3.8B |
| + Depreciation | — | — | ₩991M | ₩1B | ₩1B | ₩1B | ₩1.1B |
| − Capital spending | — | — | ₩1.3B | ₩1.3B | ₩1.4B | ₩1.4B | ₩1.4B |
| − Working capital | — | −₩797M | −₩5.8M | −₩15M | −₩25M | −₩34M | −₩46M |
| Free cash flow | — | — | ₩3.2B | ₩3.3B | ₩3.3B | ₩3.4B | ₩3.5B |
| Discount factor | — | — | 0.931 | 0.867 | 0.807 | 0.751 | 0.700 |
| Present value | — | — | ₩3B | ₩2.8B | ₩2.7B | ₩2.6B | ₩2.5B |
Terminal value ₩71B, worth ₩50B today: 79% 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 ₩8,118 a share)Now 0.58× | ₩5,3900.66× | ₩10,7351.32× | ₩15,5811.92× |
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% |
|---|---|---|---|---|---|
| 6.4% | ₩14,313 | ₩15,330 | ₩16,577 | ₩18,144 | ₩20,172 |
| 6.9% | ₩13,298 | ₩14,128 | ₩15,128 | ₩16,355 | ₩17,896 |
| 7.4% | ₩12,441 | ₩13,130 | ₩13,947 | ₩14,930 | ₩16,137 |
| 7.9% | ₩11,709 | ₩12,289 | ₩12,966 | ₩13,770 | ₩14,737 |
| 8.4% | ₩11,076 | ₩11,569 | ₩12,139 | ₩12,806 | ₩13,596 |
Now (TTM)
- Market cap
- ₩26B
- Enterprise value
- ₩12B
- P/E
- 5.9×
- P/B
- 0.6×
- P/S
- 0.8×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | |
|---|---|---|
| Price | ₩9,850 | ₩13,240 |
| Market cap | ₩54B | ₩73B |
| P/E | 12.7× | 19.7× |
| P/B | 1.3× | 1.9× |
| P/S | 2.0× | 2.7× |
| EV/EBITDA | — | — |
| Dividend yield | 0.0% | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Tdspharm | 5.9× | 0.6× | 0.8× | — | 0.0% |
| Samsung Biologics | 32.1× | 7.6× | 14.0× | — | 0.0% |
| Celltrion | 27.8× | 2.4× | 8.9× | — | 0.0% |
| Alteogen | 78.8× | 28.4× | 59.9× | — | 0.1% |
| Yuhan | 24.8× | 2.5× | 2.6× | 32.5× | 0.8% |
| SK biopharmaceuticals | 14.6× | 5.7× | 6.8× | — | 0.0% |
| HLB | — | 15.4× | 54.6× | — | 0.0% |
| Similar companies (median) | 27.8× | 6.7× | 11.5× | 32.5× | 0.0% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Tdspharm / 티디에스팜 / 464280 / KRX:464280
Source: KRX statistical information