KOSDAQ · 468530 · Biotech & Pharma · ₩468530

Proteina프로티나

468530 · KOSDAQ · ₩468530 · 프로티나

₩51,500▲ ₩2,550 (5.21%)End-of-day · Oct 28, 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

₩930

vs the current price (₩51,500)

Enterprise value: −₩5.7B
Equity value: ₩10B
WACC: 7.6%

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 98% 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.
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: ₩1,036; −98.0%
Base: ₩930; −98.2%
Bull: ₩781; −98.5%

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 13%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Revenue growth, year 23%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Revenue growth, year 33%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Revenue growth, year 43%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.

Business

EBIT margin-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.
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 & amortisation40.9%
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 spending51.1%
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).
Working capital40%
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

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 rate4.08%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-29.
Beta0.64
How much the share moves when the market moves: 1 means just like the market.
Default: 65 weeks of weekly returns against KOSPI (official index); raw beta 0.46, 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)5.58%
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): ₩1.4B
Net debt (borrowings and leases − cash and deposits): −₩16B
Shares: 11,105,148
Share price: ₩51,500
Market cap: ₩572B

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.

	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩3B	₩1.5B	₩1.5B	₩1.6B	₩1.6B	₩1.7B
Growth	—	3.0%	3.0%	3.0%	3.0%	3.0%
EBIT	−₩11B	−₩297M	−₩306M	−₩315M	−₩325M	−₩335M
EBIT margin	−385.2%	−20.0%	−20.0%	−20.0%	−20.0%	−20.0%
After-tax EBIT	−₩8.2B	−₩216M	−₩222M	−₩229M	−₩236M	−₩243M
+ Depreciation	—	₩608M	₩626M	₩645M	₩664M	₩684M
− Capital spending	₩1.5B	₩760M	₩782M	₩806M	₩830M	₩855M
− Working capital	—	₩17M	₩18M	₩18M	₩19M	₩19M
Free cash flow	—	−₩385M	−₩396M	−₩408M	−₩420M	−₩433M
Discount factor	—	0.929	0.864	0.803	0.746	0.693
Present value	—	−₩357M	−₩342M	−₩327M	−₩313M	−₩300M

Terminal value −₩5.9B, worth −₩4.1B today: 71% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

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%
6.6%	₩920	₩877	₩824	₩759	₩675
7.1%	₩961	₩925	₩882	₩830	₩765
7.6%	₩995	₩965	₩930	₩888	₩836
8.1%	₩1,025	₩1,000	₩970	₩935	₩893
8.6%	₩1,051	₩1,029	₩1,004	₩974	₩940

Now (TTM)

Market cap: ₩572B
Enterprise value: ₩556B
P/E: —
P/B: 25.2×
P/S: 396.2×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025
Price	₩110,600
Market cap	₩1.2T
P/E	—
P/B	43.3×
P/S	416.2×
EV/EBITDA	—
Dividend yield	0.0%

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Proteina	—	25.2×	396.2×	—	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: Proteina / 프로티나 / 468530 / KRX:468530

Source: KRX statistical information