KOSDAQ · 475830 · Biotech & Pharma · ₩475830

Orum Therapeutics오름테라퓨틱

475830 · KOSDAQ · ₩475830 · 오름테라퓨틱

₩16,070▼ ₩40 (0.25%)End-of-day · Oct 27, 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

₩3,611

vs the current price (₩16,070)

Enterprise value: −₩82M
Equity value: ₩79B
WACC: 7.8%

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 78% 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.
100% of the last 12 months' net profit came from outside operations (stakes in other companies, interest, one-offs). The model adds those stakes at book value but doesn't project that income.
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: ₩3,612; −77.5%
Base: ₩3,611; −77.5%
Bull: ₩3,610; −77.5%

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 1-10%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-99.9% 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 (-99.9% 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 (-99.9% 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 (-99.9% 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 (-99.9% 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 & amortisation3%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: not in the statements, so a typical level.
Capital spending4%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: not in the statements, so a typical level.
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 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 rate4.11%
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.
Beta0.67
How much the share moves when the market moves: 1 means just like the market.
Default: 89 weeks of weekly returns against KOSPI (official index); raw beta 0.5, 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)5.61%
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): ₩41M
Net debt (borrowings and leases − cash and deposits): −₩79B
Shares: 21,752,916
Share price: ₩16,070
Market cap: ₩350B

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	₩21B	₩24M	₩36M	₩34M	₩33M	₩33M	₩34M
Growth	—	−99.9%	−10.0%	−6.7%	−3.5%	−0.2%	3.0%
EBIT	−₩8.3B	−₩52B	−₩7.3M	−₩6.8M	−₩6.6M	−₩6.6M	−₩6.8M
EBIT margin	−39.9%	−219,651.4%	−20.0%	−20.0%	−20.0%	−20.0%	−20.0%
After-tax EBIT	−₩6B	−₩38B	−₩5.3M	−₩4.9M	−₩4.8M	−₩4.8M	−₩4.9M
+ Depreciation	—	—	₩1.1M	₩1M	₩985,820	₩983,848	₩1M
− Capital spending	—	—	₩1.5M	₩1.4M	₩1.3M	₩1.3M	₩1.4M
− Working capital	—	₩56B	−₩1.6M	−₩978,143	−₩476,735	−₩26,289	₩393,539
Free cash flow	—	—	−₩4M	−₩4.3M	−₩4.6M	−₩5.1M	−₩5.6M
Discount factor	—	—	0.928	0.861	0.798	0.741	0.687
Present value	—	—	−₩3.7M	−₩3.7M	−₩3.7M	−₩3.7M	−₩3.9M

Terminal value −₩93M, worth −₩64M today: 77% 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%
6.8%	₩3,611	₩3,611	₩3,611	₩3,610	₩3,610
7.3%	₩3,612	₩3,611	₩3,611	₩3,611	₩3,610
7.8%	₩3,612	₩3,612	₩3,611	₩3,611	₩3,611
8.3%	₩3,612	₩3,612	₩3,612	₩3,612	₩3,611
8.8%	₩3,612	₩3,612	₩3,612	₩3,612	₩3,612

Now (TTM)

Market cap: ₩350B
Enterprise value: ₩244B
P/E: 18.9×
P/B: 1.9×
P/S: 8,620.0×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025
Price	₩120,000
Market cap	₩2.6T
P/E	—
P/B	19.9×
P/S	110,775.9×
EV/EBITDA	—
Dividend yield	0.0%

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Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Orum Therapeutics	18.9×	1.9×	8,620.0×	—	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: Orum Therapeutics / 오름테라퓨틱 / 475830 / KRX:475830

Source: KRX statistical information