Biobijou바이오비쥬
489460 · KOSDAQ · ₩489460 · 바이오비쥬
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
₩4,109
vs the current price (₩13,220)
- Enterprise value
- ₩61B
- Equity value
- ₩61B
- 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 69% 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 ₩13,220, the model needs an operating margin of 48.7% every year (it uses 16.2%).
- Or revenue growth +33.2 points a year higher than assumed in each of the 5 years.
- 44% 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.
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
- ₩2,703
- −79.6%
- Base
- ₩4,109
- −68.9%
- Bull
- ₩6,474
- −51.0%
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 (16.2%).
Revenue growth
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Business
- 16.2%
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.
- 27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
- 2.6%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: average of the last 1 annual reports (cash flow statements; equipment and intangibles).
- 2.8%
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).
- 40%
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
- 2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
- 4.03%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-27.
- 0.6
How much the share moves when the market moves: 1 means just like the market.
Default: 75 weeks of weekly returns against KOSPI (official index); raw beta -0.1, 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.
- 5.53%
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)
- ₩29B
- Net debt (borrowings and leases − cash and deposits)
- ₩0
- Shares
- 14,753,287
- Share price
- ₩13,220
- Market cap
- ₩195B
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 | ₩28B | ₩29B | ₩30B | ₩31B | ₩32B | ₩33B |
| Growth | — | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% |
| EBIT | ₩4.2B | ₩4.8B | ₩4.9B | ₩5.1B | ₩5.2B | ₩5.4B |
| EBIT margin | 14.8% | 16.2% | 16.2% | 16.2% | 16.2% | 16.2% |
| After-tax EBIT | ₩3.1B | ₩3.5B | ₩3.6B | ₩3.7B | ₩3.8B | ₩3.9B |
| + Depreciation | ₩746M | ₩765M | ₩788M | ₩811M | ₩836M | ₩861M |
| − Capital spending | ₩786M | ₩824M | ₩848M | ₩874M | ₩900M | ₩927M |
| − Working capital | — | ₩343M | ₩353M | ₩364M | ₩374M | ₩386M |
| Free cash flow | ₩3B | ₩3.1B | ₩3.1B | ₩3.2B | ₩3.3B | ₩3.4B |
| Discount factor | — | 0.932 | 0.868 | 0.809 | 0.753 | 0.702 |
| Present value | — | ₩2.8B | ₩2.7B | ₩2.6B | ₩2.5B | ₩2.4B |
Terminal value ₩68B, worth ₩48B today: 78% 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% |
|---|---|---|---|---|---|
| 6.3% | ₩4,380 | ₩4,689 | ₩5,067 | ₩5,544 | ₩6,163 |
| 6.8% | ₩3,997 | ₩4,243 | ₩4,539 | ₩4,902 | ₩5,359 |
| 7.3% | ₩3,675 | ₩3,874 | ₩4,109 | ₩4,393 | ₩4,742 |
| 7.8% | ₩3,400 | ₩3,563 | ₩3,754 | ₩3,980 | ₩4,252 |
| 8.3% | ₩3,162 | ₩3,298 | ₩3,454 | ₩3,637 | ₩3,854 |
Now (TTM)
- Market cap
- ₩195B
- Enterprise value
- —
- P/E
- 29.9×
- P/B
- —
- P/S
- 6.8×
- EV/EBITDA
- —
- Dividend yield
- 0.8%
Over time (at each year end)
| 2025 | |
|---|---|
| Price | ₩13,480 |
| Market cap | ₩199B |
| P/E | 47.9× |
| P/B | 3.2× |
| P/S | 7.0× |
| EV/EBITDA | 37.6× |
| Dividend yield | 0.7% |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Biobijou | 29.9× | — | 6.8× | — | 0.8% |
| LG Chem | — | 0.5× | 0.3× | — | 0.9% |
| Hanwha Solutions | — | 0.6× | 0.4× | — | 0.0% |
| Hanwha | 6.2× | 0.4× | 0.1× | — | 1.2% |
| SKC | — | 2.1× | 2.0× | — | 0.0% |
| KCC | 0.9× | 0.3× | 0.5× | 8.7× | 0.0% |
| Kumho Petro Chemical | 5.2× | 0.4× | 0.4× | — | 1.6% |
| Similar companies (median) | 5.2× | 0.4× | 0.4× | 8.7× | 0.4% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Biobijou / 바이오비쥬 / 489460 / KRX:489460
Source: KRX statistical information