KOSDAQ · 493280 · Biotech & Pharma · ₩493280

IMBiologics아이엠바이오로직스

493280 · KOSDAQ · ₩493280 · 아이엠바이오로직스

₩13,160▼ ₩640 (4.64%)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

₩8,411

vs the current price (₩13,160)

Enterprise value: ₩3B
Equity value: ₩125B
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 36% 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 ₩13,160, the model needs an operating margin of 44.3% every year (it uses 2.6%).
75% 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: ₩8,193; −37.7%
Base: ₩8,411; −36.1%
Bull: ₩8,813; −33.0%

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 (2.6%).

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 margin2.6%
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 & amortisation3.5%
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 spending4.3%
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 capital6.6%
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 rate4.01%
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: 32 weeks of weekly returns against KOSPI (official index); raw beta 0.3, 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): ₩12B
Net debt (borrowings and leases − cash and deposits): −₩122B
Shares: 14,845,961
Share price: ₩13,160
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	₩12B	₩12B	₩12B	₩13B	₩13B	₩13B
Growth	—	3.0%	3.0%	3.0%	3.0%	3.0%
EBIT	₩298M	₩311M	₩320M	₩330M	₩340M	₩350M
EBIT margin	2.6%	2.6%	2.6%	2.6%	2.6%	2.6%
After-tax EBIT	₩216M	₩226M	₩232M	₩239M	₩247M	₩254M
+ Depreciation	—	₩419M	₩431M	₩444M	₩458M	₩471M
− Capital spending	₩502M	₩515M	₩530M	₩546M	₩562M	₩579M
− Working capital	—	₩23M	₩24M	₩24M	₩25M	₩26M
Free cash flow	—	₩107M	₩110M	₩113M	₩117M	₩120M
Discount factor	—	0.932	0.868	0.809	0.754	0.703
Present value	—	₩100M	₩96M	₩92M	₩88M	₩85M

Terminal value ₩3.6B, worth ₩2.6B today: 85% 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%	₩8,427	₩8,442	₩8,462	₩8,486	₩8,518
6.8%	₩8,406	₩8,419	₩8,434	₩8,452	₩8,476
7.3%	₩8,389	₩8,399	₩8,411	₩8,425	₩8,443
7.8%	₩8,374	₩8,383	₩8,392	₩8,403	₩8,417
8.3%	₩8,362	₩8,369	₩8,376	₩8,385	₩8,396

Now (TTM)

Market cap: ₩195B
Enterprise value: ₩73B
P/E: 222.8×
P/B: 1.5×
P/S: 16.8×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

Loading data for this company — check back soon

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
IMBiologics	222.8×	1.5×	16.8×	—	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: IMBiologics / 아이엠바이오로직스 / 493280 / KRX:493280

Source: KRX statistical information