KOSPI · 950210 · Biotech & Pharma · ₩950210

Prestige BioPharma프레스티지바이오파마

950210 · KOSPI · ₩950210 · 프레스티지바이오파마

₩4,220▼ ₩830 (16.44%)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

With these assumptions the model gives no positive value.

Enterprise value: −₩5.2B
Equity value: −₩5.2B
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 gives no positive value at these assumptions. What we can see:

No operating margin up to 90% gets the model to today's price at these growth assumptions.
Margins ranged from −42,988.4% to −470.1% over the last 3 years, so this is a cyclical business. The model uses the average; the price may be set by where the cycle is now. Try the margin fade option.
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: —
Base: —
Bull: —

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 125%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (813.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 219.5%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (813.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 314%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (813.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 48.5%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (813.5% 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 2 years' revenue growth (813.5% 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 5 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 & amortisation11,982%
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 spending14,977.5%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 3 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 3 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.
Beta0.6
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 -0.05, 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 (FY 2025): ₩10M
Net debt (borrowings and leases − cash and deposits): −₩18M
− Minority interests: ₩72M
Shares: 60,096,155
Share price: ₩4,220
Market cap: ₩254B

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.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩122,410	₩517,114	₩10M	₩13M	₩15M	₩17M	₩19M	₩19M
Growth	—	322.4%	1,875.4%	25.0%	19.5%	14.0%	8.5%	3.0%
EBIT	−₩53M	−₩47M	−₩48M	−₩2.6M	−₩3.1M	−₩3.5M	−₩3.8M	−₩3.9M
EBIT margin	−42,988.4%	−9,111.2%	−470.1%	−20.0%	−20.0%	−20.0%	−20.0%	−20.0%
After-tax EBIT	−₩38M	−₩34M	−₩35M	−₩1.9M	−₩2.2M	−₩2.5M	−₩2.7M	−₩2.8M
+ Depreciation	—	—	—	₩1.5B	₩1.8B	₩2.1B	₩2.3B	₩2.3B
− Capital spending	₩50M	₩21M	₩33M	₩1.9B	₩2.3B	₩2.6B	₩2.8B	₩2.9B
− Working capital	₩62M	−₩111M	₩39M	₩1M	₩995,973	₩854,493	₩591,431	₩226,483
Free cash flow	—	—	—	−₩385M	−₩460M	−₩524M	−₩569M	−₩585M
Discount factor	—	—	—	0.931	0.867	0.808	0.752	0.700
Present value	—	—	—	−₩359M	−₩399M	−₩424M	−₩428M	−₩410M

Terminal value −₩4.5B, worth −₩3.1B today: 61% 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 ₩5 a share)Now 836.9×	₩6,4001269.3×	₩9,8251948.6×	₩14,9972974.4×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2021, 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%	—	—	—	—	—
6.9%	—	—	—	—	—
7.4%	—	—	—	—	—
7.9%	—	—	—	—	—
8.4%	—	—	—	—	—

Now (TTM)

Market cap: ₩254B
Enterprise value: ₩254B
P/E: 15,950.8×
P/B: 836.9×
P/S: 24,826.6×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩12,850	₩15,110	₩9,480	₩7,330	₩20,850
Market cap	₩772B	₩908B	₩570B	₩441B	₩1.3T
P/E	48,570.5×	—	42,871.8×	—	—
P/B	2,548.5×	2,872.9×	1,660.2×	1,324.7×	2,462.6×
P/S	75,597.4×	1,756,001.4×	4,654,125.9×	—	—
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Prestige BioPharma	15,950.8×	836.9×	24,826.6×	—	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: Prestige BioPharma / 프레스티지바이오파마 / 950210 / KRX:950210

Source: KRX statistical information