Boryung Pharm (003850) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Boryung Pharm stock KRW 14,534, price KRW 8,530, upside +70.4%, quality 48 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range 7,300 KRW – 19,429 KRW · fair‑value band 10,174 KRW – 18,895 KRW · the 8,530 KRW price screens below the 14,534 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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Boryung Corporation engages in the manufacture and sale of pharmaceutical products in South Korea and internationally. It offers prescription drugs for hypertension, dyslipidemia, and diabetes drugs.
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The company was formerly known as Boryung Pharmaceutical Co., Ltd. and changed its name to Boryung Corporation in March 2022. Boryung Corporation was founded in 1957 and is headquartered in Seoul, South Korea.
Stock analysis
Boryung Pharm (003850) currently trades at 8,530 KRW, while our model-based Fair Value estimate is 14,534 KRW, implying the stock looks roughly 41% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 21,773 KRW per share, and 19 of the 26 models we run sit above the 8,530 KRW price.
Bear case: the Asset-Based group reads lowest at 1,475 KRW, and 7 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: 10,174 KRW (bear) to 18,895 KRW (bull), the price of 8,530 KRW sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 48/100 (below-average quality), in the Healthcare sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Boryung Pharm reported revenue of 1.0T KRW in FY2025 versus 627B KRW in FY2021, a compound +12.9%/yr. Reported net income was 64.3B KRW in FY2025, compounding +10.6%/yr from FY2021.
Key figures
Market cap 721B KRW (≈ $533M) Small · P/E ratio 5.8 · P/S ratio 0.68 · EPS (TTM) 1,475 KRW · Dividend yield 1.9% · Net margin 11.4% · Return on equity 14.4% · Return on assets (EBIT) 5.9% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 44 out of 100 (medium confidence).
What moves the price
The share trades about 20% below its 52-week high and 9% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −27% fair-value upside, at 70%, 003850 screens cheaper than that median.
Fair Value models
Bear10,174 KRWFair Value 14,534 KRWBull18,895 KRW
Price 8,530 KRW · Upside +70.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (1,128 KRW per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.89/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+0.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.6%
Start year 2020 (pandemic)
’11
’12
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years), in KRW ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in KRW: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+6.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.1%
Dividend (yield on the price)1.9%
Per share before 2020divided by the spin-off factor 1.0998
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.7% → 6%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−6.6%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect
n/a
No analyst forecast available.
Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain.
After inflation (South Korea: IMF forecast 2.1% a year to 2030, 2.1% from 2016 to 2025) that is about −8.5% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Drug Manufacturers - Specialty & Generic · 549 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score48 · Below median
Fair Value upside+70.4% · Top 25%
Profitability
Return on equity (12 months)14.4% · Top 25%
Return on assets4.6% · Above median
Net margin (12 months)11.4% · Above median
Operating margin (12 months)8.5% · Below median
Growth and dividend
Revenue growth (quarter YoY)11.2% · Above median
Dividend yield (12 months)1.9% · Above median
Balance sheet
Debt / equity0.29× · Highest 25%
Valuation Multiplesvs Drug Manufacturers - Specialty & Generic median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Boryung Pharm Fair Value". https://www.fairvalue-calculator.com/stock/003850
Frequently asked questions
Is Boryung Pharm (003850) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of 14,534 KRW versus a price of 8,530 KRW, about +70% upside (undervalued).
What is the fair value of 003850?
Our model-based fair value for Boryung Pharm is 14,534 KRW (as of Nov 7, 2026), built from audited fundamentals. The current price: 8,530 KRW.
What is the quality score of 003850?
Boryung Pharm has a Quality Score of 48/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Boryung Pharm (003850)?
Our model-based price target is the fair value of 14,534 KRW (as of Nov 7, 2026) from 26 valuation models. Cautious scenario 10,174 KRW, optimistic scenario 18,895 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Boryung Pharm stock forecast for 2026?
Our models put fair value at 14,534 KRW, about +70% upside versus a price of 8,530 KRW (undervalued). Cautious scenario 10,174 KRW, optimistic scenario 18,895 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Boryung Pharm (003850)?
Boryung Pharm reported trailing-twelve-month revenue of about 1.1T KRW (latest available figure, as of Nov 7, 2026).
Does Boryung Pharm pay a dividend?
Boryung Pharm currently shows a dividend yield of 1.88% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Boryung Pharm (003850) and when is the ex-dividend date?
Boryung Pharm pays a dividend of 160.00 KRW per share a year, a dividend yield of 1.9%. The last ex-dividend date was Dec 29, 2025. A dividend has been paid every year since at least 1996. The payout ratio is 10.8% of earnings. Free cash flow covers the dividend 7.89 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Boryung Pharm (003850)?
For today's price to be fair in a discounted-cash-flow model, Boryung Pharm would have to grow free cash flow by -6.6 % per year for five years (discount rate 10.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.6 % per year. Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of 003850 use?
Our models discount Boryung Pharm at 10.2 %: a base by market capitalisation (small), damped by beta 0.34, country premium for South Korea. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Boryung Pharm that is -6.6 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.2 %) and the same formula as our fair value.
How much growth has Boryung Pharm (003850) delivered so far?
Over the past 5 years revenue at Boryung Pharm grew +12.6 % a year. The price currently implies free-cash-flow growth of -6.6 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Boryung Pharm (003850) growing?
The median revenue growth in the sector is +6.2 % a year. That is the yardstick for the growth priced into Boryung Pharm (-6.6 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Boryung Pharm (003850)?
The free-cash-flow yield on the price is 14.33 % in the last fiscal year (free cash flow was negative over the last twelve months): that much free cash flow Boryung Pharm produces per unit of market value. When it exceeds the discount rate of our models (10.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Boryung Pharm (003850)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Boryung Pharm it is 14,534 KRW per share (as of Nov 7, 2026), against a price of 8,530 KRW. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Boryung Pharm stock overvalued or undervalued in 2026?
As of Nov 7, 2026, 003850 trades below its calculated fair value: price 8,530 KRW, fair value 14,534 KRW, a gap of about +70% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 003850?
No. The price is what the market pays today (8,530 KRW); the fair value is what the company's own numbers justify (14,534 KRW). For Boryung Pharm the two are 6,004 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Boryung Pharm worth?
The market values Boryung Pharm at about 721B KRW (market capitalisation, as of Nov 7, 2026). Per share that is 8,530 KRW; our models calculate a fair value of 14,534 KRW per share.
What do the bullish and bearish scenarios say about 003850?
Our models span a range for Boryung Pharm: cautious scenario 10,174 KRW, base 14,534 KRW, optimistic 18,895 KRW per share (as of Nov 7, 2026, price 8,530 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 003850?
Boryung Pharm trades at a price-to-earnings ratio of 5.8 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 14,534 KRW is built from several models across several years. Median P/E at fiscal year-end, 5 fiscal years (2021 to 2025), reported earnings, FY2025 ex one-offs: 14.3. Other multiples: P/B 0.9, P/S 0.7, EV/EBITDA 6.1.
How solid is the balance sheet of Boryung Pharm (003850)?
Balance-sheet figures for Boryung Pharm (as of Nov 7, 2026): return on equity 14.4%, debt of 0.29 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is 003850 from its 52-week high?
Boryung Pharm trades at 8,530 KRW, about 20% below its 52-week high of 10,680 KRW and 9% above the low of 7,850 KRW (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 14,534 KRW is for.
Which stocks are comparable to Boryung Pharm?
From the same area (Healthcare) we also value Merck KGaA, Takeda Pharmaceutical Company, Galderma Group, Teva Pharmaceutical Industries Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Boryung Pharm stock attractive at the current price?
The data as of Nov 7, 2026: price 8,530 KRW, calculated fair value 14,534 KRW (+70%), Quality Score 48/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 003850 calculated?
We run Boryung Pharm through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 14,534 KRW builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Boryung Pharm currently trades 41% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Boryung Pharm (003850)?
The closing price on Nov 6, 2026 was 8,530 KRW. Our model-based fair value is 14,534 KRW, about +70% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Boryung Pharm right now?
The large discount to fair value meets weak quality (48/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (10,174 KRW). The market is more pessimistic than our downside scenario. A fairly wide model range (10,174 KRW to 18,895 KRW) leaves room in how you read the outcome.
Key figures of Boryung Pharm
How large is the market capitalisation of Boryung Pharm (003850)?
The market capitalisation of Boryung Pharm is 721B KRW (≈ $533M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Boryung Pharm (003850)?
The price-to-sales ratio of Boryung Pharm is 0.68 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Boryung Pharm (003850)?
Earnings per share at Boryung Pharm are 1,475 KRW (price ÷ EPS = P/E 5.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Boryung Pharm (003850)?
The dividend yield of Boryung Pharm is 1.9% (payout 10.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Boryung Pharm (003850)?
The net margin of Boryung Pharm is 11.4% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Boryung Pharm (003850)?
The return on equity (ROE) of Boryung Pharm is 14.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Boryung Pharm (003850)?
On an EBIT basis the return on assets of Boryung Pharm is 5.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Boryung Pharm (003850)?
The operating margin of Boryung Pharm is 8.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Boryung Pharm (003850)?
Revenue at Boryung Pharm is growing +11.2% versus a year earlier (3y avg +10.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Boryung Pharm (003850)?
Earnings per share at Boryung Pharm are growing +172% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Boryung Pharm (003850) carry?
The net debt of Boryung Pharm is 83.5B KRW (fiscal year 2025, ≈ 0.8 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 7, 2026