Seoul Pharma Co. Ltd (018680) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Seoul Pharma Co. Ltd stock KRW 1,500, price KRW 1,735, that is 13.6% below the price, quality 53 out of 100. Rating: overvalued. Calculated from audited financials with 19 of our 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 3, 2026.
How to read this chart
60‑month range 1,687 KRW – 11,650 KRW · fair‑value band 1,125 KRW – 2,005 KRW · the 1,735 KRW price screens above the 1,500 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. As of Nov 3, 2026.
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Seoul Pharma Co., Ltd manufactures and sells pharmaceutical products in South Korea and internationally.
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The company offers orally disintegrating film products for therapeutic areas, including urology, neurology, nutrition, endocrinology, and OB/GY. Its products include VULTEUM and VULTIS for erectile dysfunction; ARTPEZIL for Alzheimer' disease; OBCARE to treat overactive bladder with symptoms of urge urinary incontinence, urgency, and urinary frequency; and CH.V, as well as products for schizophrenia, vitamin supplement, obesity, tonic, and menopausal syndrome.
The company also provides Ator for high blood pressure treatment; Flavel to treat stroke; Axated, a peptic ulcer medication; Crestin to treat hyperlipidemia; and Weltmin and Fendigene for the treatment of obesity. It also owns patents to orally dispersible films.
The company was founded in 1976 and is headquartered in Cheongju-si, South Korea.
Stock analysis
Seoul Pharma Co. Ltd (018680) currently trades at 1,735 KRW, while our model-based Fair Value estimate is 1,500 KRW, 14% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of 2,373 KRW per share, and 4 of the 19 models we run sit above the 1,735 KRW price.
Bear case: the Asset-Based group reads lowest at 283.87 KRW, and 15 of the 19 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 1,125 KRW (bear) to 2,005 KRW (bull), the price of 1,735 KRW sits inside 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 53/100 (solid quality), in the Healthcare sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
Seoul Pharma Co. Ltd reported revenue of 52.1B KRW in FY2025 versus 40.5B KRW in FY2021, a compound +6.5%/yr. Reported net income was 754M KRW in FY2025.
Key figures
Market cap 20.2B KRW (≈ $15.0M) Micro · P/E ratio 12.6 · P/S ratio 0.40 · EPS (TTM) 149.14 KRW · Net margin 3.4% · Return on equity 4.4% · Return on assets (EBIT) −1.6% (5-year average) · Operating margin −2.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 21 out of 100 (low confidence).
What moves the price
The share trades about 45% below its 52-week high and 3% 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 −14%, 018680 screens cheaper than that median.
Fair Value models
Bear1,125 KRWFair Value 1,500 KRWBull2,005 KRW
Price 1,735 KRW · Downside -13.6%
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 (127.90 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.40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
−2.7%
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.
+1.4%
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.
+0.0%
Start year 2020 (pandemic). Over 10 years: +1.5% a year
Revenue growth 13 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.
+0.9%
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What shareholders gained per year (last 3 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 3 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.
−29.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−29.9%
Dividend (yield on the price)0.0%
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.20% → −3%
⚠ Revenue per share shrinking 3.9%/yr over ~8Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes more 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).
+13.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (South Korea: IMF forecast 2.1% a year to 2030, 2.1% from 2016 to 2025) that is about +11.1% 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 · 551 stocks
Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score53 · Below median
Fair Value upside−13.6% · Above median
Profitability
Return on equity (12 months)4.4% · Below median
Return on assets1.1% · Below median
Net margin (12 months)3.4% · Below median
Operating margin (12 months)−2.9% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)−2.1% · Below median
Balance sheet
Debt / equity0.24× · Above median
Valuation Multiplesvs Drug Manufacturers - Specialty & Generic median · lower = cheaper
P/E (12 months)12.6× · Cheapest 25%
P/B0.49× · Cheapest 25%
P/S (12 months)0.40× · Cheapest 25%
Price / free cash flow (fiscal year)20.4× · Pricier than median
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Is Seoul Pharma Co. Ltd (018680) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of 1,500 KRW versus a price of 1,735 KRW, about 14% lower (overvalued).
What is the fair value of 018680?
Our model-based fair value for Seoul Pharma Co. Ltd is 1,500 KRW (as of Nov 3, 2026), built from audited fundamentals. The current price: 1,735 KRW.
What is the quality score of 018680?
Seoul Pharma Co. Ltd has a Quality Score of 53/100. 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 Seoul Pharma Co. Ltd (018680)?
Our model-based price target is the fair value of 1,500 KRW (as of Nov 3, 2026) from 19 valuation models. Cautious scenario 1,125 KRW, optimistic scenario 2,005 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Seoul Pharma Co. Ltd stock forecast for 2026?
Our models put fair value at 1,500 KRW, about 14% lower versus a price of 1,735 KRW (overvalued). Cautious scenario 1,125 KRW, optimistic scenario 2,005 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Seoul Pharma Co. Ltd (018680)?
Seoul Pharma Co. Ltd reported trailing-twelve-month revenue of about 51.1B KRW (latest available figure, as of Nov 3, 2026).
What growth is priced into Seoul Pharma Co. Ltd (018680)?
For today's price to be fair in a discounted-cash-flow model, Seoul Pharma Co. Ltd would have to grow free cash flow by +13.4 % per year for five years (discount rate 8.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew 0.0 % per year. As of Nov 3, 2026.
What discount rate (WACC) does the fair value of 018680 use?
Our models discount Seoul Pharma Co. Ltd at 8.9 %: a base by market capitalisation (nano), damped by beta 0.47, 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 Seoul Pharma Co. Ltd that is +13.4 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (8.9 %) and the same formula as our fair value.
How much growth has Seoul Pharma Co. Ltd (018680) delivered so far?
Over the past 5 years revenue at Seoul Pharma Co. Ltd grew 0.0 % a year. The price currently implies free-cash-flow growth of +13.4 % 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 Seoul Pharma Co. Ltd (018680) growing?
The median revenue growth in the sector is +14.3 % a year. That is the yardstick for the growth priced into Seoul Pharma Co. Ltd (+13.4 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Seoul Pharma Co. Ltd (018680)?
The free-cash-flow yield on the price is 4.90 %: that much free cash flow Seoul Pharma Co. Ltd produces per unit of market value. When it exceeds the discount rate of our models (8.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Seoul Pharma Co. Ltd (018680)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Seoul Pharma Co. Ltd it is 1,500 KRW per share (as of Nov 3, 2026), against a price of 1,735 KRW. It is the blended result of 19 valuation models in 7 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Seoul Pharma Co. Ltd stock overvalued or undervalued in 2026?
As of Nov 3, 2026, 018680 trades above its calculated fair value: price 1,735 KRW, fair value 1,500 KRW, a gap of about −14% (overvalued). 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 018680?
No. The price is what the market pays today (1,735 KRW); the fair value is what the company's own numbers justify (1,500 KRW). For Seoul Pharma Co. Ltd the two are 235.26 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Seoul Pharma Co. Ltd worth?
The market values Seoul Pharma Co. Ltd at about 20.2B KRW (market capitalisation, as of Nov 3, 2026). Per share that is 1,735 KRW; our models calculate a fair value of 1,500 KRW per share.
What do the bullish and bearish scenarios say about 018680?
Our models span a range for Seoul Pharma Co. Ltd: cautious scenario 1,125 KRW, base 1,500 KRW, optimistic 2,005 KRW per share (as of Nov 3, 2026, price 1,735 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 018680?
Seoul Pharma Co. Ltd trades at a price-to-earnings ratio of 12.6 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 1,500 KRW is built from several models across several years. Median P/E at fiscal year-end, 6 fiscal years (2016 to 2025), reported earnings: 58.1. Other multiples: P/B 0.5, P/S 0.4, EV/EBITDA 10.8.
How solid is the balance sheet of Seoul Pharma Co. Ltd (018680)?
Balance-sheet figures for Seoul Pharma Co. Ltd (as of Nov 3, 2026): return on equity 4.4%, debt of 0.24 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is 018680 from its 52-week high?
Seoul Pharma Co. Ltd trades at 1,735 KRW, about 45% below its 52-week high of 3,165 KRW and 3% above the low of 1,687 KRW (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 1,500 KRW is for.
Which stocks are comparable to Seoul Pharma Co. Ltd?
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 Seoul Pharma Co. Ltd stock attractive at the current price?
The data as of Nov 3, 2026: price 1,735 KRW, calculated fair value 1,500 KRW (−14%), Quality Score 53/100, from 19 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 018680 calculated?
We run Seoul Pharma Co. Ltd through 19 models from 7 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 1,500 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. Seoul Pharma Co. Ltd itself currently trades above fair value. 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 Seoul Pharma Co. Ltd (018680)?
The closing price on Nov 9, 2026 was 1,735 KRW. Our model-based fair value is 1,500 KRW, about 14% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Seoul Pharma Co. Ltd right now?
Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder. The price sits in the upper half of our model range, so the margin of safety is thin. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of Seoul Pharma Co. Ltd
How large is the market capitalisation of Seoul Pharma Co. Ltd (018680)?
The market capitalisation of Seoul Pharma Co. Ltd is 20.2B KRW (≈ $15.0M). 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 Seoul Pharma Co. Ltd (018680)?
The price-to-sales ratio of Seoul Pharma Co. Ltd is 0.40 (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 Seoul Pharma Co. Ltd (018680)?
Earnings per share at Seoul Pharma Co. Ltd are 149.14 KRW (price ÷ EPS = P/E 12.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Seoul Pharma Co. Ltd (018680)?
The net margin of Seoul Pharma Co. Ltd is 3.4% (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 Seoul Pharma Co. Ltd (018680)?
The return on equity (ROE) of Seoul Pharma Co. Ltd is 4.4% (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 Seoul Pharma Co. Ltd (018680)?
On an EBIT basis the return on assets of Seoul Pharma Co. Ltd is −1.6% (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 Seoul Pharma Co. Ltd (018680)?
The operating margin of Seoul Pharma Co. Ltd is −2.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Seoul Pharma Co. Ltd (018680)?
Revenue at Seoul Pharma Co. Ltd is growing −2.1% versus a year earlier (3y avg +1.4%). 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 Seoul Pharma Co. Ltd (018680)?
Earnings per share at Seoul Pharma Co. Ltd are growing +14.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Seoul Pharma Co. Ltd (018680) carry?
The net debt of Seoul Pharma Co. Ltd is 5.1B KRW (fiscal year 2025, ≈ 5.1 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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Some data
Nov 3, 2026