EuBiologics Co. Ltd. (206650) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of EuBiologics Co. Ltd. KRW 24,720, price KRW 8,240, upside +200.0%, quality 74 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 6,350 KRW – 56,300 KRW · fair‑value band 13,216 KRW – 30,900 KRW · the 8,240 KRW price screens below the 24,720 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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EuBiologics Co., Ltd., a biopharmaceutical company, focuses on developing vaccines against global pandemic and bacterial vaccines primarily in South Korea. It offers inactivated oral cholera vaccine under the Euvichol, Euvichol-Plus, and Euvichol-S names; and EuCorVac-19, a recombinant protein vaccine.
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EuBiologics Co., Ltd., a biopharmaceutical company, focuses on developing vaccines against global pandemic and bacterial vaccines primarily in South Korea. It offers inactivated oral cholera vaccine under the Euvichol, Euvichol-Plus, and Euvichol-S names; and EuCorVac-19, a recombinant protein vaccine. The company also provides EcML that is used as a vaccine adjuvant, directly activating antigen presenting cell expressing TLR 4 agonist, stimulating the production of cytokines and co-stimulatory molecules. In addition, it offers carrier protein vaccine under the rCRM197 name; and biopharmaceutical contract research and manufacturing, and contract testing services. Further, the company engages in the development of and support for the manufacturing technologies of biomedicines. The company was founded in 2010 and is headquartered in Seoul, South Korea.
Stock analysis
EuBiologics Co. Ltd. (206650) currently trades at 8,240 KRW, while our model-based Fair Value estimate is 24,720 KRW, implying the stock looks roughly 66.7% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 52,205 KRW per share, and 22 of the 24 models we run sit above the 8,240 KRW price.
Bear case: the Asset-Based group reads lowest at 3,199 KRW, and 2 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: 13,216 KRW (bear) to 30,900 KRW (bull), the price of 8,240 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 74/100 (solid quality), in the Healthcare sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
EuBiologics Co. Ltd. reported revenue of 149B KRW in FY2025 versus 39.4B KRW in FY2021, a compound +39.5%/yr. Reported net income was 41.3B KRW in FY2025.
Key figures
Market cap 302B KRW (≈ $222M) · P/S ratio 2.95 · Net margin 27.7% · Return on equity −13.7% · Return on assets (EBIT) 4.2% · Operating margin 35.2% · Revenue (TTM) 96.0B KRW · Revenue growth (YoY) +54.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (low confidence).
What moves the price
The share trades about 49% below its 52-week high and 12% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −8% fair-value upside, at 200%, 206650 screens cheaper than that median.
Fair Value models
Bear 13,216 KRWFair Value 24,720 KRWBull 30,900 KRW
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.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.Evidence ⓘEvidence = 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.95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+55.4%
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.
+39.1%
’21
’22
’23
’24
’25
Profit margin (trend) ⓘ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.
−18.4% (2021) → 40.7% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no profitable base year
not computed
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).
−1.2%
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 −3.2% 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 · 629 stocks
Beats the industry median on 7/7 measures
Overall it ranks above its industry peers.
Valuation
Quality Score74 · Top 25%
Fair Value upside+200% · Top 25%
Profitability
Return on assets3% · Above median
Net margin (TTM)26% · Top 25%
Operating margin (TTM)35% · Top 25%
Growth and dividend
Revenue growth54% · Top 25%
Valuation Multiplesvs Drug Manufacturers - Specialty & Generic median · lower = cheaper
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Is EuBiologics Co. Ltd. (206650) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 24,720 KRW versus a price of 8,240 KRW, about +200% upside (undervalued).
What is the fair value of 206650?
Our model-based fair value for EuBiologics Co. Ltd. is 24,720 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 8,240 KRW.
What is the quality score of 206650?
EuBiologics Co. Ltd. has a Quality Score of 74/100. 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 EuBiologics Co. Ltd. (206650)?
Our model-based price target is the fair value of 24,720 KRW (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 13,216 KRW, optimistic scenario 30,900 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the EuBiologics Co. Ltd. stock forecast for 2026?
Our models put fair value at 24,720 KRW, about +200% upside versus a price of 8,240 KRW (undervalued). Cautious scenario 13,216 KRW, optimistic scenario 30,900 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of EuBiologics Co. Ltd. (206650)?
EuBiologics Co. Ltd. reported trailing-twelve-month revenue of about 96.0B KRW (latest available figure, as of Sep 24, 2026).
What growth is priced into EuBiologics Co. Ltd. (206650)?
For today's price to be fair in a discounted-cash-flow model, EuBiologics Co. Ltd. would have to grow free cash flow by -1.2 % per year for five years (discount rate 11.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 4 years revenue grew +39.5 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 206650 use?
Our models discount EuBiologics Co. Ltd. at 11.6 %: a base by market capitalisation (micro), damped by beta 0.19, 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 EuBiologics Co. Ltd. that is -1.2 % per year a year over ten years, using the same discount rate (11.6 %) and the same formula as our fair value.
How much growth has EuBiologics Co. Ltd. (206650) delivered so far?
Over the past 4 years revenue at EuBiologics Co. Ltd. grew +39.5 % a year. The price currently implies -1.2 % per year free-cash-flow growth a 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 EuBiologics Co. Ltd. (206650) growing?
The median revenue growth in the sector is +0.0 % a year. That is the yardstick for the growth priced into EuBiologics Co. Ltd. (-1.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of EuBiologics Co. Ltd. (206650)?
The free-cash-flow yield on the price is 10.65 %: that much free cash flow EuBiologics Co. Ltd. produces per unit of market value. When it exceeds the discount rate of our models (11.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of EuBiologics Co. Ltd. (206650)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For EuBiologics Co. Ltd. it is 24,720 KRW per share (as of Sep 24, 2026), against a price of 8,240 KRW. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is EuBiologics Co. Ltd. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 206650 trades below its calculated fair value: price 8,240 KRW, fair value 24,720 KRW, a gap of about +200% (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 206650?
No. The price is what the market pays today (8,240 KRW); the fair value is what the company's own numbers justify (24,720 KRW). For EuBiologics Co. Ltd. the two are 16,480 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is EuBiologics Co. Ltd. worth?
The market values EuBiologics Co. Ltd. at about 302B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 8,240 KRW; our models calculate a fair value of 24,720 KRW per share.
What do the bullish and bearish scenarios say about 206650?
Our models span a range for EuBiologics Co. Ltd.: cautious scenario 13,216 KRW, base 24,720 KRW, optimistic 30,900 KRW per share (as of Sep 24, 2026, price 8,240 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of EuBiologics Co. Ltd. (206650)?
Balance-sheet figures for EuBiologics Co. Ltd. (as of Sep 24, 2026): return on equity −13.7%. They feed the Quality Score of 74/100, which measures business quality independently of the share price.
How far is 206650 from its 52-week high?
EuBiologics Co. Ltd. trades at 8,240 KRW, about 49% below its 52-week high of 16,200 KRW and 12% above the low of 7,390 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 24,720 KRW is for.
Which stocks are comparable to EuBiologics Co. Ltd.?
From the same area (Healthcare) we also value Merck KGaA, Takeda Pharmaceutical Company, Jiangsu Hengrui Pharmaceuticals Co, Sun 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 EuBiologics Co. Ltd. stock attractive at the current price?
The data as of Sep 24, 2026: price 8,240 KRW, calculated fair value 24,720 KRW (+200%), Quality Score 74/100, from 24 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 206650 calculated?
We run EuBiologics Co. Ltd. through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 24,720 KRW, 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 14.0 % above its aggregate fair value. EuBiologics Co. Ltd. currently trades 200 % 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 EuBiologics Co. Ltd. (206650)?
The closing price on Sep 23, 2026 was 8,240 KRW. Our model-based fair value is 24,720 KRW, about +200% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with EuBiologics Co. Ltd. right now?
The rarer combination: high quality (74/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (13,216 KRW). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (13,216 KRW to 30,900 KRW) leaves room in how you read the outcome.
Key figures of EuBiologics Co. Ltd.
How large is the market capitalisation of EuBiologics Co. Ltd. (206650)?
The market capitalisation of EuBiologics Co. Ltd. is 302B KRW (≈ $222M). 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 EuBiologics Co. Ltd. (206650)?
The price-to-sales ratio of EuBiologics Co. Ltd. is 2.95 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of EuBiologics Co. Ltd. (206650)?
The net margin of EuBiologics Co. Ltd. is 27.7% (fiscal year 2025). 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 EuBiologics Co. Ltd. (206650)?
The return on equity (ROE) of EuBiologics Co. Ltd. is −13.7% (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 EuBiologics Co. Ltd. (206650)?
On an EBIT basis the return on assets of EuBiologics Co. Ltd. is 4.2% (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 EuBiologics Co. Ltd. (206650)?
The operating margin of EuBiologics Co. Ltd. is 35.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at EuBiologics Co. Ltd. (206650)?
Revenue at EuBiologics Co. Ltd. is growing +54.4% versus a year earlier (3y avg +39.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net debt does EuBiologics Co. Ltd. (206650) carry?
The net debt of EuBiologics Co. Ltd. is 2.4B KRW (fiscal year 2023, ≈ 0.1 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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