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BNC KOREA, Inc (256840) Fair Value & Analysis

Healthcare · KR · Market cap 162B KRW

BK BNC KOREA, Inc 256840 · KQ
Price2,750 KRW
Fair Value1,372 KRW
Upside-50.1%
Quality44/100
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Mixed Growth
Loss-making · -3.6% net margin
Low debt · negative free cash flow
2.99% dividend yield
Trails peers (1/9)
Narrow moat 11/100
Evidence: Medium Range 896.33 KRW – 1,488 KRW Share as image

Fair value as of: Jul 22, 2026

From 15 valuation models · updated 19 days ago

Share price +9.8% over the past month.

Below-average quality, and screening another 50% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (1,488 KRW). The favourable scenario is already priced in.
  • Weak quality (44/100) and above fair value at the same time, the margin of safety is missing on both counts.
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Price vs Fair Value (5 years)

55,414 KRW 2,170 KRW Fair Value 1,372 KRW Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 22, 2026.

How to read this chart

60‑month range 2,170 KRW – 55,414 KRW · fair‑value band 896.33 KRW – 1,488 KRW · the 2,750 KRW price screens above the 1,372 KRW fair value. Dashed = 300-day average. As of Jul 22, 2026.

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Analysis

BNC KOREA, Inc (256840) currently trades at 2,750 KRW, while our model-based Fair Value estimate is 1,372 KRW, implying the stock looks roughly 50.1% overvalued today. The Quality Score stands at 44/100 (below-average quality), in the Healthcare sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, BNC KOREA, Inc generated revenue of 91.2B KRW at a net margin of -3.6%. Revenue declined 18.4% year over year. It earns a return on equity of -1.8%. Net debt stands at 20.4B KRW. Fundamentals as of Jul 22, 2026

Our scenario range runs from 896.33 KRW (bear case) to 1,488 KRW (bull case); at 2,750 KRW, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 55% below its 52-week high and 2% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -49% fair-value upside, at -50%, 256840 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

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
Highest evidence
ROIC Compounder 1,376 KRW 1,412 KRW 1,444 KRW 72
Growth-Adj P/E 960.15 KRW 1,372 KRW 1,783 KRW 68
P/E Multiple 684.31 KRW 912.42 KRW 1,141 KRW 63
All 15 models by family
DCF Models
Owner Earnings 2,330 KRW 3,824 KRW 6,962 KRW 31
Earnings-Based
Graham-Dodd 282.02 KRW 1,967 KRW 2,760 KRW 54
Lynch FV 737.11 KRW 1,053 KRW 1,369 KRW 50
PEG = 1.0 737.11 KRW 1,053 KRW 1,369 KRW 46
EPV 1,376 KRW 1,412 KRW 1,444 KRW 59
Multiples
P/E Multiple 684.31 KRW 912.42 KRW 1,141 KRW 63
P/S Multiple 528.79 KRW 705.05 KRW 881.31 KRW 58
P/B Multiple 528.79 KRW 705.05 KRW 881.31 KRW 55
EV/EBIT 1,482 KRW 1,590 KRW 1,697 KRW 53
EV/EBITDA 3,171 KRW 3,842 KRW 4,512 KRW 54
EV/Revenue 1,389 KRW 1,488 KRW 1,587 KRW 43
Asset-Based
NCAV (Graham) 1,708 KRW 2,289 KRW 3,417 KRW 50
Economic Profit
Residual Income 2,348 KRW 2,187 KRW 1,623 KRW 61
ROIC Compounder 1,376 KRW 1,412 KRW 1,444 KRW 72
Growth Earnings
Growth-Adj P/E 960.15 KRW 1,372 KRW 1,783 KRW 68

Widest divergence: DCF Models (3,824 KRW) versus Multiples (912.42 KRW). Highest evidence: ROIC Compounder (72).

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Key figures & financial health

Revenue (TTM) 91.2B KRW
Revenue growth (YoY) -18.4%
Net margin -3.6%
Return on equity -1.8%
Free cash flow −1.9B KRW FY2025
Operating margin -7.1%
More key figures
Dividend yield 3.0%
Net debt 20.4B KRW FY2021

Figures from reported company fundamentals · as of Jul 22, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 44/100

Of which business quality 48 · Market factors (momentum, volatility) 20

Profitability 22
Margins and returns on capital today
Quality Growth 27
Are margins and returns improving?
Cashflow 36
Earnings quality: real cash, not paper profit
Fin. Strength 83
Balance sheet, leverage, solvency risk
Investment 62
Disciplined investing over empire-building
Low Volatility 55
Calm price path (market factor)
Momentum 4
Price trend over the last 3–12 months (market factor)
52W Momentum 7
Distance to the 52-week high (market factor)
Net Issuance 61
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

BNC KOREA, Inc. engages in the research and development, production, and sale of biomaterials for medicines in South Korea. The company offers BIENOX Inj.

Full company description

BNC KOREA, Inc. engages in the research and development, production, and sale of biomaterials for medicines in South Korea. The company offers BIENOX Inj. for temporary improvement of moderate to severe glabellar wrinkles associated with corrugator muscle and/or procerus muscle activity in adults; Juvegel for temporary improvement of moderate to severe nasolabial folds in adults; and Collapleo Plus, a collagen-based material for the supplementation of damaged or deficient ligaments, tendons, muscles, and fascia. It also provides HA fillers and skin booster fillers, including Cutegel, Cutegel Lidocaine, FLORE Lidocaine, Cutegel Hydro, S-DNA, and H-DNA, which are used to temporarily reduce facial wrinkles through physical restoration; Hibarry, a bio-absorbable gel and solution mixture used to prevent adhesion of the spinal cord post-surgery; and GentaQ a beauty face, and home and other care products under the I.st name. The company was formerly known as BNC Korea Co., Ltd. and changed its name to BNC KOREA, Inc. in April 2026. The company also exports its products to 45 countries. BNC KOREA, Inc. was incorporated in 2007 and is headquartered in Daegu, South Korea.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

BNC KOREA, Inc reported revenue of 95.9B KRW in FY2025 versus 25.2B KRW in FY2021, a compound +39.6%/yr. Reported net income was 2.8B KRW in FY2025.

Growth Quality 46/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
95.9B KRW
Latest YoY
+7.5%
Avg. growth/yr (3Y) 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.
+31.4%
Avg. growth/yr (5Y) 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.
+37.6%
Avg. growth/yr (6Y) 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.
+32.6%
Revenue +39.6%/yr
FY21 25.2B KRW
FY22 42.3B KRW
FY23 81.0B KRW
FY24 89.2B KRW
FY25 95.9B KRW
Net income
FY21 −176B KRW
FY22 −44.7B KRW
FY23 25.7B KRW
FY24 13.3B KRW
FY25 2.8B KRW

256840 screens 50% overvalued. Compare with Jiangsu Hengrui Pharmaceuticals Co →

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Cite: Fair Value Calculator (2026). "BNC KOREA, Inc Fair Value". https://www.fairvalue-calculator.com/stock/256840

Peer Group

Drug Manufacturers - Specialty & Generic · 621 stocks

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.

Quality Score 44 · Below median
Fair Value upside −50% · Below median
Return on assets -1% · Bottom 25%
Net margin (TTM) -4% · Bottom 25%
Operating margin (TTM) -7% · Bottom 25%
Revenue growth -18% · Bottom 25%
Dividend yield (TTM) 3.0% · Above median
Debt / equity 0.09× · Higher than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 7
FUTURE 0 · sector 21
PAST 0 · sector 24
HEALTH 96 · sector 97
DIVIDEND 60 · sector 34

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Drug Manufacturers - Specialty & Generic stocks, each showing price versus our Fair Value estimate (as of Jul 22, 2026).

Stock Price Fair Value vs Fair Value
Jiangsu Hengrui Pharmaceuticals Co 600276 ¥53.19 ¥25.94 -51%
Sun Pharmaceutical Industries Limited SUNPHARMA ₹1,933 ₹989.50 -49%
Divi's Laboratories Limited DIVISLAB ₹7,316 ₹1,943 -73%
Torrent Pharmaceuticals Limited TORNTPHARM ₹4,763 ₹1,329 -72%
PharmaEssentia Corporation 6446 1,285 TWD 221.01 TWD -83%
Cipla Limited CIPLA ₹1,439 ₹1,001 -30%
Zydus Lifesciences Limited ZYDUSLIFE ₹1,151 ₹703.32 -39%
Lupin Limited LUPIN ₹2,443 ₹2,477 +1%
Mankind Pharma Limited MANKIND ₹2,484 ₹983.11 -60%
Dr. Reddy's Laboratories Limited DRREDDY ₹1,211 ₹874.79 -28%

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Frequently asked questions

Is BNC KOREA, Inc (256840) overvalued or undervalued?
As of Jul 22, 2026, our model estimates a fair value of 1,372 KRW versus a price of 2,750 KRW, about −50% (overvalued).
What is the fair value of 256840?
Our model-based fair value for BNC KOREA, Inc is 1,372 KRW (as of Jul 22, 2026), built from audited fundamentals. The current price is 2,750 KRW.
What is the quality score of 256840?
BNC KOREA, Inc has a Quality Score of 44/100. 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 revenue of BNC KOREA, Inc (256840)?
BNC KOREA, Inc reported trailing-twelve-month revenue of about 91.2B KRW (latest available figure, as of Jul 22, 2026).
What is the net profit margin of 256840?
The net profit margin of BNC KOREA, Inc is about -3.6%, meaning it is currently running at a net loss. Based on the latest reported figures.
Does BNC KOREA, Inc pay a dividend?
BNC KOREA, Inc currently shows a dividend yield of about 2.47% relative to its recent price (as of Jul 22, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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