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Key Info

Yuhan Corp Web - www.yuhan.co.kr

Tel - 82-2-828-0181

Next Reporting Date - 15.05.2019

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    Yuhan Corp

    Pharmaceuticals, Biotechnology

    SOUTH KOREA


    DCF Model Assumptions

    Risk Free Rate

    2.00%

    Country Equity Risk Premium

    6.00%

    Cost of Debt

    4.00%

    Cost of Debt

    4.00%

    Long Term Growth

    2.00%

    Beta Assumption

    0.59

    Current Market Cap mln$

    2,695.92

    Net Debt mln$

    -309.66

    WACC Estimate

    5.74%

    Ordinary Current Price $

    210.97

    DCF Model

    < d style="font-size: 10px">-41.55
    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    Revenue997.951138.961293.861380.881571.461703.561835.631963.152093.402242.262401.722572.522755.462951.413161.29
    EBITDA Costs895.521018.381169.951282.391459.711591.661723.581850.961981.072131.032292.332465.842652.492853.273069.24
    EBITDA102.42120.58123.9298.49111.75111.90112.04112.18112.32111.24109.39106.67102.9798.1492.05
    EBITDA Margin10.2610.599.587.137.116.576.105.715.374.964.554.153.743.332.91
    Operating Costs922.061054.631215.371335.301524.801665.641806.461942.422081.302241.772414.612600.782801.303017.283249.92
    Operating Profit75.8984.3378.4945.5746.6637.9229.1720.7212.100.50-12.89-28.26-45.84-65.87-88.62
    Operating Margin7.607.406.073.302.972.231.591.060.580.02-0.54-1.10-1.66-2.23-2.80
    Pretax Costs849.10962.281165.631299.601504.871661.041817.171967.932121.922302.432498.292710.822941.433191.663463.17
    PTP148.84176.68128.2381.2766.6042.5218.46-4.78-28.52-60.16-96.57-138.31-185.97-240.25-301.88
    Pretax Margin14.9115.519.915.894.242.501.01-0.24-1.36-2.68-4.02-5.38-6.75-8.14-9.55
    Net Income Costs886.51999.911197.391328.621530.161683.231836.261984.022134.952311.052501.672708.032931.403173.203434.94
    Net Income111.44139.0596.4852.2641.3020.33-0.63-20.87-68.78-99.95-135.51-175.94-221.79-273.65
    Net Margin11.1712.217.463.782.631.19-0.03-1.06-1.98-3.07-4.16-5.27-6.39-7.51-8.66
    Revenue Less Capex1069.791208.011344.101422.701599.161720.311841.441958.392077.852212.852356.622509.742672.802846.463031.40
    Capex-71.85-69.05-50.23-41.82-27.70-16.75-5.814.7615.5529.4245.1062.7882.66104.95129.89
    Capex to Revenues-7.20-6.06-3.88-3.03-1.76-0.98-0.320.240.741.311.882.443.003.564.11
    Revenue less FCF958.191144.081232.501337.741513.391637.141760.861880.332002.352141.382290.072449.092619.142801.012995.50
    FCF39.76-5.1261.3743.1458.0766.4274.7682.8291.05100.88111.65123.43136.31150.40165.79
    FCF to Revenue3.98-0.454.743.123.703.904.074.224.354.504.654.804.955.105.24

    SOUTH KOREA Comparables

    tickercompanycountryMarket Cap
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    PE RATIO
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    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    068270 KSCelltrion IncSOUTH KOREA 23361.4480.1054.4149.3336.2624.110.0049.019.1211.67-6.77
    000100 KSYuhan CorpSOUTH KOREA 2695.9231.0827.5420.5919.661.940.808.391.785.8229.23

    International Comparables

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    2019
    PE RATIO
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    EV/EBITDA
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    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
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    ILMN USIllumina IncUNITED STATES 46922.4048.3641.9736.3630.5712.430.0033.3610.0022.468.17
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    4503 JPAstellas Pharma IncJAPAN 26715.1314.4214.81-9.252.522.2923.652.4917.59-12.42
    A USAgilent Technologies IncUNITED STATES 24359.8224.9822.4718.1516.734.700.8725.604.5319.5122.85
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