Company Valuation: Celltrion, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 2,75,92,583 2,30,00,359 2,79,70,378 4,03,65,453 3,96,02,284 4,09,81,158 - -
Change - -16.64% 21.61% 44.32% -1.89% 3.48% - -
Enterprise Value (EV) 1 27,117 23,236 29,280 41,531 42,173 43,205 42,352 41,475
Change - -14.31% 26.01% 41.84% 1.55% 2.45% -1.97% -2.07%
P/E 47.2x 41.6x 53.7x 91.7x 38.8x 27.2x 23.2x 20.5x
PBR 6.87x 5.34x 2.46x 2.2x 2.32x 2.21x 2.04x 1.87x
PEG - -9.54x -20.3x -2.1x 0x 0.6x 1.4x 1.6x
Capitalization / Revenue 14.6x 10.1x 12.9x 11.3x 9.51x 7.42x 6.46x 5.83x
EV / Revenue 14.3x 10.2x 13.5x 11.7x 10.1x 7.83x 6.68x 5.9x
EV / EBITDA 27.9x 26.6x 32.6x 45.6x 29x 20x 16.7x 14.7x
EV / EBIT 36x 35.9x 44.9x 84.4x 36.1x 23.5x 19.2x 16.6x
EV / FCF 46x -211x 89.5x 54.2x 78.4x 43.2x 31.4x 26.5x
FCF Yield 2.17% -0.47% 1.12% 1.85% 1.28% 2.32% 3.18% 3.77%
Dividend per Share 3 628.9 - 436.1 686.8 714.3 751.8 783 820.5
Rate of return 0.38% - 0.25% 0.4% 0.41% 0.42% 0.44% 0.46%
EPS 3 3,515 3,362 3,273 1,873 4,438 6,600 7,722 8,731
Distribution rate 17.9% - 13.3% 36.7% 16.1% 11.4% 10.1% 9.4%
Net sales 1 1,891 2,284 2,176 3,557 4,162 5,521 6,344 7,029
EBITDA 1 972.1 873.6 897.2 910.3 1,456 2,162 2,543 2,827
EBIT 1 753.9 647.2 651.5 492 1,168 1,836 2,201 2,505
Net income 1 575.1 533.2 535.6 422.7 1,030 1,536 1,785 2,009
Net Debt 1 -475.5 235.5 1,310 1,165 2,571 2,224 1,371 494
Reference price 3 1,66,042.75 1,39,979.07 1,75,736.96 1,71,703.30 1,72,380.95 1,79,400.00 1,79,400.00 1,79,400.00
Nbr of stocks (in thousands) 1,66,178 1,64,313 1,59,160 2,35,088 2,29,737 2,28,435 - -
Announcement Date 16/02/22 03/03/23 29/02/24 25/02/25 04/02/26 - - -
1KRW in Million2KRW in Billions3KRW
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
27.32x7.86x20.08x0.42% 2.98TCr
31.85x5.73x17.17x1.02% 4.62TCr
34.7x3.34x14.42x-.--% 4.43TCr
-20.15x232.19x-21.56x-.--% 4.22TCr
46.3x5.35x29.28x-.--% 4.02TCr
34.98x5.74x26.08x-.--% 1.72TCr
25.63x2.2x9.55x1.04% 1.53TCr
28.8x1.89x11.64x-.--% 1.31TCr
75.35x3.98x15.43x-.--% 1.34TCr
Average 31.64x 29.81x 13.56x 0.28% 2.91TCr
Weighted average by Cap. 27.57x 41.54x 12.42x 0.29%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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