Samsung Biologics Co.,Ltd. engages in the contract manufacturing organization (CMO) business for biopharmaceuticals products. The company operates in two segments, CMO and Contract Development Organization (CDO). It is involved in the provision of CDO services, including cell line development, upstream and downstream processes, and analytical methods and formulations. The company also offers aseptic filling, lyophilization, finishing, storage and shipping, and support services; and quality assurance and control, as well as biosafety and analytical testing services. In addition, it engages in the development and commercialization of biosimilar drugs; and manufactures mammalian cell-based antibody drugs. The company was founded in 2011 and is headquartered in Incheon, South Korea.

BUILD UP FREE CASH	2022-12-31 (A)	2023-12-31 (A)	2024-12-31 (A)	2025-12-31 (E)	2026-12-31 (E)	2027-12-31 (E)	2028-12-31 (E)	2029-12-31 (E)
Revenue	3,001,295.2	3,694,588.8	4,547,322.2	5,802,710.4	6,367,231.3	7,293,157.1	7,293,157.1	7,293,157.1
Revenue % Chg.	91.4%	23.1%	23.1%
EBIT	983,627.4	1,113,680	1,320,052.4	2,134,916.9	2,405,388.5	2,731,484.7	2,731,484.7	2,731,484.7
EBIT Margin	32.8%	30.1%	29%
Tax Rate	20.9%	23.4%	20.9%
NOPAT	777,969.6	852,861.7	1,043,781.3	1,632,499.8	1,847,739.3	2,097,324.9	2,097,324.9	2,097,324.9
NOPAT Margin	25.9%	23.1%	23%	28.1%	29%	28.8%	28.8%	28.8%
D&A	308,264.3	489,782	599,101.1	513,900	522,057.1	567,092.3	567,092.3	567,092.3
D&A / Revenue	10.3%	13.3%	13.2%
Capex	-956,839.7	-995,070.7	-1,303,573.3	-1,348,163.3	-1,217,454.9	-1,284,006.5	-1,284,006.5	-1,284,006.5
Capex / Revenue	-31.9%	-26.9%	-28.7%
Chg. NWC	-263,485.3	298,743.5	-45,375.3	-32,706.5	-35,888.4	-41,107.3	-41,107.3	-41,107.3
Chg. NWC / Revenue	-8.8%	8.1%	-1%
Unlevered FCF (UFCF)	-134,091.1	646,316.6	293,933.8	765,530.1	1,116,453.2	1,339,303.4	1,339,303.4	1,339,303.4
UFCF % Chg.	30.8%	-582%	-54.5%	160.4%	45.8%	20%	—	—
PV of UFCF	—	—	—	700,449.2	934,693.7	1,025,940.5	938,721.1	858,916.6
Sum of PV of UFCF	—	—	—	700,449.2	1,635,143	2,661,083.5	3,599,804.6	4,458,721.2

Cost of Debt
Tax Rate
After Tax Cost of Debt	2.3%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	9.4%
Total Debt	1,486,239.5
Market Cap	75,407,959.2
Total Capital	76,894,198.7
Debt Weighting	1.9%
Equity Weighting	98.1%
WACC	9.3%

Exit Multiple EV/FCF
Terminal Value	74,669,529.1
PV of Terminal Value	43,815,707.5
Cumulative PV of UFCF	4,458,721.2
Net Debt	-738,430
Equity Value	49,012,858.8
Shares Outstanding	46.3
Implied Share Price	1,058,800
Current Share Price	1,629,000
Implied Upside / (Downside)	-35%