Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩12,200, the stock trades at a trailing P/E ratio of 19x. Average trailing P/E is 23x in the Biotechs industry in South Korea. Total loss to shareholders of 13% over the past three years. New Risk • Jul 29
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩139.8b (US$96.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Jun 30
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 39% to ₩17,020. The fair value is estimated to be ₩22,099, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Jun 08
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 41% to ₩17,430. The fair value is estimated to be ₩23,249, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Meanwhile, the company has become profitable. Announcement • Mar 13
NIBEC Co., Ltd., Annual General Meeting, Mar 30, 2026 NIBEC Co., Ltd., Annual General Meeting, Mar 30, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 34, namsan-gil, jincheon-gun, chungcheongbuk-do, South Korea New Risk • May 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 9.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 24% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (9.0% average weekly change). New Risk • Mar 31
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩145.3b (US$98.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 24% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩145.3b market cap, or US$98.7m). Announcement • Mar 11
NIBEC Co., Ltd., Annual General Meeting, Mar 28, 2025 NIBEC Co., Ltd., Annual General Meeting, Mar 28, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 66, daehak-ro, jincheon-gun, chungcheongbuk-do, South Korea New Risk • Nov 27
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South Korean stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 18% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (9.4% increase in shares outstanding). Reported Earnings • May 19
First quarter 2024 earnings released First quarter 2024 results: Revenue: ₩6.43b (up 41% from 1Q 2023). Net income: ₩233.6m (up ₩393.9m from 1Q 2023). Profit margin: 3.6% (up from net loss in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 20% per year whereas the company’s share price has fallen by 19% per year. New Risk • Jan 18
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.7% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 11% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (2.7% increase in shares outstanding). New Risk • Aug 30
New major risk - Revenue and earnings growth Earnings have declined by 1.8% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.8% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (11% average weekly change). New Risk • Aug 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Buying Opportunity • Aug 08
Now 25% undervalued Over the last 90 days, the stock is up 3.3%. The fair value is estimated to be ₩22,403, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 42% over the last 3 years. Earnings per share has declined by 6.8%. New Risk • Jul 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩127.5b (US$97.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Announcement • Nov 24
NIBEC Co., Ltd. announced that it has received KRW 25 billion in funding from a group of investors On November 22, 2022, NIBEC Co., Ltd. closed the transaction. Is New 90 Day High Low • Dec 07
New 90-day high: ₩41,600 The company is up 46% from its price of ₩28,400 on 08 September 2020. The South Korean market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Biotechs industry, which is up 7.0% over the same period. Is New 90 Day High Low • Nov 10
New 90-day high: ₩32,600 The company is up 42% from its price of ₩23,000 on 12 August 2020. The South Korean market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Biotechs industry, which is down 5.0% over the same period.