BioNote, Inc.

377740.KS · Healthcare · Medical Devices · Valued as of 2026-11-03 · Statements 2025-12-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

341.59M USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

1.01B USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

1.01B USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

785.06M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

358.68M USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

2.19×

the ratio the screener ranks by

Margin of Safety

+54.3%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 341.59M USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)65.96M USD
+②Net Cash Today237.02M USD
+③Growth Value38.61M USD
=Value341.59M USD

EPV of the Operations (NOPAT over WACC)

65.96M USD

Net cash today

+237.02M USD

Growth Value

+38.61M USD

Value

341.59M USD

①EPV (Earnings Power Value)

65.96M USD

②Net Cash Today

237.02M USD

③Growth Value

38.61M USD

Market value

Market Cap358.68M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-5.0%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 1.01B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.

The projection was not made (a profit at or below zero in the latest three years), so the value is the book value today, 1.01B USD, as the screener leaves it.

①Present Value of the 15 Years of FCFE

Not in the value

②Equity at Year 15, Today

Not in the value

Market value

Market Cap358.68M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+64.4%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 1.01B USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).

The projection was not made (a change in working capital above half the operating profit in the latest three years), so the value is the book value today, 1.01B USD, as the screener leaves it.

①Present Value of the 15 Years of FCFF

Not in the value

②Invested Capital at Year 15, Today

Not in the value

③Net Cash Today

Not in the value

Market value

Market Cap358.68M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+64.4%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 8.28%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.63×Market Risk Premium 6.00%= 8.29%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC 25.00% (default): the statements print a tax provision of -48.91K USD on a pretax income of -60.96M USD, which gives no rate between 0 and the profit before tax, so the 25% default stands for the tax the interest saves.

Interest Expense =EBIT -60.76M USD−Pretax Income -60.96M USD= 199.87K USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 199.87K USDTotal Debt 2.08M USD×(1 − Tax Rate for WACC 25.00%)= 7.19%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 2.08M USDMarket Cap + Total Debt 358.68M USD + 2.08M USD= 0.58%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 99.42%×Cost of Equity 8.29%+Debt Weight 0.58%×Cost of Debt 7.19%= 8.28%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-06-30.

Total Assets 1.05B USD − Total Liabilities 41.23M USD = Book Value Today 1.01B USD

Total Debt 2.08M USD − Cash and Short-Term Investments 239.11M USD = Net Debt Today -237.02M USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 1-1.3%at most 5%passes100,752,824 / 102,056,048
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets6.8%at least -10.0%passes(10.01M USD − -60.91M USD) ÷ 1.05B USD
Price to bookMarket Cap ÷ Book Value Today0.36×at most 3×passes358.68M USD ÷ 1.01B USD
Operating marginOperating Income ÷ Revenue14.2%above 10.0%passes11.70M USD ÷ 82.37M USD
Revenue growthRevenue ÷ Revenue a Year Before − 117.5%above 10.0%passes82.37M USD / 70.11M USD
Net cash(Cash − Total Debt) ÷ Market Cap9.7%above -30%passes(36.75M USD − 2.08M USD) ÷ 358.68M USD
Operating efficiencyOperating Income ÷ Gross Profit25.6%above 25.0%passes11.70M USD ÷ 45.78M USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

4704.70 KRW

Enterprise value

109.34B KRW

the provider's own figure

EV / EBITDA

3.58×

Price / book

—

the provider's book

Price / earnings

—

Return on equity

-7.8%

the provider's figure, not this page's

Profit margin

-99.4%

Revenue growth

12.2%

Analyst target, mean

—

Analysts

—

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

Income statement (USD)2022202320242025

Revenue

380.98M70.57M70.11M82.37M

Gross profit

270.64M-9.06M34.95M45.78M

Operating income

234.64M-36.85M8.33M11.70M

EBITDA

operating income before depreciation and amortisation

334.64M-78.87M55.76M-54.34M

Pretax income

329.45M-85.77M50.02M-60.96M

Net income

244.48M-16.06M37.70M-60.91M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

239.83M-8.12M35.37M-61.05M

R&D

12.82M10.50M9.26M11.72M
Balance sheet, year end (USD)2022202320242025

Total assets

1.40B1.25B1.16B1.08B

Total liabilities

124.58M28.41M41.87M31.08M

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

1.27B1.22B1.12B1.05B

Total debt

1.08M3.86M2.68M2.54M

Cash and equivalents

540.96M115.46M73.22M12.44M

Net PP&E

fixed assets after depreciation

77.17M70.18M63.19M59.04M

Working capital

current assets less current liabilities

615.83M349.12M301.55M274.08M
Cash flow (USD)2022202320242025

Operating cash flow

197.86M-3.29M39.51M10.01M

Capital expenditure

paid out, so below zero

-33.74M-3.56M-7.15M-5.76M

Depreciation and amortisation

5.12M6.43M5.58M6.42M

Free cash flow

operating cash flow plus capital expenditure

164.11M-6.84M32.36M4.25M