Korea Refract (010040) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Korea Refract stock KRW 900, price KRW 1,517, that is 40.7% below the price, quality 51 out of 100. Rating: strongly overvalued. Calculated from audited financials with 13 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.
How to read this chart
60‑month range 1,362 KRW – 4,671 KRW · fair‑value band 612.96 KRW – 1,188 KRW · the 1,517 KRW price screens above the 900.26 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 9, 2026.
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Korea Refractories Co., Ltd operates in the refractories industry in South Korea. The company's refractories include shaped, monolithic, and functional refractories.
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It also designs, constructs, and operates heating and heat treatment facilities for various industries; designs, constructs, and supervises refractories that are used for industrial plants, including metal, chemical, power generation, and environmental facilities; and constructs raw materials storage facilities, gravity tanks, chimneys, and iron frame structures.
In addition, the company is involved in the powder processing activities; and offers construction and maintenance services.
Its products are used in various applications, such as iron and steel making, power plant, incinerator, cement and lime, glass, nonferrous metal, chemical, heating furnace, reheating furnace, and stack applications.
The company was formerly known as Korea Special Refractories Co. Ltd and changed its name to Korea Refractories Co., Ltd in January 1995. Korea Refractories Co., Ltd was founded in 1973 and is headquartered in Dangjin-si, South Korea.
Stock analysis
Korea Refract (010040) currently trades at 1,517 KRW, while our model-based Fair Value estimate is 900.26 KRW, 41% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 2,963 KRW per share, and 8 of the 13 models we run sit above the 1,517 KRW price.
Bear case: the Earnings-Based group reads lowest at 667.72 KRW, and 5 of the 13 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 612.96 KRW (bear) to 1,188 KRW (bull), the price of 1,517 KRW sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 51/100 (solid quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Korea Refract reported revenue of 406B KRW in FY2025 versus 272B KRW in FY2021, a compound +10.6%/yr. Reported net income was −21.8B KRW in FY2025.
Key figures
Market cap 61.7B KRW (≈ $45.6M) Micro · P/E ratio 8.0 · P/S ratio 0.16 · EPS (TTM) 189.57 KRW · Dividend yield 5.7% · Net margin 2.0% · Return on equity 4.8% · Return on assets (EBIT) 1.4% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 20 out of 100 (low confidence).
What moves the price
The share trades about 29% below its 52-week high and 11% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −46% fair-value upside, at −41%, 010040 screens cheaper than that median.
Fair Value models
Bear612.96 KRWFair Value 900.26 KRWBull1,188 KRW
Price 1,517 KRW · Downside -40.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (162.56 KRW per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−2.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.8%
Start year 2020 (pandemic)
Revenue growth 17 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.7%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
4.0% (2019) → 2.1% (2024)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−1.6%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect
n/a
No analyst forecast available.
Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain.
After inflation (South Korea: IMF forecast 2.1% a year to 2030, 2.1% from 2016 to 2025) that is about −3.6% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Specialty Industrial Machinery · 813 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score51 · Below median
Fair Value upside−41.3% · Below median
Profitability
Return on equity (12 months)4.8% · Below median
Return on assets−7.9% · Bottom 25%
Net margin (12 months)2.0% · Below median
Operating margin (12 months)1.8% · Below median
Growth and dividend
Revenue growth (quarter YoY)−2.0% · Below median
Dividend yield (12 months)5.7% · Top 25%
Balance sheet
Debt / equity0.06× · Below median
Valuation Multiplesvs Specialty Industrial Machinery median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Korea Refract Fair Value". https://www.fairvalue-calculator.com/stock/010040
Frequently asked questions
Is Korea Refract (010040) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of 900.26 KRW versus a price of 1,517 KRW, about 41% lower (overvalued).
What is the fair value of 010040?
Our model-based fair value for Korea Refract is 900.26 KRW (as of Nov 9, 2026), built from audited fundamentals. The current price: 1,517 KRW.
What is the quality score of 010040?
Korea Refract has a Quality Score of 51/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Korea Refract (010040)?
Our model-based price target is the fair value of 900.26 KRW (as of Nov 9, 2026) from 13 valuation models. Cautious scenario 612.96 KRW, optimistic scenario 1,188 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Korea Refract stock forecast for 2026?
Our models put fair value at 900.26 KRW, about 41% lower versus a price of 1,517 KRW (overvalued). Cautious scenario 612.96 KRW, optimistic scenario 1,188 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Korea Refract (010040)?
Korea Refract reported trailing-twelve-month revenue of about 388B KRW (latest available figure, as of Nov 9, 2026).
Does Korea Refract pay a dividend?
Korea Refract currently shows a dividend yield of 5.70% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of Korea Refract (010040)?
Korea Refract has a dividend yield of 5.7%.
What growth is priced into Korea Refract (010040)?
For today's price to be fair in a discounted-cash-flow model, Korea Refract would have to grow free cash flow by -1.6 % per year for five years (discount rate 8.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +14.8 % per year. Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of 010040 use?
Our models discount Korea Refract at 8.9 %: a base by market capitalisation (nano), damped by beta 0.43, country premium for South Korea. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Korea Refract that is -1.6 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (8.9 %) and the same formula as our fair value.
How much growth has Korea Refract (010040) delivered so far?
Over the past 5 years revenue at Korea Refract grew +14.8 % a year. The price currently implies free-cash-flow growth of -1.6 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Korea Refract (010040) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Korea Refract (-1.6 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Korea Refract (010040)?
The free-cash-flow yield on the price is 9.85 % in the last fiscal year (free cash flow was negative over the last twelve months): that much free cash flow Korea Refract produces per unit of market value. When it exceeds the discount rate of our models (8.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Korea Refract (010040)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Korea Refract it is 900.26 KRW per share (as of Nov 9, 2026), against a price of 1,517 KRW. It is the blended result of 13 valuation models in 6 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Korea Refract stock overvalued or undervalued in 2026?
As of Nov 9, 2026, 010040 trades above its calculated fair value: price 1,517 KRW, fair value 900.26 KRW, a gap of about −41% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 010040?
No. The price is what the market pays today (1,517 KRW); the fair value is what the company's own numbers justify (900.26 KRW). For Korea Refract the two are 616.74 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Korea Refract worth?
The market values Korea Refract at about 61.7B KRW (market capitalisation, as of Nov 9, 2026). Per share that is 1,517 KRW; our models calculate a fair value of 900.26 KRW per share.
What do the bullish and bearish scenarios say about 010040?
Our models span a range for Korea Refract: cautious scenario 612.96 KRW, base 900.26 KRW, optimistic 1,188 KRW per share (as of Nov 9, 2026, price 1,517 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 010040?
Korea Refract trades at a price-to-earnings ratio of 8.0 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 900.26 KRW is built from several models across several years. Median P/E at fiscal year-end, 7 fiscal years (2017 to 2024), reported earnings: 21.1. Other multiples: P/B 0.4, P/S 0.2, EV/EBITDA 2.7.
How solid is the balance sheet of Korea Refract (010040)?
Balance-sheet figures for Korea Refract (as of Nov 9, 2026): return on equity 4.8%, debt of 0.06 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is 010040 from its 52-week high?
Korea Refract trades at 1,517 KRW, about 29% below its 52-week high of 2,125 KRW and 11% above the low of 1,362 KRW (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 900.26 KRW is for.
Which stocks are comparable to Korea Refract?
From the same area (Industrials) we also value SIE, GE Vernova Inc, Eaton Corporation, Parker-Hannifin Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Korea Refract stock attractive at the current price?
The data as of Nov 9, 2026: price 1,517 KRW, calculated fair value 900.26 KRW (−41%), Quality Score 51/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 010040 calculated?
We run Korea Refract through 13 models from 6 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of 900.26 KRW builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Korea Refract itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Korea Refract (010040)?
The closing price on Nov 9, 2026 was 1,517 KRW. Our model-based fair value is 900.26 KRW, about 41% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Korea Refract right now?
The price sits above even our optimistic bull case (1,188 KRW). The favourable scenario is already priced in. Solid but not exceptional quality (51/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (612.96 KRW to 1,188 KRW) leaves room in how you read the outcome.
Key figures of Korea Refract
How large is the market capitalisation of Korea Refract (010040)?
The market capitalisation of Korea Refract is 61.7B KRW (≈ $45.6M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Korea Refract (010040)?
The price-to-sales ratio of Korea Refract is 0.16 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Korea Refract (010040)?
Earnings per share at Korea Refract are 189.57 KRW (price ÷ EPS = P/E 8.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Korea Refract (010040)?
The dividend yield of Korea Refract is 5.7% (payout 45.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Korea Refract (010040)?
The net margin of Korea Refract is 2.0% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Korea Refract (010040)?
The return on equity (ROE) of Korea Refract is 4.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Korea Refract (010040)?
On an EBIT basis the return on assets of Korea Refract is 1.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Korea Refract (010040)?
The operating margin of Korea Refract is 1.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Korea Refract (010040)?
Revenue at Korea Refract is growing −2.0% versus a year earlier (3y avg +4.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Korea Refract (010040)?
Earnings per share at Korea Refract are growing +13.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Korea Refract (010040) carry?
The net debt of Korea Refract is 10.2B KRW (fiscal year 2025, ≈ 1.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 9, 2026