Hanwha Aerospace Co Ltd (012450) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Hanwha Aerospace Co Ltd stock KRW 576,542, price KRW 680,000, that is 15.2% below the price, quality 40 out of 100. Rating: overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range 41,666 KRW – 1,537,000 KRW · fair‑value band 373,877 KRW – 749,504 KRW · the 680,000 KRW price screens above the 576,542 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 6, 2026.
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Hanwha Aerospace Co., Ltd. engages in the development, production, and maintenance of aircraft engines worldwide.
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The company offers Korea space launch vehicle; satellite services, such as earth observation and satellite communication; fixed and rotary wing engines, guided missile engines, electric propulsion systems, aircraft and missile components, and aircraft engine modules and parts; and artillery systems, armored vehicles, air defense systems, missile and ammunition, manned-unmanned teaming systems, and navigation systems.
It also provides marine gas turbine engines and gensets; lithium battery systems; specialty and commercial ships; and offshore plants. In addition, the company offers maintenance, repair, and overhaul services for military engines; and assembly services for engines.
Further, it provides energy storage systems; electromechanical actuators; and hydrogen fuel cell for aircrafts. The company was founded in 1977 and is headquartered in Changwon-Si, South Korea.
Stock analysis
Hanwha Aerospace Co Ltd (012450) currently trades at 680,000 KRW, while our model-based Fair Value estimate is 576,542 KRW, 15% 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 774,635 KRW per share, and 11 of the 26 models we run sit above the 680,000 KRW price.
Bear case: the Economic Profit group reads lowest at 237,859 KRW, and 15 of the 26 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 373,877 KRW (bear) to 749,504 KRW (bull), the price of 680,000 KRW sits inside 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 40/100 (below-average quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Hanwha Aerospace Co Ltd reported revenue of 26.7T KRW in FY2025 versus 6.4T KRW in FY2021, a compound +42.8%/yr. Reported net income was 1.4T KRW in FY2025, compounding +53.6%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 35.0T KRW (≈ $25.7B) Large · P/E ratio 17.3 · P/S ratio 1.21 · EPS (TTM) 40,085 KRW · Dividend yield 1.0% · Net margin 6.9% · Return on equity 20.8% · Return on assets (EBIT) 3.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 53 out of 100 (low confidence).
What moves the price
The share trades about 56% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −27% fair-value upside, at −15%, 012450 screens cheaper than that median.
Fair Value models
Bear373,877 KRWFair Value 576,542 KRWBull749,504 KRW
Price 680,000 KRW · Downside -15.2%
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 (28,100 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.90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+137.6%
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.
+55.8%
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.
+38.1%
Start year 2020 (pandemic). Over 10 years: +26.2% a year
Revenue growth 25 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.
+12.4%
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What shareholders gained per year (last 5 years), in KRW (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in KRW: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+89.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+88.9%
Dividend (yield on the price)1.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.60.5% vs 15.4%, picking up
Profit margin 2020 to 2025 ⓘ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.5% → 12%
2025 sits 69% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what analysts expect.
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).
+8.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+8.8%
Yearly sales growth analysts expect, extended to five years.
After inflation (South Korea: IMF forecast 2.1% a year to 2030, 2.1% from 2016 to 2025) that is about +6.4% a year for the price and +6.6% for the forecasts.
AI conclusion: Defense exports to Poland and other markets fuel sharp revenue and profit growth while high total debt and thin evidence of a durable moat constrain business quality.
Main risk: Heavy reliance on large contracts with Poland for systems like the K9 howitzer and Chunmoo launcher could expose the company to reduced orders or margin pressure if Poland shifts priorities toward European suppliers via funding mechanisms such as SAFE.
Defense exports to Poland and other markets are driving sharp revenue and profit growth, yet the company is committing substantial resources to new fighter engines and reusable rocket programs. Our models see it as overvalued. Can the experience from localization projects in Australia, Romania and Spain translate into sustainable margins before delays or cost overruns erode the gains?
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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.Aerospace & Defense · 241 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score40 · Bottom 25%
Fair Value upside−15.2% · Above median
Profitability
Return on equity (12 months)20.8% · Top 25%
Return on assets4.1% · Above median
Net margin (12 months)10.8% · Above median
Operating margin (12 months)14.7% · Above median
Growth and dividend
Revenue growth (quarter YoY)47.3% · Top 25%
Dividend yield (12 months)1.0% · Above median
Balance sheet
Debt / equity0.56× · Highest 25%
Valuation Multiplesvs Aerospace & Defense median · lower = cheaper
P/E (12 months)17.3× · Cheapest 25%
P/B3.59× · Pricier than median
P/S (12 months)1.82× · Cheaper than median
Price / free cash flow (fiscal year)26.5× · Cheaper than median
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). "Hanwha Aerospace Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/012450
Frequently asked questions
Is Hanwha Aerospace Co Ltd (012450) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of 576,542 KRW versus a price of 680,000 KRW, about 15% lower (overvalued).
What is the fair value of 012450?
Our model-based fair value for Hanwha Aerospace Co Ltd is 576,542 KRW (as of Nov 6, 2026), built from audited fundamentals. The current price: 680,000 KRW.
What is the quality score of 012450?
Hanwha Aerospace Co Ltd has a Quality Score of 40/100. 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 Hanwha Aerospace Co Ltd (012450)?
Our model-based price target is the fair value of 576,542 KRW (as of Nov 6, 2026) from 26 valuation models. Cautious scenario 373,877 KRW, optimistic scenario 749,504 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Hanwha Aerospace Co Ltd stock forecast for 2026?
Our models put fair value at 576,542 KRW, about 15% lower versus a price of 680,000 KRW (overvalued). Cautious scenario 373,877 KRW, optimistic scenario 749,504 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Hanwha Aerospace Co Ltd (012450)?
Hanwha Aerospace Co Ltd reported trailing-twelve-month revenue of about 30.0T KRW (latest available figure, as of Nov 6, 2026).
Does Hanwha Aerospace Co Ltd pay a dividend?
Hanwha Aerospace Co Ltd currently shows a dividend yield of 1.03% relative to its recent price (as of Nov 6, 2026).
What growth is priced into Hanwha Aerospace Co Ltd (012450)?
For today's price to be fair in a discounted-cash-flow model, Hanwha Aerospace Co Ltd would have to grow free cash flow by +8.6 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +38.1 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of 012450 use?
Our models discount Hanwha Aerospace Co Ltd at 9.6 %: a base by market capitalisation (large), damped by beta 0.99, 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 Hanwha Aerospace Co Ltd that is +8.6 % per year a year over ten years, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has Hanwha Aerospace Co Ltd (012450) delivered so far?
Over the past 5 years revenue at Hanwha Aerospace Co Ltd grew +38.1 % a year. The price currently implies +8.6 % per year free-cash-flow growth a 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 Hanwha Aerospace Co Ltd (012450) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Hanwha Aerospace Co Ltd (+8.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Hanwha Aerospace Co Ltd (012450)?
The free-cash-flow yield on the price is 5.88 %: that much free cash flow Hanwha Aerospace Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Hanwha Aerospace Co Ltd (012450)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hanwha Aerospace Co Ltd it is 576,542 KRW per share (as of Nov 6, 2026), against a price of 680,000 KRW. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Hanwha Aerospace Co Ltd stock overvalued or undervalued in 2026?
As of Nov 6, 2026, 012450 trades above its calculated fair value: price 680,000 KRW, fair value 576,542 KRW, a gap of about −15% (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 012450?
No. The price is what the market pays today (680,000 KRW); the fair value is what the company's own numbers justify (576,542 KRW). For Hanwha Aerospace Co Ltd the two are 103,458 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Hanwha Aerospace Co Ltd worth?
The market values Hanwha Aerospace Co Ltd at about 35.0T KRW (market capitalisation, as of Nov 6, 2026). Per share that is 680,000 KRW; our models calculate a fair value of 576,542 KRW per share.
What do the bullish and bearish scenarios say about 012450?
Our models span a range for Hanwha Aerospace Co Ltd: cautious scenario 373,877 KRW, base 576,542 KRW, optimistic 749,504 KRW per share (as of Nov 6, 2026, price 680,000 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 012450?
Hanwha Aerospace Co Ltd trades at a price-to-earnings ratio of 17.3 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 576,542 KRW is built from several models across several years. Other multiples: P/B 3.6, P/S 1.8, EV/EBITDA 11.0.
How solid is the balance sheet of Hanwha Aerospace Co Ltd (012450)?
Balance-sheet figures for Hanwha Aerospace Co Ltd (as of Nov 6, 2026): return on equity 20.8%, debt of 0.56 per unit of equity. They feed the Quality Score of 40/100, which measures business quality independently of the share price.
How far is 012450 from its 52-week high?
Hanwha Aerospace Co Ltd trades at 680,000 KRW, about 56% below its 52-week high of 1,537,000 KRW and at the low of 680,000 KRW (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of 576,542 KRW is for.
Which stocks are comparable to Hanwha Aerospace Co Ltd?
From the same area (Industrials) we also value General Electric Company, RTX Corporation, Airbus SE, Lockheed Martin 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 Hanwha Aerospace Co Ltd stock attractive at the current price?
The data as of Nov 6, 2026: price 680,000 KRW, calculated fair value 576,542 KRW (−15%), Quality Score 40/100, from 26 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 012450 calculated?
We run Hanwha Aerospace Co Ltd through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 576,542 KRW, 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 15.5% above its aggregate fair value. Hanwha Aerospace Co Ltd 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 Hanwha Aerospace Co Ltd (012450)?
The closing price on Nov 5, 2026 was 680,000 KRW. Our model-based fair value is 576,542 KRW, about 15% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hanwha Aerospace Co Ltd right now?
Weak quality (40/100) and above fair value at the same time, the margin of safety is missing on both counts. A fairly wide model range (373,877 KRW to 749,504 KRW) leaves room in how you read the outcome.
Key figures of Hanwha Aerospace Co Ltd
How large is the market capitalisation of Hanwha Aerospace Co Ltd (012450)?
The market capitalisation of Hanwha Aerospace Co Ltd is 35.0T KRW (≈ $25.7B). 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 Hanwha Aerospace Co Ltd (012450)?
The price-to-sales ratio of Hanwha Aerospace Co Ltd is 1.21 (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 Hanwha Aerospace Co Ltd (012450)?
Earnings per share at Hanwha Aerospace Co Ltd are 40,085 KRW (price ÷ EPS = P/E 17.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Hanwha Aerospace Co Ltd (012450)?
The dividend yield of Hanwha Aerospace Co Ltd is 1.0% (payout 17.5%). 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 Hanwha Aerospace Co Ltd (012450)?
The net margin of Hanwha Aerospace Co Ltd is 6.9% (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 Hanwha Aerospace Co Ltd (012450)?
The return on equity (ROE) of Hanwha Aerospace Co Ltd is 20.8% (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 Hanwha Aerospace Co Ltd (012450)?
On an EBIT basis the return on assets of Hanwha Aerospace Co Ltd is 3.8% (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 Hanwha Aerospace Co Ltd (012450)?
The operating margin of Hanwha Aerospace Co Ltd is 14.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hanwha Aerospace Co Ltd (012450)?
Revenue at Hanwha Aerospace Co Ltd is growing +47.3% versus a year earlier (3y avg +55.8%). 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 Hanwha Aerospace Co Ltd (012450)?
Earnings per share at Hanwha Aerospace Co Ltd are growing +219% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Hanwha Aerospace Co Ltd (012450) carry?
The net debt of Hanwha Aerospace Co Ltd is 4.7T KRW (fiscal year 2025, ≈ 2.3 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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Nov 6, 2026