Dongwon System (014820) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Dongwon System stock KRW 31,473, price KRW 21,150, upside +48.8%, quality 56 out of 100. Rating: undervalued. Calculated from audited financials with 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 5, 2026.
How to read this chart
60‑month range 17,960 KRW – 65,654 KRW · fair‑value band 23,605 KRW – 39,341 KRW · the 21,150 KRW price screens below the 31,473 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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Dongwon Systems Corporation, a packaging company, manufactures and markets packaging materials in South Korea.
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The company offers flexible packaging products for food, beverage, and non-food packaging applications; glass bottles; aluminum cans, such as two-piece steel can bodies and bottle cans; and PET bottles, including non-pressure, heat resistance, heat pressure resistance, and pressure resistance, as well as preforms.
It also provides steel cans comprising two-piece steel can body and EOE/sanitary end products; and paper boxes that include bag-type and triangle cases, bottle neck sleeves, carton boxes, and one and one cases.
In addition, the company offers display material protective and industrial films; hygienic films; aluminum packaging products, including electric and electronic materials, general packaging, air conditioner materials, automotive materials, and al-pastes; aseptic drink packaging for concoction and health functional beverages, formula, and soy milk; and secondary battery products, such as cathode foils and cylindrical cans.
Further, it exports its products. The company was founded in 1977 and is headquartered in Seoul, South Korea. Dongwon Systems Corporation operates as a subsidiary of Dongwon Industries Co., Ltd.
Stock analysis
Dongwon System (014820) currently trades at 21,150 KRW, while our model-based Fair Value estimate is 31,473 KRW, implying the stock looks roughly 33% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 35,997 KRW per share, and 18 of the 26 models we run sit above the 21,150 KRW price.
Bear case: the Dividend Discount group reads lowest at 12,020 KRW, and 8 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: 23,605 KRW (bear) to 39,341 KRW (bull), the price of 21,150 KRW sits below 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 56/100 (solid quality), in the Consumer Cyclical sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Dongwon System reported revenue of 1.4T KRW in FY2025 versus 1.3T KRW in FY2021, a compound +2.4%/yr. Reported net income was 53.7B KRW in FY2025, compounding +7.7%/yr from FY2021.
Key figures
Market cap 613B KRW (≈ $453M) Small · P/E ratio 9.7 · P/S ratio 0.44 · EPS (TTM) 2,134 KRW · Dividend yield 2.8% · Net margin 4.5% · Return on equity 7.3% · Return on assets (EBIT) 5.6% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 39 out of 100 (low confidence).
What moves the price
The share trades about 28% below its 52-week high and 18% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −18% fair-value upside, at 49%, 014820 screens cheaper than that median.
Fair Value models
Bear23,605 KRWFair Value 31,473 KRWBull39,341 KRW
Price 21,150 KRW · Upside +48.8%
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 (1,316 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.64/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+2.9%
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.
−1.5%
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.
+4.9%
Start year 2020 (pandemic). Over 10 years: +1.2% a year
Revenue growth 16 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.
+8.4%
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What shareholders gained per year (last 5 years), in KRW ⓘ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. 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.
+7.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.3%
Dividend (yield on the price)2.8%
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.4.3% vs −2.4%, 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.9% → 5%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 1.3%/yr over ~7Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Price in line with expectations
The price assumes about as much growth as 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).
+4.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (South Korea: IMF forecast 2.1% a year to 2030, 2.1% from 2016 to 2025) that is about +2.4% 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.Packaging & Containers · 261 stocks
Beats the industry median on 13/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside+48.8% · Top 25%
Profitability
Return on equity (12 months)7.3% · Above median
Return on assets3.5% · Above median
Net margin (12 months)4.5% · Above median
Operating margin (12 months)7.8% · Above median
Growth and dividend
Revenue growth (quarter YoY)9.8% · Above median
Dividend yield (12 months)2.8% · Above median
Balance sheet
Debt / equity0.16× · Above median
Valuation Multiplesvs Packaging & Containers median · lower = cheaper
P/E (12 months)9.7× · Cheaper than median
P/B0.71× · Cheaper than median
P/S (12 months)0.44× · Cheaper than median
Price / free cash flow (fiscal year)8.8× · 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). "Dongwon System Fair Value". https://www.fairvalue-calculator.com/stock/014820
Frequently asked questions
Is Dongwon System (014820) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of 31,473 KRW versus a price of 21,150 KRW, about +49% upside (undervalued).
What is the fair value of 014820?
Our model-based fair value for Dongwon System is 31,473 KRW (as of Nov 5, 2026), built from audited fundamentals. The current price: 21,150 KRW.
What is the quality score of 014820?
Dongwon System has a Quality Score of 56/100. 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 Dongwon System (014820)?
Our model-based price target is the fair value of 31,473 KRW (as of Nov 5, 2026) from 26 valuation models. Cautious scenario 23,605 KRW, optimistic scenario 39,341 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Dongwon System stock forecast for 2026?
Our models put fair value at 31,473 KRW, about +49% upside versus a price of 21,150 KRW (undervalued). Cautious scenario 23,605 KRW, optimistic scenario 39,341 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Dongwon System (014820)?
Dongwon System reported trailing-twelve-month revenue of about 1.4T KRW (latest available figure, as of Nov 5, 2026).
Does Dongwon System pay a dividend?
Dongwon System currently shows a dividend yield of 2.84% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of Dongwon System (014820) and when is the ex-dividend date?
Dongwon System pays a dividend of 600.00 KRW per share a year, a dividend yield of 2.8%. The last ex-dividend date was Aug 26, 2026. The payout ratio is 28.1% of earnings. Free cash flow covers the dividend 3.99 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Dongwon System (014820)?
For today's price to be fair in a discounted-cash-flow model, Dongwon System would have to grow free cash flow by +4.5 % per year for five years (discount rate 10.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.9 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of 014820 use?
Our models discount Dongwon System at 10.8 %: a base by market capitalisation (small), damped by beta 0.72, 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 Dongwon System that is +4.5 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.8 %) and the same formula as our fair value.
How much growth has Dongwon System (014820) delivered so far?
Over the past 5 years revenue at Dongwon System grew +4.9 % a year. The price currently implies free-cash-flow growth of +4.5 % 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 Dongwon System (014820) growing?
The median revenue growth in the sector is +9.8 % a year. That is the yardstick for the growth priced into Dongwon System (+4.5 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Dongwon System (014820)?
The free-cash-flow yield on the price is 11.33 %: that much free cash flow Dongwon System produces per unit of market value. When it exceeds the discount rate of our models (10.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Dongwon System (014820)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Dongwon System it is 31,473 KRW per share (as of Nov 5, 2026), against a price of 21,150 KRW. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Dongwon System stock overvalued or undervalued in 2026?
As of Nov 5, 2026, 014820 trades below its calculated fair value: price 21,150 KRW, fair value 31,473 KRW, a gap of about +49% (undervalued). 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 014820?
No. The price is what the market pays today (21,150 KRW); the fair value is what the company's own numbers justify (31,473 KRW). For Dongwon System the two are 10,323 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Dongwon System worth?
The market values Dongwon System at about 613B KRW (market capitalisation, as of Nov 5, 2026). Per share that is 21,150 KRW; our models calculate a fair value of 31,473 KRW per share.
What do the bullish and bearish scenarios say about 014820?
Our models span a range for Dongwon System: cautious scenario 23,605 KRW, base 31,473 KRW, optimistic 39,341 KRW per share (as of Nov 5, 2026, price 21,150 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 014820?
Dongwon System trades at a price-to-earnings ratio of 9.7 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 31,473 KRW is built from several models across several years. Other multiples: P/B 0.7, P/S 0.4, EV/EBITDA 3.6.
How solid is the balance sheet of Dongwon System (014820)?
Balance-sheet figures for Dongwon System (as of Nov 5, 2026): return on equity 7.3%, debt of 0.16 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is 014820 from its 52-week high?
Dongwon System trades at 21,150 KRW, about 28% below its 52-week high of 29,212 KRW and 18% above the low of 17,960 KRW (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 31,473 KRW is for.
Which stocks are comparable to Dongwon System?
From the same area (Consumer Cyclical) we also value Smurfit Westrock Plc,, Packaging Corporation, Amcor plc, International Paper Company, 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 Dongwon System stock attractive at the current price?
The data as of Nov 5, 2026: price 21,150 KRW, calculated fair value 31,473 KRW (+49%), Quality Score 56/100, 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 014820 calculated?
We run Dongwon System through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 31,473 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. Dongwon System currently trades 33% below its own fair value, and the market average says nothing about that. 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 Dongwon System (014820)?
The closing price on Nov 6, 2026 was 21,150 KRW. Our model-based fair value is 31,473 KRW, about +49% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Dongwon System right now?
The price is below even our cautious bear case (23,605 KRW). The market is more pessimistic than our downside scenario. Solid quality (56/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Dongwon System
How large is the market capitalisation of Dongwon System (014820)?
The market capitalisation of Dongwon System is 613B KRW (≈ $453M). 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 Dongwon System (014820)?
The price-to-sales ratio of Dongwon System is 0.44 (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 Dongwon System (014820)?
Earnings per share at Dongwon System are 2,134 KRW (price ÷ EPS = P/E 9.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Dongwon System (014820)?
The dividend yield of Dongwon System is 2.8% (payout 28.1%). 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 Dongwon System (014820)?
The net margin of Dongwon System is 4.5% (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 Dongwon System (014820)?
The return on equity (ROE) of Dongwon System is 7.3% (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 Dongwon System (014820)?
On an EBIT basis the return on assets of Dongwon System is 5.6% (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 Dongwon System (014820)?
The operating margin of Dongwon System is 7.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Dongwon System (014820)?
Revenue at Dongwon System is growing +9.8% versus a year earlier (3y avg −1.5%). 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 Dongwon System (014820)?
Earnings per share at Dongwon System are growing +24.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Dongwon System (014820) carry?
The net debt of Dongwon System is 306B KRW (fiscal year 2025, ≈ 4.4 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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Broad data
Nov 5, 2026