Dongnam Chem (023450) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Dongnam Chem stock KRW 35,948, price KRW 29,650, upside +21.2%, quality 72 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 9, 2026.
How to read this chart
60‑month range 26,598 KRW – 60,874 KRW · fair‑value band 26,961 KRW – 44,935 KRW · the 29,650 KRW price screens below the 35,948 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.
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Dongnam Chemical Co., Ltd. manufactures and sells chemicals and surfactants in South Korea and internationally. The company was formerly known as Dongnam Industry Co., Ltd. and changed its name to Dongnam Chemical Co., Ltd. in March 2004.
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Dongnam Chemical Co., Ltd. was founded in 1965 and is based in Gongju-si, South Korea.
Stock analysis
Dongnam Chem (023450) currently trades at 29,650 KRW, while our model-based Fair Value estimate is 35,948 KRW, implying the stock looks roughly 18% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 46,819 KRW per share, and 18 of the 26 models we run sit above the 29,650 KRW price.
Bear case: the Asset-Based group reads lowest at 10,999 KRW, and 8 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: 26,961 KRW (bear) to 44,935 KRW (bull), the price of 29,650 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 72/100 (solid quality), in the Basic Materials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Dongnam Chem reported revenue of 194B KRW in FY2025 versus 160B KRW in FY2021, a compound +4.9%/yr. Reported net income was 7.0B KRW in FY2025, compounding −12.1%/yr from FY2021.
Key figures
Market cap 100B KRW (≈ $74.2M) Micro · P/E ratio 8.3 · P/S ratio 0.46 · EPS (TTM) 3,590 KRW · Dividend yield 4.0% · Net margin 5.5% · Return on equity 21.3% · Return on assets (EBIT) 11.7% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 49 out of 100 (low confidence).
What moves the price
The share trades about 12% below its 52-week high and 8% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −24% fair-value upside, at 21%, 023450 screens cheaper than that median.
Fair Value models
Bear26,961 KRWFair Value 35,948 KRWBull44,935 KRW
Price 29,650 KRW · Upside +21.2%
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 (2,071 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.79/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+4.2%
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.
+0.1%
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.
+9.2%
Start year 2020 (pandemic). Over 10 years: +9.8% a year
Revenue growth 12 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.
+10.2%
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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.
−4.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−8.8%
Dividend (yield on the price)4.0%
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.−8.8% vs 1.9%, slowing
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.11% → 5%
Pace: the 5-year rate starts in 2020 (pandemic)
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).
−2.2%
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.
After inflation (South Korea: IMF forecast 2.1% a year to 2030, 2.1% from 2016 to 2025) that is about −4.2% 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.Chemicals · 337 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score72 · Top 25%
Fair Value upside+21.2% · Above median
Profitability
Return on equity (12 months)21.3% · Top 25%
Return on assets7.4% · Top 25%
Net margin (12 months)5.5% · Below median
Operating margin (12 months)8.6% · Below median
Growth and dividend
Revenue growth (quarter YoY)43.2% · Top 25%
Dividend yield (12 months)4.0% · Top 25%
Balance sheet
Debt / equity0.26× · Above median
Valuation Multiplesvs Chemicals 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). "Dongnam Chem Fair Value". https://www.fairvalue-calculator.com/stock/023450
Frequently asked questions
Is Dongnam Chem (023450) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of 35,948 KRW versus a price of 29,650 KRW, about +21% upside (undervalued).
What is the fair value of 023450?
Our model-based fair value for Dongnam Chem is 35,948 KRW (as of Nov 9, 2026), built from audited fundamentals. The current price: 29,650 KRW.
What is the quality score of 023450?
Dongnam Chem has a Quality Score of 72/100. 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 Dongnam Chem (023450)?
Our model-based price target is the fair value of 35,948 KRW (as of Nov 9, 2026) from 26 valuation models. Cautious scenario 26,961 KRW, optimistic scenario 44,935 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Dongnam Chem stock forecast for 2026?
Our models put fair value at 35,948 KRW, about +21% upside versus a price of 29,650 KRW (undervalued). Cautious scenario 26,961 KRW, optimistic scenario 44,935 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Dongnam Chem (023450)?
Dongnam Chem reported trailing-twelve-month revenue of about 217B KRW (latest available figure, as of Nov 9, 2026).
Does Dongnam Chem pay a dividend?
Dongnam Chem currently shows a dividend yield of 3.96% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of Dongnam Chem (023450) and when is the ex-dividend date?
Dongnam Chem pays a dividend of 1,175 KRW per share a year, a dividend yield of 4.0%. The last ex-dividend date was Jul 23, 2026. A dividend has been paid every year since at least 1997. The payout ratio is 32.7% of earnings. Free cash flow covers the dividend 3.62 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 Dongnam Chem (023450)?
For today's price to be fair in a discounted-cash-flow model, Dongnam Chem would have to grow free cash flow by -2.2 % per year for five years (discount rate 11.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.2 % per year. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of 023450 use?
Our models discount Dongnam Chem at 11.6 %: a base by market capitalisation (micro), damped by beta 0.10, 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 Dongnam Chem that is -2.2 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.6 %) and the same formula as our fair value.
How much growth has Dongnam Chem (023450) delivered so far?
Over the past 5 years revenue at Dongnam Chem grew +9.2 % a year. The price currently implies free-cash-flow growth of -2.2 % 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 Dongnam Chem (023450) growing?
The median revenue growth in the sector is +9.8 % a year. That is the yardstick for the growth priced into Dongnam Chem (-2.2 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Dongnam Chem (023450)?
The free-cash-flow yield on the price is 13.99 %: that much free cash flow Dongnam Chem produces per unit of market value. When it exceeds the discount rate of our models (11.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Dongnam Chem (023450)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Dongnam Chem it is 35,948 KRW per share (as of Nov 9, 2026), against a price of 29,650 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 Dongnam Chem stock overvalued or undervalued in 2026?
As of Nov 9, 2026, 023450 trades below its calculated fair value: price 29,650 KRW, fair value 35,948 KRW, a gap of about +21% (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 023450?
No. The price is what the market pays today (29,650 KRW); the fair value is what the company's own numbers justify (35,948 KRW). For Dongnam Chem the two are 6,298 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Dongnam Chem worth?
The market values Dongnam Chem at about 100B KRW (market capitalisation, as of Nov 9, 2026). Per share that is 29,650 KRW; our models calculate a fair value of 35,948 KRW per share.
What do the bullish and bearish scenarios say about 023450?
Our models span a range for Dongnam Chem: cautious scenario 26,961 KRW, base 35,948 KRW, optimistic 44,935 KRW per share (as of Nov 9, 2026, price 29,650 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 023450?
Dongnam Chem trades at a price-to-earnings ratio of 8.3 (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 35,948 KRW is built from several models across several years. Median P/E at fiscal year-end, 7 fiscal years (2019 to 2025), reported earnings: 17.8. Other multiples: P/B 1.8, P/S 0.5, EV/EBITDA 5.4.
How solid is the balance sheet of Dongnam Chem (023450)?
Balance-sheet figures for Dongnam Chem (as of Nov 9, 2026): return on equity 21.3%, debt of 0.26 per unit of equity. They feed the Quality Score of 72/100, which measures business quality independently of the share price.
How far is 023450 from its 52-week high?
Dongnam Chem trades at 29,650 KRW, about 12% below its 52-week high of 33,820 KRW and 8% above the low of 27,550 KRW (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 35,948 KRW is for.
Which stocks are comparable to Dongnam Chem?
From the same area (Basic Materials) we also value BASF SE, Saudi Basic Industries Corporation, Dow Inc, Ningxia Baofeng Energy Group, 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 Dongnam Chem stock attractive at the current price?
The data as of Nov 9, 2026: price 29,650 KRW, calculated fair value 35,948 KRW (+21%), Quality Score 72/100, 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 023450 calculated?
We run Dongnam Chem 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 35,948 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. Dongnam Chem currently trades 18% 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 Dongnam Chem (023450)?
The closing price on Nov 6, 2026 was 29,650 KRW. Our model-based fair value is 35,948 KRW, about +21% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Dongnam Chem right now?
Solid quality (72/100) at a price below fair value, the discount is the argument here, not the business quality. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Key figures of Dongnam Chem
How large is the market capitalisation of Dongnam Chem (023450)?
The market capitalisation of Dongnam Chem is 100B KRW (≈ $74.2M). 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 Dongnam Chem (023450)?
The price-to-sales ratio of Dongnam Chem is 0.46 (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 Dongnam Chem (023450)?
Earnings per share at Dongnam Chem are 3,590 KRW (price ÷ EPS = P/E 8.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Dongnam Chem (023450)?
The dividend yield of Dongnam Chem is 4.0% (payout 32.7%). 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 Dongnam Chem (023450)?
The net margin of Dongnam Chem is 5.5% (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 Dongnam Chem (023450)?
The return on equity (ROE) of Dongnam Chem is 21.3% (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 Dongnam Chem (023450)?
On an EBIT basis the return on assets of Dongnam Chem is 11.7% (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 Dongnam Chem (023450)?
The operating margin of Dongnam Chem is 8.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Dongnam Chem (023450)?
Revenue at Dongnam Chem is growing +43.2% versus a year earlier (3y avg +0.1%). 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 Dongnam Chem (023450)?
Earnings per share at Dongnam Chem are growing +65.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Dongnam Chem (023450) carry?
The net debt of Dongnam Chem is 18.5B KRW (fiscal year 2025, ≈ 1.3 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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Broad data
Nov 9, 2026