BHI Co. Ltd (083650) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of BHI Co. Ltd stock KRW 42,130, price KRW 35,000, upside +20.4%, quality 56 out of 100. Rating: undervalued. Calculated from audited financials with 24 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 6, 2026.
How to read this chart
60‑month range 3,635 KRW – 109,500 KRW · fair‑value band 27,846 KRW – 55,540 KRW · the 35,000 KRW price screens below the 42,130 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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BHI Co., Ltd. engages in the manufacturing and supplying of power plant equipment worldwide.
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It offers pulverized coal fired boilers, heat recovery steam generators, circulating fluidized bed combustion boilers, oil and gas boilers, industrial boilers, surface condensers, low/high pressure feed water heaters, closed cooling water heat exchangers, boiler coils and panels, and deaerators for power plants.
The company also provides waste heat recovery systems, coke dry quenching boilers, sinter boilers, Finex boilers, steel making plant boilers, blast furnace gas preheating systems, converters, recuperators, muffles and reactors, and oxygen plant heat exchangers for steel plants.
In addition, it offers shell and tube type, and air-cooled heat exchangers, as well as pressure vessels for oil and gas refineries; H beam jointed steel pipes for civil engineering; and p/p super heater tubes for construction and erection applications.
The company was formerly known as Bumwoo ENG Co., Ltd. and changed its name to BHI Co., Ltd. in March 2009. BHI Co., Ltd. was founded in 1998 and is based in Haman, South Korea.
Stock analysis
BHI Co. Ltd (083650) currently trades at 35,000 KRW, while our model-based Fair Value estimate is 42,130 KRW, implying the stock looks roughly 17% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 42,631 KRW per share, and 15 of the 24 models we run sit above the 35,000 KRW price.
Bear case: the Economic Profit group reads lowest at 16,053 KRW, and 9 of the 24 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 27,846 KRW (bear) to 55,540 KRW (bull), the price of 35,000 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 56/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
BHI Co. Ltd reported revenue of 774B KRW in FY2025 versus 235B KRW in FY2021, a compound +34.7%/yr. Reported net income was 65.2B KRW in FY2025.
Key figures
Market cap 1.4T KRW (≈ $1.0B) Small · P/S ratio 4.48 · Net margin −11.5% · Return on equity 1,957% · Return on assets (EBIT) 2.0% (5-year average) · Operating margin −3.8% · Revenue (TTM) 306B KRW · Revenue growth (YoY) +61.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 37 out of 100 (low confidence).
What moves the price
The share trades about 68% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −32% fair-value upside, at 20%, 083650 screens cheaper than that median.
Fair Value models
Bear27,846 KRWFair Value 42,130 KRWBull55,540 KRW
Price 35,000 KRW · Upside +20.4%
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.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.95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+91.3%
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.
+32.8%
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.
+26.0%
Start year 2020 (pandemic). Over 10 years: +8.1% a year
Revenue growth 14 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.
+8.6%
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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.
≈ +64.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+64.6%
Dividend (yield on the price)0.0%
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.64.6% vs 18.1%, 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% → 10%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Approximate: the rate leans on 2025, which sits 381% above its own trend.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than 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).
+10.6%
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.
+25.9%
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 +8.4% a year for the price and +23.3% for the forecasts.
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Is BHI Co. Ltd (083650) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of 42,130 KRW versus a price of 35,000 KRW, about +20% upside (undervalued).
What is the fair value of 083650?
Our model-based fair value for BHI Co. Ltd is 42,130 KRW (as of Nov 6, 2026), built from audited fundamentals. The current price: 35,000 KRW.
What is the quality score of 083650?
BHI Co. Ltd 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 BHI Co. Ltd (083650)?
Our model-based price target is the fair value of 42,130 KRW (as of Nov 6, 2026) from 24 valuation models. Cautious scenario 27,846 KRW, optimistic scenario 55,540 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the BHI Co. Ltd stock forecast for 2026?
Our models put fair value at 42,130 KRW, about +20% upside versus a price of 35,000 KRW (undervalued). Cautious scenario 27,846 KRW, optimistic scenario 55,540 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of BHI Co. Ltd (083650)?
BHI Co. Ltd reported trailing-twelve-month revenue of about 306B KRW (latest available figure, as of Nov 6, 2026).
What growth is priced into BHI Co. Ltd (083650)?
For today's price to be fair in a discounted-cash-flow model, BHI Co. Ltd would have to grow free cash flow by +10.6 % per year for five years (discount rate 14.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +26.0 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of 083650 use?
Our models discount BHI Co. Ltd at 14.1 %: a base by market capitalisation (small), damped by beta 1.96, 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 BHI Co. Ltd that is +10.6 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (14.1 %) and the same formula as our fair value.
How much growth has BHI Co. Ltd (083650) delivered so far?
Over the past 5 years revenue at BHI Co. Ltd grew +26.0 % a year. The price currently implies free-cash-flow growth of +10.6 % 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 BHI Co. Ltd (083650) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into BHI Co. Ltd (+10.6 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of BHI Co. Ltd (083650)?
The free-cash-flow yield on the price is 8.66 %: that much free cash flow BHI Co. Ltd produces per unit of market value. When it exceeds the discount rate of our models (14.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of BHI Co. Ltd (083650)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For BHI Co. Ltd it is 42,130 KRW per share (as of Nov 6, 2026), against a price of 35,000 KRW. It is the blended result of 24 valuation models in 7 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is BHI Co. Ltd stock overvalued or undervalued in 2026?
As of Nov 6, 2026, 083650 trades below its calculated fair value: price 35,000 KRW, fair value 42,130 KRW, a gap of about +20% (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 083650?
No. The price is what the market pays today (35,000 KRW); the fair value is what the company's own numbers justify (42,130 KRW). For BHI Co. Ltd the two are 7,130 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is BHI Co. Ltd worth?
The market values BHI Co. Ltd at about 1.4T KRW (market capitalisation, as of Nov 6, 2026). Per share that is 35,000 KRW; our models calculate a fair value of 42,130 KRW per share.
What do the bullish and bearish scenarios say about 083650?
Our models span a range for BHI Co. Ltd: cautious scenario 27,846 KRW, base 42,130 KRW, optimistic 55,540 KRW per share (as of Nov 6, 2026, price 35,000 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is 083650 from its 52-week high?
BHI Co. Ltd trades at 35,000 KRW, about 68% below its 52-week high of 109,500 KRW and 1% above the low of 34,600 KRW (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 42,130 KRW is for.
Which stocks are comparable to BHI Co. Ltd?
From the same area (Industrials) we also value Sungho Electronics Corp, SPG Co, VITZROCELL Co, Tae Kwang 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 BHI Co. Ltd stock attractive at the current price?
The data as of Nov 6, 2026: price 35,000 KRW, calculated fair value 42,130 KRW (+20%), Quality Score 56/100, from 24 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 083650 calculated?
We run BHI Co. Ltd through 24 models from 7 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 42,130 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 13.0% above its aggregate fair value. BHI Co. Ltd currently trades 17% 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 BHI Co. Ltd (083650)?
The closing price on Nov 6, 2026 was 35,000 KRW. Our model-based fair value is 42,130 KRW, about +20% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with BHI Co. Ltd right now?
Solid quality (56/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (27,846 KRW to 55,540 KRW) leaves room in how you read the outcome.
Key figures of BHI Co. Ltd
How large is the market capitalisation of BHI Co. Ltd (083650)?
The market capitalisation of BHI Co. Ltd is 1.4T KRW (≈ $1.0B). 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 BHI Co. Ltd (083650)?
The price-to-sales ratio of BHI Co. Ltd is 4.48 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of BHI Co. Ltd (083650)?
The net margin of BHI Co. Ltd is −11.5% (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 BHI Co. Ltd (083650)?
The return on equity (ROE) of BHI Co. Ltd is 1,957% (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 BHI Co. Ltd (083650)?
On an EBIT basis the return on assets of BHI Co. Ltd is 2.0% (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 BHI Co. Ltd (083650)?
The operating margin of BHI Co. Ltd is −3.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at BHI Co. Ltd (083650)?
Revenue at BHI Co. Ltd is growing +61.8% versus a year earlier (3y avg +32.8%). 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 BHI Co. Ltd (083650)?
Earnings per share at BHI Co. Ltd are growing −53.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does BHI Co. Ltd (083650) carry?
The net debt of BHI Co. Ltd is 84.5B KRW (fiscal year 2025, ≈ 0.9 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 6, 2026