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Data-driven stock valuation

NH SPAC 2 (206640) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of NH SPAC 2 stock KRW 21,906, price KRW 8,900, upside +146.1%, quality 55 out of 100. Rating: strongly undervalued. Calculated from audited financials with 16 of our 26 valuation models and 37 quality factors, updated daily.

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Healthcare KR · ISIN KR7206640005

NS NH SPAC 2 logo Some data Nov 8, 2026

NH SPAC 2

206640 · KQ
Undervalued, but in a downtrend

The stock costs 59% less than our calculation considers fair.

Fair value 21,906 KRW · Strongly undervalued
Solidly profitable · 14.9% net margin (TTM)
Low debt
Ranks above peers (11/13)
Even on cautious assumptions the value is 72% above the price (15,334 KRW).
Quality 55/100
Expensive Growth (revenue 5y +2.4 %/yr in KRW)
1.7% dividend yield · Watch coverage
Moderate moat 57/100 · thin data
Some data
Negative free cash flow
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What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

23,211 KRW 8,138 KRW Fair Value 21,906 KRW Jun 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.

How to read this chart

60‑month range 8,138 KRW – 23,211 KRW · fair‑value band 15,334 KRW – 28,478 KRW · the 8,900 KRW price screens below the 21,906 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.

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Company profile

Boditech Med Inc. offers instruments and diagnostic reagents in South Korea and internationally.

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The company offers instruments, including ichroma II, diagnostic immuno-analyzer to measure the presence of various biomarkers for cardiac, cancer, hormones, infectious diseases, autoimmune diseases, and metabolic diseases; ichroma III, a high-throughput immuno-analyzer that enables simultaneous testing for various parameters; ExAmplar, a compact real time PCR that detects virus/bacteria quantitatively or qualitatively using ready-to-use cartridges; ichroma-50, an automated immunoassay system with high-throughput; Hemochroma PLUS, a handheld device that can run tests for anemia; portable analyzers ichroma M3 and ichroma M2; and NuActor, an automated nucleic acid extraction system.

It also provides compact immunoassay analyzers, including AFIAS-1, AFIAS-3, AFIAS-6, and AFIAS-10; cardiac reagents; cancer reagents; COVID-19 reagents; diagnostic reagents; reagents for hormones, infections, autoimmune, organ functions, molecular diagnostics, therapeutic drug monitoring, and other test items.

In addition, the company offers Ichroma TRIAS, ultra-high sensitivity respiratory disease diagnostic equipment; ALFIAS-3, a diagnostic equipment; and SyncNeb. Boditech Med Inc. was founded in 1998 and is headquartered in Chuncheon-si, South Korea.

Stock analysis

NH SPAC 2 (206640) currently trades at 8,900 KRW, while our model-based Fair Value estimate is 21,906 KRW, implying the stock looks roughly 59% undervalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of 23,897 KRW per share, and 13 of the 16 models we run sit above the 8,900 KRW price.

Bear case: the Asset-Based group reads lowest at 3,383 KRW, and 3 of the 16 models stay below the price. Data coverage for this calculation is medium.

Scenario range: 15,334 KRW (bear) to 28,478 KRW (bull), the price of 8,900 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 55/100 (solid quality), in the Healthcare sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

NH SPAC 2 reported revenue of 162B KRW in FY2025 versus 158B KRW in FY2021, a compound +0.7%/yr. Reported net income was 23.7B KRW in FY2025, compounding −14.6%/yr from FY2021.

Key figures

Market cap 191B KRW (≈ $141M) Micro · P/E ratio 7.4 · P/S ratio 1.09 · EPS (TTM) 1,215 KRW · Dividend yield 1.7% · Net margin 14.9% · Return on equity 10.6% · Return on assets (EBIT) 14.5% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 57 out of 100 (low confidence).

What moves the price

The share trades about 35% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at −15% fair-value upside, at 146%, 206640 screens cheaper than that median.

Fair Value models

Bear 15,334 KRW Fair Value 21,906 KRW Bull 28,478 KRW
Price 8,900 KRW · Upside +146.1%
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 (913.53 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.
Best data coverage
Residual Income 8,832 KRW 9,483 KRW 10,958 KRW 76
EPV 9,668 KRW 10,864 KRW 11,849 KRW 74
ROIC Compounder 9,668 KRW 10,894 KRW 13,125 KRW 72
All 16 models by family
Earnings-Based
Graham-Dodd 7,532 KRW 35,742 KRW 49,166 KRW 64
Lynch FV 9,499 KRW 13,569 KRW 17,640 KRW 61
PEG = 1.0 9,499 KRW 13,569 KRW 17,640 KRW 57
EPV 9,668 KRW 10,864 KRW 11,849 KRW 74
Dividend Discount
Gordon GGM 1,133 KRW 1,974 KRW 2,642 KRW 68
DDM Multi-Stage 1,133 KRW 1,835 KRW 2,116 KRW 67
Multiples
P/E Multiple 18,277 KRW 24,370 KRW 30,462 KRW 63
P/S Multiple 14,123 KRW 18,831 KRW 23,539 KRW 58
P/B Multiple 20,406 KRW 27,208 KRW 34,010 KRW 55
EV/EBIT 17,665 KRW 23,425 KRW 29,185 KRW 66
EV/EBITDA 19,563 KRW 25,956 KRW 32,349 KRW 67
EV/Revenue 12,718 KRW 18,004 KRW 23,290 KRW 54
Asset-Based
NCAV (Graham) 2,233 KRW 3,383 KRW 4,228 KRW 54
Economic Profit
Residual Income 8,832 KRW 9,483 KRW 10,958 KRW 76
ROIC Compounder 9,668 KRW 10,894 KRW 13,125 KRW 72
Growth Earnings
Growth-Adj P/E 15,334 KRW 21,906 KRW 28,478 KRW 67

Open the full fair value analysis →

Quality Score breakdown

Overall quality 55/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 53
How much profit the company makes from its sales and capital
Quality Growth 44
Are margins and returns getting better?
Cashflow 21
Do the profits arrive as real cash?
Financial strength 84
Debt, balance sheet and risk of trouble
Investment 25
Does it invest with discipline instead of growing at any price?
Low Volatility 73
How calm the share price moves, does not count
Price momentum 12
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 5
Distance to the 52-week high, does not count
New shares 96
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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. 30/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+17.3%
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.
+11.1%
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.
+2.4%
Start year 2020 (pandemic). Over 10 years: +15.1% a year
Revenue growth 10 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.
+15.1%
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.
−9.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−10.9%
Dividend (yield on the price)1.7%
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.−10.9% vs 7.2%, 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.44% → 18%
Pace: the 5-year rate starts in 2020 (pandemic)

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Compare NH SPAC 2 with another stock

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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.Medical Devices · 318 stocks

Beats the industry median on 11/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 55 · Above median
Fair Value upside +146.1% · Top 25%
Profitability
Return on equity (12 months) 10.6% · Above median
Return on assets 8.4% · Top 25%
Net margin (12 months) 14.9% · Above median
Operating margin (12 months) 16.3% · Above median
Growth and dividend
Revenue growth (quarter YoY) 21.5% · Top 25%
Dividend yield (12 months) 1.7% · Below median
Balance sheet
Debt / equity 0.05× · Above median

Valuation Multiplesvs Medical Devices median · lower = cheaper

P/E (12 months) 7.4× · Cheapest 25%
P/B 0.83× · Cheapest 25%
P/S (12 months) 1.09× · Cheapest 25%
EV/EBITDA 4.9× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 6
FUTURE (revenue growth)100 · sector 36
PAST (return on equity)43 · sector 17
HEALTH (low debt)98 · sector 98
DIVIDEND (yield)34 · sector 34

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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NH SPAC 2: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "NH SPAC 2 Fair Value". https://www.fairvalue-calculator.com/stock/206640

Frequently asked questions

Is NH SPAC 2 (206640) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of 21,906 KRW versus a price of 8,900 KRW, about +146% upside (undervalued).
What is the fair value of 206640?
Our model-based fair value for NH SPAC 2 is 21,906 KRW (as of Nov 8, 2026), built from audited fundamentals. The current price: 8,900 KRW.
What is the quality score of 206640?
NH SPAC 2 has a Quality Score of 55/100. 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 NH SPAC 2 (206640)?
Our model-based price target is the fair value of 21,906 KRW (as of Nov 8, 2026) from 16 valuation models. Cautious scenario 15,334 KRW, optimistic scenario 28,478 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the NH SPAC 2 stock forecast for 2026?
Our models put fair value at 21,906 KRW, about +146% upside versus a price of 8,900 KRW (undervalued). Cautious scenario 15,334 KRW, optimistic scenario 28,478 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of NH SPAC 2 (206640)?
NH SPAC 2 reported trailing-twelve-month revenue of about 175B KRW (latest available figure, as of Nov 8, 2026).
Does NH SPAC 2 pay a dividend?
NH SPAC 2 currently shows a dividend yield of 1.69% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of NH SPAC 2 (206640) and when is the ex-dividend date?
NH SPAC 2 pays a dividend of 150.00 KRW per share a year, a dividend yield of 1.7%. The last ex-dividend date was Mar 31, 2026. The payout ratio is 12.3% of earnings. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What is the intrinsic value of NH SPAC 2 (206640)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For NH SPAC 2 it is 21,906 KRW per share (as of Nov 8, 2026), against a price of 8,900 KRW. It is the blended result of 16 valuation models in 6 families (Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is NH SPAC 2 stock overvalued or undervalued in 2026?
As of Nov 8, 2026, 206640 trades below its calculated fair value: price 8,900 KRW, fair value 21,906 KRW, a gap of about +146% (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 206640?
No. The price is what the market pays today (8,900 KRW); the fair value is what the company's own numbers justify (21,906 KRW). For NH SPAC 2 the two are 13,006 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is NH SPAC 2 worth?
The market values NH SPAC 2 at about 191B KRW (market capitalisation, as of Nov 8, 2026). Per share that is 8,900 KRW; our models calculate a fair value of 21,906 KRW per share.
What do the bullish and bearish scenarios say about 206640?
Our models span a range for NH SPAC 2: cautious scenario 15,334 KRW, base 21,906 KRW, optimistic 28,478 KRW per share (as of Nov 8, 2026, price 8,900 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 206640?
NH SPAC 2 trades at a price-to-earnings ratio of 7.4 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 21,906 KRW is built from several models across several years. Median P/E at fiscal year-end, 7 fiscal years (2019 to 2025), reported earnings: 12.0. Other multiples: P/B 0.8, P/S 1.1, EV/EBITDA 4.9.
How solid is the balance sheet of NH SPAC 2 (206640)?
Balance-sheet figures for NH SPAC 2 (as of Nov 8, 2026): return on equity 10.6%, debt of 0.05 per unit of equity. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is 206640 from its 52-week high?
NH SPAC 2 trades at 8,900 KRW, about 35% below its 52-week high of 13,785 KRW and 6% above the low of 8,360 KRW (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 21,906 KRW is for.
Which stocks are comparable to NH SPAC 2?
From the same area (Healthcare) we also value Abbott Laboratories,, Medtronic plc, Stryker Corporation, Boston Scientific 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 NH SPAC 2 stock attractive at the current price?
The data as of Nov 8, 2026: price 8,900 KRW, calculated fair value 21,906 KRW (+146%), Quality Score 55/100, from 16 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 206640 calculated?
We run NH SPAC 2 through 16 models from 6 families: Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 21,906 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. NH SPAC 2 currently trades 59% 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 NH SPAC 2 (206640)?
The closing price on Nov 6, 2026 was 8,900 KRW. Our model-based fair value is 21,906 KRW, about +146% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with NH SPAC 2 right now?
The price is below even our cautious bear case (15,334 KRW). The market is more pessimistic than our downside scenario. Solid quality (55/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (15,334 KRW to 28,478 KRW) leaves room in how you read the outcome.

Key figures of NH SPAC 2

How large is the market capitalisation of NH SPAC 2 (206640)?
The market capitalisation of NH SPAC 2 is 191B KRW (≈ $141M). 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 NH SPAC 2 (206640)?
The price-to-sales ratio of NH SPAC 2 is 1.09 (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 NH SPAC 2 (206640)?
Earnings per share at NH SPAC 2 are 1,215 KRW (price ÷ EPS = P/E 7.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of NH SPAC 2 (206640)?
The dividend yield of NH SPAC 2 is 1.7% (payout 12.3%). 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 NH SPAC 2 (206640)?
The net margin of NH SPAC 2 is 14.9% (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 NH SPAC 2 (206640)?
The return on equity (ROE) of NH SPAC 2 is 10.6% (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 NH SPAC 2 (206640)?
On an EBIT basis the return on assets of NH SPAC 2 is 14.5% (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 NH SPAC 2 (206640)?
The operating margin of NH SPAC 2 is 16.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at NH SPAC 2 (206640)?
Revenue at NH SPAC 2 is growing +21.5% versus a year earlier (3y avg +11.1%). 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 NH SPAC 2 (206640)?
Earnings per share at NH SPAC 2 are growing −0.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does NH SPAC 2 (206640) generate?
The free cash flow of NH SPAC 2 is −11.9B KRW (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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