Hana Must SPAC 2 (208370) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Hana Must SPAC 2 stock KRW 2,092, price KRW 2,255, that is 7.2% below the price, quality 42 out of 100. Rating: fairly valued. Calculated from audited financials with 11 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 9, 2026.
How to read this chart
60‑month range 1,707 KRW – 12,870 KRW · fair‑value band 1,953 KRW – 2,209 KRW · the 2,255 KRW price screens above the 2,092 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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SELVAS Healthcare, Inc. operates as a medical device company in South Korea. The company provides body composition analyzers and automatic blood pressure monitors for hospitals.
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It also offers Braille Sense notetakers and other products for blind and visually impaired people under the HIMS brand name, as well as provides digital health products under the ACCUNIQ brand name. In addition, The company provides daisy players, handheld, and desktop magnifiers.
Its products are used in hospitals, medical facilities, doctor's offices, weight loss centers, Fitness Centers, nursing homes, public health facilities, and retail locations. The company was formerly known as Jawon Medical Co., Ltd. and changed its name to SELVAS Healthcare, Inc. in September 2016.
SELVAS Healthcare, Inc. was founded in 1993 and is headquartered in Daejeon, South Korea.
Stock analysis
Hana Must SPAC 2 (208370) currently trades at 2,255 KRW, while our model-based Fair Value estimate is 2,092 KRW, so the stock looks roughly fairly valued today (gap 7.8%).
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Valuation
Bull case: the Multiples group reads highest at a median of 2,949 KRW per share, and 5 of the 11 models we run sit above the 2,255 KRW price.
Bear case: the Earnings-Based group reads lowest at 757.62 KRW, and 6 of the 11 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 1,953 KRW (bear) to 2,209 KRW (bull), the price of 2,255 KRW sits above 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 42/100 (below-average quality), in the Healthcare sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Hana Must SPAC 2 reported revenue of 30.8B KRW in FY2025 versus 29.1B KRW in FY2021, a compound +1.5%/yr. Reported net income was 3.9B KRW in FY2025, compounding +12.0%/yr from FY2021.
Key figures
Market cap 58.0B KRW (≈ $42.9M) Micro · P/E ratio 6.7 · P/S ratio 1.83 · EPS (TTM) 338.20 KRW · Net margin 27.5% · Return on equity 12.5% · Return on assets (EBIT) 4.1% (5-year average) · Operating margin 4.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (low confidence).
What moves the price
The share trades about 66% below its 52-week high and 8% 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 −7%, 208370 screens cheaper than that median.
Fair Value models
Bear1,953 KRWFair Value 2,092 KRWBull2,209 KRW
Price 2,255 KRW · Downside -7.2%
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 (290.02 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.48/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−2.8%
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.
+3.6%
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.
+7.8%
Start year 2020 (pandemic). Over 10 years: +4.0% 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.
+4.0%
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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.
+15.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+15.8%
Dividend (yield on the price)0.0%
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.4% → −1%
⚠ Revenue per share shrinking 5.9%/yr over ~7Y (margin trend unclear) ⓘ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.
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.Medical Devices · 320 stocks
Beats the industry median on 8/11 measures
Overall it ranks above its industry peers.
Valuation
Quality Score42 · Below median
Fair Value upside−7.2% · Above median
Profitability
Return on equity (12 months)12.5% · Top 25%
Return on assets4.9% · Above median
Net margin (12 months)27.5% · Top 25%
Operating margin (12 months)4.5% · Below median
Growth and dividend
Revenue growth (quarter YoY)22.3% · Top 25%
Valuation Multiplesvs Medical Devices 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). "Hana Must SPAC 2 Fair Value". https://www.fairvalue-calculator.com/stock/208370
Frequently asked questions
Is Hana Must SPAC 2 (208370) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of 2,092 KRW versus a price of 2,255 KRW, about 7% lower (fairly valued).
What is the fair value of 208370?
Our model-based fair value for Hana Must SPAC 2 is 2,092 KRW (as of Nov 9, 2026), built from audited fundamentals. The current price: 2,255 KRW.
What is the quality score of 208370?
Hana Must SPAC 2 has a Quality Score of 42/100. 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 Hana Must SPAC 2 (208370)?
Our model-based price target is the fair value of 2,092 KRW (as of Nov 9, 2026) from 11 valuation models. Cautious scenario 1,953 KRW, optimistic scenario 2,209 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Hana Must SPAC 2 stock forecast for 2026?
Our models put fair value at 2,092 KRW, about 7% lower versus a price of 2,255 KRW (fairly valued). Cautious scenario 1,953 KRW, optimistic scenario 2,209 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Hana Must SPAC 2 (208370)?
Hana Must SPAC 2 reported trailing-twelve-month revenue of about 31.7B KRW (latest available figure, as of Nov 9, 2026).
What is the intrinsic value of Hana Must SPAC 2 (208370)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hana Must SPAC 2 it is 2,092 KRW per share (as of Nov 9, 2026), against a price of 2,255 KRW. It is the blended result of 11 valuation models in 6 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is Hana Must SPAC 2 stock overvalued or undervalued in 2026?
As of Nov 9, 2026, 208370 trades above its calculated fair value: price 2,255 KRW, fair value 2,092 KRW, a gap of about −7% (fairly valued). 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 208370?
No. The price is what the market pays today (2,255 KRW); the fair value is what the company's own numbers justify (2,092 KRW). For Hana Must SPAC 2 the two are 162.65 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Hana Must SPAC 2 worth?
The market values Hana Must SPAC 2 at about 58.0B KRW (market capitalisation, as of Nov 9, 2026). Per share that is 2,255 KRW; our models calculate a fair value of 2,092 KRW per share.
What do the bullish and bearish scenarios say about 208370?
Our models span a range for Hana Must SPAC 2: cautious scenario 1,953 KRW, base 2,092 KRW, optimistic 2,209 KRW per share (as of Nov 9, 2026, price 2,255 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 208370?
Hana Must SPAC 2 trades at a price-to-earnings ratio of 6.7 (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 2,092 KRW is built from several models across several years. Median P/E at fiscal year-end, 6 fiscal years (2020 to 2025), reported earnings: 33.5. Other multiples: P/B 0.8, P/S 1.8, EV/EBITDA 19.2.
How solid is the balance sheet of Hana Must SPAC 2 (208370)?
Balance-sheet figures for Hana Must SPAC 2 (as of Nov 9, 2026): return on equity 12.5%. They feed the Quality Score of 42/100, which measures business quality independently of the share price.
How far is 208370 from its 52-week high?
Hana Must SPAC 2 trades at 2,255 KRW, about 66% below its 52-week high of 6,650 KRW and 8% above the low of 2,095 KRW (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 2,092 KRW is for.
Which stocks are comparable to Hana Must 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 Hana Must SPAC 2 stock attractive at the current price?
The data as of Nov 9, 2026: price 2,255 KRW, calculated fair value 2,092 KRW (−7%), Quality Score 42/100, from 11 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 208370 calculated?
We run Hana Must SPAC 2 through 11 models from 6 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 2,092 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. Hana Must SPAC 2 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 Hana Must SPAC 2 (208370)?
The closing price on Nov 9, 2026 was 2,255 KRW. Our model-based fair value is 2,092 KRW, about 7% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hana Must SPAC 2 right now?
The price sits above even our optimistic bull case (2,209 KRW). The favourable scenario is already priced in. The price sits close to our fair value, market and models broadly agree here, little valuation tension. The models converge in a tight band (1,953 KRW to 2,209 KRW), unusually little disagreement for a valuation.
Key figures of Hana Must SPAC 2
How large is the market capitalisation of Hana Must SPAC 2 (208370)?
The market capitalisation of Hana Must SPAC 2 is 58.0B KRW (≈ $42.9M). 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 Hana Must SPAC 2 (208370)?
The price-to-sales ratio of Hana Must SPAC 2 is 1.83 (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 Hana Must SPAC 2 (208370)?
Earnings per share at Hana Must SPAC 2 are 338.20 KRW (price ÷ EPS = P/E 6.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Hana Must SPAC 2 (208370)?
The net margin of Hana Must SPAC 2 is 27.5% (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 Hana Must SPAC 2 (208370)?
The return on equity (ROE) of Hana Must SPAC 2 is 12.5% (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 Hana Must SPAC 2 (208370)?
On an EBIT basis the return on assets of Hana Must SPAC 2 is 4.1% (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 Hana Must SPAC 2 (208370)?
The operating margin of Hana Must SPAC 2 is 4.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hana Must SPAC 2 (208370)?
Revenue at Hana Must SPAC 2 is growing +22.3% versus a year earlier (3y avg +3.6%). 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 Hana Must SPAC 2 (208370)?
Earnings per share at Hana Must SPAC 2 are growing +63.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Hana Must SPAC 2 (208370) generate?
The free cash flow of Hana Must SPAC 2 is −797M KRW (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Hana Must SPAC 2 (208370) carry?
The net debt of Hana Must SPAC 2 is 3.1B KRW (fiscal year 2022). 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 9, 2026