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LIG-ES SPAC (220260) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of LIG-ES SPAC stock KRW 2,179, price KRW 3,585, that is 39.2% below the price, quality 33 out of 100. Rating: strongly overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

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Basic Materials KR · ISIN KR7220260004

LE LIG-ES SPAC logo Some data Nov 7, 2026

LIG-ES SPAC

220260 · KQ
Very expensive, weak quality

Our calculation puts a fair price 39% below what the stock costs today.

Low debt
Revenue last quarter +63% vs. a year ago.
Expensive Growth (revenue 5y +5.5 %/yr in KRW)
Thin margins · 3.0% net margin (TTM)
Some data
Fair value 2,179 KRW · Strongly overvalued
Quality 33/100
Negative free cash flow
Trails peers (4/12)
Narrow moat 28/100
⟳ Cyclical
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

Price vs Fair Value

17,450 KRW 2,825 KRW Fair Value 2,179 KRW Jun 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.

How to read this chart

60‑month range 2,825 KRW – 17,450 KRW · fair‑value band 1,412 KRW – 2,946 KRW · the 3,585 KRW price screens above the 2,179 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.

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Company profile

Chemtros Co., Ltd. engages in the manufacture and sale of chemical intermediates, and applied materials and adhesives in South Korea.

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The company offers products in the area of electronic materials, including materials at the display field, such as OLED, LCD, etc.; and additives for secondary cells for smartphone, tablet PC, electric automobile, rechargeable battery, etc.

It also offers polymer adhesive for optics, fixing components, and general industries, as well as silicon and speaker adhesives; chemical intermediates for industries, such as petrochemistry, polymer, medicine, etc.; active pharmaceutical ingredients and food additives for pharmaceutical companies; industrial raw materials and other solvents; and solutions for original development manufacturing.

In addition, the company offers epoxy adhesive for camera module and LED TVs, die attach, silicone sealants for conformal coating, and modified silicone sealants. Chemtros Co., Ltd. was founded in 2006 and is headquartered in Ansan-si, South Korea.

Stock analysis

LIG-ES SPAC (220260) currently trades at 3,585 KRW, while our model-based Fair Value estimate is 2,179 KRW, 39% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Asset-Based group reads highest at a median of 1,129 KRW per share, and 0 of the 5 models we run sit above the 3,585 KRW price.

Bear case: the Earnings-Based group reads lowest at 458.41 KRW, and 5 of the 5 models stay below the price. Data coverage for this calculation is medium.

Scenario range: 1,412 KRW (bear) to 2,946 KRW (bull), the price of 3,585 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 33/100 (below-average quality), in the Basic Materials sector.

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

LIG-ES SPAC reported revenue of 56.8B KRW in FY2025 versus 48.3B KRW in FY2021, a compound +4.1%/yr. Reported net income was −11.8B KRW in FY2025.

Key figures

Market cap 115B KRW (≈ $84.8M) Micro · P/E ratio 52.4 · P/S ratio 1.61 · EPS (TTM) 67.03 KRW · Net margin 3.0% · Return on equity 2.6% · Return on assets (EBIT) 3.2% (5-year average) · Operating margin 15.0%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (medium confidence).

What moves the price

The share trades about 59% below its 52-week high and 27% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at −43% fair-value upside, at −39%, 220260 screens cheaper than that median.

Fair Value models

The price assumes far more growth than our models allow for, so the models scatter widely (13.75 KRW to 1,129 KRW). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear 1,412 KRW Fair Value 2,179 KRW Bull 2,946 KRW
Price 3,585 KRW · Downside -39.2%
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 (57.48 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
EPV 437.95 KRW 458.41 KRW 474.69 KRW 74
ROIC Compounder 437.95 KRW 458.41 KRW 474.69 KRW 72
EV/EBITDA 706.23 KRW 1,090 KRW 1,473 KRW 66
All 6 models by family
Earnings-Based
EPV 437.95 KRW 458.41 KRW 474.69 KRW 74
Multiples
EV/EBIT n/a 13.75 KRW >55.00 KRW 61
EV/EBITDA 706.23 KRW 1,090 KRW 1,473 KRW 66
EV/Revenue n/a n/a 108.54 KRW 50
Asset-Based
NCAV (Graham) 842.19 KRW 1,129 KRW 1,684 KRW 54
Economic Profit
ROIC Compounder 437.95 KRW 458.41 KRW 474.69 KRW 72

The fair value above starts from this blend and is adjusted for a cyclical trough year.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 33/100

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

Profitability 8
How much profit the company makes from its sales and capital
Quality Growth 28
Are margins and returns getting better?
Cashflow 6
Do the profits arrive as real cash?
Financial strength 40
Debt, balance sheet and risk of trouble
Investment 53
Does it invest with discipline instead of growing at any price?
Low Volatility 21
How calm the share price moves, does not count
Price momentum 35
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 15
Distance to the 52-week high, does not count
New shares 82
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. 32/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+12.9%
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.
−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.
+5.5%
Start year 2020 (pandemic)
Revenue growth 9 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.
+5.3%
Profit margin (trend) ⓘ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.
5.9% (2019) → 7.5% (2024)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

220260 screens overvalued: fair value 39% below the price. Compare with Linde plc →

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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.Specialty Chemicals · 728 stocks

Beats the industry median on 4/12 measures
Overall it trails its industry peers.
Valuation
Quality Score 33 · Bottom 25%
Fair Value upside −39.2% · Below median
Profitability
Return on equity (12 months) 2.6% · Below median
Return on assets −9.5% · Bottom 25%
Net margin (12 months) 3.0% · Below median
Operating margin (12 months) 15.0% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) 62.6% · Top 25%
Balance sheet
Debt / equity 0.01× · Below median

Valuation Multiplesvs Specialty Chemicals median · lower = cheaper

P/E (12 months) 52.4× · Priciest 25%
P/B 2.10× · Pricier than median
P/S (12 months) 1.61× · Pricier than median
EV/EBITDA 9.5× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)100 · sector 67
PAST (return on equity)10 · sector 27
HEALTH (low debt)99 · sector 95
DIVIDEND (yield)0 · sector 31

VALUE 0: the price sits above our fair-value range.

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

Similar stocks

10 more Specialty Chemicals stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Nan Ya Plastics Corporation 1303 263.00 TWD 420.80 TWD +60% vs 220260
Wanhua Chemical Group 600309 ¥72.65 ¥68.03 −6% vs 220260
Linde plc LIN $515.25 $446.62 −13% vs 220260
PPG Industries, Inc PPG $122.38 $77.68 −37% vs 220260
DSM-Firmenich AG DSFIR CHF 100.50 CHF 57.70 −43% vs 220260
The Sherwin-Williams Company SHW $344.10 $146.37 −57% vs 220260
Givaudan SA GIVN CHF 4,054 CHF 1,554 −62% vs 220260
EMS-CHEMIE HOLDING AG EMSN CHF 848.50 CHF 284.63 −66% vs 220260
Ecolab Inc ECL $300.68 $96.56 −68% vs 220260
Air Products and Chemicals, Inc APD $304.84 $75.33 −75% vs 220260

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LIG-ES SPAC: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "LIG-ES SPAC Fair Value". https://www.fairvalue-calculator.com/stock/220260

Frequently asked questions

Is LIG-ES SPAC (220260) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of 2,179 KRW versus a price of 3,585 KRW, about 39% lower (overvalued).
What is the fair value of 220260?
Our model-based fair value for LIG-ES SPAC is 2,179 KRW (as of Nov 7, 2026), built from audited fundamentals. The current price: 3,585 KRW.
What is the quality score of 220260?
LIG-ES SPAC has a Quality Score of 33/100. 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 LIG-ES SPAC (220260)?
Our model-based price target is the fair value of 2,179 KRW (as of Nov 7, 2026) from 6 valuation models. Cautious scenario 1,412 KRW, optimistic scenario 2,946 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the LIG-ES SPAC stock forecast for 2026?
Our models put fair value at 2,179 KRW, about 39% lower versus a price of 3,585 KRW (overvalued). Cautious scenario 1,412 KRW, optimistic scenario 2,946 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of LIG-ES SPAC (220260)?
LIG-ES SPAC reported trailing-twelve-month revenue of about 71.2B KRW (latest available figure, as of Nov 7, 2026).
What is the intrinsic value of LIG-ES SPAC (220260)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For LIG-ES SPAC it is 2,179 KRW per share (as of Nov 7, 2026), against a price of 3,585 KRW. It is the blended result of 6 valuation models in 4 families (Earnings-Based, Multiples, Asset-Based, Economic Profit).
Is LIG-ES SPAC stock overvalued or undervalued in 2026?
As of Nov 7, 2026, 220260 trades above its calculated fair value: price 3,585 KRW, fair value 2,179 KRW, a gap of about −39% (overvalued). 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 220260?
No. The price is what the market pays today (3,585 KRW); the fair value is what the company's own numbers justify (2,179 KRW). For LIG-ES SPAC the two are 1,406 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is LIG-ES SPAC worth?
The market values LIG-ES SPAC at about 115B KRW (market capitalisation, as of Nov 7, 2026). Per share that is 3,585 KRW; our models calculate a fair value of 2,179 KRW per share.
What do the bullish and bearish scenarios say about 220260?
Our models span a range for LIG-ES SPAC: cautious scenario 1,412 KRW, base 2,179 KRW, optimistic 2,946 KRW per share (as of Nov 7, 2026, price 3,585 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 220260?
LIG-ES SPAC trades at a price-to-earnings ratio of 52.4 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 2,179 KRW is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2016 to 2024), reported earnings: 76.5. Other multiples: P/B 2.1, P/S 1.6, EV/EBITDA 9.5.
How solid is the balance sheet of LIG-ES SPAC (220260)?
Balance-sheet figures for LIG-ES SPAC (as of Nov 7, 2026): return on equity 2.6%, debt of 0.01 per unit of equity. They feed the Quality Score of 33/100, which measures business quality independently of the share price.
How far is 220260 from its 52-week high?
LIG-ES SPAC trades at 3,585 KRW, about 59% below its 52-week high of 8,830 KRW and 27% above the low of 2,825 KRW (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 2,179 KRW is for.
Which stocks are comparable to LIG-ES SPAC?
From the same area (Basic Materials) we also value Linde plc, Ecolab Inc, The Sherwin-Williams Company, Nan Ya Plastics 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 LIG-ES SPAC stock attractive at the current price?
The data as of Nov 7, 2026: price 3,585 KRW, calculated fair value 2,179 KRW (−39%), Quality Score 33/100, from 6 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 220260 calculated?
We run LIG-ES SPAC through 6 models from 4 families: Earnings-Based, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of 2,179 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. LIG-ES SPAC 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 LIG-ES SPAC (220260)?
The closing price on Nov 6, 2026 was 3,585 KRW. Our model-based fair value is 2,179 KRW, about 39% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with LIG-ES SPAC right now?
The price sits above even our optimistic bull case (2,946 KRW). The favourable scenario is already priced in. Weak quality (33/100) and above fair value at the same time, the margin of safety is missing on both counts. A fairly wide model range (1,412 KRW to 2,946 KRW) leaves room in how you read the outcome.

Key figures of LIG-ES SPAC

How large is the market capitalisation of LIG-ES SPAC (220260)?
The market capitalisation of LIG-ES SPAC is 115B KRW (≈ $84.8M). 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 LIG-ES SPAC (220260)?
The price-to-sales ratio of LIG-ES SPAC is 1.61 (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 LIG-ES SPAC (220260)?
Earnings per share at LIG-ES SPAC are 67.03 KRW (price ÷ EPS = P/E 52.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of LIG-ES SPAC (220260)?
The net margin of LIG-ES SPAC is 3.0% (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 LIG-ES SPAC (220260)?
The return on equity (ROE) of LIG-ES SPAC is 2.6% (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 LIG-ES SPAC (220260)?
On an EBIT basis the return on assets of LIG-ES SPAC is 3.2% (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 LIG-ES SPAC (220260)?
The operating margin of LIG-ES SPAC is 15.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at LIG-ES SPAC (220260)?
Revenue at LIG-ES SPAC is growing +62.6% 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 LIG-ES SPAC (220260)?
Earnings per share at LIG-ES SPAC are growing +14.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does LIG-ES SPAC (220260) generate?
The free cash flow of LIG-ES SPAC is −14.7B 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 LIG-ES SPAC (220260) carry?
The net debt of LIG-ES SPAC is 14.2B KRW (fiscal year 2025). 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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