Mirae Asset SPAC 4 (222420) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Mirae Asset SPAC 4 stock KRW 585, price KRW 866, that is 32.4% below the price, quality 63 out of 100. Rating: overvalued. Calculated from audited financials with 22 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 4, 2026.
How to read this chart
60‑month range 580.00 KRW – 2,745 KRW · fair‑value band 438.75 KRW – 731.25 KRW · the 866.00 KRW price screens above the 585.00 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 2026.
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CENOTEC Co., Ltd. manufactures and sells ceramic materials in South Korea. The company offers secondary battery materials, ceramic carriers, and ceramic grining media.
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It also provides ceramic powders, such as cenoflour, cenoflux, and cenosilicate for precision casting, tile production, and welding applications. The company was founded in 1999 and is based in Haman-myeon, South Korea.
Stock analysis
Mirae Asset SPAC 4 (222420) currently trades at 866.00 KRW, while our model-based Fair Value estimate is 585.00 KRW, 32% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 1,607 KRW per share, and 12 of the 22 models we run sit above the 866.00 KRW price.
Bear case: the Earnings-Based group reads lowest at 374.27 KRW, and 10 of the 22 models stay below the price. Data coverage for this calculation is low.
Scenario range: 438.75 KRW (bear) to 731.25 KRW (bull), the price of 866.00 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 63/100 (solid quality), in the Basic Materials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Mirae Asset SPAC 4 reported revenue of 35.6B KRW in FY2025 versus 32.9B KRW in FY2021, a compound +2.0%/yr. Reported net income was 1.3B KRW in FY2025, compounding +1.7%/yr from FY2021.
Key figures
Market cap 42.3B KRW (≈ $31.3M) Micro · P/E ratio 11.2 · P/S ratio 1.00 · EPS (TTM) 77.67 KRW · Net margin 8.9% · Return on equity 9.8% · Return on assets (EBIT) 1.2% (5-year average) · Operating margin 12.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 43 out of 100 (low confidence).
What moves the price
The share trades about 57% below its 52-week high and 15% 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 −32%, 222420 screens cheaper than that median.
Fair Value models
Bear438.75 KRWFair Value 585.00 KRWBull731.25 KRW
Price 866.00 KRW · Downside -32.4%
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. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (66.61 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.78/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+13.0%
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.
+0.9%
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.
+8.8%
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.
−1.3%
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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.
−1.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−1.2%
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.−1.2% vs −9.1%, 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.−17% → 9%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 5.5%/yr over ~7Y (margins eroding too) ⓘ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.
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).
+2.0%
Yearly growth needed for the next five years to justify today's price.
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 −0.1% 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.Specialty Chemicals · 728 stocks
Beats the industry median on 10/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score63 · Top 25%
Fair Value upside−32.4% · Below median
Profitability
Return on equity (12 months)9.8% · Above median
Return on assets1.7% · Below median
Net margin (12 months)8.9% · Above median
Operating margin (12 months)12.2% · Above median
Growth and dividend
Revenue growth (quarter YoY)41.2% · Top 25%
Balance sheet
Debt / equity0.10× · Above median
Valuation Multiplesvs Specialty Chemicals median · lower = cheaper
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Is Mirae Asset SPAC 4 (222420) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of 585.00 KRW versus a price of 866.00 KRW, about 32% lower (overvalued).
What is the fair value of 222420?
Our model-based fair value for Mirae Asset SPAC 4 is 585.00 KRW (as of Nov 4, 2026), built from audited fundamentals. The current price: 866.00 KRW.
What is the quality score of 222420?
Mirae Asset SPAC 4 has a Quality Score of 63/100. 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 Mirae Asset SPAC 4 (222420)?
Our model-based price target is the fair value of 585.00 KRW (as of Nov 4, 2026) from 22 valuation models. Cautious scenario 438.75 KRW, optimistic scenario 731.25 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Mirae Asset SPAC 4 stock forecast for 2026?
Our models put fair value at 585.00 KRW, about 32% lower versus a price of 866.00 KRW (overvalued). Cautious scenario 438.75 KRW, optimistic scenario 731.25 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Mirae Asset SPAC 4 (222420)?
Mirae Asset SPAC 4 reported trailing-twelve-month revenue of about 42.4B KRW (latest available figure, as of Nov 4, 2026).
What growth is priced into Mirae Asset SPAC 4 (222420)?
For today's price to be fair in a discounted-cash-flow model, Mirae Asset SPAC 4 would have to grow free cash flow by +2.0 % per year for five years (discount rate 10.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.8 % per year. As of Nov 4, 2026.
What discount rate (WACC) does the fair value of 222420 use?
Our models discount Mirae Asset SPAC 4 at 10.8 %: a base by market capitalisation (nano), damped by beta 1.28, 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 Mirae Asset SPAC 4 that is +2.0 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.8 %) and the same formula as our fair value.
How much growth has Mirae Asset SPAC 4 (222420) delivered so far?
Over the past 5 years revenue at Mirae Asset SPAC 4 grew +8.8 % a year. The price currently implies free-cash-flow growth of +2.0 % 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 Mirae Asset SPAC 4 (222420) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Mirae Asset SPAC 4 (+2.0 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Mirae Asset SPAC 4 (222420)?
The free-cash-flow yield on the price is 16.94 %: that much free cash flow Mirae Asset SPAC 4 produces per unit of market value. When it exceeds the discount rate of our models (10.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Mirae Asset SPAC 4 (222420)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Mirae Asset SPAC 4 it is 585.00 KRW per share (as of Nov 4, 2026), against a price of 866.00 KRW. It is the blended result of 22 valuation models in 7 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Mirae Asset SPAC 4 stock overvalued or undervalued in 2026?
As of Nov 4, 2026, 222420 trades above its calculated fair value: price 866.00 KRW, fair value 585.00 KRW, a gap of about −32% (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 222420?
No. The price is what the market pays today (866.00 KRW); the fair value is what the company's own numbers justify (585.00 KRW). For Mirae Asset SPAC 4 the two are 281.00 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Mirae Asset SPAC 4 worth?
The market values Mirae Asset SPAC 4 at about 42.3B KRW (market capitalisation, as of Nov 4, 2026). Per share that is 866.00 KRW; our models calculate a fair value of 585.00 KRW per share.
What do the bullish and bearish scenarios say about 222420?
Our models span a range for Mirae Asset SPAC 4: cautious scenario 438.75 KRW, base 585.00 KRW, optimistic 731.25 KRW per share (as of Nov 4, 2026, price 866.00 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 222420?
Mirae Asset SPAC 4 trades at a price-to-earnings ratio of 11.2 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 585.00 KRW is built from several models across several years. Other multiples: P/B 1.1, P/S 1.0, EV/EBITDA 6.1.
How solid is the balance sheet of Mirae Asset SPAC 4 (222420)?
Balance-sheet figures for Mirae Asset SPAC 4 (as of Nov 4, 2026): return on equity 9.8%, debt of 0.10 per unit of equity. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is 222420 from its 52-week high?
Mirae Asset SPAC 4 trades at 866.00 KRW, about 57% below its 52-week high of 1,998 KRW and 15% above the low of 752.00 KRW (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 585.00 KRW is for.
Which stocks are comparable to Mirae Asset SPAC 4?
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 Mirae Asset SPAC 4 stock attractive at the current price?
The data as of Nov 4, 2026: price 866.00 KRW, calculated fair value 585.00 KRW (−32%), Quality Score 63/100, from 22 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 222420 calculated?
We run Mirae Asset SPAC 4 through 22 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 585.00 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. Mirae Asset SPAC 4 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 Mirae Asset SPAC 4 (222420)?
The closing price on Nov 6, 2026 was 866.00 KRW. Our model-based fair value is 585.00 KRW, about 32% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Mirae Asset SPAC 4 right now?
The price sits above even our optimistic bull case (731.25 KRW). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (63/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Mirae Asset SPAC 4
How large is the market capitalisation of Mirae Asset SPAC 4 (222420)?
The market capitalisation of Mirae Asset SPAC 4 is 42.3B KRW (≈ $31.3M). 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 Mirae Asset SPAC 4 (222420)?
The price-to-sales ratio of Mirae Asset SPAC 4 is 1.00 (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 Mirae Asset SPAC 4 (222420)?
Earnings per share at Mirae Asset SPAC 4 are 77.67 KRW (price ÷ EPS = P/E 11.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Mirae Asset SPAC 4 (222420)?
The net margin of Mirae Asset SPAC 4 is 8.9% (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 Mirae Asset SPAC 4 (222420)?
The return on equity (ROE) of Mirae Asset SPAC 4 is 9.8% (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 Mirae Asset SPAC 4 (222420)?
On an EBIT basis the return on assets of Mirae Asset SPAC 4 is 1.2% (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 Mirae Asset SPAC 4 (222420)?
The operating margin of Mirae Asset SPAC 4 is 12.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Mirae Asset SPAC 4 (222420)?
Revenue at Mirae Asset SPAC 4 is growing +41.2% versus a year earlier (3y avg +0.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net debt does Mirae Asset SPAC 4 (222420) carry?
The net debt of Mirae Asset SPAC 4 is 38.1B KRW (fiscal year 2025, ≈ 5.7 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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Thin data
Nov 4, 2026