NDFOS Co. Ltd (238090) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of NDFOS Co. Ltd stock KRW 2,545, price KRW 1,320, upside +92.8%, quality 71 out of 100. Rating: strongly undervalued. Calculated from audited financials with 23 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 3, 2026.
How to read this chart
60‑month range 1,320 KRW – 16,500 KRW · fair‑value band 1,909 KRW – 3,235 KRW · the 1,320 KRW price screens below the 2,545 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.
Follow NDFOS Co. in your weekly email
Every Wednesday you see whether NDFOS Co. is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
NDFOS Co., Ltd. operates as a tape and film company in South Korea.
Show moreShow less
The company offers adhesive tapes, such as waterproof tapes, light-shielding tapes, heat reaction tapes, battery fixing tapes, thin film tapes, convergence type functional tapes, and heat radiation tapes; functional films, including automobiles, industries, and everyday life.
It also develops ARS and STR, anticancer drugs for cancer immunotherapy technology. The company was founded in 2010 and is headquartered in Eumseong-eup, South Korea.
Stock analysis
NDFOS Co. Ltd (238090) currently trades at 1,320 KRW, while our model-based Fair Value estimate is 2,545 KRW, implying the stock looks roughly 48% undervalued today.
Show more
Valuation
Bull case: the Growth DCF group reads highest at a median of 3,694 KRW per share, and 22 of the 23 models we run sit above the 1,320 KRW price.
Bear case: the Asset-Based group reads lowest at 1,369 KRW, and 1 of the 23 models stay below the price. Data coverage for this calculation is low.
Scenario range: 1,909 KRW (bear) to 3,235 KRW (bull), the price of 1,320 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 71/100 (solid quality), in the Basic Materials sector.
Mixed Growth: Spin-off in 2021: revenue and profit before it include the divested business. Growth is measured afresh from 2021.
NDFOS Co. Ltd reported revenue of 50.4B KRW in FY2025 versus 63.3B KRW in FY2021, a compound −5.5%/yr. Reported net income was 5.2B KRW in FY2025, compounding −26.6%/yr from FY2021.
Key figures
Market cap 39.8B KRW (≈ $29.4M) Micro · P/E ratio 11.9 · P/S ratio 0.82 · EPS (TTM) 111.96 KRW · Net margin 6.9% · Return on equity 3.3% · Return on assets (EBIT) 0.8% (5-year average) · Operating margin −13.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (low confidence).
What moves the price
The share trades about 67% below its 52-week high and at 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 93%, 238090 screens cheaper than that median.
Fair Value models
Bear1,909 KRWFair Value 2,545 KRWBull3,235 KRW
Price 1,320 KRW · Upside +92.8%
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 (96.01 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.55/100
Spin-off in 2021: revenue and profit before it include the divested business. Growth is measured afresh from 2021.
Revenue growth 1 year
−3.9%
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.
−17.4%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
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.
−16.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−16.9%
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.−16.9% vs −13.5%, 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.8% → 10%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 6.2%/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
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).
less than -40 %
The company could shrink this much every year for the next five years and today's price would still be justified.
Price, fair value, quality and upside side by side.
Free, no sign-up
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 9/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score71 · Top 25%
Fair Value upside+92.8% · Top 25%
Profitability
Return on equity (12 months)3.3% · Below median
Return on assets4.8% · Above median
Net margin (12 months)6.9% · Above median
Operating margin (12 months)−13.9% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)−1.2% · Bottom 25%
Valuation Multiplesvs Specialty Chemicals 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.
Is NDFOS Co. Ltd (238090) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of 2,545 KRW versus a price of 1,320 KRW, about +93% upside (undervalued).
What is the fair value of 238090?
Our model-based fair value for NDFOS Co. Ltd is 2,545 KRW (as of Nov 3, 2026), built from audited fundamentals. The current price: 1,320 KRW.
What is the quality score of 238090?
NDFOS Co. Ltd has a Quality Score of 71/100. 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 NDFOS Co. Ltd (238090)?
Our model-based price target is the fair value of 2,545 KRW (as of Nov 3, 2026) from 23 valuation models. Cautious scenario 1,909 KRW, optimistic scenario 3,235 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the NDFOS Co. Ltd stock forecast for 2026?
Our models put fair value at 2,545 KRW, about +93% upside versus a price of 1,320 KRW (undervalued). Cautious scenario 1,909 KRW, optimistic scenario 3,235 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of NDFOS Co. Ltd (238090)?
NDFOS Co. Ltd reported trailing-twelve-month revenue of about 48.4B KRW (latest available figure, as of Nov 3, 2026).
What growth is priced into NDFOS Co. Ltd (238090)?
For today's price to be fair in a discounted-cash-flow model, NDFOS Co. Ltd would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -10.8 % per year. As of Nov 3, 2026.
What discount rate (WACC) does the fair value of 238090 use?
Our models discount NDFOS Co. Ltd at 9.0 %: a base by market capitalisation (nano), damped by beta 0.55, 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 NDFOS Co. Ltd that is less than minus 40 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has NDFOS Co. Ltd (238090) delivered so far?
Over the past 5 years revenue at NDFOS Co. Ltd grew -10.8 % a year. The price currently implies free-cash-flow growth of less than minus 40 % 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 NDFOS Co. Ltd (238090) growing?
The median revenue growth in the sector is +9.8 % a year. That is the yardstick for the growth priced into NDFOS Co. Ltd (less than minus 40 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of NDFOS Co. Ltd (238090)?
The free-cash-flow yield on the price is 22.76 %: that much free cash flow NDFOS Co. Ltd produces per unit of market value. When it exceeds the discount rate of our models (9.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of NDFOS Co. Ltd (238090)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For NDFOS Co. Ltd it is 2,545 KRW per share (as of Nov 3, 2026), against a price of 1,320 KRW. It is the blended result of 23 valuation models in 7 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is NDFOS Co. Ltd stock overvalued or undervalued in 2026?
As of Nov 3, 2026, 238090 trades below its calculated fair value: price 1,320 KRW, fair value 2,545 KRW, a gap of about +93% (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 238090?
No. The price is what the market pays today (1,320 KRW); the fair value is what the company's own numbers justify (2,545 KRW). For NDFOS Co. Ltd the two are 1,225 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is NDFOS Co. Ltd worth?
The market values NDFOS Co. Ltd at about 39.8B KRW (market capitalisation, as of Nov 3, 2026). Per share that is 1,320 KRW; our models calculate a fair value of 2,545 KRW per share.
What do the bullish and bearish scenarios say about 238090?
Our models span a range for NDFOS Co. Ltd: cautious scenario 1,909 KRW, base 2,545 KRW, optimistic 3,235 KRW per share (as of Nov 3, 2026, price 1,320 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 238090?
NDFOS Co. Ltd trades at a price-to-earnings ratio of 11.9 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 2,545 KRW is built from several models across several years. Other multiples: P/B 0.4, P/S 0.8, EV/EBITDA 4.6.
How solid is the balance sheet of NDFOS Co. Ltd (238090)?
Balance-sheet figures for NDFOS Co. Ltd (as of Nov 3, 2026): return on equity 3.3%. They feed the Quality Score of 71/100, which measures business quality independently of the share price.
How far is 238090 from its 52-week high?
NDFOS Co. Ltd trades at 1,320 KRW, about 67% below its 52-week high of 3,950 KRW and at the low of 1,320 KRW (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 2,545 KRW is for.
Which stocks are comparable to NDFOS Co. Ltd?
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 NDFOS Co. Ltd stock attractive at the current price?
The data as of Nov 3, 2026: price 1,320 KRW, calculated fair value 2,545 KRW (+93%), Quality Score 71/100, from 23 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 238090 calculated?
We run NDFOS Co. Ltd through 23 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 2,545 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. NDFOS Co. Ltd currently trades 48% 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 NDFOS Co. Ltd (238090)?
The closing price on Nov 6, 2026 was 1,320 KRW. Our model-based fair value is 2,545 KRW, about +93% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with NDFOS Co. Ltd right now?
The price is below even our cautious bear case (1,909 KRW). The market is more pessimistic than our downside scenario. 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 quality (71/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of NDFOS Co. Ltd
How large is the market capitalisation of NDFOS Co. Ltd (238090)?
The market capitalisation of NDFOS Co. Ltd is 39.8B KRW (≈ $29.4M). 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 NDFOS Co. Ltd (238090)?
The price-to-sales ratio of NDFOS Co. Ltd is 0.82 (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 NDFOS Co. Ltd (238090)?
Earnings per share at NDFOS Co. Ltd are 111.96 KRW (price ÷ EPS = P/E 11.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of NDFOS Co. Ltd (238090)?
The net margin of NDFOS Co. Ltd is 6.9% (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 NDFOS Co. Ltd (238090)?
The return on equity (ROE) of NDFOS Co. Ltd is 3.3% (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 NDFOS Co. Ltd (238090)?
On an EBIT basis the return on assets of NDFOS Co. Ltd is 0.8% (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 NDFOS Co. Ltd (238090)?
The operating margin of NDFOS Co. Ltd is −13.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at NDFOS Co. Ltd (238090)?
Revenue at NDFOS Co. Ltd is growing −1.2% versus a year earlier (3y avg −17.4%). 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 NDFOS Co. Ltd (238090)?
Earnings per share at NDFOS Co. Ltd are growing −48.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does NDFOS Co. Ltd (238090) carry?
The net debt of NDFOS Co. Ltd is 2.3B KRW (fiscal year 2022, ≈ 0.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch NDFOS Co. Ltd in the live analysis
One click puts NDFOS Co. Ltd on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.
Thin data
Nov 3, 2026