GemVax&KAEL Co.Ltd vs TES Co.: Fair Value & Quality
Both stocks run through our valuation models. Here is how GemVax&KAEL Co.Ltd (082270) and TES Co. (095610) compare, as of Aug 21, 2026.
As of Aug 21, 2026, Fair Value Calculator sees TES Co. as the less overvalued of the two: GemVax&KAEL Co.Ltd trades at KRW 10,120 versus a fair value of KRW 954 (-91%), while TES Co. trades at KRW 132,900 versus KRW 57,543 (-57%).
GemVax&KAEL Co.Ltd
082270.KQ · KRW · Information Technology
-91%
upside to fair value
overvalued
PriceKRW 10,120
Fair ValueKRW 954
Quality43/100
TES Co.
095610.KQ · KRW · Information Technology
-57%
upside to fair value
overvalued
PriceKRW 132,900
Fair ValueKRW 57,543
Quality69/100
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Head-to-head numbers
Green value = the better side for that row (for valuation multiples: lower = cheaper).
GemVax&KAEL Co.LtdTES Co.
Valuation
—EV/EBITDA0.7×
0.1%Dividend yield1.9%
Profitability
-8%Net margin17%
-1%Operating margin14%
-0%Return on assets9%
Growth
54%Revenue growth (YoY)67%
2.5%Avg. growth/yr (3Y)-0.6%
4.4%Avg. growth/yr (5Y)7.4%
Balance & size
0.18×Debt / equity0.12×
$307MMarket cap$2B
expensiveGrowth qualityhealthy
TES Co. leads: 1 to 7 metric wins.
Dash = not meaningfully computable, for example with negative equity.
Quality in detail
The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.
GemVax&KAEL Co.Ltdof which business quality 41 · market factors 6TES Co.of which business quality 68 · market factors 66
ProfitabilityMargins and returns on capital today
14
56
Quality GrowthAre margins and returns improving?
100
73
CashflowEarnings quality: real cash, not paper profit
InvestmentDisciplined investing over empire-building
96
50
Low VolatilityCalm price path (market factor)
18
25
MomentumPrice trend over the last 3–12 months (market factor)
0
89
52W MomentumDistance to the 52-week high (market factor)
1
76
Net IssuanceBuybacks instead of dilution
22
87
What the models say
The median fair value (base case) per model family, each in the currency of its trading venue. Green = above the current price, red = below.
GemVax&KAEL Co.Ltd
Earnings-BasedKRW 1,031
Dividend DiscountKRW 232
MultiplesKRW 2,119
Asset-BasedKRW 872
Economic ProfitKRW 1,031
8 of 8 models see the stock below the current price.
TES Co.
DCF ModelsKRW 77,108
Earnings-BasedKRW 65,569
Dividend DiscountKRW 10,171
MultiplesKRW 53,527
Asset-BasedKRW 13,279
Growth DCFKRW 71,996
Economic ProfitKRW 35,415
Growth EarningsKRW 98,083
25 of 26 models see the stock below the current price.
Scenario ranges
From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.
GemVax&KAEL Co.Ltd
Bear KRW 852Fair Value KRW 954Bull KRW 1,284
KRW 10,120 = current price (white tick)
TES Co.
Bear KRW 40,415Fair Value KRW 57,543Bull KRW 72,492
KRW 132,900 = current price (white tick)
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Ranked within their sector
Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.
GemVax&KAEL Co.Ltd · Information Technology
Quality score43 · below median
Fair value upside-91% · bottom 25%
TES Co. · Information Technology
Quality score69 · Top 25%
Fair value upside-57% · below median
Bottom line
As of Aug 21, 2026, Fair Value Calculator sees TES Co. as the less overvalued of the two: GemVax&KAEL Co.Ltd trades at KRW 10,120 versus a fair value of KRW 954 (-91%), while TES Co. trades at KRW 132,900 versus KRW 57,543 (-57%).
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A model-based valuation snapshot from 21 models. Values change with price and fundamentals; the date shown above applies.
