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STOCK COMPARISON

TES vs TSE: Fair Value & Quality

Both stocks run through our valuation models. Here is how TES (095610) and TSE (131290) compare, as of Oct 30, 2026.

As of Oct 30, 2026, Fair Value Calculator sees TES as the more attractively valued of the two: TES trades at KRW 108,500 versus a fair value of KRW 119,350 (+10.0%), while TSE trades at KRW 222,000 versus KRW 83,925 (−62.2%).
TES
095610.KQ · KRW · Information Technology
+10.0%
upside to fair value
undervalued
PriceKRW 108,500
Fair ValueKRW 119,350
Quality68/100
Fair ValueQualityUptrend
TSE
131290.KQ · KRW · Information Technology
−62.2%
upside to fair value
overvalued
PriceKRW 222,000
Fair ValueKRW 83,925
Quality57/100
Fair ValueQualityUptrend
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Head-to-head numbers

Green is the better side of a row, red the weaker one (for valuation multiples: lower = cheaper). Grey rows are for reference only and are not scored.

betterweakerfor reference, not scored

TESTSE
Valuation
15.6×Forward P/E (FY2027)13.9×
13.8×Median P/E at FY-end (ex one-offs where documented)12.1×
5.52×P/S (TTM)8.24×
4.86×P/B7.26×
36.2×EV/EBITDA31.4×
+10.0%Fair value upside−62.2%
1.9%Dividend yield0.7%
Profitability
13.9%Operating margin18.8%
1.32×EBIT margin trend (5Y)0.82×
11.7%Return on assets6.3%
Growth
67.1%Revenue growth (YoY)22.3%
-0.6%Avg. growth/yr (3Y)8.1%
7.4%Avg. growth/yr (5Y)8.5%
+17.2%Value creation/yr+7.5%
Balance & size
91.2×Interest coverage (EBIT/interest)20.0×
0.12×Debt / equity0.01×
$1BMarket cap$2B
healthyGrowth qualityexpensive
TES, median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 13.8. TSE, median P/E at fiscal year-end, 9 fiscal years (2017 to 2025), reported earnings: 12.1.
Forward P/E: price divided by the analyst consensus for the first fiscal year that has not started yet. The current year carries special items from quarters already reported.

TES leads: 9 to 5 metric wins.

n/a = 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.

TES TSE
ProfitabilityHow much profit the company makes from its sales and capital
56
44
Quality GrowthAre margins and returns getting better?
65
55
CashflowDo the profits arrive as real cash?
62
28
Financial strengthDebt, balance sheet and risk of trouble
80
87
InvestmentDoes it invest with discipline instead of growing at any price?
50
45
Low VolatilityHow calm the share price moves, does not count
25
0
Price momentumPrice momentum of the last 3 to 12 months, does not count
67
87
Near the 52-week highDistance to the 52-week high, does not count
70
81
New sharesBuys back shares or issues new ones?
87
83

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyTESPrice KRW 108,500TSEPrice KRW 222,000
DCF Models−42.0%below the priceKRW 62,950n/a
Earnings-Based−39.6%below the priceKRW 65,569−80.0%below the priceKRW 44,500
Dividend Discount−94.2%below the priceKRW 6,332−97.9%below the priceKRW 4,734
Multiples−42.2%below the priceKRW 62,764−50.5%below the priceKRW 109,820
Asset-Based−94.4%below the priceKRW 6,053−95.9%below the priceKRW 9,195
Growth DCF−53.8%below the priceKRW 50,108n/a
Economic Profit−80.9%below the priceKRW 20,765−86.4%below the priceKRW 30,111
Growth Earnings−9.6%close to the priceKRW 98,083−62.2%below the priceKRW 83,925
Matching families6 of 8
Minimum−94.4%below the priceKRW 6,053−97.9%below the priceKRW 4,734
Maximum−9.6%close to the priceKRW 98,083−50.5%below the priceKRW 109,820
Median−61.5%below the priceKRW 41,765−83.2%below the priceKRW 37,305
Geometric mean−75.9%below the priceKRW 26,170−87.2%below the priceKRW 28,514
Ahead family by family6 of 60 of 6

Minimum, maximum, median and geometric mean only use the families both stocks have (matching families: 6 of 8), so a family without a value on one side does not distort the comparison. Ahead in a family is the stock whose fair value there sits higher relative to its price. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Family by family: TES is ahead in 6 of 6 shared families, TSE in none.

TES: 24 of 26 models see the stock below the current price.

TSE: 16 of 16 models see the stock below the current price.

Scenario ranges

From our cautious bear scenario to the optimistic bull scenario. The white tick is the current price (value above it), the green tick the fair value (value below it): if the price sits left of the fair value, there is room to rise.

TES
Price KRW 108,500
Fair Value KRW 119,350
Bear KRW 59,430Bull KRW 150,176
TSE
Price KRW 222,000
Fair Value KRW 83,925
Bear KRW 58,747Bull KRW 109,102

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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.

TES · Information Technology

Quality score68 · Top 25%
Fair value upside+10.0% · above median

TSE · Information Technology

Quality score57 · above median
Fair value upside−62.2% · bottom 25%

Bottom line

As of Oct 30, 2026, Fair Value Calculator sees TES as the more attractively valued of the two: TES trades at KRW 108,500 versus a fair value of KRW 119,350 (+10.0%), while TSE trades at KRW 222,000 versus KRW 83,925 (−62.2%).

TES has the higher quality score (68/100).

Open TES live analysis →

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.