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STOCK COMPARISON

IBKS No3 SPAC vs Fondul Proprietatea: Fair Value & Quality

Both stocks run through our valuation models. Here is how IBKS No3 SPAC (225430) and Fondul Proprietatea (FP) compare, as of Aug 11, 2026.

As of Aug 11, 2026, Fair Value Calculator sees Fondul Proprietatea as the less overvalued of the two: IBKS No3 SPAC trades at KRW 1,711 versus a fair value of KRW 219 (-87%), while Fondul Proprietatea trades at 0.61 versus 0.21 (-66%).
IBKS No3 SPAC
225430.KQ · KRW · Financials
-87%
upside to fair value
overvalued
PriceKRW 1,711
Fair ValueKRW 219
Quality48/100
Fondul Proprietatea
FP.RO · Financials
-66%
upside to fair value
overvalued
Price0.61
Fair Value0.21
Quality92/100

Head-to-head numbers

Green value = the better side for that row (for valuation multiples: lower = cheaper).

IBKS No3 SPACFondul Proprietatea
Valuation
—P/E (TTM)4.3×
—P/S (TTM)0.81×
—P/B0.17×
—Dividend yield6.9%
—Dividend per share0.04
Profitability
-24%Net margin92%
-19%Operating margin—
-13%Return on equity20%
-5%Return on assets11%
Growth
10%Revenue growth (YoY)524%
0.8%Avg. growth/yr (3Y)-45.0%
-7.0%Avg. growth/yr (5Y)—
Balance & size
0.22×Debt / equity—
$6MMarket cap$387M
weakGrowth qualityweak

Fondul Proprietatea leads: 1 to 4 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.

IBKS No3 SPACof which business quality 45 · market factors 16 Fondul Proprietateaof which business quality 87 · market factors 80
ProfitabilityMargins and returns on capital today
6
67
Quality GrowthAre margins and returns improving?
56
95
CashflowEarnings quality: real cash, not paper profit
0
100
Fin. StrengthBalance sheet, leverage, solvency risk
56
73
InvestmentDisciplined investing over empire-building
100
100
Low VolatilityCalm price path (market factor)
50
87
MomentumPrice trend over the last 3–12 months (market factor)
0
71
52W MomentumDistance to the 52-week high (market factor)
5
86
Net IssuanceBuybacks instead of dilution
100
100

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.

IBKS No3 SPAC

Dividend DiscountKRW 226
Asset-BasedKRW 3,396

2 of 3 models see the stock below the current price.

Fondul Proprietatea

DCF Models2.74
Earnings-Based6.29
Multiples1.55
Asset-Based0.53
Growth DCF0.84
Economic Profit1.26

1 of 10 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.

IBKS No3 SPAC
Bear KRW 177Fair Value KRW 219Bull KRW 262
KRW 1,711 = current price (white tick)
Fondul Proprietatea
Bear 0.16Fair Value 0.21Bull 0.27
0.61 = 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.

IBKS No3 SPAC · Financials

Quality score48 · below median
Fair value upside-87% · bottom 25%

Fondul Proprietatea · Financials

Quality score92 · Top 25%
Fair value upside-66% · bottom 25%

Bottom line

As of Aug 11, 2026, Fair Value Calculator sees Fondul Proprietatea as the less overvalued of the two: IBKS No3 SPAC trades at KRW 1,711 versus a fair value of KRW 219 (-87%), while Fondul Proprietatea trades at 0.61 versus 0.21 (-66%).

Fondul Proprietatea has the higher quality score (92/100).

See the full analysis →
IBKS No3 SPAC · Fondul Proprietatea

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A model-based valuation snapshot from 21 models. Values change with price and fundamentals; the date shown above applies.