Ilshin Spinnin (003200) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Ilshin Spinnin KRW 18,929, price KRW 11,100, upside +70.5%, quality 53 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 6,612 KRW – 15,517 KRW · fair‑value band 13,551 KRW – 24,983 KRW · the 11,100 KRW price screens below the 18,929 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Ilshin Spinning Co., Ltd produces and sells cotton yarns and fabrics in South Korea, Asia, the Americas, Europe, and internationally.
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Ilshin Spinning Co., Ltd produces and sells cotton yarns and fabrics in South Korea, Asia, the Americas, Europe, and internationally. The company offers combed cotton, compact, slub, patched, tri-blended, blended and synthetic, ecocell+, and OE glove yarns under the THREESTAR brand; melange yarns under the MELANSTAR brand; and MVS yarns under the IVYSTAR brand. It also provides fabrics, including cotton, rayon, mixed, and interwoven fabrics, as well as offers dyed yarns and fabrics. The company was founded in 1935 and is headquartered in Seoul, South Korea.
Stock analysis
Ilshin Spinnin (003200) currently trades at 11,100 KRW, while our model-based Fair Value estimate is 18,929 KRW, implying the stock looks roughly 41.4% undervalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 28,530 KRW per share, and 20 of the 24 models we run sit above the 11,100 KRW price.
Bear case: the Earnings-Based group reads lowest at 6,501 KRW, and 4 of the 24 models stay below the price. Evidence for this calculation is medium.
Scenario range: 13,551 KRW (bear) to 24,983 KRW (bull), the price of 11,100 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 53/100 (solid quality), in the Consumer Cyclical sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Ilshin Spinnin reported revenue of 517B KRW in FY2025 versus 601B KRW in FY2021, a compound −3.7%/yr. Reported net income was 33.2B KRW in FY2025, compounding −14.8%/yr from FY2021.
Key figures
Market cap 235B KRW (≈ $173M) · P/S ratio 0.42 · Dividend yield 3.6% · Net margin 6.4% · Return on equity 2.0% · Return on assets (EBIT) 1.9% · Operating margin 2.1% · Revenue (TTM) 521B KRW.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (medium confidence).
What moves the price
The share trades about 28% below its 52-week high and 17% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −21% fair-value upside, at 71%, 003200 screens cheaper than that median.
Fair Value models
Bear 13,551 KRWFair Value 18,929 KRWBull 24,983 KRW
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.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.Evidence ⓘEvidence = 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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−1.2%
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.
−4.5%
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.
+2.2%
Start year 2020 (pandemic). Over 10 years: +1.3% a year
Revenue growth 25 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.
+2.0%
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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.
−15.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−18.8%
Dividend (yield on the price)3.6%
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.3% → 6%
⚠ Revenue per share shrinking 30.4%/yr over ~6Y (margins intact) ⓘ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
Price in line with expectations
The price assumes about as much growth as 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).
+4.0%
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 +1.9% 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.Textile Manufacturing · 344 stocks
Beats the industry median on 7/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score53 · Above median
Fair Value upside+71% · Top 25%
Profitability
Return on equity (TTM)2% · Below median
Return on assets1% · Below median
Net margin (TTM)4% · Above median
Operating margin (TTM)2% · Below median
Growth and dividend
Revenue growth3% · Above median
Dividend yield (TTM)3.6% · Above median
Balance sheet
Debt / equity0.01× · Lowest 25%
Valuation Multiplesvs Textile Manufacturing median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Ilshin Spinnin Fair Value". https://www.fairvalue-calculator.com/stock/003200
Frequently asked questions
Is Ilshin Spinnin (003200) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 18,929 KRW versus a price of 11,100 KRW, about +71% upside (undervalued).
What is the fair value of 003200?
Our model-based fair value for Ilshin Spinnin is 18,929 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 11,100 KRW.
What is the quality score of 003200?
Ilshin Spinnin has a Quality Score of 53/100. 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 Ilshin Spinnin (003200)?
Our model-based price target is the fair value of 18,929 KRW (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 13,551 KRW, optimistic scenario 24,983 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Ilshin Spinnin stock forecast for 2026?
Our models put fair value at 18,929 KRW, about +71% upside versus a price of 11,100 KRW (undervalued). Cautious scenario 13,551 KRW, optimistic scenario 24,983 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Ilshin Spinnin (003200)?
Ilshin Spinnin reported trailing-twelve-month revenue of about 521B KRW (latest available figure, as of Sep 24, 2026).
Does Ilshin Spinnin pay a dividend?
Ilshin Spinnin currently shows a dividend yield of about 3.60% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Ilshin Spinnin (003200)?
For today's price to be fair in a discounted-cash-flow model, Ilshin Spinnin would have to grow free cash flow by +4.0 % per year for five years (discount rate 11.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +2.2 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 003200 use?
Our models discount Ilshin Spinnin at 11.6 %: a base by market capitalisation (micro), damped by beta 0.41, 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 Ilshin Spinnin that is +4.0 % per year a year over ten years, using the same discount rate (11.6 %) and the same formula as our fair value.
How much growth has Ilshin Spinnin (003200) delivered so far?
Over the past 5 years revenue at Ilshin Spinnin grew +2.2 % a year. The price currently implies +4.0 % per year free-cash-flow growth a 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 Ilshin Spinnin (003200) growing?
The median revenue growth in the sector is +2.6 % a year. That is the yardstick for the growth priced into Ilshin Spinnin (+4.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Ilshin Spinnin (003200)?
The free-cash-flow yield on the price is 10.31 %: that much free cash flow Ilshin Spinnin produces per unit of market value. When it exceeds the discount rate of our models (11.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Ilshin Spinnin (003200)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ilshin Spinnin it is 18,929 KRW per share (as of Sep 24, 2026), against a price of 11,100 KRW. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Ilshin Spinnin stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 003200 trades below its calculated fair value: price 11,100 KRW, fair value 18,929 KRW, a gap of about +71% (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 003200?
No. The price is what the market pays today (11,100 KRW); the fair value is what the company's own numbers justify (18,929 KRW). For Ilshin Spinnin the two are 7,829 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Ilshin Spinnin worth?
The market values Ilshin Spinnin at about 235B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 11,100 KRW; our models calculate a fair value of 18,929 KRW per share.
What do the bullish and bearish scenarios say about 003200?
Our models span a range for Ilshin Spinnin: cautious scenario 13,551 KRW, base 18,929 KRW, optimistic 24,983 KRW per share (as of Sep 24, 2026, price 11,100 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Ilshin Spinnin (003200)?
Balance-sheet figures for Ilshin Spinnin (as of Sep 24, 2026): return on equity 2.0%, debt of 0.01 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is 003200 from its 52-week high?
Ilshin Spinnin trades at 11,100 KRW, about 28% below its 52-week high of 15,517 KRW and 17% above the low of 9,500 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 18,929 KRW is for.
Which stocks are comparable to Ilshin Spinnin?
From the same area (Consumer Cyclical) we also value Shenzhou International Group, Tongkun Group, Inner Mongolia ERDOS Resources Co, K.P.R. Mill Limited, 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 Ilshin Spinnin stock attractive at the current price?
The data as of Sep 24, 2026: price 11,100 KRW, calculated fair value 18,929 KRW (+71%), Quality Score 53/100, from 24 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 003200 calculated?
We run Ilshin Spinnin through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 18,929 KRW, 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 14.0 % above its aggregate fair value. Ilshin Spinnin currently trades 71 % 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 Ilshin Spinnin (003200)?
The closing price on Sep 23, 2026 was 11,100 KRW. Our model-based fair value is 18,929 KRW, about +71% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ilshin Spinnin right now?
The price is below even our cautious bear case (13,551 KRW). The market is more pessimistic than our downside scenario. Solid quality (53/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (13,551 KRW to 24,983 KRW) leaves room in how you read the outcome.
Key figures of Ilshin Spinnin
How large is the market capitalisation of Ilshin Spinnin (003200)?
The market capitalisation of Ilshin Spinnin is 235B KRW (≈ $173M). 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 Ilshin Spinnin (003200)?
The price-to-sales ratio of Ilshin Spinnin is 0.42 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of Ilshin Spinnin (003200)?
The dividend yield of Ilshin Spinnin is 3.6%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Ilshin Spinnin (003200)?
The net margin of Ilshin Spinnin is 6.4% (fiscal year 2025). 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 Ilshin Spinnin (003200)?
The return on equity (ROE) of Ilshin Spinnin is 2.0% (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 Ilshin Spinnin (003200)?
On an EBIT basis the return on assets of Ilshin Spinnin is 1.9% (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 Ilshin Spinnin (003200)?
The operating margin of Ilshin Spinnin is 2.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ilshin Spinnin (003200)?
Revenue at Ilshin Spinnin is growing +3.0% versus a year earlier (3y avg −4.5%). 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 Ilshin Spinnin (003200)?
Earnings per share at Ilshin Spinnin are growing −79.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Ilshin Spinnin (003200) carry?
The net debt of Ilshin Spinnin is 41.1B KRW (fiscal year 2025, ≈ 1.7 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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