Namyang Dairy (003920) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Namyang Dairy KRW 32,749, price KRW 42,100, upside -22.2%, quality 48 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 30,812 KRW – 79,806 KRW · fair‑value band 21,614 KRW – 40,936 KRW · the 42,100 KRW price screens above the 32,749 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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Namyang Dairy Products Co., Ltd manufactures and sells dairy products in South Korea and internationally. It offers babies products under Imperial Dream XO, Imperial Kid XO, Imperial Mom XO, I am Mother, Star Grow, Blood Crown, Koko Crown Picky Eater, Namyang KI PLUS PREMIUM, Namyang Shanyang Rufen, Hope Allegy, and Hope Doctor brand names.
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Namyang Dairy Products Co., Ltd manufactures and sells dairy products in South Korea and internationally. It offers babies products under Imperial Dream XO, Imperial Kid XO, Imperial Mom XO, I am Mother, Star Grow, Blood Crown, Koko Crown Picky Eater, Namyang KI PLUS PREMIUM, Namyang Shanyang Rufen, Hope Allegy, and Hope Doctor brand names. It also provides coffee beverages and mixes, yogurt, beverages, cheese, raw and soyabean milk, and whipping cream and creamer; and Namyang KETONIA, a liquid formula for high-fat ketogenic dietary food for infants and young children, as well as real estate services. The company was founded in 1964 and is headquartered in Seoul, South Korea. Namyang Dairy Products Co., Ltd operates as a subsidiary of Hahn & Co. No. 19 Co., Ltd.
Stock analysis
Namyang Dairy (003920) currently trades at 42,100 KRW, while our model-based Fair Value estimate is 32,749 KRW, implying the stock looks roughly 28.6% overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 107,996 KRW per share, and 6 of the 24 models we run sit above the 42,100 KRW price.
Bear case: the Earnings-Based group reads lowest at 10,033 KRW, and 18 of the 24 models stay below the price. Evidence for this calculation is medium.
Scenario range: 21,614 KRW (bear) to 40,936 KRW (bull), the price of 42,100 KRW sits above 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 48/100 (below-average quality), in the Consumer Defensive sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Namyang Dairy reported revenue of 914B KRW in FY2025 versus 956B KRW in FY2021, a compound −1.1%/yr. Reported net income was 7.1B KRW in FY2025.
Key figures
Market cap 332B KRW (≈ $233M) · P/S ratio 0.36 · Dividend yield 3.4% · Net margin 0.8% · Return on equity 1.6% · Return on assets (EBIT) −0.3% · Operating margin 0.2% · Revenue (TTM) 924B KRW.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 25% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at −2% fair-value upside, at −22%, 003920 screens richer than that median.
Fair Value models
Bear 21,614 KRWFair Value 32,749 KRWBull 40,936 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 is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−4.1%
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.
−1.8%
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.
−0.7%
Start year 2020 (pandemic). Over 10 years: −2.8% a year
Revenue growth 14 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.
−47.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−51.0%
Dividend (yield on the price)3.4%
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% → 1%
⚠ Revenue per share shrinking 32.3%/yr over ~6Y (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
A lot of optimism in the price
The price assumes more growth than 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).
+3.8%
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 +1.7% 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.Packaged Foods · 667 stocks
Beats the industry median on 3/9 measures
Overall it trails its industry peers.
Valuation
Quality Score48 · Below median
Fair Value upside−22% · Below median
Profitability
Return on equity (TTM)2% · Below median
Return on assets0% · Bottom 25%
Net margin (TTM)1% · Below median
Operating margin (TTM)0% · Bottom 25%
Growth and dividend
Revenue growth4% · Above median
Dividend yield (TTM)3.4% · Above median
Valuation Multiplesvs Packaged Foods median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Namyang Dairy Fair Value". https://www.fairvalue-calculator.com/stock/003920
Frequently asked questions
Is Namyang Dairy (003920) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 32,749 KRW versus a price of 42,100 KRW, about −22% upside (overvalued).
What is the fair value of 003920?
Our model-based fair value for Namyang Dairy is 32,749 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 42,100 KRW.
What is the quality score of 003920?
Namyang Dairy has a Quality Score of 48/100. 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 Namyang Dairy (003920)?
Our model-based price target is the fair value of 32,749 KRW (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 21,614 KRW, optimistic scenario 40,936 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Namyang Dairy stock forecast for 2026?
Our models put fair value at 32,749 KRW, about −22% upside versus a price of 42,100 KRW (overvalued). Cautious scenario 21,614 KRW, optimistic scenario 40,936 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Namyang Dairy (003920)?
Namyang Dairy reported trailing-twelve-month revenue of about 924B KRW (latest available figure, as of Sep 24, 2026).
Does Namyang Dairy pay a dividend?
Namyang Dairy currently shows a dividend yield of about 3.39% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Namyang Dairy (003920)?
For today's price to be fair in a discounted-cash-flow model, Namyang Dairy would have to grow free cash flow by +3.8 % 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 -0.7 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 003920 use?
Our models discount Namyang Dairy at 11.6 %: a base by market capitalisation (micro), damped by beta 0.28, 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 Namyang Dairy that is +3.8 % 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 Namyang Dairy (003920) delivered so far?
Over the past 5 years revenue at Namyang Dairy grew -0.7 % a year. The price currently implies +3.8 % 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 Namyang Dairy (003920) growing?
The median revenue growth in the sector is +2.8 % a year. That is the yardstick for the growth priced into Namyang Dairy (+3.8 % 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 Namyang Dairy (003920)?
The free-cash-flow yield on the price is 7.18 %: that much free cash flow Namyang Dairy 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 Namyang Dairy (003920)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Namyang Dairy it is 32,749 KRW per share (as of Sep 24, 2026), against a price of 42,100 KRW. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Namyang Dairy stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 003920 trades above its calculated fair value: price 42,100 KRW, fair value 32,749 KRW, a gap of about −22% (overvalued). 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 003920?
No. The price is what the market pays today (42,100 KRW); the fair value is what the company's own numbers justify (32,749 KRW). For Namyang Dairy the two are 9,351 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Namyang Dairy worth?
The market values Namyang Dairy at about 332B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 42,100 KRW; our models calculate a fair value of 32,749 KRW per share.
What do the bullish and bearish scenarios say about 003920?
Our models span a range for Namyang Dairy: cautious scenario 21,614 KRW, base 32,749 KRW, optimistic 40,936 KRW per share (as of Sep 24, 2026, price 42,100 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Namyang Dairy (003920)?
Balance-sheet figures for Namyang Dairy (as of Sep 24, 2026): return on equity 1.6%. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is 003920 from its 52-week high?
Namyang Dairy trades at 42,100 KRW, about 25% below its 52-week high of 56,379 KRW and 4% above the low of 40,400 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 32,749 KRW is for.
Which stocks are comparable to Namyang Dairy?
From the same area (Consumer Defensive) we also value Nestlé S.A, Danone S.A, The Kraft Heinz Company, Foshan Haitian Flavouring and Food Company, 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 Namyang Dairy stock attractive at the current price?
The data as of Sep 24, 2026: price 42,100 KRW, calculated fair value 32,749 KRW (−22%), Quality Score 48/100, 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 003920 calculated?
We run Namyang Dairy 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 32,749 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 14.1 % above its aggregate fair value. Namyang Dairy itself currently trades above fair value. 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 Namyang Dairy (003920)?
The closing price on Sep 23, 2026 was 42,100 KRW. Our model-based fair value is 32,749 KRW, about −22% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Namyang Dairy right now?
The price sits above even our optimistic bull case (40,936 KRW). The favourable scenario is already priced in. Solid but not exceptional quality (48/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (21,614 KRW to 40,936 KRW) leaves room in how you read the outcome.
Key figures of Namyang Dairy
How large is the market capitalisation of Namyang Dairy (003920)?
The market capitalisation of Namyang Dairy is 332B KRW (≈ $233M). 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 Namyang Dairy (003920)?
The price-to-sales ratio of Namyang Dairy is 0.36 (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 Namyang Dairy (003920)?
The dividend yield of Namyang Dairy is 3.4%. 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 Namyang Dairy (003920)?
The net margin of Namyang Dairy is 0.8% (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 Namyang Dairy (003920)?
The return on equity (ROE) of Namyang Dairy is 1.6% (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 Namyang Dairy (003920)?
On an EBIT basis the return on assets of Namyang Dairy is −0.3% (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 Namyang Dairy (003920)?
The operating margin of Namyang Dairy is 0.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Namyang Dairy (003920)?
Revenue at Namyang Dairy is growing +4.4% versus a year earlier (3y avg −1.8%). 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 Namyang Dairy (003920)?
Earnings per share at Namyang Dairy are growing +441% versus a year earlier. How much earnings per share grew versus a year earlier.
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