Nongshim (004370) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Nongshim KRW 504,750, price KRW 390,000, upside +29.4%, quality 56 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 250,144 KRW – 558,367 KRW · fair‑value band 386,408 KRW – 651,816 KRW · the 390,000 KRW price screens below the 504,750 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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Nongshim Co., Ltd., together with its subsidiaries, manufactures, sells, imports, and exports ramen, snacks, and beverages in Asia, the Americas, Europe, and Oceania.
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Nongshim Co., Ltd., together with its subsidiaries, manufactures, sells, imports, and exports ramen, snacks, and beverages in Asia, the Americas, Europe, and Oceania. It also provides home meal replacements; and imports and markets brand products, such as Kellogg's cereals, Tulip canned meat, House Curry, Chupa Chups, Pringles, Mentos, jam, peanut butter, Lindt chocolates, and Villa Blanca oil. The company was formerly known as Lotte Industrial Company and changed its name to Nongshim Co., Ltd. in March 1978. Nongshim Co., Ltd. was founded in 1965 and is headquartered in Seoul, South Korea.
Stock analysis
Nongshim (004370) currently trades at 390,000 KRW, while our model-based Fair Value estimate is 504,750 KRW, implying the stock looks roughly 22.7% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 524,473 KRW per share, and 18 of the 25 models we run sit above the 390,000 KRW price.
Bear case: the Dividend Discount group reads lowest at 53,838 KRW, and 7 of the 25 models stay below the price. Evidence for this calculation is medium.
Scenario range: 386,408 KRW (bear) to 651,816 KRW (bull), the price of 390,000 KRW sits inside 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 56/100 (solid quality), in the Consumer Defensive sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Nongshim reported revenue of 3.5T KRW in FY2025 versus 2.7T KRW in FY2021, a compound +7.2%/yr. Reported net income was 170B KRW in FY2025, compounding +14.3%/yr from FY2021.
Key figures
Market cap 2.4T KRW (≈ $1.7B) · P/S ratio 0.57 · Dividend yield 1.5% · Net margin 4.8% · Return on equity 6.4% · Return on assets (EBIT) 4.7% · Operating margin 7.2% · Revenue (TTM) 3.6T KRW.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 16% below its 52-week high and 18% 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 29%, 004370 screens cheaper than that median.
Fair Value models
Bear 386,408 KRWFair Value 504,750 KRWBull 651,816 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.66/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+2.2%
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.
+3.9%
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.
+5.9%
Start year 2020 (pandemic). Over 10 years: +4.9% a year
Revenue growth 26 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.
+4.3%
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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.
+11.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+10.1%
Dividend (yield on the price)1.5%
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.6% → 5%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
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).
+0.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+4.4%
Yearly sales growth analysts expect, extended to five years.
After inflation (South Korea: IMF forecast 2.1% a year to 2030, 2.1% from 2016 to 2025) that is about −1.8% a year for the price and +2.3% for the forecasts.
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 7/11 measures
Overall it ranks above its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside+29% · Above median
Profitability
Return on equity (TTM)6% · Below median
Return on assets3% · Below median
Net margin (TTM)5% · Above median
Operating margin (TTM)7% · Above median
Growth and dividend
Revenue growth5% · Above median
Dividend yield (TTM)1.5% · Below median
Balance sheet
Debt / equity0.01× · Lowest 25%
Valuation Multiplesvs Packaged Foods median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Nongshim Fair Value". https://www.fairvalue-calculator.com/stock/004370
Frequently asked questions
Is Nongshim (004370) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 504,750 KRW versus a price of 390,000 KRW, about +29% upside (undervalued).
What is the fair value of 004370?
Our model-based fair value for Nongshim is 504,750 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 390,000 KRW.
What is the quality score of 004370?
Nongshim has a Quality Score of 56/100. 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 Nongshim (004370)?
Our model-based price target is the fair value of 504,750 KRW (as of Sep 24, 2026) from 25 valuation models. Cautious scenario 386,408 KRW, optimistic scenario 651,816 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Nongshim stock forecast for 2026?
Our models put fair value at 504,750 KRW, about +29% upside versus a price of 390,000 KRW (undervalued). Cautious scenario 386,408 KRW, optimistic scenario 651,816 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Nongshim (004370)?
Nongshim reported trailing-twelve-month revenue of about 3.6T KRW (latest available figure, as of Sep 24, 2026).
Does Nongshim pay a dividend?
Nongshim currently shows a dividend yield of about 1.54% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Nongshim (004370)?
For today's price to be fair in a discounted-cash-flow model, Nongshim would have to grow free cash flow by +0.2 % per year for five years (discount rate 10.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.9 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 004370 use?
Our models discount Nongshim at 10.2 %: a base by market capitalisation (small), damped by beta 0.10, 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 Nongshim that is +0.2 % per year a year over ten years, using the same discount rate (10.2 %) and the same formula as our fair value.
How much growth has Nongshim (004370) delivered so far?
Over the past 5 years revenue at Nongshim grew +5.9 % a year. The price currently implies +0.2 % 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 Nongshim (004370) growing?
The median revenue growth in the sector is +2.8 % a year. That is the yardstick for the growth priced into Nongshim (+0.2 % 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 Nongshim (004370)?
The free-cash-flow yield on the price is 8.47 %: that much free cash flow Nongshim produces per unit of market value. When it exceeds the discount rate of our models (10.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Nongshim (004370)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Nongshim it is 504,750 KRW per share (as of Sep 24, 2026), against a price of 390,000 KRW. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is Nongshim stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 004370 trades below its calculated fair value: price 390,000 KRW, fair value 504,750 KRW, a gap of about +29% (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 004370?
No. The price is what the market pays today (390,000 KRW); the fair value is what the company's own numbers justify (504,750 KRW). For Nongshim the two are 114,750 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Nongshim worth?
The market values Nongshim at about 2.4T KRW (market capitalisation, as of Sep 24, 2026). Per share that is 390,000 KRW; our models calculate a fair value of 504,750 KRW per share.
What do the bullish and bearish scenarios say about 004370?
Our models span a range for Nongshim: cautious scenario 386,408 KRW, base 504,750 KRW, optimistic 651,816 KRW per share (as of Sep 24, 2026, price 390,000 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of 004370?
The PEG ratio of Nongshim is 1.32 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Nongshim (004370)?
Balance-sheet figures for Nongshim (as of Sep 24, 2026): return on equity 6.4%, debt of 0.01 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is 004370 from its 52-week high?
Nongshim trades at 390,000 KRW, about 16% below its 52-week high of 464,458 KRW and 18% above the low of 329,500 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 504,750 KRW is for.
Which stocks are comparable to Nongshim?
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 Nongshim stock attractive at the current price?
The data as of Sep 24, 2026: price 390,000 KRW, calculated fair value 504,750 KRW (+29%), Quality Score 56/100, from 25 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 004370 calculated?
We run Nongshim through 25 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 504,750 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. Nongshim currently trades 29 % 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 Nongshim (004370)?
The closing price on Sep 23, 2026 was 390,000 KRW. Our model-based fair value is 504,750 KRW, about +29% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Nongshim right now?
Solid quality (56/100) at a price below fair value, the discount is the argument here, not the business quality. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of Nongshim
How large is the market capitalisation of Nongshim (004370)?
The market capitalisation of Nongshim is 2.4T KRW (≈ $1.7B). 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 Nongshim (004370)?
The price-to-sales ratio of Nongshim is 0.57 (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 Nongshim (004370)?
The dividend yield of Nongshim is 1.5%. 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 Nongshim (004370)?
The net margin of Nongshim is 4.8% (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 Nongshim (004370)?
The return on equity (ROE) of Nongshim is 6.4% (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 Nongshim (004370)?
On an EBIT basis the return on assets of Nongshim is 4.7% (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 Nongshim (004370)?
The operating margin of Nongshim is 7.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Nongshim (004370)?
Revenue at Nongshim is growing +4.6% versus a year earlier (3y avg +3.9%). 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 Nongshim (004370)?
Earnings per share at Nongshim are growing +16.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Nongshim (004370) carry?
The net debt of Nongshim is 31.1B KRW (fiscal year 2024, ≈ 0.2 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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