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Kleannara (004540) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Kleannara KRW 2,992, price KRW 1,207, upside +147.9%, quality 31 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
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Basic Materials · KR · ISIN KR7004540001

K Thin data Sep 24, 2026

Kleannara

004540 · KO

Cheap, value-trap riskThe stock looks deeply undervalued, but low quality raises value-trap risk.

✓Fair value 2,992 KRW · Strongly undervalued (+148%)
!Quality 31/100
!Weak Growth (revenue 5y −3.0 %/yr)
!Loss-making · -9.2% net margin (TTM)
!Moderate debt · negative free cash flow
!Trails peers (1/9)
!Narrow moat 13/100
!Evidence only low, so the estimate is less certain
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26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

6,995 KRW 1,110 KRW Fair Value 2,992 KRW Apr 2021 Sep 2026

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 1,110 KRW – 6,995 KRW · fair‑value band 2,233 KRW – 4,465 KRW · the 1,207 KRW price screens below the 2,992 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

KleanNara Co., Ltd. manufactures and sells paper products in South Korea, China, the Americas, Europe, Africa, Asia, and Oceania.

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KleanNara Co., Ltd. manufactures and sells paper products in South Korea, China, the Americas, Europe, Africa, Asia, and Oceania. The company offers toilet paper rolls, facial tissues, kitchen towels, wet wipes, wellness products, masks, hand sanitizers, adult diapers, and away from home products under the KleanNara brand name; cotton sanitary pads under the Pure.Soosoo brand name; feminine products under the Dear Skin brand name; baby diapers and wet wipes under the BOSOMI brand name; and pet bowel movement pads under the PAW-PAW Mong brand name. It also provides industrial paper products, including grey back, white back, and CCKB duplex boards, as well as ACB and kraft board under the N2N and WHITE HORSE brand names; and all-pulp products, such as cream, health and beauty premium board, light, bright, and RIV under the BLANQ brand name. The company was founded in 1966 and is headquartered in Seoul, South Korea.

Stock analysis

Kleannara (004540) currently trades at 1,207 KRW, while our model-based Fair Value estimate is 2,992 KRW, implying the stock looks roughly 59.7% undervalued today.

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Valuation

How firm this estimate is: it rests on 2 models at a data quality of 95/100, which puts the evidence level at low.

Scenario range: 2,233 KRW (bear) to 4,465 KRW (bull), the price of 1,207 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 31/100 (below-average quality), in the Basic Materials sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Kleannara reported revenue of 508B KRW in FY2025 versus 579B KRW in FY2021, a compound −3.2%/yr. Reported net income was −47.5B KRW in FY2025.

Key figures

Market cap 44.9B KRW (≈ $33.0M) · P/S ratio 0.09 · Net margin −9.3% · Return on equity −26.9% · Return on assets (EBIT) −0.8% · Operating margin −3.2% · Revenue (TTM) 502B KRW · Revenue growth (YoY) −4.4%.

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 43% below its 52-week high and 9% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at 26% fair-value upside, at 148%, 004540 screens cheaper than that median.

Fair Value models

Bear 2,233 KRW Fair Value 2,992 KRW Bull 4,465 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.
Highest evidence
NCAV (Graham) 2,292 KRW 3,071 KRW 4,584 KRW 54
All 1 models by family
Asset-Based
NCAV (Graham) 2,292 KRW 3,071 KRW 4,584 KRW 54

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Quality Score breakdown

Overall quality 31/100

Of which business quality 29 · Market factors (momentum, volatility) 21

Profitability 15
Margins and returns on capital today
Quality Growth 17
Are margins and returns improving?
Cashflow 4
Earnings quality: real cash, not paper profit
Fin. Strength 9
Balance sheet, leverage, solvency risk
Investment 88
Disciplined investing over empire-building
Low Volatility 58
Calm price path (market factor)
Momentum 7
Price trend over the last 3–12 months (market factor)
52W Momentum 5
Distance to the 52-week high (market factor)
Net Issuance 82
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−5.4%
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.
−5.7%
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.
−3.0%
Start year 2020 (pandemic). Over 10 years: −2.9% 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.
+0.7%
Profit margin (trend) ⓘ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.
8.8% (2020) → −4.5% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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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.Paper & Paper Products · 122 stocks

Beats the industry median on 1/8 measures
Overall it trails its industry peers.
Valuation
Quality Score 29 · Bottom 25%
Fair Value upside +148% · Top 25%
Profitability
Return on assets −2% · Bottom 25%
Net margin (TTM) −9% · Bottom 25%
Operating margin (TTM) −3% · Bottom 25%
Growth and dividend
Revenue growth −4% · Below median
Balance sheet
Debt / equity 0.95× · Highest 25%

Valuation Multiplesvs Paper & Paper Products median · lower = cheaper

EV/EBITDA 38.8× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 14
FUTURE (revenue growth)0 · sector 7
PAST (return on equity)0 · sector 13
HEALTH (low debt)52 · sector 91
DIVIDEND (yield)0 · sector 47

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Paper & Paper Products stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
UPM-Kymmene Oyj UPM €25.58 €15.39 −40%
Shandong Sunpaper Co 002078 ¥13.68 ¥17.29 +26%
Nine Dragons Paper (Holdings) Limited 2689 HK$5.93 HK$8.59 +45%
The Navigator Company NVG €3.26 €2.08 −36%
Empresas CMPC S.A CMPC 966.50 CLP 1,355 CLP +40%
Xianhe Co 603733 ¥18.88 ¥18.80 +0%
PT Indah Kiat Pulp & Paper Tbk INKP 8,450 IDR 12,515 IDR +48%
Semapa - Sociedade de Investimento e Gestão, SGPS, S.A SEM €20.75 €29.15 +40%
Billerud AB BILL kr 84.40 kr 46.05 −45%
Sylvamo Corporation SLVM $36.87 $27.57 −25%

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Kleannara · Fair Value
2,992 KRW +60%Fair Value
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Cite: Fair Value Calculator (2026). "Kleannara Fair Value". https://www.fairvalue-calculator.com/stock/004540

Frequently asked questions

Is Kleannara (004540) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 2,992 KRW versus a price of 1,207 KRW, about +148% upside (undervalued).
What is the fair value of 004540?
Our model-based fair value for Kleannara is 2,992 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 1,207 KRW.
What is the quality score of 004540?
Kleannara has a Quality Score of 31/100. 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 Kleannara (004540)?
Our model-based price target is the fair value of 2,992 KRW (as of Sep 24, 2026) from 1 valuation models. Cautious scenario 2,233 KRW, optimistic scenario 4,465 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Kleannara stock forecast for 2026?
Our models put fair value at 2,992 KRW, about +148% upside versus a price of 1,207 KRW (undervalued). Cautious scenario 2,233 KRW, optimistic scenario 4,465 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Kleannara (004540)?
Kleannara reported trailing-twelve-month revenue of about 502B KRW (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Kleannara (004540)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Kleannara it is 2,992 KRW per share (as of Sep 24, 2026), against a price of 1,207 KRW. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Kleannara stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 004540 trades below its calculated fair value: price 1,207 KRW, fair value 2,992 KRW, a gap of about +148% (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 004540?
No. The price is what the market pays today (1,207 KRW); the fair value is what the company's own numbers justify (2,992 KRW). For Kleannara the two are 1,785 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Kleannara worth?
The market values Kleannara at about 44.9B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 1,207 KRW; our models calculate a fair value of 2,992 KRW per share.
What do the bullish and bearish scenarios say about 004540?
Our models span a range for Kleannara: cautious scenario 2,233 KRW, base 2,992 KRW, optimistic 4,465 KRW per share (as of Sep 24, 2026, price 1,207 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Kleannara (004540)?
Balance-sheet figures for Kleannara (as of Sep 24, 2026): return on equity −26.9%, debt of 0.95 per unit of equity. They feed the Quality Score of 31/100, which measures business quality independently of the share price.
How far is 004540 from its 52-week high?
Kleannara trades at 1,207 KRW, about 43% below its 52-week high of 2,120 KRW and 9% above the low of 1,110 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 2,992 KRW is for.
Which stocks are comparable to Kleannara?
From the same area (Basic Materials) we also value UPM-Kymmene Oyj, Shandong Sunpaper Co, Nine Dragons Paper (Holdings) Limited, The Navigator 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 Kleannara stock attractive at the current price?
The data as of Sep 24, 2026: price 1,207 KRW, calculated fair value 2,992 KRW (+148%), Quality Score 31/100, from 1 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 004540 calculated?
We run Kleannara through 1 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 2,992 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 13.0 % above its aggregate fair value. Kleannara currently trades 148 % 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 Kleannara (004540)?
The closing price on Sep 23, 2026 was 1,207 KRW. Our model-based fair value is 2,992 KRW, about +148% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Kleannara right now?
The large discount to fair value meets weak quality (31/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (2,233 KRW). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (2,233 KRW to 4,465 KRW) leaves room in how you read the outcome.

Key figures of Kleannara

How large is the market capitalisation of Kleannara (004540)?
The market capitalisation of Kleannara is 44.9B KRW (≈ $33.0M). 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 Kleannara (004540)?
The price-to-sales ratio of Kleannara is 0.09 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of Kleannara (004540)?
The net margin of Kleannara is −9.3% (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 Kleannara (004540)?
The return on equity (ROE) of Kleannara is −26.9% (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 Kleannara (004540)?
On an EBIT basis the return on assets of Kleannara is −0.8% (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 Kleannara (004540)?
The operating margin of Kleannara is −3.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Kleannara (004540)?
Revenue at Kleannara is growing −4.4% versus a year earlier (3y avg −5.7%). 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 Kleannara (004540)?
Earnings per share at Kleannara are growing −51.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Kleannara (004540) generate?
The free cash flow of Kleannara is −46.3B KRW (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Kleannara (004540) carry?
The net debt of Kleannara is 327B KRW (fiscal year 2025). 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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