Korea Shipbuilding & Offshore Engineering Co Ltd (009540) fair value: what the stock is really worth
We calculate from audited financials what Korea Shipbuilding & Offshore Engineering Co Ltd is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 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 18, 2026.
How to read this chart
60‑month range 65,807 KRW – 479,000 KRW · fair‑value band 482,962 KRW – 804,937 KRW · the 339,000 KRW price screens below the 643,950 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 18, 2026.
HD Korea Shipbuilding & Offshore Engineering Co., Ltd. engages in shipbuilding and offshore engineering business in South Korea.
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HD Korea Shipbuilding & Offshore Engineering Co., Ltd. engages in shipbuilding and offshore engineering business in South Korea. The company offers ship types, including tankers, container ships, petrochemical carriers, LNG carriers, LNG-FSRUs, LPG carriers, LEG carriers, car carriers, Ro-Pax, Ro-Ro, LNG bunkering carriers, and LCO2 ships; and offshore plant business includes the manufacturing and installation of offshore structures, floating crude oil production facilities, power generation facilities, and other individual equipment units. It also specializes in building various types of special-purpose ships, such as destroyers, frigates, corvettes, logistics support ships, amphibious, minelaying, marine intelligence, surface, rescue, and training ships, support vessels, high-speed boats, and patrol/rescue ships; and engine and machinery division, the company provides heavy and medium engines, propellers, marine axle meters, selective catalytic reduction systems, and methanation catalytic systems. In addition, it develops and supplies photovoltaic modules and systems, solid oxide fuel cells for onshore power generation and marine applications, and solid oxide electrolyzers; gas and green system offerings include Methanol LFSS, Ammonia LFSS, LPG CHS, Re-Liquefaction Unit, Re-Gasifier, and Hi-ALS; and shipbuilding also provides green ship propulsion solutions, including four-stroke marine engines, as well as electric power systems such as batteries and fuel cells to drive propulsion motors without the use of traditional power generation engines. Further, it provides other offerings including equipment such as propellers, shafts, SCR systems, ballast water treatment systems, engine power plants, industrial boilers, solar modules and systems, ITER, industrial cranes, and comprehensive marine system solutions. The company was formerly known as Korea Shipbuilding & Offshore Engineering Co., Ltd. The company was founded in 1972 and is based in Seongnam-si, South Korea.
Stock analysis
Korea Shipbuilding & Offshore Engineering Co Ltd (009540) currently trades at 339,000 KRW, while our model-based Fair Value estimate is 643,950 KRW, implying the stock looks roughly 47.4% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 860,926 KRW per share, and 20 of the 24 models we run sit above the 339,000 KRW price.
Bear case: the Asset-Based group reads lowest at 125,882 KRW, and 4 of the 24 models stay below the price. Evidence for this calculation is medium.
Scenario range: 482,962 KRW (bear) to 804,937 KRW (bull), the price of 339,000 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 70/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Korea Shipbuilding & Offshore Engineering Co Ltd reported revenue of 29.9T KRW in FY2025 versus 15.5T KRW in FY2021, a compound +17.9%/yr. Reported net income was 2.2T KRW in FY2025.
Key figures
Market cap 24.0T KRW (≈ $16.8B) · P/S ratio 0.86 · Dividend yield 2.7% · Net margin 7.2% · Return on equity 21.8% · Return on assets (EBIT) 1.7% · Operating margin 16.7% · Revenue (TTM) 31.3T KRW.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 31% below its 52-week high and 14% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −29% fair-value upside, at 90%, 009540 screens cheaper than that median.
Fair Value models
Bear 482,962 KRWFair Value 643,950 KRWBull 804,937 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.95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+17.2%
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.
+20.0%
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.
+15.0%
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.
+5.0%
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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.
≈ +70.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+67.6%
Dividend (yield on the price)2.7%
Profit margin 2019 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.2% → 13%
⚠ Approximate: the rate leans on 2025, which sits 211% above its own trend.
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).
−10.9%
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.
+9.3%
Yearly sales growth analysts expect, extended to five years.
Compare Korea Shipbuilding & Offshore Engineering Co Ltd with another stock
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.Aerospace & Defense · 232 stocks
Beats the industry median on 11/11 measures
Overall it ranks above its industry peers.
Valuation
Quality Score70 · Top 25%
Fair Value upside+85% · Top 25%
Profitability
Return on equity (TTM)22% · Top 25%
Return on assets7% · Top 25%
Net margin (TTM)8% · Above median
Operating margin (TTM)17% · Top 25%
Growth and dividend
Revenue growth20% · Above median
Dividend yield (TTM)2.7% · Top 25%
Balance sheet
Debt / equity0.06× · Below median
Valuation Multiplesvs Aerospace & Defense median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Korea Shipbuilding & Offshore Engineering Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/009540
Frequently asked questions
Is Korea Shipbuilding & Offshore Engineering Co Ltd (009540) overvalued or undervalued?
As of Sep 18, 2026, our model estimates a fair value of 643,950 KRW versus a price of 339,000 KRW, about +90% upside (undervalued).
What is the fair value of 009540?
Our model-based fair value for Korea Shipbuilding & Offshore Engineering Co Ltd is 643,950 KRW (as of Sep 18, 2026), built from audited fundamentals. The current price: 339,000 KRW.
What is the quality score of 009540?
Korea Shipbuilding & Offshore Engineering Co Ltd has a Quality Score of 70/100. 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 Korea Shipbuilding & Offshore Engineering Co Ltd (009540)?
Our model-based price target is the fair value of 643,950 KRW (as of Sep 18, 2026) from 24 valuation models. Cautious scenario 482,962 KRW, optimistic scenario 804,937 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Korea Shipbuilding & Offshore Engineering Co Ltd stock forecast for 2026?
Our models put fair value at 643,950 KRW, about +90% upside versus a price of 339,000 KRW (undervalued). Cautious scenario 482,962 KRW, optimistic scenario 804,937 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Korea Shipbuilding & Offshore Engineering Co Ltd (009540)?
Korea Shipbuilding & Offshore Engineering Co Ltd reported trailing-twelve-month revenue of about 31.3T KRW (latest available figure, as of Sep 18, 2026).
Does Korea Shipbuilding & Offshore Engineering Co Ltd pay a dividend?
Korea Shipbuilding & Offshore Engineering Co Ltd currently shows a dividend yield of about 2.68% relative to its recent price (as of Sep 18, 2026).
What growth is priced into Korea Shipbuilding & Offshore Engineering Co Ltd (009540)?
For today's price to be fair in a discounted-cash-flow model, Korea Shipbuilding & Offshore Engineering Co Ltd would have to grow free cash flow by -10.9 % per year for five years (discount rate 10.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +15.0 % per year. As of Sep 18, 2026.
What discount rate (WACC) does the fair value of 009540 use?
Our models discount Korea Shipbuilding & Offshore Engineering Co Ltd at 10.1 %: a base by market capitalisation (large), damped by beta 1.20, 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 Korea Shipbuilding & Offshore Engineering Co Ltd that is -10.9 % per year a year over ten years, using the same discount rate (10.1 %) and the same formula as our fair value.
How much growth has Korea Shipbuilding & Offshore Engineering Co Ltd (009540) delivered so far?
Over the past 5 years revenue at Korea Shipbuilding & Offshore Engineering Co Ltd grew +15.0 % a year. The price currently implies -10.9 % 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 Korea Shipbuilding & Offshore Engineering Co Ltd (009540) growing?
The median revenue growth in the sector is +4.6 % a year. That is the yardstick for the growth priced into Korea Shipbuilding & Offshore Engineering Co Ltd (-10.9 % 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 Korea Shipbuilding & Offshore Engineering Co Ltd (009540)?
The free-cash-flow yield on the price is 14.32 %: that much free cash flow Korea Shipbuilding & Offshore Engineering Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (10.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Korea Shipbuilding & Offshore Engineering Co Ltd (009540)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Korea Shipbuilding & Offshore Engineering Co Ltd it is 643,950 KRW per share (as of Sep 18, 2026), against a price of 339,000 KRW. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Korea Shipbuilding & Offshore Engineering Co Ltd stock overvalued or undervalued in 2026?
As of Sep 18, 2026, 009540 trades below its calculated fair value: price 339,000 KRW, fair value 643,950 KRW, a gap of about +90% (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 009540?
No. The price is what the market pays today (339,000 KRW); the fair value is what the company's own numbers justify (643,950 KRW). For Korea Shipbuilding & Offshore Engineering Co Ltd the two are 304,950 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Korea Shipbuilding & Offshore Engineering Co Ltd worth?
The market values Korea Shipbuilding & Offshore Engineering Co Ltd at about 24.0T KRW (market capitalisation, as of Sep 18, 2026). Per share that is 339,000 KRW; our models calculate a fair value of 643,950 KRW per share.
What do the bullish and bearish scenarios say about 009540?
Our models span a range for Korea Shipbuilding & Offshore Engineering Co Ltd: cautious scenario 482,962 KRW, base 643,950 KRW, optimistic 804,937 KRW per share (as of Sep 18, 2026, price 339,000 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of 009540?
The PEG ratio of Korea Shipbuilding & Offshore Engineering Co Ltd is 0.21 (P/E divided by earnings growth, as of Sep 18, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Korea Shipbuilding & Offshore Engineering Co Ltd (009540)?
Balance-sheet figures for Korea Shipbuilding & Offshore Engineering Co Ltd (as of Sep 18, 2026): return on equity 21.8%, debt of 0.06 per unit of equity. They feed the Quality Score of 70/100, which measures business quality independently of the share price.
How far is 009540 from its 52-week high?
Korea Shipbuilding & Offshore Engineering Co Ltd trades at 339,000 KRW, about 31% below its 52-week high of 488,000 KRW and 14% above the low of 298,573 KRW (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of 643,950 KRW is for.
Which stocks are comparable to Korea Shipbuilding & Offshore Engineering Co Ltd?
From the same area (Industrials) we also value General Electric Company, RTX Corporation, Airbus SE, Lockheed Martin Corporation, 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 Korea Shipbuilding & Offshore Engineering Co Ltd stock attractive at the current price?
The data as of Sep 18, 2026: price 339,000 KRW, calculated fair value 643,950 KRW (+90%), Quality Score 70/100, 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 009540 calculated?
We run Korea Shipbuilding & Offshore Engineering Co Ltd 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 643,950 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 16.1 % above its aggregate fair value. Korea Shipbuilding & Offshore Engineering Co Ltd currently trades 90 % 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 Korea Shipbuilding & Offshore Engineering Co Ltd (009540)?
The closing price on Sep 21, 2026 was 339,000 KRW. Our model-based fair value is 643,950 KRW, about +90% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Korea Shipbuilding & Offshore Engineering Co Ltd right now?
The rarer combination: high quality (70/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (482,962 KRW). The market is more pessimistic than our downside scenario.
Key figures of Korea Shipbuilding & Offshore Engineering Co Ltd
How large is the market capitalisation of Korea Shipbuilding & Offshore Engineering Co Ltd (009540)?
The market capitalisation of Korea Shipbuilding & Offshore Engineering Co Ltd is 24.0T KRW (≈ $16.8B). 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 Korea Shipbuilding & Offshore Engineering Co Ltd (009540)?
The price-to-sales ratio of Korea Shipbuilding & Offshore Engineering Co Ltd is 0.86 (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 Korea Shipbuilding & Offshore Engineering Co Ltd (009540)?
The dividend yield of Korea Shipbuilding & Offshore Engineering Co Ltd is 2.7%. 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 Korea Shipbuilding & Offshore Engineering Co Ltd (009540)?
The net margin of Korea Shipbuilding & Offshore Engineering Co Ltd is 7.2% (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 Korea Shipbuilding & Offshore Engineering Co Ltd (009540)?
The return on equity (ROE) of Korea Shipbuilding & Offshore Engineering Co Ltd is 21.8% (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 Korea Shipbuilding & Offshore Engineering Co Ltd (009540)?
On an EBIT basis the return on assets of Korea Shipbuilding & Offshore Engineering Co Ltd is 1.7% (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 Korea Shipbuilding & Offshore Engineering Co Ltd (009540)?
The operating margin of Korea Shipbuilding & Offshore Engineering Co Ltd is 16.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Korea Shipbuilding & Offshore Engineering Co Ltd (009540)?
Revenue at Korea Shipbuilding & Offshore Engineering Co Ltd is growing +20.2% versus a year earlier (3y avg +20.0%). 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 Korea Shipbuilding & Offshore Engineering Co Ltd (009540)?
Earnings per share at Korea Shipbuilding & Offshore Engineering Co Ltd are growing +70.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Korea Shipbuilding & Offshore Engineering Co Ltd (009540) carry?
The net debt of Korea Shipbuilding & Offshore Engineering Co Ltd is 897B KRW (fiscal year 2023, ≈ 0.3 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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