MSC Co. Ltd (009780) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of MSC Co. Ltd KRW 18,405, price KRW 6,740, upside +173.1%, quality 64 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 4,734 KRW – 12,287 KRW · fair‑value band 13,347 KRW – 23,927 KRW · the 6,740 KRW price screens below the 18,405 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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MSC Co., Ltd., together with its subsidiaries, engages in the research and development, production, marketing, and sale of various food additives in South Korea.
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MSC Co., Ltd., together with its subsidiaries, engages in the research and development, production, marketing, and sale of various food additives in South Korea. Its product portfolio includes carrageenan, a polysaccharide that is used in food systems, pharmaceuticals, cosmetics, and other applications; agar-agar, a non-digestible polysaccharide for making jellies, cookies, tissue culture, and bacteriological cultivation bases; natural food colors; concentrated juices produced from fruits and vegetables; and extracts from various cereals and herbal medicine materials, as well as others. The company also offers polyethylene telephthalate bottling and spout-pouch filling lines for filling various beverages; seasonings produced from cereals, fisheries, and vegetables; and natural, mixed, and coated spices, as well as herbs, oils, and oleoresins. In addition, it provides flavors for use in soft drinks, frozen desserts, confectionaries, coffee, meat and poultry products, and seafood products; functional food ingredients; and sauces, as well as offers fertilizers. The company also exports its products. The company was formerly known as Myeong Shin Chemical Ind. Co., Ltd. and changed its name to MSC Co., Ltd. in December 1997. MSC Co., Ltd. was founded in 1974 and is headquartered in Yangsan, South Korea.
Stock analysis
MSC Co. Ltd (009780) currently trades at 6,740 KRW, while our model-based Fair Value estimate is 18,405 KRW, implying the stock looks roughly 63.4% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 22,224 KRW per share, and 22 of the 23 models we run sit above the 6,740 KRW price.
Bear case: the Asset-Based group reads lowest at 7,203 KRW, and 1 of the 23 models stay below the price. Evidence for this calculation is medium.
Scenario range: 13,347 KRW (bear) to 23,927 KRW (bull), the price of 6,740 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 64/100 (solid quality), in the Consumer Non-Cyclicals sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
MSC Co. Ltd reported revenue of 198B KRW in FY2025 versus 162B KRW in FY2021, a compound +5.1%/yr. Reported net income was 23.0B KRW in FY2025, compounding +10.6%/yr from FY2021.
Key figures
Market cap 119B KRW (≈ $83.0M) · P/S ratio 0.56 · Dividend yield 1.8% · Net margin 11.6% · Return on equity 1,476% · Return on assets (EBIT) 11.0% · Operating margin 13.1% · Revenue (TTM) 192B KRW.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (low confidence).
What moves the price
The share trades about 42% below its 52-week high and 16% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Non-Cyclicals peers we cover trades at −29% fair-value upside, at 173%, 009780 screens cheaper than that median.
Fair Value models
Bear 13,347 KRWFair Value 18,405 KRWBull 23,927 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.69/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+4.2%
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.
−1.1%
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.
+6.2%
Start year 2020 (pandemic). Over 10 years: +3.9% a year
Revenue growth 21 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.
+4.9%
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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.
+16.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+14.4%
Dividend (yield on the price)1.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.14% vs 9%, picking up
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.9% → 15%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less 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).
−7.0%
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 −8.9% 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.Food & Tobacco · 24 stocks
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Is MSC Co. Ltd (009780) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 18,405 KRW versus a price of 6,740 KRW, about +173% upside (undervalued).
What is the fair value of 009780?
Our model-based fair value for MSC Co. Ltd is 18,405 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 6,740 KRW.
What is the quality score of 009780?
MSC Co. Ltd has a Quality Score of 64/100. 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 MSC Co. Ltd (009780)?
Our model-based price target is the fair value of 18,405 KRW (as of Sep 24, 2026) from 23 valuation models. Cautious scenario 13,347 KRW, optimistic scenario 23,927 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the MSC Co. Ltd stock forecast for 2026?
Our models put fair value at 18,405 KRW, about +173% upside versus a price of 6,740 KRW (undervalued). Cautious scenario 13,347 KRW, optimistic scenario 23,927 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of MSC Co. Ltd (009780)?
MSC Co. Ltd reported trailing-twelve-month revenue of about 192B KRW (latest available figure, as of Sep 24, 2026).
Does MSC Co. Ltd pay a dividend?
MSC Co. Ltd currently shows a dividend yield of about 1.82% relative to its recent price (as of Sep 24, 2026).
What growth is priced into MSC Co. Ltd (009780)?
For today's price to be fair in a discounted-cash-flow model, MSC Co. Ltd would have to grow free cash flow by -7.0 % 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 +6.2 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 009780 use?
Our models discount MSC Co. Ltd at 11.6 %: a base by market capitalisation (micro), damped by beta 0.54, 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 MSC Co. Ltd that is -7.0 % 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 MSC Co. Ltd (009780) delivered so far?
Over the past 5 years revenue at MSC Co. Ltd grew +6.2 % a year. The price currently implies -7.0 % 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 MSC Co. Ltd (009780) growing?
The median revenue growth in the sector is +3.3 % a year. That is the yardstick for the growth priced into MSC Co. Ltd (-7.0 % 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 MSC Co. Ltd (009780)?
The free-cash-flow yield on the price is 17.67 %: that much free cash flow MSC Co. Ltd 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 MSC Co. Ltd (009780)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For MSC Co. Ltd it is 18,405 KRW per share (as of Sep 24, 2026), against a price of 6,740 KRW. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is MSC Co. Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 009780 trades below its calculated fair value: price 6,740 KRW, fair value 18,405 KRW, a gap of about +173% (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 009780?
No. The price is what the market pays today (6,740 KRW); the fair value is what the company's own numbers justify (18,405 KRW). For MSC Co. Ltd the two are 11,665 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is MSC Co. Ltd worth?
The market values MSC Co. Ltd at about 119B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 6,740 KRW; our models calculate a fair value of 18,405 KRW per share.
What do the bullish and bearish scenarios say about 009780?
Our models span a range for MSC Co. Ltd: cautious scenario 13,347 KRW, base 18,405 KRW, optimistic 23,927 KRW per share (as of Sep 24, 2026, price 6,740 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is 009780 from its 52-week high?
MSC Co. Ltd trades at 6,740 KRW, about 42% below its 52-week high of 11,677 KRW and 16% above the low of 5,810 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 18,405 KRW is for.
Which stocks are comparable to MSC Co. Ltd?
From the same area (Consumer Non-Cyclicals) we also value FB, URC, MONDE, CNPF, 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 MSC Co. Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 6,740 KRW, calculated fair value 18,405 KRW (+173%), Quality Score 64/100, from 23 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 009780 calculated?
We run MSC Co. Ltd through 23 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 18,405 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. MSC Co. Ltd currently trades 173 % 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 MSC Co. Ltd (009780)?
The closing price on Sep 23, 2026 was 6,740 KRW. Our model-based fair value is 18,405 KRW, about +173% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with MSC Co. Ltd right now?
The price is below even our cautious bear case (13,347 KRW). The market is more pessimistic than our downside scenario. Solid quality (64/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of MSC Co. Ltd
How large is the market capitalisation of MSC Co. Ltd (009780)?
The market capitalisation of MSC Co. Ltd is 119B KRW (≈ $83.0M). 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 MSC Co. Ltd (009780)?
The price-to-sales ratio of MSC Co. Ltd is 0.56 (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 MSC Co. Ltd (009780)?
The dividend yield of MSC Co. Ltd is 1.8%. 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 MSC Co. Ltd (009780)?
The net margin of MSC Co. Ltd is 11.6% (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 MSC Co. Ltd (009780)?
The return on equity (ROE) of MSC Co. Ltd is 1,476% (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 MSC Co. Ltd (009780)?
On an EBIT basis the return on assets of MSC Co. Ltd is 11.0% (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 MSC Co. Ltd (009780)?
The operating margin of MSC Co. Ltd is 13.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at MSC Co. Ltd (009780)?
Revenue at MSC Co. Ltd is growing +38.7% versus a year earlier (3y avg −1.1%). 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 MSC Co. Ltd (009780)?
Earnings per share at MSC Co. Ltd are growing +19.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does MSC Co. Ltd (009780) carry?
The net debt of MSC Co. Ltd is 3.4B KRW (fiscal year 2025, ≈ 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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