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Playgram Co. Ltd (009810) fair value: what the stock is really worth

We calculate from audited financials what Playgram 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.

  1. Fair value above price? No
  2. Good quality? No
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Industrials · KR · ISIN KR7009810003

PC Thin data Sep 13, 2026

Playgram Co. Ltd

009810 · KO

Weak valuationQuality is weak on top of the rich price.

!Fair value 1,280 KRW · Overvalued (−32%)
!Quality 48/100
!Mixed Growth (revenue 5y +49.1 %/yr)
!Loss-making · -2.1% net margin (TTM)
✓Low debt · generates free cash flow
!Trails peers (3/9)
!Narrow moat 23/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock

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

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

29,400 KRW 1,632 KRW Fair Value 1,280 KRW Mar 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 13, 2026.

How to read this chart

60‑month range 1,632 KRW – 29,400 KRW · fair‑value band 863.97 KRW – 1,808 KRW · the 1,883 KRW price screens above the 1,280 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 13, 2026.

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Company profile

Playgram Co., Ltd. engages in the maintenance, repair, and operations; and video content businesses in South Korea and internationally. The company provides Hellolive, an online live platform that connects K-pop stars with fans around the world by providing online concerts and 1 on 1 video fan meetings.

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Playgram Co., Ltd. engages in the maintenance, repair, and operations; and video content businesses in South Korea and internationally. The company provides Hellolive, an online live platform that connects K-pop stars with fans around the world by providing online concerts and 1 on 1 video fan meetings. It also engages in the planning, production, and distribution of movies, dramas, broadcast programs, performances, etc.; and design, development, implementation, verification, and testing of embedded software. In addition, the company offers OS bundle and service application software and middleware, digital twin visualization solution, etc.; and Industrial automation solutions. Further, it is involved in the content visualization production and post correction business. The company was formerly known as NK Mulsan Co., Ltd. and changed its name to Playgram Co., Ltd. in October 2021. Playgram Co., Ltd. was incorporated in 1974 and is headquartered in Seoul, South Korea.

Stock analysis

Playgram Co. Ltd (009810) currently trades at 1,883 KRW, while our model-based Fair Value estimate is 1,280 KRW, implying the stock looks roughly 47.2% overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of 10,259 KRW per share, and 11 of the 11 models we run sit above the 1,883 KRW price.

Bear case: the Asset-Based group reads lowest at 3,075 KRW, and 0 of the 11 models stay below the price. Evidence for this calculation is low.

Scenario range: 863.97 KRW (bear) to 1,808 KRW (bull), the price of 1,883 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 Industrials sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Playgram Co. Ltd reported revenue of 251B KRW in FY2025 versus 40.8B KRW in FY2021, a compound +57.4%/yr. Reported net income was −2.5B KRW in FY2025.

Key figures

Market cap 28.6B KRW (≈ $20.0M) · P/S ratio 0.12 · Net margin −1.0% · Return on equity −1.8% · Return on assets (EBIT) −1.4% · Operating margin 2.5% · Revenue (TTM) 256B KRW · Revenue growth (YoY) +8.4%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (medium confidence).

What moves the price

The share trades about 55% below its 52-week high and 13% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −33% fair-value upside, at −32%, 009810 screens cheaper than that median.

Fair Value models

Bear 863.97 KRW Fair Value 1,280 KRW Bull 1,808 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
FCF DCF 13,873 KRW 18,649 KRW 33,857 KRW 76
Growth DCF 13,378 KRW 21,091 KRW 33,732 KRW 75
5Y EBITDA Exit 10,495 KRW 13,630 KRW 19,753 KRW 73
All 11 models by family
DCF Models
FCF DCF 13,873 KRW 18,649 KRW 33,857 KRW 76
Owner Earnings 10,733 KRW 17,350 KRW 31,242 KRW 71
5Y Revenue Exit 11,468 KRW 15,598 KRW 24,226 KRW 70
5Y EBITDA Exit 10,495 KRW 13,630 KRW 19,753 KRW 73
10Y Revenue Exit 12,070 KRW 19,407 KRW 23,928 KRW 65
10Y EBITDA Exit 11,564 KRW 17,311 KRW 26,803 KRW 65
Multiples
EV/EBITDA 9,080 KRW 10,259 KRW 11,437 KRW 67
EV/Revenue 10,048 KRW 11,977 KRW 13,907 KRW 54
Asset-Based
NCAV (Graham) 2,295 KRW 3,075 KRW 4,589 KRW 54
Growth DCF
Growth DCF 13,378 KRW 21,091 KRW 33,732 KRW 75
Rev-Margin DCF 12,073 KRW 17,048 KRW 27,475 KRW 69

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Quality Score breakdown

Overall quality 48/100

Of which business quality 47 · Market factors (momentum, volatility) 30

Profitability 25
Margins and returns on capital today
Quality Growth 60
Are margins and returns improving?
Cashflow 35
Earnings quality: real cash, not paper profit
Fin. Strength 49
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 67
Calm price path (market factor)
Momentum 19
Price trend over the last 3–12 months (market factor)
52W Momentum 6
Distance to the 52-week high (market factor)
Net Issuance 40
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. 48/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−6.5%
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.
+24.1%
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.
+49.1%
Revenue growth 23 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.
+13.4%
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.
−6.8% (2020) → −1.8% (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

Growth Forecast

Little optimism in the price
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).
less than -40 %
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.

009810 screens 47% overvalued. Compare with W.W. Grainger, Inc →

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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.Industrial Distribution · 110 stocks

Beats the industry median on 3/7 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 48 · Bottom 25%
Profitability
Return on assets −1% · Bottom 25%
Net margin (TTM) −2% · Bottom 25%
Operating margin (TTM) 2% · Below median
Growth and dividend
Revenue growth 8% · Above median
Balance sheet
Debt / equity 0.02× · Below median

Valuation Multiplesvs Industrial Distribution median · lower = cheaper

P/FCF 0.0× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 36
FUTURE (revenue growth)42 · sector 19
PAST (return on equity)0 · sector 35
HEALTH (low debt)99 · sector 92
DIVIDEND (yield)0 · sector 41

VALUE 0: the price sits above our fair-value range.

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 Industrial Distribution stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
W.W. Grainger, Inc GWW $1,280 $613.88 −52%
Fastenal Company FAST $49.32 $41.28 −16%
Ferguson Enterprises Inc FERG $222.54 $148.98 −33%
WESCO International, Inc WCC $356.32 $115.54 −68%
Watsco, Inc WSO $314.22 $251.37 −20%
Toromont Industries Ltd TIH C$203.44 C$127.90 −37%
Applied Industrial Technologies, Inc AIT $323.78 $191.65 −41%
Finning International Inc FTT C$93.79 C$74.26 −21%
Addtech AB ADDTB kr 325.60 kr 153.80 −53%
Core & Main, Inc CNM $40.62 $49.47 +22%

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Playgram Co. Ltd · Fair Value
1,280 KRW −47%Fair Value
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Cite: Fair Value Calculator (2026). "Playgram Co. Ltd Fair Value". https://www.fairvalue-calculator.com/stock/009810

Frequently asked questions

Is Playgram Co. Ltd (009810) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of 1,280 KRW versus a price of 1,883 KRW, about −32% upside (overvalued).
What is the fair value of 009810?
Our model-based fair value for Playgram Co. Ltd is 1,280 KRW (as of Sep 13, 2026), built from audited fundamentals. The current price: 1,883 KRW.
What is the quality score of 009810?
Playgram Co. Ltd 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 Playgram Co. Ltd (009810)?
Our model-based price target is the fair value of 1,280 KRW (as of Sep 13, 2026) from 11 valuation models. Cautious scenario 863.97 KRW, optimistic scenario 1,808 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Playgram Co. Ltd stock forecast for 2026?
Our models put fair value at 1,280 KRW, about −32% upside versus a price of 1,883 KRW (overvalued). Cautious scenario 863.97 KRW, optimistic scenario 1,808 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Playgram Co. Ltd (009810)?
Playgram Co. Ltd reported trailing-twelve-month revenue of about 256B KRW (latest available figure, as of Sep 13, 2026).
What growth is priced into Playgram Co. Ltd (009810)?
For today's price to be fair in a discounted-cash-flow model, Playgram Co. Ltd would have to grow free cash flow by less than minus 40 % 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 +49.1 % per year. As of Sep 13, 2026.
What discount rate (WACC) does the fair value of 009810 use?
Our models discount Playgram Co. Ltd at 10.1 %: a base by market capitalisation (nano), 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 Playgram Co. Ltd that is less than minus 40 % 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 Playgram Co. Ltd (009810) delivered so far?
Over the past 5 years revenue at Playgram Co. Ltd grew +49.1 % a year. The price currently implies less than minus 40 % 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 Playgram Co. Ltd (009810) growing?
The median revenue growth in the sector is +3.2 % a year. That is the yardstick for the growth priced into Playgram Co. Ltd (less than minus 40 % 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 Playgram Co. Ltd (009810)?
The free-cash-flow yield on the price is 26.28 %: that much free cash flow Playgram 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 Playgram Co. Ltd (009810)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Playgram Co. Ltd it is 1,280 KRW per share (as of Sep 13, 2026), against a price of 1,883 KRW. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is Playgram Co. Ltd stock overvalued or undervalued in 2026?
As of Sep 13, 2026, 009810 trades above its calculated fair value: price 1,883 KRW, fair value 1,280 KRW, a gap of about −32% (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 009810?
No. The price is what the market pays today (1,883 KRW); the fair value is what the company's own numbers justify (1,280 KRW). For Playgram Co. Ltd the two are 603.45 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Playgram Co. Ltd worth?
The market values Playgram Co. Ltd at about 28.6B KRW (market capitalisation, as of Sep 13, 2026). Per share that is 1,883 KRW; our models calculate a fair value of 1,280 KRW per share.
What do the bullish and bearish scenarios say about 009810?
Our models span a range for Playgram Co. Ltd: cautious scenario 863.97 KRW, base 1,280 KRW, optimistic 1,808 KRW per share (as of Sep 13, 2026, price 1,883 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Playgram Co. Ltd (009810)?
Balance-sheet figures for Playgram Co. Ltd (as of Sep 13, 2026): return on equity −1.8%, debt of 0.02 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is 009810 from its 52-week high?
Playgram Co. Ltd trades at 1,883 KRW, about 55% below its 52-week high of 4,190 KRW and 13% above the low of 1,663 KRW (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of 1,280 KRW is for.
Which stocks are comparable to Playgram Co. Ltd?
From the same area (Industrials) we also value W.W. Grainger, Inc, Fastenal Company, Ferguson Enterprises Inc, WESCO International, Inc, 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 Playgram Co. Ltd stock attractive at the current price?
The data as of Sep 13, 2026: price 1,883 KRW, calculated fair value 1,280 KRW (−32%), Quality Score 48/100, from 11 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 009810 calculated?
We run Playgram Co. Ltd through 11 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 1,280 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 15.8 % above its aggregate fair value. Playgram Co. Ltd 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 should I pay attention to with Playgram Co. Ltd right now?
The price sits above even our optimistic bull case (1,808 KRW). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (48/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (863.97 KRW to 1,808 KRW) leaves room in how you read the outcome.

Key figures of Playgram Co. Ltd

How large is the market capitalisation of Playgram Co. Ltd (009810)?
The market capitalisation of Playgram Co. Ltd is 28.6B KRW (≈ $20.0M). 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 Playgram Co. Ltd (009810)?
The price-to-sales ratio of Playgram Co. Ltd is 0.12 (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 Playgram Co. Ltd (009810)?
The net margin of Playgram Co. Ltd is −1.0% (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 Playgram Co. Ltd (009810)?
The return on equity (ROE) of Playgram Co. Ltd is −1.8% (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 Playgram Co. Ltd (009810)?
On an EBIT basis the return on assets of Playgram Co. Ltd is −1.4% (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 Playgram Co. Ltd (009810)?
The operating margin of Playgram Co. Ltd is 2.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Playgram Co. Ltd (009810)?
Revenue at Playgram Co. Ltd is growing +8.4% versus a year earlier (3y avg +24.1%). 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 Playgram Co. Ltd (009810)?
Earnings per share at Playgram Co. Ltd are growing −95.1% versus a year earlier. How much earnings per share grew versus a year earlier.
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