Korea Refractories Co (010040) Fair Value & Analysis
Industrials · KR · Market cap 59.3B KRW
Fair value as of: Jul 24, 2026
From 13 valuation models · updated 17 days ago
Share price +8.1% over the past month.
A solid business, but screening 47% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (1,188 KRW). The favourable scenario is already priced in.
- Solid but not exceptional quality (51/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (647.30 KRW to 1,188 KRW) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 24, 2026.
How to read this chart
60‑month range 1,362 KRW – 4,708 KRW · fair‑value band 647.30 KRW – 1,188 KRW · the 1,700 KRW price screens above the 900.26 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 24, 2026.
Analysis
Korea Refractories Co (010040) currently trades at 1,700 KRW, while our model-based Fair Value estimate is 900.26 KRW, implying the stock looks roughly 47.0% overvalued today. The Quality Score stands at 51/100 (solid quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).
Over the trailing twelve months, Korea Refractories Co generated revenue of 390B KRW at a net margin of -5.5%. Revenue declined 15.3% year over year. It earns a return on equity of -12.1%. Net debt stands at 10.2B KRW. Fundamentals as of Jul 24, 2026
Our scenario range runs from 647.30 KRW (bear case) to 1,188 KRW (bull case); at 1,700 KRW, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 32% below its 52-week high and 16% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -48% fair-value upside, at -47%, 010040 screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 13 models by family
Widest divergence: Asset-Based (2,840 KRW) versus Earnings-Based (662.33 KRW). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 24, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 51 · Market factors (momentum, volatility) 36
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Korea Refractories Co., Ltd operates in the refractories industry in South Korea. The company's refractories include shaped, monolithic, and functional refractories.
Full company description
Korea Refractories Co., Ltd operates in the refractories industry in South Korea. The company's refractories include shaped, monolithic, and functional refractories. It also designs, constructs, and operates heating and heat treatment facilities for various industries; designs, constructs, and supervises refractories that are used for industrial plants, including metal, chemical, power generation, and environmental facilities; and constructs raw materials storage facilities, gravity tanks, chimneys, and iron frame structures. In addition, the company is involved in the powder processing activities; and offers construction and maintenance services. Its products are used in various applications, such as iron and steel making, power plant, incinerator, cement and lime, glass, nonferrous metal, chemical, heating furnace, reheating furnace, and stack applications. The company was formerly known as Korea Special Refractories Co. Ltd and changed its name to Korea Refractories Co., Ltd in January 1995. Korea Refractories Co., Ltd was founded in 1973 and is headquartered in Dangjin-si, South Korea.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Korea Refractories Co reported revenue of 406B KRW in FY2025 versus 272B KRW in FY2021, a compound +10.6%/yr. Reported net income was −21.8B KRW in FY2025.
010040 screens 47% overvalued. Compare with GE Vernova Inc →
Peer Group
Specialty Industrial Machinery · 808 stocks
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.
Valuation Multiples vs Specialty Industrial Machinery median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Specialty Industrial Machinery stocks, each showing price versus our Fair Value estimate (as of Jul 24, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| GE Vernova Inc 1GEV | €887.60 | €186.93 | -79% |
| 1SIE 1SIE | €273.20 | €91.93 | -66% |
| SMNS SMNS | C$31.76 | C$22.68 | -29% |
| Eaton Corporation ETN | $407.28 | $171.92 | -58% |
| Atlas Copco AB ATCOA | kr 195.15 | kr 112.59 | -42% |
| Sandvik AB SAND | kr 384.10 | kr 193.01 | -50% |
| Doosan Enerbility Co 034020 | 76,400 KRW | 7,938 KRW | -90% |
| Vestas Wind Systems A/S VWS | kr 178.10 | kr 124.54 | -30% |
| Zhejiang Sanhua Intelligent Controls Co 002050 | ¥43.20 | ¥22.68 | -48% |
| NARI Technology Co 600406 | ¥22.19 | ¥18.71 | -16% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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