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Korea Refract (010040) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Korea Refract KRW 900, price KRW 1,536, upside -41.4%, quality 51 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
  3. Add to watchlist

Industrials · KR · ISIN KR7010040004

KR Some data Sep 24, 2026

Korea Refract

010040 · KO

Stretched ValuationStrong overvaluation with only moderate quality.

!Fair value 900.26 KRW · Strongly overvalued (−41%)
!Quality 51/100
!Mixed Growth (revenue 5y +14.8 %/yr)
!Loss-making · -5.5% net margin (TTM)
✓Low debt · generates free cash flow
!Trails peers (3/10)
!Narrow moat 13/100
!Evidence only medium, 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

4,708 KRW 1,362 KRW Fair Value 900.26 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 1,362 KRW – 4,708 KRW · fair‑value band 612.96 KRW – 1,188 KRW · the 1,536 KRW price screens above the 900.26 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

Korea Refractories Co., Ltd operates in the refractories industry in South Korea. The company's refractories include shaped, monolithic, and functional refractories.

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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.

Stock analysis

Korea Refract (010040) currently trades at 1,536 KRW, while our model-based Fair Value estimate is 900.26 KRW, implying the stock looks roughly 70.6% overvalued today.

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Valuation

Bull case: the Asset-Based group reads highest at a median of 2,840 KRW per share, and 9 of the 13 models we run sit above the 1,536 KRW price.

Bear case: the Earnings-Based group reads lowest at 642.56 KRW, and 4 of the 13 models stay below the price. Evidence for this calculation is medium.

Scenario range: 612.96 KRW (bear) to 1,188 KRW (bull), the price of 1,536 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 51/100 (solid quality), in the Industrials sector.

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

Korea Refract 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.

Key figures

Market cap 59.3B KRW (≈ $43.6M) · P/S ratio 0.15 · Dividend yield 6.0% · Net margin −5.4% · Return on equity −12.1% · Return on assets (EBIT) 1.4% · Operating margin −0.4% · Revenue (TTM) 390B KRW.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (low confidence).

What moves the price

The share trades about 31% 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 −50% fair-value upside, at −41%, 010040 screens cheaper than that median.

Fair Value models

Bear 612.96 KRW Fair Value 900.26 KRW Bull 1,188 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 1,916 KRW 2,730 KRW 3,905 KRW 80
Growth DCF 1,943 KRW 2,666 KRW 3,649 KRW 79
5Y EBITDA Exit 2,651 KRW 4,222 KRW 6,042 KRW 75
All 13 models by family
DCF Models
FCF DCF 1,916 KRW 2,730 KRW 3,905 KRW 80
5Y Revenue Exit 1,252 KRW 1,633 KRW 2,095 KRW 74
5Y EBITDA Exit 2,651 KRW 4,222 KRW 6,042 KRW 75
10Y Revenue Exit 1,470 KRW 1,868 KRW 2,360 KRW 68
10Y EBITDA Exit 2,356 KRW 3,614 KRW 5,275 KRW 68
Earnings-Based
EPV 594.04 KRW 642.56 KRW 684.42 KRW 74
Multiples
EV/EBIT 1,149 KRW 1,436 KRW 1,723 KRW 66
EV/EBITDA 3,434 KRW 4,483 KRW 5,532 KRW 67
EV/Revenue 901.93 KRW 1,166 KRW 1,429 KRW 54
Asset-Based
NCAV (Graham) 2,120 KRW 2,840 KRW 4,239 KRW 54
Growth DCF
Growth DCF 1,943 KRW 2,666 KRW 3,649 KRW 79
Rev-Margin DCF 1,252 KRW 1,656 KRW 2,123 KRW 74
Economic Profit
ROIC Compounder 594.04 KRW 642.56 KRW 684.42 KRW 72

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Quality Score breakdown

Overall quality 51/100

Of which business quality 51 · Market factors (momentum, volatility) 36

Profitability 25
Margins and returns on capital today
Quality Growth 36
Are margins and returns improving?
Cashflow 32
Earnings quality: real cash, not paper profit
Fin. Strength 58
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 84
Calm price path (market factor)
Momentum 19
Price trend over the last 3–12 months (market factor)
52W Momentum 10
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. 48/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−2.3%
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.
+4.2%
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.
+14.8%
Start year 2020 (pandemic)
Revenue growth 17 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.
+9.7%
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.
2.5% (2020) → 0.7% (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
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).
−1.5%
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 −3.5% a year for the price.

010040 screens 71% overvalued. Compare with GE Vernova 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.Specialty Industrial Machinery · 827 stocks

Beats the industry median on 3/9 measures
Overall it trails its industry peers.
Valuation
Quality Score 51 · Below median
Fair Value upside −41% · Below median
Profitability
Return on assets 1% · Below median
Net margin (TTM) −5% · Bottom 25%
Operating margin (TTM) 0% · Bottom 25%
Growth and dividend
Revenue growth −15% · Bottom 25%
Dividend yield (TTM) 6.0% · Top 25%
Balance sheet
Debt / equity 0.06× · Below median

Valuation Multiplesvs Specialty Industrial Machinery 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 0
FUTURE (revenue growth)0 · sector 22
PAST (return on equity)0 · sector 28
HEALTH (low debt)97 · sector 95
DIVIDEND (yield)100 · sector 25

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

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GE Vernova Inc GEV $950.28 $194.25 −80%
SIE SIE €274.80 €150.21 −45%
Eaton Corporation ETN $442.49 $172.75 −61%
Parker-Hannifin Corporation PH $971.21 $418.76 −57%
Cummins Inc CMI $524.65 $359.38 −32%
Illinois Tool Works Inc ITW $273.42 $151.39 −45%
Emerson Electric Co EMR $154.59 $62.15 −60%
AMETEK, Inc AME $245.41 $125.80 −49%
Rockwell Automation, Inc ROK $432.89 $138.24 −68%
Sandvik AB SAND kr 383.50 kr 193.39 −50%

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Korea Refract · Fair Value
900.26 KRW −71%Fair Value
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Cite: Fair Value Calculator (2026). "Korea Refract Fair Value". https://www.fairvalue-calculator.com/stock/010040

Frequently asked questions

Is Korea Refract (010040) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 900.26 KRW versus a price of 1,536 KRW, about −41% upside (overvalued).
What is the fair value of 010040?
Our model-based fair value for Korea Refract is 900.26 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 1,536 KRW.
What is the quality score of 010040?
Korea Refract has a Quality Score of 51/100. 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 Refract (010040)?
Our model-based price target is the fair value of 900.26 KRW (as of Sep 24, 2026) from 13 valuation models. Cautious scenario 612.96 KRW, optimistic scenario 1,188 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Korea Refract stock forecast for 2026?
Our models put fair value at 900.26 KRW, about −41% upside versus a price of 1,536 KRW (overvalued). Cautious scenario 612.96 KRW, optimistic scenario 1,188 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Korea Refract (010040)?
Korea Refract reported trailing-twelve-month revenue of about 390B KRW (latest available figure, as of Sep 24, 2026).
Does Korea Refract pay a dividend?
Korea Refract currently shows a dividend yield of about 5.98% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Korea Refract (010040)?
For today's price to be fair in a discounted-cash-flow model, Korea Refract would have to grow free cash flow by -1.5 % per year for five years (discount rate 8.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +14.8 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 010040 use?
Our models discount Korea Refract at 8.9 %: a base by market capitalisation (nano), damped by beta 0.33, 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 Refract that is -1.5 % per year a year over ten years, using the same discount rate (8.9 %) and the same formula as our fair value.
How much growth has Korea Refract (010040) delivered so far?
Over the past 5 years revenue at Korea Refract grew +14.8 % a year. The price currently implies -1.5 % 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 Refract (010040) growing?
The median revenue growth in the sector is +4.6 % a year. That is the yardstick for the growth priced into Korea Refract (-1.5 % 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 Refract (010040)?
The free-cash-flow yield on the price is 9.73 %: that much free cash flow Korea Refract produces per unit of market value. When it exceeds the discount rate of our models (8.9 %), 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 Refract (010040)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Korea Refract it is 900.26 KRW per share (as of Sep 24, 2026), against a price of 1,536 KRW. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Korea Refract stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 010040 trades above its calculated fair value: price 1,536 KRW, fair value 900.26 KRW, a gap of about −41% (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 010040?
No. The price is what the market pays today (1,536 KRW); the fair value is what the company's own numbers justify (900.26 KRW). For Korea Refract the two are 635.74 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Korea Refract worth?
The market values Korea Refract at about 59.3B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 1,536 KRW; our models calculate a fair value of 900.26 KRW per share.
What do the bullish and bearish scenarios say about 010040?
Our models span a range for Korea Refract: cautious scenario 612.96 KRW, base 900.26 KRW, optimistic 1,188 KRW per share (as of Sep 24, 2026, price 1,536 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Korea Refract (010040)?
Balance-sheet figures for Korea Refract (as of Sep 24, 2026): return on equity −12.1%, debt of 0.06 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is 010040 from its 52-week high?
Korea Refract trades at 1,536 KRW, about 31% below its 52-week high of 2,240 KRW and 13% above the low of 1,362 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 900.26 KRW is for.
Which stocks are comparable to Korea Refract?
From the same area (Industrials) we also value GE Vernova Inc, SIE, Eaton Corporation, Parker-Hannifin 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 Refract stock attractive at the current price?
The data as of Sep 24, 2026: price 1,536 KRW, calculated fair value 900.26 KRW (−41%), Quality Score 51/100, from 13 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 010040 calculated?
We run Korea Refract through 13 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 900.26 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. Korea Refract 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 is the share price of Korea Refract (010040)?
The closing price on Sep 23, 2026 was 1,536 KRW. Our model-based fair value is 900.26 KRW, about −41% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Korea Refract right 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 (612.96 KRW to 1,188 KRW) leaves room in how you read the outcome.

Key figures of Korea Refract

How large is the market capitalisation of Korea Refract (010040)?
The market capitalisation of Korea Refract is 59.3B KRW (≈ $43.6M). 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 Refract (010040)?
The price-to-sales ratio of Korea Refract is 0.15 (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 Refract (010040)?
The dividend yield of Korea Refract is 6.0%. 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 Refract (010040)?
The net margin of Korea Refract is −5.4% (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 Refract (010040)?
The return on equity (ROE) of Korea Refract is −12.1% (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 Refract (010040)?
On an EBIT basis the return on assets of Korea Refract 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 Korea Refract (010040)?
The operating margin of Korea Refract is −0.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Korea Refract (010040)?
Revenue at Korea Refract is growing −15.3% versus a year earlier (3y avg +4.2%). 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 Refract (010040)?
Earnings per share at Korea Refract are growing +13.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Korea Refract (010040) carry?
The net debt of Korea Refract is 10.2B KRW (fiscal year 2025, ≈ 1.9 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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