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Firstec (010820) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Firstec KRW 2,477, price KRW 6,300, upside -60.7%, quality 43 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? No
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Industrials · KR · ISIN KR7010820009

F Thin data Sep 24, 2026

Firstec

010820 · KO

Weakest SetupStrongly overvalued and low quality.

!Fair value 2,477 KRW · Strongly overvalued (−61%)
!Quality 43/100
!Expensive Growth (revenue 5y +17.4 %/yr)
!Loss over the last twelve months · -15.8% net margin (TTM) · fiscal year 2025 5.0%
!Low debt · negative free cash flow
!Trails peers (1/8)
!Narrow moat 12/100
!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

16,360 KRW 1,950 KRW Fair Value 2,477 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 1,950 KRW – 16,360 KRW · fair‑value band 2,245 KRW – 3,172 KRW · the 6,300 KRW price screens above the 2,477 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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Company profile

FIRSTEC Co., Ltd engages in the design, manufacture, and sale of various products for defense industry worldwide.

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FIRSTEC Co., Ltd engages in the design, manufacture, and sale of various products for defense industry worldwide. It offers guided weapon products, including drive, guidance control, launch control, and wiring devices; electric battlefields, cooling systems, and automatic fire extinguishing systems for mobility and firepower systems; avionics, driving device, propulsion/fuel, environmental control, and structural test devices for aerospace industry; mechanical devices and cooling systems for submarines, ships, and minelayers; and aerial and ground drones, and maritime unmanned aerial vehicles. The company was founded in 1975 and is headquartered in Changwon-Si, South Korea.

Stock analysis

Firstec (010820) currently trades at 6,300 KRW, while our model-based Fair Value estimate is 2,477 KRW, implying the stock looks roughly 154.3% overvalued today.

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Valuation

Bull case: the Growth Earnings group reads highest at a median of 4,703 KRW per share, and 2 of the 15 models we run sit above the 6,300 KRW price.

Bear case: the Asset-Based group reads lowest at 1,133 KRW, and 13 of the 15 models stay below the price. Evidence for this calculation is low.

Scenario range: 2,245 KRW (bear) to 3,172 KRW (bull), the price of 6,300 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 43/100 (below-average quality), in the Industrials sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Firstec reported revenue of 295B KRW in FY2025 versus 137B KRW in FY2021, a compound +21.2%/yr. Reported net income was 14.7B KRW in FY2025, compounding +39.6%/yr from FY2021.

Key figures

Market cap 306B KRW (≈ $225M) · P/S ratio 2.19 · Net margin 5.0% · Return on equity −33.8% · Return on assets (EBIT) 1.7% · Operating margin −29.5% · Revenue (TTM) 136B KRW · Revenue growth (YoY) −21.7%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 41 out of 100 (low confidence).

What moves the price

The share trades about 61% below its 52-week high and 68% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −26% fair-value upside, at −61%, 010820 screens richer than that median.

Fair Value models

Bear 2,245 KRW Fair Value 2,477 KRW Bull 3,172 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
Owner Earnings 3,141 KRW 4,131 KRW 5,419 KRW 78
EPV 2,315 KRW 2,484 KRW 2,620 KRW 74
ROIC Compounder 2,404 KRW 2,701 KRW 3,024 KRW 72
All 15 models by family
DCF Models
Owner Earnings 3,141 KRW 4,131 KRW 5,419 KRW 78
Earnings-Based
Graham-Dodd 2,053 KRW 7,281 KRW 9,801 KRW 64
Lynch FV 1,708 KRW 2,440 KRW 3,172 KRW 61
PEG = 1.0 1,708 KRW 2,440 KRW 3,172 KRW 57
EPV 2,315 KRW 2,484 KRW 2,620 KRW 74
Multiples
P/E Multiple 4,756 KRW 6,341 KRW 7,926 KRW 63
P/S Multiple 3,850 KRW 5,133 KRW 6,417 KRW 58
P/B Multiple 3,850 KRW 5,133 KRW 6,417 KRW 55
EV/EBIT 3,697 KRW 4,626 KRW 5,555 KRW 66
EV/EBITDA 3,588 KRW 4,481 KRW 5,374 KRW 67
EV/Revenue 2,899 KRW 3,752 KRW 4,604 KRW 54
Asset-Based
NCAV (Graham) 845.41 KRW 1,133 KRW 1,691 KRW 54
Economic Profit
Residual Income 1,630 KRW 2,070 KRW 4,756 KRW 64
ROIC Compounder 2,404 KRW 2,701 KRW 3,024 KRW 72
Growth Earnings
Growth-Adj P/E 3,292 KRW 4,703 KRW 6,114 KRW 67

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Quality Score breakdown

Overall quality 43/100

Of which business quality 44 · Market factors (momentum, volatility) 36

Profitability 39
Margins and returns on capital today
Quality Growth 69
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 54
Balance sheet, leverage, solvency risk
Investment 45
Disciplined investing over empire-building
Low Volatility 20
Calm price path (market factor)
Momentum 38
Price trend over the last 3–12 months (market factor)
52W Momentum 53
Distance to the 52-week high (market factor)
Net Issuance 79
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. 58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+42.2%
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.
+22.6%
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.
+17.4%
Start year 2020 (pandemic). Over 10 years: +7.8% a year
Revenue growth 22 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.
+4.4%
What shareholders gained per year (last 5 years), in KRW (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
+34.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+34.9%
Dividend (yield on the price)0.0%
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.3% → 4%
2025 sits 219% above its own trend. The rate follows the median trend of the last 5 years, not that single year.

010820 screens 154% overvalued. Compare with General Electric Company →

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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 · 230 stocks

Beats the industry median on 1/7 measures
Overall it trails its industry peers.
Valuation
Quality Score 43 · Below median
Fair Value upside −61% · Below median
Profitability
Return on assets −5% · Bottom 25%
Net margin (TTM) −16% · Bottom 25%
Operating margin (TTM) −29% · Bottom 25%
Growth and dividend
Revenue growth −22% · Bottom 25%
Balance sheet
Debt / equity 0.07× · Below median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)0 · sector 47
PAST (return on equity)0 · sector 37
HEALTH (low debt)97 · sector 93
DIVIDEND (yield)0 · sector 17

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.

Weapons Defense

Similar stocks

10 more Aerospace & Defense stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
General Electric Company GE $319.78 $93.14 −71%
RTX Corporation RTX $190.99 $88.37 −54%
Airbus SE AIR €194.38 €112.14 −42%
Lockheed Martin Corporation LMT $523.70 $439.62 −16%
Howmet Aerospace Inc HWM $228.78 $52.47 −77%
General Dynamics Corporation GD $343.33 $274.32 −20%
Northrop Grumman Corporation NOC $514.42 $383.06 −26%
TransDigm Group TDG $1,112 $1,224 +10%
L3Harris Technologies, Inc LHX $239.21 $263.13 +10%
Thales S.A HO €232.20 €171.13 −26%

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Firstec · Fair Value
2,477 KRW −154%Fair Value
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Cite: Fair Value Calculator (2026). "Firstec Fair Value". https://www.fairvalue-calculator.com/stock/010820

Frequently asked questions

Is Firstec (010820) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 2,477 KRW versus a price of 6,300 KRW, about −61% upside (overvalued).
What is the fair value of 010820?
Our model-based fair value for Firstec is 2,477 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 6,300 KRW.
What is the quality score of 010820?
Firstec has a Quality Score of 43/100. 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 Firstec (010820)?
Our model-based price target is the fair value of 2,477 KRW (as of Sep 24, 2026) from 15 valuation models. Cautious scenario 2,245 KRW, optimistic scenario 3,172 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Firstec stock forecast for 2026?
Our models put fair value at 2,477 KRW, about −61% upside versus a price of 6,300 KRW (overvalued). Cautious scenario 2,245 KRW, optimistic scenario 3,172 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Firstec (010820)?
Firstec reported trailing-twelve-month revenue of about 136B KRW (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Firstec (010820)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Firstec it is 2,477 KRW per share (as of Sep 24, 2026), against a price of 6,300 KRW. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is Firstec stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 010820 trades above its calculated fair value: price 6,300 KRW, fair value 2,477 KRW, a gap of about −61% (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 010820?
No. The price is what the market pays today (6,300 KRW); the fair value is what the company's own numbers justify (2,477 KRW). For Firstec the two are 3,823 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Firstec worth?
The market values Firstec at about 306B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 6,300 KRW; our models calculate a fair value of 2,477 KRW per share.
What do the bullish and bearish scenarios say about 010820?
Our models span a range for Firstec: cautious scenario 2,245 KRW, base 2,477 KRW, optimistic 3,172 KRW per share (as of Sep 24, 2026, price 6,300 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Firstec (010820)?
Balance-sheet figures for Firstec (as of Sep 24, 2026): return on equity −33.8%, debt of 0.07 per unit of equity. They feed the Quality Score of 43/100, which measures business quality independently of the share price.
How far is 010820 from its 52-week high?
Firstec trades at 6,300 KRW, about 61% below its 52-week high of 16,360 KRW and 68% above the low of 3,750 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 2,477 KRW is for.
Which stocks are comparable to Firstec?
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 Firstec stock attractive at the current price?
The data as of Sep 24, 2026: price 6,300 KRW, calculated fair value 2,477 KRW (−61%), Quality Score 43/100, from 15 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 010820 calculated?
We run Firstec through 15 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 2,477 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 14.0 % above its aggregate fair value. Firstec 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 Firstec (010820)?
The closing price on Sep 23, 2026 was 6,300 KRW. Our model-based fair value is 2,477 KRW, about −61% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Firstec right now?
The price sits above even our optimistic bull case (3,172 KRW). The favourable scenario is already priced in. Weak quality (43/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Key figures of Firstec

How large is the market capitalisation of Firstec (010820)?
The market capitalisation of Firstec is 306B KRW (≈ $225M). 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 Firstec (010820)?
The price-to-sales ratio of Firstec is 2.19 (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 Firstec (010820)?
The net margin of Firstec is 5.0% (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 Firstec (010820)?
The return on equity (ROE) of Firstec is −33.8% (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 Firstec (010820)?
On an EBIT basis the return on assets of Firstec 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 Firstec (010820)?
The operating margin of Firstec is −29.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Firstec (010820)?
Revenue at Firstec is growing −21.7% versus a year earlier (3y avg +22.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Firstec (010820) generate?
The free cash flow of Firstec is −25.0B KRW (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Firstec (010820) carry?
The net debt of Firstec is 13.0B KRW (fiscal year 2018). 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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