SPECO Ltd (013810) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of SPECO Ltd KRW 1,786, price KRW 1,541, upside +15.9%, quality 62 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 1,520 KRW – 9,071 KRW · fair‑value band 1,232 KRW – 2,334 KRW · the 1,541 KRW price screens below the 1,786 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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SPECO Ltd., together with its subsidiaries, engages in the manufacturing, producing, and exporting of asphalt plants in South Korea, Mexico, Vietnam, Russia, the Middle East, Asia, Africa, and internationally.
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SPECO Ltd., together with its subsidiaries, engages in the manufacturing, producing, and exporting of asphalt plants in South Korea, Mexico, Vietnam, Russia, the Middle East, Asia, Africa, and internationally. It also offers concrete batch plants; crushing plants, such as grizzly feeder, jaw crusher, cone, impact crusher, and vibrating screen; and rudder roll stabilization system, waterjet, and fin stabilizer. In addition, the company is involved in wind power business; and sale of construction machinery plants. SPECO Ltd. was founded in 1979 and is headquartered in Eumseong-eup, South Korea.
Stock analysis
SPECO Ltd (013810) currently trades at 1,541 KRW, while our model-based Fair Value estimate is 1,786 KRW, implying the stock looks roughly 13.7% undervalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 2,025 KRW per share, and 1 of the 3 models we run sit above the 1,541 KRW price.
Bear case: the Multiples group reads lowest at 892.87 KRW, and 2 of the 3 models stay below the price. Evidence for this calculation is low.
Scenario range: 1,232 KRW (bear) to 2,334 KRW (bull), the price of 1,541 KRW sits inside 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 62/100 (solid quality), in the Basic Materials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
SPECO Ltd reported revenue of 38.0B KRW in FY2025 versus 54.3B KRW in FY2021, a compound −8.6%/yr. Reported net income was −94.1M KRW in FY2025.
Key figures
Market cap 25.4B KRW (≈ $18.6M) · P/S ratio 0.69 · Net margin −0.2% · Return on equity 0.6% · Return on assets (EBIT) −2.7% · Operating margin −0.9% · Revenue (TTM) 36.9B KRW · Revenue growth (YoY) −14.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 34 out of 100 (medium confidence).
What moves the price
The share trades about 52% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −47% fair-value upside, at 16%, 013810 screens cheaper than that median.
Fair Value models
Bear 1,232 KRWFair Value 1,786 KRWBull 2,334 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.12/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+39.6%
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.
+6.9%
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.
−13.6%
Start year 2020 (pandemic). Over 10 years: −9.4% a year
Revenue growth 24 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.
−1.9%
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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.
15.2% (2020) → −1.2% (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
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.Building Materials · 258 stocks
Beats the industry median on 3/9 measures
Overall it trails its industry peers.
Valuation
Quality Score62 · Top 25%
Fair Value upside+16% · Above median
Profitability
Return on equity (TTM)1% · Below median
Return on assets0% · Bottom 25%
Net margin (TTM)1% · Below median
Operating margin (TTM)−1% · Below median
Growth and dividend
Revenue growth−15% · Bottom 25%
Balance sheet
Debt / equity0.23× · Above median
Valuation Multiplesvs Building Materials median · lower = cheaper
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Cite: Fair Value Calculator (2026). "SPECO Ltd Fair Value". https://www.fairvalue-calculator.com/stock/013810
Frequently asked questions
Is SPECO Ltd (013810) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 1,786 KRW versus a price of 1,541 KRW, about +16% upside (undervalued).
What is the fair value of 013810?
Our model-based fair value for SPECO Ltd is 1,786 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 1,541 KRW.
What is the quality score of 013810?
SPECO Ltd has a Quality Score of 62/100. 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 SPECO Ltd (013810)?
Our model-based price target is the fair value of 1,786 KRW (as of Sep 24, 2026) from 3 valuation models. Cautious scenario 1,232 KRW, optimistic scenario 2,334 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the SPECO Ltd stock forecast for 2026?
Our models put fair value at 1,786 KRW, about +16% upside versus a price of 1,541 KRW (undervalued). Cautious scenario 1,232 KRW, optimistic scenario 2,334 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of SPECO Ltd (013810)?
SPECO Ltd reported trailing-twelve-month revenue of about 36.9B KRW (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of SPECO Ltd (013810)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For SPECO Ltd it is 1,786 KRW per share (as of Sep 24, 2026), against a price of 1,541 KRW. It is the blended result of 3 valuation models (cash flow, earnings, asset, dividend).
Is SPECO Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 013810 trades below its calculated fair value: price 1,541 KRW, fair value 1,786 KRW, a gap of about +16% (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 013810?
No. The price is what the market pays today (1,541 KRW); the fair value is what the company's own numbers justify (1,786 KRW). For SPECO Ltd the two are 244.74 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is SPECO Ltd worth?
The market values SPECO Ltd at about 25.4B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 1,541 KRW; our models calculate a fair value of 1,786 KRW per share.
What do the bullish and bearish scenarios say about 013810?
Our models span a range for SPECO Ltd: cautious scenario 1,232 KRW, base 1,786 KRW, optimistic 2,334 KRW per share (as of Sep 24, 2026, price 1,541 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of SPECO Ltd (013810)?
Balance-sheet figures for SPECO Ltd (as of Sep 24, 2026): return on equity 0.6%, debt of 0.23 per unit of equity. They feed the Quality Score of 62/100, which measures business quality independently of the share price.
How far is 013810 from its 52-week high?
SPECO Ltd trades at 1,541 KRW, about 52% below its 52-week high of 3,185 KRW and 1% above the low of 1,520 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 1,786 KRW is for.
Which stocks are comparable to SPECO Ltd?
From the same area (Basic Materials) we also value CRH plc, Holcim AG, Vulcan Materials Company, UltraTech Cement Limited, 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 SPECO Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 1,541 KRW, calculated fair value 1,786 KRW (+16%), Quality Score 62/100, from 3 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 013810 calculated?
We run SPECO Ltd through 3 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 1,786 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. SPECO Ltd currently trades 16 % 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 SPECO Ltd (013810)?
The closing price on Sep 23, 2026 was 1,541 KRW. Our model-based fair value is 1,786 KRW, about +16% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with SPECO Ltd right now?
A fairly wide model range (1,232 KRW to 2,334 KRW) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of SPECO Ltd
How large is the market capitalisation of SPECO Ltd (013810)?
The market capitalisation of SPECO Ltd is 25.4B KRW (≈ $18.6M). 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 SPECO Ltd (013810)?
The price-to-sales ratio of SPECO Ltd is 0.69 (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 SPECO Ltd (013810)?
The net margin of SPECO Ltd is −0.2% (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 SPECO Ltd (013810)?
The return on equity (ROE) of SPECO Ltd is 0.6% (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 SPECO Ltd (013810)?
On an EBIT basis the return on assets of SPECO Ltd is −2.7% (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 SPECO Ltd (013810)?
The operating margin of SPECO Ltd is −0.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at SPECO Ltd (013810)?
Revenue at SPECO Ltd is growing −14.9% versus a year earlier (3y avg +6.9%). 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 SPECO Ltd (013810)?
Earnings per share at SPECO Ltd are growing +205% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does SPECO Ltd (013810) generate?
The free cash flow of SPECO Ltd is −1.9B 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 SPECO Ltd (013810) carry?
The net debt of SPECO Ltd is 2.0B KRW (fiscal year 2025). 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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