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SPECO Ltd (013810) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of SPECO Ltd stock KRW 1,786, price KRW 1,227, upside +45.5%, quality 62 out of 100. Rating: undervalued. Calculated from audited financials with 3 of our 26 valuation models and 37 quality factors, updated daily.

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Basic Materials KR · ISIN KR7013810007

SL SPECO Ltd logo Thin data Nov 3, 2026

SPECO Ltd

013810 · KQ
Undervalued, but in a downtrend

The stock costs 31% less than our calculation considers fair.

Fair value 1,786 KRW · Undervalued
Quality 62/100
Low debt
Thin margins · 1.9% net margin (TTM)
Revenue last quarter 48% below a year ago.
Weak Growth (revenue 5y −13.6 %/yr in KRW)
Negative free cash flow
Trails peers (4/12)
Narrow moat 21/100
Thin data
⟳ Cyclical
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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

9,071 KRW 1,227 KRW Fair Value 1,786 KRW Jun 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.

How to read this chart

60‑month range 1,227 KRW – 9,071 KRW · fair‑value band 1,232 KRW – 2,334 KRW · the 1,227 KRW price screens below the 1,786 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.

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Company profile

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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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 1,227 KRW, while our model-based Fair Value estimate is 1,786 KRW, implying the stock looks roughly 31% undervalued today.

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Valuation

Bull case: the Asset-Based group reads highest at a median of 933.51 KRW per share, and 0 of the 3 models we run sit above the 1,227 KRW price.

Bear case: the DCF Models group reads lowest at 867.37 KRW, and 3 of the 3 models stay below the price. Data coverage for this calculation is low.

Scenario range: 1,232 KRW (bear) to 2,334 KRW (bull), the price of 1,227 KRW sits below 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 18.0B KRW (≈ $13.3M) Micro · P/E ratio 33.9 · P/S ratio 0.54 · EPS (TTM) 43.50 KRW · Net margin 1.9% · Return on equity 1.0% · Return on assets (EBIT) −2.7% (5-year average) · Operating margin −31.5%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 21 out of 100 (medium confidence).

What moves the price

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

For context, the median of 10 Basic Materials peers we cover trades at −21% fair-value upside, at 46%, 013810 screens cheaper than that median.

Fair Value models

Bear 1,232 KRW Fair Value 1,786 KRW Bull 2,334 KRW
Price 1,227 KRW · Upside +45.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (37.31 KRW per share) are deliberately not added. 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = 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.
Best data coverage
Owner Earnings 581.15 KRW 867.37 KRW 1,402 KRW 73
EV/EBITDA 636.10 KRW 892.87 KRW 1,150 KRW 67
NCAV (Graham) 616.12 KRW 933.51 KRW 1,167 KRW 54
All 3 models by family
DCF Models
Owner Earnings 581.15 KRW 867.37 KRW 1,402 KRW 73
Multiples
EV/EBITDA 636.10 KRW 892.87 KRW 1,150 KRW 67
Asset-Based
NCAV (Graham) 616.12 KRW 933.51 KRW 1,167 KRW 54

The fair value above starts from this blend and is adjusted for a cyclical trough year.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 62/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 19
How much profit the company makes from its sales and capital
Quality Growth 94
Are margins and returns getting better?
Cashflow 34
Do the profits arrive as real cash?
Financial strength 64
Debt, balance sheet and risk of trouble
Investment 100
Does it invest with discipline instead of growing at any price?
Low Volatility 50
How calm the share price moves, does not count
Price momentum 8
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 0
Distance to the 52-week high, does not count
New shares 82
Buys back shares or issues new ones?

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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. 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%
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
not computed

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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 · 257 stocks

Beats the industry median on 4/12 measures
Overall it trails its industry peers.
Valuation
Quality Score 62 · Top 25%
Fair Value upside +45.5% · Top 25%
Profitability
Return on equity (12 months) 1.0% · Below median
Return on assets −0.1% · Bottom 25%
Net margin (12 months) 1.9% · Below median
Operating margin (12 months) −31.5% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −47.7% · Bottom 25%
Balance sheet
Debt / equity 0.23× · Above median

Valuation Multiplesvs Building Materials median · lower = cheaper

P/E (12 months) 33.9× · Priciest 25%
P/B 0.41× · Cheapest 25%
P/S (12 months) 0.54× · Cheapest 25%
EV/EBITDA 46.9× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)94 · sector 30
FUTURE (revenue growth)0 · sector 13
PAST (return on equity)4 · sector 17
HEALTH (low debt)89 · sector 92
DIVIDEND (yield)0 · sector 47

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 Building Materials stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
China Jushi Co 600176 ¥27.45 ¥28.04 +2% vs 013810
Heidelberg Materials AG HEI €173.80 €177.49 +2% vs 013810
Holcim AG HOLN CHF 73.26 CHF 66.54 −9% vs 013810
Amrize AG AMRZ $41.87 $35.08 −16% vs 013810
CRH plc CRH $94.81 $75.09 −21% vs 013810
Vulcan Materials Company VMC $282.72 $132.92 −53% vs 013810
Martin Marietta Materials, Inc MLM $518.15 $214.62 −59% vs 013810
Grasim Industries Limited GRASIM ₹3,227 ₹1,245 −61% vs 013810
UltraTech Cement Limited ULTRACEMCO ₹12,450 ₹4,721 −62% vs 013810
James Hardie Industries plc JHX A$41.89 A$10.28 −75% vs 013810

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SPECO Ltd: fair value per Fair Value Calculator

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 Nov 3, 2026, our model estimates a fair value of 1,786 KRW versus a price of 1,227 KRW, about +46% upside (undervalued).
What is the fair value of 013810?
Our model-based fair value for SPECO Ltd is 1,786 KRW (as of Nov 3, 2026), built from audited fundamentals. The current price: 1,227 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 Nov 3, 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 +46% upside versus a price of 1,227 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 33.1B KRW (latest available figure, as of Nov 3, 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 Nov 3, 2026), against a price of 1,227 KRW. It is the blended result of 3 valuation models in 3 families (DCF Models, Multiples, Asset-Based).
Is SPECO Ltd stock overvalued or undervalued in 2026?
As of Nov 3, 2026, 013810 trades below its calculated fair value: price 1,227 KRW, fair value 1,786 KRW, a gap of about +46% (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 (1,227 KRW); the fair value is what the company's own numbers justify (1,786 KRW). For SPECO Ltd the two are 558.74 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 18.0B KRW (market capitalisation, as of Nov 3, 2026). Per share that is 1,227 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 Nov 3, 2026, price 1,227 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 013810?
SPECO Ltd trades at a price-to-earnings ratio of 33.9 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 1,786 KRW is built from several models across several years. Median P/E at fiscal year-end, 5 fiscal years (2016 to 2022), reported earnings: 18.5. Other multiples: P/B 0.4, P/S 0.5, EV/EBITDA 46.9.
How solid is the balance sheet of SPECO Ltd (013810)?
Balance-sheet figures for SPECO Ltd (as of Nov 3, 2026): return on equity 1.0%, 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 1,227 KRW, about 61% below its 52-week high of 3,185 KRW and at the low of 1,227 KRW (as of Nov 6, 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, Martin Marietta Materials, Inc, Vulcan Materials Company, 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 Nov 3, 2026: price 1,227 KRW, calculated fair value 1,786 KRW (+46%), 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 3 families: DCF Models, Multiples, Asset-Based. Every model gets the same audited fundamentals; the fair value of 1,786 KRW builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. SPECO Ltd currently trades 31% 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 Nov 6, 2026 was 1,227 KRW. Our model-based fair value is 1,786 KRW, about +46% 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?
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 quality (62/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (1,232 KRW to 2,334 KRW) leaves room in how you read the outcome.

Key figures of SPECO Ltd

How large is the market capitalisation of SPECO Ltd (013810)?
The market capitalisation of SPECO Ltd is 18.0B KRW (≈ $13.3M). 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 0.54 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of SPECO Ltd (013810)?
Earnings per share at SPECO Ltd are 43.50 KRW (price ÷ EPS = P/E 33.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of SPECO Ltd (013810)?
The net margin of SPECO Ltd is 1.9% (last twelve months). 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 1.0% (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 −31.5% (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 −47.7% 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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