Shindaeyang Pa (016590) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Shindaeyang Pa stock KRW 13,112, price KRW 7,940, upside +65.1%, quality 49 out of 100. Rating: strongly undervalued. Calculated from audited financials with 25 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range 4,655 KRW – 16,400 KRW · fair‑value band 9,834 KRW – 14,273 KRW · the 7,940 KRW price screens below the 13,112 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Shindaeyang Paper Co., Ltd. engages in the production and sale of corrugated cardboard base paper. The company was founded in 1982 and is headquartered in Ansan-si, South Korea.
Stock analysis
Shindaeyang Pa (016590) currently trades at 7,940 KRW, while our model-based Fair Value estimate is 13,112 KRW, implying the stock looks roughly 39% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 13,746 KRW per share, and 20 of the 25 models we run sit above the 7,940 KRW price.
Bear case: the Dividend Discount group reads lowest at 2,261 KRW, and 5 of the 25 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 9,834 KRW (bear) to 14,273 KRW (bull), the price of 7,940 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 49/100 (below-average quality), in the Basic Materials sector.
Weak Growth: Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Shindaeyang Pa reported revenue of 640B KRW in FY2025 versus 682B KRW in FY2021, a compound −1.6%/yr. Reported net income was 22.8B KRW in FY2025, compounding −19.4%/yr from FY2021.
Key figures
Market cap 235B KRW (≈ $173M) Micro · P/E ratio 7.1 · P/S ratio 0.36 · EPS (TTM) 1,107 KRW · Dividend yield 2.8% · Net margin 5.0% · Return on equity 4.4% · Return on assets (EBIT) 4.9% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (medium confidence).
What moves the price
The share trades about 52% 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 22% fair-value upside, at 65%, 016590 screens cheaper than that median.
Fair Value models
Bear9,834 KRWFair Value 13,112 KRWBull14,273 KRW
Price 7,940 KRW · Upside +65.1%
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 (756.24 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.
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.39/100
Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Revenue growth 1 year
−2.9%
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.
−1.9%
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.
+1.0%
Start year 2020 (pandemic). Over 10 years: +10.3% a year
Revenue growth 25 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.
+5.2%
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What shareholders gained per year (last 5 years), in KRW ⓘ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. 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.
−41.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−43.9%
Dividend (yield on the price)2.8%
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.11% → 4%
⚠ Revenue per share shrinking 28.4%/yr over ~6Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes more 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).
+5.9%
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 +3.8% a year for the price.
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.Paper & Paper Products · 116 stocks
Beats the industry median on 13/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score49 · Above median
Fair Value upside+65.1% · Top 25%
Profitability
Return on equity (12 months)4.4% · Above median
Return on assets2.5% · Above median
Net margin (12 months)5.0% · Above median
Operating margin (12 months)8.5% · Above median
Growth and dividend
Revenue growth (quarter YoY)8.7% · Above median
Dividend yield (12 months)2.8% · Above median
Balance sheet
Debt / equity0.02× · Lowest 25%
Valuation Multiplesvs Paper & Paper Products median · lower = cheaper
P/E (12 months)7.1× · Cheapest 25%
P/B0.39× · Cheapest 25%
P/S (12 months)0.36× · Cheaper than median
Price / free cash flow (fiscal year)22.6× · Pricier than median
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Cite: Fair Value Calculator (2026). "Shindaeyang Pa Fair Value". https://www.fairvalue-calculator.com/stock/016590
Frequently asked questions
Is Shindaeyang Pa (016590) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of 13,112 KRW versus a price of 7,940 KRW, about +65% upside (undervalued).
What is the fair value of 016590?
Our model-based fair value for Shindaeyang Pa is 13,112 KRW (as of Nov 8, 2026), built from audited fundamentals. The current price: 7,940 KRW.
What is the quality score of 016590?
Shindaeyang Pa has a Quality Score of 49/100. 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 Shindaeyang Pa (016590)?
Our model-based price target is the fair value of 13,112 KRW (as of Nov 8, 2026) from 25 valuation models. Cautious scenario 9,834 KRW, optimistic scenario 14,273 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Shindaeyang Pa stock forecast for 2026?
Our models put fair value at 13,112 KRW, about +65% upside versus a price of 7,940 KRW (undervalued). Cautious scenario 9,834 KRW, optimistic scenario 14,273 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Shindaeyang Pa (016590)?
Shindaeyang Pa reported trailing-twelve-month revenue of about 653B KRW (latest available figure, as of Nov 8, 2026).
Does Shindaeyang Pa pay a dividend?
Shindaeyang Pa currently shows a dividend yield of 2.83% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Shindaeyang Pa (016590) and when is the ex-dividend date?
Shindaeyang Pa pays a dividend of 225.00 KRW per share a year, a dividend yield of 2.8%. The last ex-dividend date was Dec 29, 2025. A dividend has been paid every year since 2017. The payout ratio is 20.3% of earnings. Free cash flow covers the dividend 1.56 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Shindaeyang Pa (016590)?
For today's price to be fair in a discounted-cash-flow model, Shindaeyang Pa would have to grow free cash flow by +5.9 % per year for five years (discount rate 11.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +1.0 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of 016590 use?
Our models discount Shindaeyang Pa at 11.6 %: a base by market capitalisation (micro), damped by beta 0.34, 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 Shindaeyang Pa that is +5.9 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.6 %) and the same formula as our fair value.
How much growth has Shindaeyang Pa (016590) delivered so far?
Over the past 5 years revenue at Shindaeyang Pa grew +1.0 % a year. The price currently implies free-cash-flow growth of +5.9 % per 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 Shindaeyang Pa (016590) growing?
The median revenue growth in the sector is +9.8 % a year. That is the yardstick for the growth priced into Shindaeyang Pa (+5.9 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Shindaeyang Pa (016590)?
The free-cash-flow yield on the price is 4.43 %: that much free cash flow Shindaeyang Pa produces per unit of market value. When it exceeds the discount rate of our models (11.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Shindaeyang Pa (016590)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Shindaeyang Pa it is 13,112 KRW per share (as of Nov 8, 2026), against a price of 7,940 KRW. It is the blended result of 25 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Shindaeyang Pa stock overvalued or undervalued in 2026?
As of Nov 8, 2026, 016590 trades below its calculated fair value: price 7,940 KRW, fair value 13,112 KRW, a gap of about +65% (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 016590?
No. The price is what the market pays today (7,940 KRW); the fair value is what the company's own numbers justify (13,112 KRW). For Shindaeyang Pa the two are 5,172 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Shindaeyang Pa worth?
The market values Shindaeyang Pa at about 235B KRW (market capitalisation, as of Nov 8, 2026). Per share that is 7,940 KRW; our models calculate a fair value of 13,112 KRW per share.
What do the bullish and bearish scenarios say about 016590?
Our models span a range for Shindaeyang Pa: cautious scenario 9,834 KRW, base 13,112 KRW, optimistic 14,273 KRW per share (as of Nov 8, 2026, price 7,940 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 016590?
Shindaeyang Pa trades at a price-to-earnings ratio of 7.1 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 13,112 KRW is built from several models across several years. Other multiples: P/B 0.4, P/S 0.4, EV/EBITDA 1.3.
How solid is the balance sheet of Shindaeyang Pa (016590)?
Balance-sheet figures for Shindaeyang Pa (as of Nov 8, 2026): return on equity 4.4%, debt of 0.02 per unit of equity. They feed the Quality Score of 49/100, which measures business quality independently of the share price.
How far is 016590 from its 52-week high?
Shindaeyang Pa trades at 7,940 KRW, about 52% below its 52-week high of 16,400 KRW and at the low of 7,940 KRW (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 13,112 KRW is for.
Which stocks are comparable to Shindaeyang Pa?
From the same area (Basic Materials) we also value UPM-Kymmene Oyj, Suzano S.A, Shandong Sunpaper Co, Nine Dragons Paper (Holdings) 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 Shindaeyang Pa stock attractive at the current price?
The data as of Nov 8, 2026: price 7,940 KRW, calculated fair value 13,112 KRW (+65%), Quality Score 49/100, from 25 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 016590 calculated?
We run Shindaeyang Pa through 25 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 13,112 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. Shindaeyang Pa currently trades 39% 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 Shindaeyang Pa (016590)?
The closing price on Nov 6, 2026 was 7,940 KRW. Our model-based fair value is 13,112 KRW, about +65% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Shindaeyang Pa right now?
The large discount to fair value meets weak quality (49/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (9,834 KRW). The market is more pessimistic than our downside scenario.
Key figures of Shindaeyang Pa
How large is the market capitalisation of Shindaeyang Pa (016590)?
The market capitalisation of Shindaeyang Pa is 235B KRW (≈ $173M). 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 Shindaeyang Pa (016590)?
The price-to-sales ratio of Shindaeyang Pa is 0.36 (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 Shindaeyang Pa (016590)?
Earnings per share at Shindaeyang Pa are 1,107 KRW (price ÷ EPS = P/E 7.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Shindaeyang Pa (016590)?
The dividend yield of Shindaeyang Pa is 2.8% (payout 20.3%). 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 Shindaeyang Pa (016590)?
The net margin of Shindaeyang Pa is 5.0% (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 Shindaeyang Pa (016590)?
The return on equity (ROE) of Shindaeyang Pa is 4.4% (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 Shindaeyang Pa (016590)?
On an EBIT basis the return on assets of Shindaeyang Pa is 4.9% (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 Shindaeyang Pa (016590)?
The operating margin of Shindaeyang Pa is 8.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Shindaeyang Pa (016590)?
Revenue at Shindaeyang Pa is growing +8.7% versus a year earlier (3y avg −1.9%). 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 Shindaeyang Pa (016590)?
Earnings per share at Shindaeyang Pa are growing +140% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Shindaeyang Pa (016590) carry?
The net debt of Shindaeyang Pa is 50.6B KRW (fiscal year 2023, ≈ 4.9 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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Some data
Nov 8, 2026