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Shindaeyang Paper Co (016590) Fair Value & Analysis

Basic Materials · KR · Market cap 271B KRW

SP Shindaeyang Paper Co 016590 · KO
Price10,080 KRW
Fair Value16,112 KRW
Upside+59.8%
Quality49/100
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Weak Growth
Thin margins · 3.9% net margin
Low debt · generates free cash flow
2.42% dividend yield
Ranks above peers (8/10)
Narrow moat 33/100
Evidence: Medium Range 12,084 KRW – 20,140 KRW Share as image

Fair value as of: Jul 22, 2026

From 23 valuation models · updated 19 days ago

Fair value updated Jul 22, 2026, revised from 13,066 KRW to 16,112 KRW (+23.3%) since Jul 6, 2026. Share price +2.1% over the past month.

Below-average quality, screening 60% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (12,084 KRW). The market is more pessimistic than our downside scenario.
  • Solid quality (49/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

16,400 KRW 4,655 KRW Fair Value 16,112 KRW Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 22, 2026.

How to read this chart

60‑month range 4,655 KRW – 16,400 KRW · fair‑value band 12,084 KRW – 20,140 KRW · the 10,080 KRW price screens below the 16,112 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 22, 2026.

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Analysis

Shindaeyang Paper Co (016590) currently trades at 10,080 KRW, while our model-based Fair Value estimate is 16,112 KRW, implying the stock looks roughly 59.8% undervalued today. The Quality Score stands at 49/100 (below-average quality), in the Basic Materials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Shindaeyang Paper Co generated revenue of 639B KRW at a net margin of 3.9%. Revenue declined 0.5% year over year. It earns a return on equity of 3.3%. Net debt stands at 50.6B KRW. Fundamentals as of Jul 22, 2026

Our scenario range runs from 12,084 KRW (bear case) to 20,140 KRW (bull case); at 10,080 KRW, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 44% below its 52-week high and 23% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at 10% fair-value upside, at 60%, 016590 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

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
Highest evidence
Growth DCF 9,760 KRW 11,600 KRW 14,265 KRW 80
Residual Income 15,320 KRW 15,198 KRW 13,779 KRW 76
Rev-Margin DCF 11,330 KRW 14,869 KRW 18,680 KRW 74
All 23 models by family
DCF Models
FCF DCF 9,635 KRW 11,613 KRW 14,613 KRW 38
Owner Earnings 5,772 KRW 5,835 KRW 5,931 KRW 31
5Y Revenue Exit 11,330 KRW 14,873 KRW 19,305 KRW 39
5Y EBITDA Exit 14,233 KRW 20,081 KRW 26,715 KRW 41
5Y P/E Exit 12,673 KRW 17,282 KRW 21,937 KRW 38
10Y Revenue Exit 10,474 KRW 13,585 KRW 17,559 KRW 36
10Y EBITDA Exit 12,548 KRW 17,203 KRW 23,128 KRW 37
10Y P/E Exit 11,547 KRW 15,259 KRW 19,537 KRW 35
Earnings-Based
Graham-Dodd 5,245 KRW 12,956 KRW 16,785 KRW 54
PEG = 1.0 2,343 KRW 3,347 KRW 4,352 KRW 46
EPV 9,802 KRW 10,535 KRW 11,187 KRW 59
Multiples
P/E Multiple 9,834 KRW 13,112 KRW 16,390 KRW 63
P/S Multiple 9,834 KRW 13,112 KRW 16,390 KRW 58
P/B Multiple 9,834 KRW 13,112 KRW 16,390 KRW 55
EV/EBIT 13,715 KRW 16,406 KRW 19,096 KRW 53
EV/EBITDA 18,196 KRW 22,380 KRW 26,563 KRW 54
EV/Revenue 12,639 KRW 15,637 KRW 18,635 KRW 43
Asset-Based
NCAV (Graham) 10,180 KRW 13,641 KRW 20,359 KRW 50
Growth DCF
Growth DCF 9,760 KRW 11,600 KRW 14,265 KRW 80
Rev-Margin DCF 11,330 KRW 14,869 KRW 18,680 KRW 74
Economic Profit
Residual Income 15,320 KRW 15,198 KRW 13,779 KRW 76
ROIC Compounder 9,802 KRW 10,535 KRW 11,187 KRW 72
Growth Earnings
Growth-Adj P/E 7,685 KRW 10,979 KRW 14,273 KRW 68

Widest divergence: DCF Models (14,873 KRW) versus Earnings-Based (10,535 KRW). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 639B KRW
Revenue growth (YoY) -0.5%
Net margin 3.9%
Return on equity 3.3%
Free cash flow 10.4B KRW FY2025
Operating margin 2.4%
More key figures
Dividend yield 2.4%
EPS growth (YoY) +31.9%
Net debt 50.6B KRW FY2023

Figures from reported company fundamentals · as of Jul 22, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 49/100

Of which business quality 50 · Market factors (momentum, volatility) 23

Profitability 30
Margins and returns on capital today
Quality Growth 28
Are margins and returns improving?
Cashflow 41
Earnings quality: real cash, not paper profit
Fin. Strength 78
Balance sheet, leverage, solvency risk
Investment 83
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 13
Price trend over the last 3–12 months (market factor)
52W Momentum 10
Distance to the 52-week high (market factor)
Net Issuance 48
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Shindaeyang Paper Co 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.

Growth Quality 39/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
640B KRW
Latest YoY
−2.9%
Avg. growth/yr (3Y) 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.
−1.9%
Avg. growth/yr (5Y) 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.
+1.0%
Avg. growth/yr (25Y) 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.
+5.2%
Revenue −1.6%/yr
FY21 682B KRW
FY22 676B KRW
FY23 645B KRW
FY24 659B KRW
FY25 640B KRW
Net income −19.4%/yr
FY21 54.1B KRW
FY22 47.6B KRW
FY23 47.9B KRW
FY24 35.1B KRW
FY25 22.8B KRW

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Cite: Fair Value Calculator (2026). "Shindaeyang Paper Co Fair Value". https://www.fairvalue-calculator.com/stock/016590

Peer Group

Paper & Paper Products · 111 stocks

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.

Quality Score 49 · Above median
Fair Value upside +60% · Top 25%
Return on equity (TTM) 3% · Above median
Return on assets 1% · Above median
Net margin (TTM) 4% · Above median
Operating margin (TTM) 2% · Below median
Revenue growth -1% · Below median
Dividend yield (TTM) 2.4% · Above median
Debt / equity 0.02× · Lower than 75% of peers

Valuation Multiples vs Paper & Paper Products median · lower = cheaper

P/FCF 0.0× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 20
FUTURE 0 · sector 9
PAST 13 · sector 12
HEALTH 99 · sector 91
DIVIDEND 48 · sector 41

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Paper & Paper Products stocks, each showing price versus our Fair Value estimate (as of Jul 22, 2026).

Stock Price Fair Value vs Fair Value
Klabin S.A KLBN11 R$17.58 R$3.89 -78%
UPM-Kymmene Oyj UPM €23.45 €15.47 -34%
Suzano S.A SUZB3 R$41.70 R$138.01 +231%
Svenska Cellulosa Aktiebolaget SCA (publ) SCAB kr 103.00 kr 49.40 -52%
Shandong Sunpaper Co 002078 ¥14.13 ¥17.29 +22%
Holmen AB HOLMB kr 305.40 kr 217.72 -29%
Nine Dragons Paper (Holdings) Limited 2689 HK$7.55 HK$8.73 +16%
Empresas CMPC S.A CMPC 1,078 CLP 1,269 CLP +18%
Xianhe Co 603733 ¥22.05 ¥24.32 +10%
Billerud AB BILL kr 68.70 kr 48.60 -29%

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Frequently asked questions

Is Shindaeyang Paper Co (016590) overvalued or undervalued?
As of Jul 22, 2026, our model estimates a fair value of 16,112 KRW versus a price of 10,080 KRW, about +60% (undervalued).
What is the fair value of 016590?
Our model-based fair value for Shindaeyang Paper Co is 16,112 KRW (as of Jul 22, 2026), built from audited fundamentals. The current price is 10,080 KRW.
What is the quality score of 016590?
Shindaeyang Paper Co 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 revenue of Shindaeyang Paper Co (016590)?
Shindaeyang Paper Co reported trailing-twelve-month revenue of about 639B KRW (latest available figure, as of Jul 22, 2026).
What is the net profit margin of 016590?
The net profit margin of Shindaeyang Paper Co is about 3.9%, meaning it keeps roughly 3.9% of revenue as net income. Based on the latest reported figures.
Does Shindaeyang Paper Co pay a dividend?
Shindaeyang Paper Co currently shows a dividend yield of about 2.38% relative to its recent price (as of Jul 22, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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