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Hanon Systems (018880) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Hanon Systems stock KRW 2,489, price KRW 3,060, that is 18.7% below the price, quality 28 out of 100. Rating: overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

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Consumer Cyclical KR · ISIN KR7018880005

HS Hanon Systems logo Thin data Nov 8, 2026

Hanon Systems

018880 · KO
Expensive, weak quality

Our calculation puts a fair price 19% below what the stock costs today.

Low debt
Generates free cash flow over the last twelve months
Expensive Growth (revenue 5y +9.6 %/yr in KRW)
Fair value 2,489 KRW · Overvalued (−18.7%)
Quality 28/100
Loss-making · -0.1% net margin (TTM)
Trails peers (3/12)
Narrow moat 23/100 · thin data
Thin data
⟳ Cyclical⚠ Dilution
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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

15,097 KRW 2,675 KRW Fair Value 2,489 KRW Jun 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.

How to read this chart

60‑month range 2,675 KRW – 15,097 KRW · fair‑value band 2,055 KRW – 2,852 KRW · the 3,060 KRW price screens above the 2,489 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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Company profile

Hanon Systems provides automotive thermal management solutions in Korea.

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The company offers heating, ventilation, and air conditioning technologies, such as omnifarious HVAC designs, high-efficiency blower scrolls, visible (VR) LED photocatalyst, co2 sensor, and fragrance system; compressors, including fixed swash plate, rotary suction, variable swash plate, and electric; and fluid transport products includes refrigerant lines, coolant lines, transmission oil cooler lines, accumulators, receiver driers, and internal heat exchangers FT. In addition, the company provides ionizers; cooling module; and condenser.

The company was formerly known as Halla Visteon Climate Control Corporation and changed its name to Hanon Systems in August 2015. Hanon Systems was founded in 1986 and is headquartered in Daejeon, South Korea. Hanon Systems is a subsidiary of Hankook Tire & Technology Co., Ltd.

Stock analysis

Hanon Systems (018880) currently trades at 3,060 KRW, while our model-based Fair Value estimate is 2,489 KRW, 19% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of 2,489 KRW per share, and 1 of the 6 models we run sit above the 3,060 KRW price.

Bear case: the Asset-Based group reads lowest at 1,034 KRW, and 5 of the 6 models stay below the price. Data coverage for this calculation is low.

Scenario range: 2,055 KRW (bear) to 2,852 KRW (bull), the price of 3,060 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 28/100 (below-average quality), in the Consumer Cyclical sector.

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

Hanon Systems reported revenue of 10.9T KRW in FY2025 versus 7.4T KRW in FY2021, a compound +10.3%/yr. Reported net income was −199B KRW in FY2025.

Key figures

Market cap 3.1T KRW (≈ $2.3B) Mid · P/S ratio 0.28 · EPS (TTM) −4.93 KRW · Dividend yield 0.1% · Net margin −0.1% · Return on equity −0.1% · Return on assets (EBIT) 2.7% (5-year average) · Operating margin 3.6%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 23 out of 100 (low confidence).

What moves the price

The share trades about 47% below its 52-week high and 9% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Consumer Cyclical peers we cover trades at −23% fair-value upside, at −19%, 018880 screens cheaper than that median.

Fair Value models

Bear 2,055 KRW Fair Value 2,489 KRW Bull 2,852 KRW
Price 3,060 KRW · Downside -18.7%
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. 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
EPV 1,209 KRW 1,464 KRW 1,678 KRW 74
ROIC Compounder 1,209 KRW 1,464 KRW 1,678 KRW 72
EV/EBITDA 6,624 KRW 9,583 KRW 12,542 KRW 67
All 6 models by family
Earnings-Based
EPV 1,209 KRW 1,464 KRW 1,678 KRW 74
Multiples
EV/EBIT 1,303 KRW 2,489 KRW 3,674 KRW 63
EV/EBITDA 6,624 KRW 9,583 KRW 12,542 KRW 67
EV/Revenue 143.80 KRW 1,171 KRW 2,199 KRW 47
Asset-Based
NCAV (Graham) 771.33 KRW 1,034 KRW 1,543 KRW 54
Economic Profit
ROIC Compounder 1,209 KRW 1,464 KRW 1,678 KRW 72

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 28/100

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

Profitability 23
How much profit the company makes from its sales and capital
Quality Growth 68
Are margins and returns getting better?
Cashflow 7
Do the profits arrive as real cash?
Financial strength 34
Debt, balance sheet and risk of trouble
Investment 56
Does it invest with discipline instead of growing at any price?
Low Volatility 23
How calm the share price moves, does not count
Price momentum 27
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 13
Distance to the 52-week high, does not count
New shares 0
Buys back shares or issues new ones?

Open the full quality analysis →

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. 34/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+8.9%
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.
+8.1%
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.
+9.6%
Start year 2020 (pandemic). Over 10 years: +7.0% 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.
+10.7%
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.
4.6% (2020) → 2.5% (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

018880 screens overvalued: fair value 19% below the price. Compare with O'Reilly Automotive, Inc →

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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.Auto Parts · 656 stocks

Beats the industry median on 3/11 measures
Overall it trails its industry peers.
Valuation
Quality Score 28 · Bottom 25%
Fair Value upside −18.7% · Below median
Profitability
Return on assets −1.9% · Bottom 25%
Net margin (12 months) −0.1% · Bottom 25%
Operating margin (12 months) 3.6% · Below median
Growth and dividend
Revenue growth (quarter YoY) 0.6% · Below median
Dividend yield (12 months) 0.1% · Bottom 25%
Balance sheet
Debt / equity 0.41× · Highest 25%

Valuation Multiplesvs Auto Parts median · lower = cheaper

P/B 0.83× · Cheaper than median
P/S (12 months) 0.29× · Cheapest 25%
EV/EBITDA 3.3× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)8 · sector 33
FUTURE (revenue growth)3 · sector 34
PAST (return on equity)0 · sector 31
HEALTH (low debt)80 · sector 95
DIVIDEND (yield)1 · sector 39

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 Auto Parts stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Magna International Inc MGA $61.86 $98.98 +60% vs 018880
Hyundai Mobis Co 012330 349,000 KRW 534,994 KRW +53% vs 018880
Genuine Parts Company GPC $122.80 $115.96 −6% vs 018880
Knorr-Bremse AG KBX €94.45 €72.88 −23% vs 018880
AutoZone, Inc AZO $3,216 $2,468 −23% vs 018880
Fuyao Glass Industry Group 600660 ¥55.92 ¥40.74 −27% vs 018880
Ningbo Tuopu Group 601689 ¥44.71 ¥32.24 −28% vs 018880
Samvardhana Motherson International Limited MOTHERSON ₹158.55 ₹96.06 −39% vs 018880
O'Reilly Automotive, Inc ORLY $89.89 $48.66 −46% vs 018880
Bosch Limited BOSCHLTD ₹50,700 ₹25,168 −50% vs 018880

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Hanon Systems: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Hanon Systems Fair Value". https://www.fairvalue-calculator.com/stock/018880

Frequently asked questions

Is Hanon Systems (018880) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of 2,489 KRW versus a price of 3,060 KRW, about 19% lower (overvalued).
What is the fair value of 018880?
Our model-based fair value for Hanon Systems is 2,489 KRW (as of Nov 8, 2026), built from audited fundamentals. The current price: 3,060 KRW.
What is the quality score of 018880?
Hanon Systems has a Quality Score of 28/100. 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 Hanon Systems (018880)?
Our model-based price target is the fair value of 2,489 KRW (as of Nov 8, 2026) from 6 valuation models. Cautious scenario 2,055 KRW, optimistic scenario 2,852 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Hanon Systems stock forecast for 2026?
Our models put fair value at 2,489 KRW, about 19% lower versus a price of 3,060 KRW (overvalued). Cautious scenario 2,055 KRW, optimistic scenario 2,852 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Hanon Systems (018880)?
Hanon Systems reported trailing-twelve-month revenue of about 11.0T KRW (latest available figure, as of Nov 8, 2026).
Does Hanon Systems pay a dividend?
Hanon Systems currently shows a dividend yield of 0.06% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Hanon Systems (018880)?
Hanon Systems has a dividend yield of 0.1%.
What is the intrinsic value of Hanon Systems (018880)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hanon Systems it is 2,489 KRW per share (as of Nov 8, 2026), against a price of 3,060 KRW. It is the blended result of 6 valuation models in 4 families (Earnings-Based, Multiples, Asset-Based, Economic Profit).
Is Hanon Systems stock overvalued or undervalued in 2026?
As of Nov 8, 2026, 018880 trades above its calculated fair value: price 3,060 KRW, fair value 2,489 KRW, a gap of about −19% (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 018880?
No. The price is what the market pays today (3,060 KRW); the fair value is what the company's own numbers justify (2,489 KRW). For Hanon Systems the two are 571.46 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Hanon Systems worth?
The market values Hanon Systems at about 3.1T KRW (market capitalisation, as of Nov 8, 2026). Per share that is 3,060 KRW; our models calculate a fair value of 2,489 KRW per share.
What do the bullish and bearish scenarios say about 018880?
Our models span a range for Hanon Systems: cautious scenario 2,055 KRW, base 2,489 KRW, optimistic 2,852 KRW per share (as of Nov 8, 2026, price 3,060 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Hanon Systems (018880)?
Balance-sheet figures for Hanon Systems (as of Nov 8, 2026): return on equity −0.1%, debt of 0.41 per unit of equity. They feed the Quality Score of 28/100, which measures business quality independently of the share price.
How far is 018880 from its 52-week high?
Hanon Systems trades at 3,060 KRW, about 47% below its 52-week high of 5,730 KRW and 9% above the low of 2,800 KRW (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 2,489 KRW is for.
Which stocks are comparable to Hanon Systems?
From the same area (Consumer Cyclical) we also value O'Reilly Automotive, Inc, AutoZone, Inc, Hyundai Mobis Co, Fuyao Glass Industry Group, 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 Hanon Systems stock attractive at the current price?
The data as of Nov 8, 2026: price 3,060 KRW, calculated fair value 2,489 KRW (−19%), Quality Score 28/100, from 6 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 018880 calculated?
We run Hanon Systems through 6 models from 4 families: Earnings-Based, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of 2,489 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 13.0% above its aggregate fair value. Hanon Systems 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 Hanon Systems (018880)?
The closing price on Nov 6, 2026 was 3,060 KRW. Our model-based fair value is 2,489 KRW, about 19% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hanon Systems right now?
The price sits above even our optimistic bull case (2,852 KRW). The favourable scenario is already priced in. Weak quality (28/100) and above fair value at the same time, the margin of safety is missing on both counts. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Hanon Systems

How large is the market capitalisation of Hanon Systems (018880)?
The market capitalisation of Hanon Systems is 3.1T KRW (≈ $2.3B). 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 Hanon Systems (018880)?
The price-to-sales ratio of Hanon Systems is 0.28 (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 Hanon Systems (018880)?
Earnings per share at Hanon Systems are −4.93 KRW. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Hanon Systems (018880)?
The dividend yield of Hanon Systems is 0.1%. 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 Hanon Systems (018880)?
The net margin of Hanon Systems is −0.1% (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 Hanon Systems (018880)?
The return on equity (ROE) of Hanon Systems is −0.1% (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 Hanon Systems (018880)?
On an EBIT basis the return on assets of Hanon Systems 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 Hanon Systems (018880)?
The operating margin of Hanon Systems is 3.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hanon Systems (018880)?
Revenue at Hanon Systems is growing +0.6% versus a year earlier (3y avg +8.1%). 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 Hanon Systems (018880)?
Earnings per share at Hanon Systems are growing −81.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Hanon Systems (018880) generate?
The free cash flow of Hanon Systems is −378B 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 Hanon Systems (018880) carry?
The net debt of Hanon Systems is 2.3T 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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