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

As of Sep 23, 2026: fair value of Hanon Systems KRW 2,862, price KRW 3,220, upside -11.1%, quality 27 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
  3. Add to watchlist

Consumer Cyclical · KR · ISIN KR7018880005

HS Thin data Sep 24, 2026

Hanon Systems

018880 · KO

Weak valuationQuality is weak on top of the rich price.

!Fair value 2,862 KRW · Overvalued (−11%)
!Quality 27/100
!Expensive Growth (revenue 5y +9.6 %/yr)
!Loss-making · -1.0% net margin (TTM)
!Low debt · negative free cash flow
!Trails peers (2/10)
!Narrow moat 23/100
!Evidence only low, so the estimate is less certain
!Weak on valuation: 19 out of 100
!Weak on future: 25 out of 100
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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 2,862 KRW Apr 2021 Sep 2026

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 2,675 KRW – 15,097 KRW · fair‑value band 2,215 KRW – 3,312 KRW · the 3,220 KRW price screens above the 2,862 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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Company profile

Hanon Systems provides automotive thermal management solutions in Korea.

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Hanon Systems provides automotive thermal management solutions in Korea. 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 3,220 KRW, while our model-based Fair Value estimate is 2,862 KRW, implying the stock looks roughly 12.5% overvalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of 4,897 KRW per share, and 3 of the 9 models we run sit above the 3,220 KRW price.

Bear case: the Earnings-Based group reads lowest at 1,992 KRW, and 6 of the 9 models stay below the price. Evidence for this calculation is low.

Scenario range: 2,215 KRW (bear) to 3,312 KRW (bull), the price of 3,220 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 27/100 (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 3.6T KRW (≈ $2.5B) · P/S ratio 0.33 · Dividend yield 0.1% · Net margin −1.8% · Return on equity −3.0% · Return on assets (EBIT) 2.7% · Operating margin 3.5% · Revenue (TTM) 11.0T KRW.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).

What moves the price

The share trades about 44% below its 52-week high and 18% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Consumer Cyclical peers we cover trades at −38% fair-value upside, at −11%, 018880 screens cheaper than that median.

Fair Value models

Bear 2,215 KRW Fair Value 2,862 KRW Bull 3,312 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.
Highest evidence
EPV 1,602 KRW 1,992 KRW 2,338 KRW 74
Owner Earnings 2,568 KRW 4,897 KRW 8,899 KRW 73
ROIC Compounder 1,602 KRW 1,992 KRW 2,338 KRW 72
All 9 models by family
DCF Models
Owner Earnings 2,568 KRW 4,897 KRW 8,899 KRW 73
Earnings-Based
EPV 1,602 KRW 1,992 KRW 2,338 KRW 74
Dividend Discount
Gordon GGM 17.54 KRW 38.30 KRW 64.44 KRW 65
DDM Multi-Stage 17.54 KRW 31.38 KRW 39.92 KRW 66
Multiples
EV/EBIT 2,952 KRW 4,138 KRW 5,324 KRW 66
EV/EBITDA 8,273 KRW 11,233 KRW 14,192 KRW 67
EV/Revenue 1,793 KRW 2,821 KRW 3,848 KRW 53
Asset-Based
NCAV (Graham) 1,836 KRW 2,460 KRW 3,671 KRW 54
Economic Profit
ROIC Compounder 1,602 KRW 1,992 KRW 2,338 KRW 72

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Quality Score breakdown

Overall quality 27/100

Of which business quality 27 · Market factors (momentum, volatility) 22

Profitability 23
Margins and returns on capital today
Quality Growth 59
Are margins and returns improving?
Cashflow 7
Earnings quality: real cash, not paper profit
Fin. Strength 35
Balance sheet, leverage, solvency risk
Investment 56
Disciplined investing over empire-building
Low Volatility 22
Calm price path (market factor)
Momentum 20
Price trend over the last 3–12 months (market factor)
52W Momentum 25
Distance to the 52-week high (market factor)
Net Issuance 0
Share count: buybacks or dilution?

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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. 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 12% overvalued. 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 · 663 stocks

Beats the industry median on 2/9 measures
Overall it trails its industry peers.
Valuation
Quality Score 27 · Bottom 25%
Fair Value upside −11% · Below median
Profitability
Return on assets 2% · Below median
Net margin (TTM) −1% · Bottom 25%
Operating margin (TTM) 4% · Below median
Growth and dividend
Revenue growth 5% · Above median
Dividend yield (TTM) 0.1% · Bottom 25%
Balance sheet
Debt / equity 0.41× · Highest 25%

Valuation Multiplesvs Auto Parts median · lower = cheaper

EV/EBITDA 0.6× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)19 · sector 24
FUTURE (revenue growth)25 · sector 21
PAST (return on equity)0 · sector 26
HEALTH (low debt)80 · sector 95
DIVIDEND (yield)1 · sector 35

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

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Hyundai Mobis Co 012330 367,500 KRW 655,250 KRW +78%
Fuyao Glass Industry Group 600660 ¥53.77 ¥75.79 +41%
Magna International Inc MGA $63.79 $68.17 +7%
Genuine Parts Company GPC $129.59 $58.07 −55%
Samvardhana Motherson International Limited MOTHERSON ₹161.77 ₹96.97 −40%
Ningbo Tuopu Group 601689 ¥45.71 ¥28.28 −38%
Bosch Limited BOSCHLTD ₹48,290 ₹26,308 −46%
Bharat Forge Limited BHARATFORG ₹2,009 ₹415.47 −79%

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Hanon Systems · Fair Value
2,862 KRW −12%Fair Value
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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 Sep 24, 2026, our model estimates a fair value of 2,862 KRW versus a price of 3,220 KRW, about −11% upside (overvalued).
What is the fair value of 018880?
Our model-based fair value for Hanon Systems is 2,862 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 3,220 KRW.
What is the quality score of 018880?
Hanon Systems has a Quality Score of 27/100. 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 2,862 KRW (as of Sep 24, 2026) from 9 valuation models. Cautious scenario 2,215 KRW, optimistic scenario 3,312 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 2,862 KRW, about −11% upside versus a price of 3,220 KRW (overvalued). Cautious scenario 2,215 KRW, optimistic scenario 3,312 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 Sep 24, 2026).
Does Hanon Systems pay a dividend?
Hanon Systems currently shows a dividend yield of about 0.05% relative to its recent price (as of Sep 24, 2026).
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 2,862 KRW per share (as of Sep 24, 2026), against a price of 3,220 KRW. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is Hanon Systems stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 018880 trades above its calculated fair value: price 3,220 KRW, fair value 2,862 KRW, a gap of about −11% (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 (3,220 KRW); the fair value is what the company's own numbers justify (2,862 KRW). For Hanon Systems the two are 357.90 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 3.6T KRW (market capitalisation, as of Sep 24, 2026). Per share that is 3,220 KRW; our models calculate a fair value of 2,862 KRW per share.
What do the bullish and bearish scenarios say about 018880?
Our models span a range for Hanon Systems: cautious scenario 2,215 KRW, base 2,862 KRW, optimistic 3,312 KRW per share (as of Sep 24, 2026, price 3,220 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 Sep 24, 2026): return on equity −3.0%, debt of 0.41 per unit of equity. They feed the Quality Score of 27/100, which measures business quality independently of the share price.
How far is 018880 from its 52-week high?
Hanon Systems trades at 3,220 KRW, about 44% below its 52-week high of 5,730 KRW and 18% above the low of 2,734 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 2,862 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 Sep 24, 2026: price 3,220 KRW, calculated fair value 2,862 KRW (−11%), Quality Score 27/100, from 9 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 9 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 2,862 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 14.1 % 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 Sep 23, 2026 was 3,220 KRW. Our model-based fair value is 2,862 KRW, about −11% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hanon Systems right now?
Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. The price sits in the upper half of our model range, so the margin of safety is thin. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.

Key figures of Hanon Systems

How large is the market capitalisation of Hanon Systems (018880)?
The market capitalisation of Hanon Systems is 3.6T KRW (≈ $2.5B). 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 0.33 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
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 −1.8% (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 Hanon Systems (018880)?
The return on equity (ROE) of Hanon Systems is −3.0% (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 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 3.5% (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 +5.0% 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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