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Cubic Korea Inc (021650) Fair Value & Analysis

Industrials · KR · Market cap 35.5B KRW

CK Cubic Korea Inc 021650 · KQ
Price2,050 KRW
Fair Value5,931 KRW
Upside+189.3%
Quality53/100
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Expensive Growth
Thin margins · 1.9% net margin
Low debt · generates free cash flow
4.61% dividend yield
Mixed vs. peers (4/10)
Narrow moat 28/100
Evidence: High Range 3,723 KRW – 7,413 KRW Share as image

Fair value as of: Aug 13, 2026

From 23 valuation models · updated 6 days ago

Share price −5.5% over the past month.

A solid business, screening 189% undervalued on our models.

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What matters now

  • The price is below even our cautious bear case (3,723 KRW). The market is more pessimistic than our downside scenario.
  • Solid quality (53/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (3,723 KRW to 7,413 KRW) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

5,713 KRW 1,774 KRW Fair Value 5,931 KRW Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 1,774 KRW – 5,713 KRW · fair‑value band 3,723 KRW – 7,413 KRW · the 2,050 KRW price screens below the 5,931 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Cubic Korea Inc (021650) currently trades at 2,050 KRW, while our model-based Fair Value estimate is 5,931 KRW, implying the stock looks roughly 189.3% undervalued today. The Quality Score stands at 53/100 (solid quality), in the Industrials 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: high), always confirm before acting.

Over the trailing twelve months, Cubic Korea Inc generated revenue of 221B KRW at a net margin of 1.9%. Revenue declined 9.9% year over year. It earns a return on equity of 4.3%. Net debt stands at 2.1B KRW. Fundamentals as of Aug 13, 2026

Our scenario range runs from 3,723 KRW (bear case) to 7,413 KRW (bull case); at 2,050 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 18% below its 52-week high and 7% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -22% fair-value upside, at 189%, 021650 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 1,122 KRW 1,171 KRW 1,243 KRW 80
Residual Income 4,578 KRW 4,598 KRW 4,319 KRW 76
ROIC Compounder 4,419 KRW 4,985 KRW 5,481 KRW 72
All 23 models by family
DCF Models
FCF DCF 1,120 KRW 1,177 KRW 1,264 KRW 38
Owner Earnings 3,267 KRW 4,557 KRW 6,545 KRW 31
5Y Revenue Exit 3,815 KRW 6,260 KRW 9,476 KRW 39
5Y EBITDA Exit 6,653 KRW 11,608 KRW 17,519 KRW 41
5Y P/E Exit 3,650 KRW 5,949 KRW 8,409 KRW 38
10Y Revenue Exit 2,706 KRW 4,712 KRW 7,563 KRW 36
10Y EBITDA Exit 4,656 KRW 8,440 KRW 13,744 KRW 37
10Y P/E Exit 2,737 KRW 4,496 KRW 6,743 KRW 35
Earnings-Based
Graham-Dodd 1,920 KRW 6,191 KRW 8,262 KRW 54
Lynch FV 1,376 KRW 1,966 KRW 2,555 KRW 50
PEG = 1.0 1,376 KRW 1,966 KRW 2,555 KRW 46
EPV 4,419 KRW 4,985 KRW 5,481 KRW 59
Multiples
P/E Multiple 4,448 KRW 5,931 KRW 7,413 KRW 63
P/S Multiple 3,601 KRW 4,801 KRW 6,001 KRW 58
P/B Multiple 3,601 KRW 4,801 KRW 6,001 KRW 55
EV/EBIT 7,207 KRW 9,269 KRW 11,331 KRW 53
EV/EBITDA 10,617 KRW 13,815 KRW 17,014 KRW 54
EV/Revenue 5,436 KRW 7,328 KRW 9,221 KRW 43
Asset-Based
NCAV (Graham) 3,012 KRW 4,036 KRW 6,024 KRW 50
Growth DCF
Growth DCF 1,122 KRW 1,171 KRW 1,243 KRW 80
Economic Profit
Residual Income 4,578 KRW 4,598 KRW 4,319 KRW 76
ROIC Compounder 4,419 KRW 4,985 KRW 5,481 KRW 72
Growth Earnings
Growth-Adj P/E 3,723 KRW 5,319 KRW 6,915 KRW 68

Widest divergence: Multiples (5,931 KRW) versus Growth DCF (1,171 KRW). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 221B KRW
Revenue growth (YoY) -9.9%
Net margin 1.9%
Return on equity 4.3%
Free cash flow 141M KRW FY2025
Operating margin 3.2%
More key figures
Dividend yield 4.6%
EPS growth (YoY) -17.2%
Net debt 2.1B KRW FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 53/100

Of which business quality 53 · Market factors (momentum, volatility) 44

Profitability 42
Margins and returns on capital today
Quality Growth 18
Are margins and returns improving?
Cashflow 36
Earnings quality: real cash, not paper profit
Fin. Strength 72
Balance sheet, leverage, solvency risk
Investment 82
Disciplined investing over empire-building
Low Volatility 85
Calm price path (market factor)
Momentum 31
Price trend over the last 3–12 months (market factor)
52W Momentum 22
Distance to the 52-week high (market factor)
Net Issuance 82
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

Cubic Korea Inc. engages in curved surface printing business in South Korea and internationally. The company develops printing patterns to plastic molded parts, aluminum, metal components, and urethane materials.

Full company description

Cubic Korea Inc. engages in curved surface printing business in South Korea and internationally. The company develops printing patterns to plastic molded parts, aluminum, metal components, and urethane materials. It also engages in developing, manufacturing, and producing automobile exterior and interior parts, including radiator grilles, moldings, steering wheels, wheel caps, emblems, etc. Cubic Korea Inc. was founded in 1989 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

Cubic Korea Inc reported revenue of 227B KRW in FY2025 versus 172B KRW in FY2021, a compound +7.2%/yr. Reported net income was 4.6B KRW in FY2025, compounding −11.5%/yr from FY2021.

Growth Quality 45/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
227B KRW
Latest YoY
−9.9%
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.
+2.7%
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.
+5.9%
Avg. growth/yr (16Y) 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.
+10.9%
Revenue +7.2%/yr
FY21 172B KRW
FY22 210B KRW
FY23 252B KRW
FY24 252B KRW
FY25 227B KRW
Net income −11.5%/yr
FY21 7.5B KRW
FY22 6.5B KRW
FY23 8.3B KRW
FY24 9.7B KRW
FY25 4.6B KRW

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Cite: Fair Value Calculator (2026). "Cubic Korea Inc Fair Value". https://www.fairvalue-calculator.com/stock/021650

Peer Group

Specialty Business Services · 252 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 53 · Below median
Fair Value upside +189% · Top 25%
Return on equity (TTM) 4% · Below median
Return on assets 2% · Below median
Net margin (TTM) 2% · Below median
Operating margin (TTM) 3% · Below median
Revenue growth -10% · Bottom 25%
Dividend yield (TTM) 4.9% · Top 25%
Debt / equity 0.02× · Lower than median

Valuation Multiples vs Specialty Business Services median · lower = cheaper

P/FCF 0.2× · 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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 25
FUTURE0 · sector 26
PAST17 · sector 35
HEALTH99 · sector 92
DIVIDEND98 · sector 47

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 Specialty Business Services stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Cintas Corporation CTAS $199.52 $95.19 -52%
RELX PLC RELX $34.55 $32.24 -7%
Thomson Reuters Corporation TRI C$142.85 C$70.40 -51%
Copart, Inc CPRT $28.99 $28.59 -1%
Global Payments Inc GPN $88.53 $68.98 -22%
RB Global, Inc RBA C$120.52 C$49.14 -59%
Brambles Limited BXB A$19.47 A$17.27 -11%
UL Solutions Inc ULS $76.68 $33.62 -56%
Aramark ARMK $60.35 $13.18 -78%
ISS A/S ISS kr 288.20 kr 251.13 -13%

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Frequently asked questions

Is Cubic Korea Inc (021650) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 5,931 KRW versus a price of 2,050 KRW, about +189% (undervalued).
What is the fair value of 021650?
Our model-based fair value for Cubic Korea Inc is 5,931 KRW (as of Aug 13, 2026), built from audited fundamentals. The current price: 2,050 KRW.
What is the quality score of 021650?
Cubic Korea Inc has a Quality Score of 53/100. 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 Cubic Korea Inc (021650)?
Cubic Korea Inc reported trailing-twelve-month revenue of about 221B KRW (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 021650?
The net profit margin of Cubic Korea Inc is about 1.9%, meaning it keeps roughly 1.9% of revenue as net income. Based on the latest reported figures.
Does Cubic Korea Inc pay a dividend?
Cubic Korea Inc currently shows a dividend yield of about 4.89% relative to its recent price (as of Aug 13, 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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