Pungguk Ethanol Co (023900) Fair Value & Analysis
Consumer Defensive · KR · Market cap 90.3B KRW
Fair value as of: Jul 22, 2026
From 22 valuation models · updated 19 days ago
Fair value updated Jul 22, 2026, revised from 14,883 KRW to 14,854 KRW (−0.2%) since Jun 25, 2026. Share price +2.9% over the past month.
A solid business, screening 97% undervalued on our models.
What matters now
- The price is below even our cautious bear case (10,578 KRW). The market is more pessimistic than our downside scenario.
- Solid quality (58/100) at a price below fair value, the discount is the argument here, not the business quality.
- A fairly wide model range (10,578 KRW to 21,317 KRW) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
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 6,500 KRW – 19,590 KRW · fair‑value band 10,578 KRW – 21,317 KRW · the 7,540 KRW price screens below the 14,854 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.
Analysis
Pungguk Ethanol Co (023900) currently trades at 7,540 KRW, while our model-based Fair Value estimate is 14,854 KRW, implying the stock looks roughly 97.0% undervalued today. The Quality Score stands at 58/100 (solid quality), in the Consumer Defensive 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, Pungguk Ethanol Co generated revenue of 161B KRW at a net margin of 5.9%. Revenue declined 7.4% year over year. It earns a return on equity of 6.5%. Net debt stands at 1.8B KRW. Fundamentals as of Jul 22, 2026
Our scenario range runs from 10,578 KRW (bear case) to 21,317 KRW (bull case); at 7,540 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 43% below its 52-week high and 4% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -8% fair-value upside, at 97%, 023900 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.
All 22 models by family
Widest divergence: Multiples (17,053 KRW) versus Growth DCF (1,816 KRW). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 22, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 59 · Market factors (momentum, volatility) 32
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
Pungguk Ethanol Co., Ltd manufactures, distributes, and sells of alcohol in South Korea. It provides ethanol that is used for various applications, such as liquor, food and condiment, extract, medicine, tinctures, cosmetics, tobacco fermentation, gunpowder, detergent, solvent, coagulant, test and research, reagent, feed, fuel, food preservative and …
Full company description
Pungguk Ethanol Co., Ltd manufactures, distributes, and sells of alcohol in South Korea. It provides ethanol that is used for various applications, such as liquor, food and condiment, extract, medicine, tinctures, cosmetics, tobacco fermentation, gunpowder, detergent, solvent, coagulant, test and research, reagent, feed, fuel, food preservative and disinfection, and others. The company offers ultra-high purity ethanol; electronic grade ethanol for display cleaning, wafer drying, and secondary battery raw materials; semiconductor grade ethanol used for process material and eco-friendly ultra-precision industrial material; and anhydrous ethanol used for pharmaceuticals, reagents, cosmetics, industrial solvents, chemical extraction, paints, inks, surfactants, solvents, fuels, thinners, etc. In addition, it provides dried distillers grains that is use for protein feed ingredient. Further, the company manufactures and sells of industrial and hydrogen gases. Pungguk Ethanol Co., Ltd was founded in 1953 and is headquartered in Daegu, South Korea.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Pungguk Ethanol Co reported revenue of 164B KRW in FY2025 versus 128B KRW in FY2021, a compound +6.4%/yr. Reported net income was 10.2B KRW in FY2025, compounding +9.4%/yr from FY2021.
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Peer Group
Beverages - Brewers · 52 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.
Valuation Multiples vs Beverages - Brewers median · lower = cheaper
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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Beverages - Brewers stocks, each showing price versus our Fair Value estimate (as of Jul 22, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Anheuser-Busch InBev SA 1ABI | €73.62 | €41.60 | -43% |
| Ambev S.A ABEV | 14,120 ARS | 6,060 ARS | -57% |
| Fomento Económico Mexicano, S.A. FEMSAUBD | 222.91 MXN | 201.74 MXN | -9% |
| Heineken N.V HEIA | €77.24 | €65.06 | -16% |
| Constellation Brands, Inc STZ | $135.72 | $177.43 | +31% |
| Carlsberg A/S CARLA | kr 1,125 | kr 607.30 | -46% |
| Heineken Holding HEIO | €71.20 | €72.67 | +2% |
| Tsingtao Brewery Company 600600 | ¥53.60 | ¥63.65 | +19% |
| Budweiser Brewing Company 1876 | HK$6.58 | HK$6.05 | -8% |
| Molson Coors Canada Inc TPXA | C$63.10 | C$74.42 | +18% |
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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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