Pungguk Ethanol Industrial Co. Ltd (023900) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Pungguk Ethanol Industrial Co. Ltd KRW 12,554, price KRW 7,130, upside +76.1%, quality 58 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
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 6,500 KRW – 19,590 KRW · fair‑value band 6,460 KRW – 18,619 KRW · the 7,130 KRW price screens below the 12,554 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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Pungguk Ethanol Co., Ltd manufactures, distributes, and sells of alcohol in South Korea.
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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.
Stock analysis
Pungguk Ethanol Industrial Co. Ltd (023900) currently trades at 7,130 KRW, while our model-based Fair Value estimate is 12,554 KRW, implying the stock looks roughly 43.2% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 17,053 KRW per share, and 18 of the 22 models we run sit above the 7,130 KRW price.
Bear case: the Earnings-Based group reads lowest at 5,343 KRW, and 4 of the 22 models stay below the price. Evidence for this calculation is medium.
Scenario range: 6,460 KRW (bear) to 18,619 KRW (bull), the price of 7,130 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 58/100 (solid quality), in the Consumer Defensive sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Pungguk Ethanol Industrial Co. Ltd 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.
Key figures
Market cap 89.8B KRW (≈ $66.0M) · P/S ratio 0.56 · Dividend yield 2.8% · Net margin 6.3% · Return on equity 6.5% · Return on assets (EBIT) 5.0% · Operating margin 7.9% · Revenue (TTM) 161B 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 36% below its 52-week high and 10% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at −3% fair-value upside, at 76%, 023900 screens cheaper than that median.
Fair Value models
Bear 6,460 KRWFair Value 12,554 KRWBull 18,619 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.
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.53/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+4.6%
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.
+2.0%
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.
+6.7%
Start year 2020 (pandemic). Over 10 years: +4.9% a year
Revenue growth 24 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.
+8.2%
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What shareholders gained per year (last 5 years), in KRW ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in KRW: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+8.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+5.6%
Dividend (yield on the price)2.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.6% vs 1%, picking up
Profit margin 2020 to 2025 ⓘ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.9% → 10%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+35.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (South Korea: IMF forecast 2.1% a year to 2030, 2.1% from 2016 to 2025) that is about +32.9% a year for the price.
Compare Pungguk Ethanol Industrial Co. Ltd with another stock
Price, fair value, quality and upside side by side.
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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.Beverages - Brewers · 58 stocks
Beats the industry median on 4/10 measures
A mixed picture versus its industry peers.
Valuation
Quality Score58 · Below median
Fair Value upside+76% · Top 25%
Profitability
Return on equity (TTM)7% · Below median
Return on assets4% · Above median
Net margin (TTM)6% · Below median
Operating margin (TTM)8% · Below median
Growth and dividend
Revenue growth−7% · Bottom 25%
Dividend yield (TTM)2.8% · Below median
Balance sheet
Debt / equity0.05× · Below median
Valuation Multiplesvs Beverages - Brewers median · lower = cheaper
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Is Pungguk Ethanol Industrial Co. Ltd (023900) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 12,554 KRW versus a price of 7,130 KRW, about +76% upside (undervalued).
What is the fair value of 023900?
Our model-based fair value for Pungguk Ethanol Industrial Co. Ltd is 12,554 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 7,130 KRW.
What is the quality score of 023900?
Pungguk Ethanol Industrial Co. Ltd has a Quality Score of 58/100. 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 Pungguk Ethanol Industrial Co. Ltd (023900)?
Our model-based price target is the fair value of 12,554 KRW (as of Sep 24, 2026) from 22 valuation models. Cautious scenario 6,460 KRW, optimistic scenario 18,619 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Pungguk Ethanol Industrial Co. Ltd stock forecast for 2026?
Our models put fair value at 12,554 KRW, about +76% upside versus a price of 7,130 KRW (undervalued). Cautious scenario 6,460 KRW, optimistic scenario 18,619 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Pungguk Ethanol Industrial Co. Ltd (023900)?
Pungguk Ethanol Industrial Co. Ltd reported trailing-twelve-month revenue of about 161B KRW (latest available figure, as of Sep 24, 2026).
Does Pungguk Ethanol Industrial Co. Ltd pay a dividend?
Pungguk Ethanol Industrial Co. Ltd currently shows a dividend yield of about 2.81% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Pungguk Ethanol Industrial Co. Ltd (023900)?
For today's price to be fair in a discounted-cash-flow model, Pungguk Ethanol Industrial Co. Ltd would have to grow free cash flow by +35.7 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +6.7 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 023900 use?
Our models discount Pungguk Ethanol Industrial Co. Ltd at 11.8 %: a base by market capitalisation (micro), damped by beta 0.59, country premium for South Korea. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Pungguk Ethanol Industrial Co. Ltd that is +35.7 % per year a year over ten years, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has Pungguk Ethanol Industrial Co. Ltd (023900) delivered so far?
Over the past 5 years revenue at Pungguk Ethanol Industrial Co. Ltd grew +6.7 % a year. The price currently implies +35.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Pungguk Ethanol Industrial Co. Ltd (023900) growing?
The median revenue growth in the sector is +2.9 % a year. That is the yardstick for the growth priced into Pungguk Ethanol Industrial Co. Ltd (+35.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Pungguk Ethanol Industrial Co. Ltd (023900)?
The free-cash-flow yield on the price is 1.60 %: that much free cash flow Pungguk Ethanol Industrial Co. Ltd produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Pungguk Ethanol Industrial Co. Ltd (023900)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Pungguk Ethanol Industrial Co. Ltd it is 12,554 KRW per share (as of Sep 24, 2026), against a price of 7,130 KRW. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is Pungguk Ethanol Industrial Co. Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 023900 trades below its calculated fair value: price 7,130 KRW, fair value 12,554 KRW, a gap of about +76% (undervalued). 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 023900?
No. The price is what the market pays today (7,130 KRW); the fair value is what the company's own numbers justify (12,554 KRW). For Pungguk Ethanol Industrial Co. Ltd the two are 5,424 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Pungguk Ethanol Industrial Co. Ltd worth?
The market values Pungguk Ethanol Industrial Co. Ltd at about 89.8B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 7,130 KRW; our models calculate a fair value of 12,554 KRW per share.
What do the bullish and bearish scenarios say about 023900?
Our models span a range for Pungguk Ethanol Industrial Co. Ltd: cautious scenario 6,460 KRW, base 12,554 KRW, optimistic 18,619 KRW per share (as of Sep 24, 2026, price 7,130 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Pungguk Ethanol Industrial Co. Ltd (023900)?
Balance-sheet figures for Pungguk Ethanol Industrial Co. Ltd (as of Sep 24, 2026): return on equity 6.5%, debt of 0.05 per unit of equity. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is 023900 from its 52-week high?
Pungguk Ethanol Industrial Co. Ltd trades at 7,130 KRW, about 36% below its 52-week high of 11,140 KRW and 10% above the low of 6,500 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 12,554 KRW is for.
Which stocks are comparable to Pungguk Ethanol Industrial Co. Ltd?
From the same area (Consumer Defensive) we also value Anheuser-Busch InBev SA, Heineken N.V, Fomento Económico Mexicano, S.A., Constellation Brands, Inc, 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 Pungguk Ethanol Industrial Co. Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 7,130 KRW, calculated fair value 12,554 KRW (+76%), Quality Score 58/100, from 22 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 023900 calculated?
We run Pungguk Ethanol Industrial Co. Ltd through 22 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 12,554 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 14.0 % above its aggregate fair value. Pungguk Ethanol Industrial Co. Ltd currently trades 76 % below its own fair value, and the market average says nothing about that. 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 Pungguk Ethanol Industrial Co. Ltd (023900)?
The closing price on Sep 23, 2026 was 7,130 KRW. Our model-based fair value is 12,554 KRW, about +76% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Pungguk Ethanol Industrial Co. Ltd right now?
The model range is unusually wide (6,460 KRW to 18,619 KRW). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (58/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Pungguk Ethanol Industrial Co. Ltd
How large is the market capitalisation of Pungguk Ethanol Industrial Co. Ltd (023900)?
The market capitalisation of Pungguk Ethanol Industrial Co. Ltd is 89.8B KRW (≈ $66.0M). 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 Pungguk Ethanol Industrial Co. Ltd (023900)?
The price-to-sales ratio of Pungguk Ethanol Industrial Co. Ltd is 0.56 (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 Pungguk Ethanol Industrial Co. Ltd (023900)?
The dividend yield of Pungguk Ethanol Industrial Co. Ltd is 2.8%. 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 Pungguk Ethanol Industrial Co. Ltd (023900)?
The net margin of Pungguk Ethanol Industrial Co. Ltd is 6.3% (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 Pungguk Ethanol Industrial Co. Ltd (023900)?
The return on equity (ROE) of Pungguk Ethanol Industrial Co. Ltd is 6.5% (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 Pungguk Ethanol Industrial Co. Ltd (023900)?
On an EBIT basis the return on assets of Pungguk Ethanol Industrial Co. Ltd is 5.0% (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 Pungguk Ethanol Industrial Co. Ltd (023900)?
The operating margin of Pungguk Ethanol Industrial Co. Ltd is 7.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Pungguk Ethanol Industrial Co. Ltd (023900)?
Revenue at Pungguk Ethanol Industrial Co. Ltd is growing −7.4% versus a year earlier (3y avg +2.0%). 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 Pungguk Ethanol Industrial Co. Ltd (023900)?
Earnings per share at Pungguk Ethanol Industrial Co. Ltd are growing −27.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Pungguk Ethanol Industrial Co. Ltd (023900) carry?
The net debt of Pungguk Ethanol Industrial Co. Ltd is 1.8B KRW (fiscal year 2025, ≈ 1.3 yrs of FCF). 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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