Dae Won Chem (024890) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Dae Won Chem KRW 3,789, price KRW 1,705, upside +122.3%, quality 51 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 1,665 KRW – 32,034 KRW · fair‑value band 3,118 KRW – 4,626 KRW · the 1,705 KRW price screens below the 3,789 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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DAEWON Chemical Co., Ltd. manufactures and supplies synthetic leather for use in shoes, balls, and vehicle interiors in South Korea.
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DAEWON Chemical Co., Ltd. manufactures and supplies synthetic leather for use in shoes, balls, and vehicle interiors in South Korea. It also offers TV and monitor bezel less foam PAD tape; thermal conductive tape; poron and conductive tape; composite graphite and thermal conductive tape; LVDS FFC cable matching tape; double coated adhesive tape; ETC functional tape; light shielding tape; and white reflective sheet for display industries. In addition, the company provides strong adhesion mirror, flame retardant adhesive, strong adhesion double, foam sheet type-adhesive tapes for automotive industries, as well as battery for electronic vehicles. Further, it engages in the refining, processing, and selling DMF organic chemical solvents generated during the process of processing polyurethane synthetic leather. The company was founded in 1974 and is headquartered in Seoul, South Korea. DAEWON Chemical Co., Ltd. operates as a subsidiary of BGFecomaterials CO., LTD.
Stock analysis
Dae Won Chem (024890) currently trades at 1,705 KRW, while our model-based Fair Value estimate is 3,789 KRW, implying the stock looks roughly 55.0% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 6,024 KRW per share, and 20 of the 22 models we run sit above the 1,705 KRW price.
Bear case: the Earnings-Based group reads lowest at 1,186 KRW, and 2 of the 22 models stay below the price. Evidence for this calculation is low.
Scenario range: 3,118 KRW (bear) to 4,626 KRW (bull), the price of 1,705 KRW sits below 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 51/100 (solid quality), in the Basic Materials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Dae Won Chem reported revenue of 126B KRW in FY2025 versus 113B KRW in FY2021, a compound +2.8%/yr. Reported net income was 3.5B KRW in FY2025.
Key figures
Market cap 24.5B KRW (≈ $18.0M) · P/S ratio 0.19 · Dividend yield 0.0% · Net margin 2.8% · Return on equity −8.7% · Return on assets (EBIT) −3.9% · Operating margin 1.4% · Revenue (TTM) 126B KRW.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (medium confidence).
What moves the price
The share trades about 63% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −40% fair-value upside, at 122%, 024890 screens cheaper than that median.
Fair Value models
Bear 3,118 KRWFair Value 3,789 KRWBull 4,626 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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+0.4%
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.
−4.9%
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.
+3.1%
Start year 2020 (pandemic). Over 10 years: −1.3% a year
Revenue growth 17 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.
+1.8%
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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.
+32.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+32.8%
Dividend (yield on the price)0.0%
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.0% → 1%
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).
+15.5%
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 +13.1% a year for the price.
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.Specialty Chemicals · 712 stocks
Beats the industry median on 3/9 measures
Overall it trails its industry peers.
Valuation
Quality Score51 · Below median
Fair Value upside+122% · Top 25%
Profitability
Return on assets0% · Bottom 25%
Net margin (TTM)3% · Below median
Operating margin (TTM)1% · Bottom 25%
Growth and dividend
Revenue growth−1% · Below median
Dividend yield (TTM)0.0% · Bottom 25%
Balance sheet
Debt / equity0.01× · Below median
Valuation Multiplesvs Specialty Chemicals median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Dae Won Chem Fair Value". https://www.fairvalue-calculator.com/stock/024890
Frequently asked questions
Is Dae Won Chem (024890) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 3,789 KRW versus a price of 1,705 KRW, about +122% upside (undervalued).
What is the fair value of 024890?
Our model-based fair value for Dae Won Chem is 3,789 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 1,705 KRW.
What is the quality score of 024890?
Dae Won Chem has a Quality Score of 51/100. 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 Dae Won Chem (024890)?
Our model-based price target is the fair value of 3,789 KRW (as of Sep 24, 2026) from 22 valuation models. Cautious scenario 3,118 KRW, optimistic scenario 4,626 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Dae Won Chem stock forecast for 2026?
Our models put fair value at 3,789 KRW, about +122% upside versus a price of 1,705 KRW (undervalued). Cautious scenario 3,118 KRW, optimistic scenario 4,626 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Dae Won Chem (024890)?
Dae Won Chem reported trailing-twelve-month revenue of about 126B KRW (latest available figure, as of Sep 24, 2026).
Does Dae Won Chem pay a dividend?
Dae Won Chem currently shows a dividend yield of about 0.03% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Dae Won Chem (024890)?
For today's price to be fair in a discounted-cash-flow model, Dae Won Chem would have to grow free cash flow by +15.5 % per year for five years (discount rate 8.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +3.1 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 024890 use?
Our models discount Dae Won Chem at 8.9 %: a base by market capitalisation (nano), damped by beta 0.40, 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 Dae Won Chem that is +15.5 % per year a year over ten years, using the same discount rate (8.9 %) and the same formula as our fair value.
How much growth has Dae Won Chem (024890) delivered so far?
Over the past 5 years revenue at Dae Won Chem grew +3.1 % a year. The price currently implies +15.5 % 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 Dae Won Chem (024890) growing?
The median revenue growth in the sector is +3.3 % a year. That is the yardstick for the growth priced into Dae Won Chem (+15.5 % 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 Dae Won Chem (024890)?
The free-cash-flow yield on the price is 17.32 %: that much free cash flow Dae Won Chem produces per unit of market value. When it exceeds the discount rate of our models (8.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Dae Won Chem (024890)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Dae Won Chem it is 3,789 KRW per share (as of Sep 24, 2026), against a price of 1,705 KRW. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is Dae Won Chem stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 024890 trades below its calculated fair value: price 1,705 KRW, fair value 3,789 KRW, a gap of about +122% (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 024890?
No. The price is what the market pays today (1,705 KRW); the fair value is what the company's own numbers justify (3,789 KRW). For Dae Won Chem the two are 2,084 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Dae Won Chem worth?
The market values Dae Won Chem at about 24.5B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 1,705 KRW; our models calculate a fair value of 3,789 KRW per share.
What do the bullish and bearish scenarios say about 024890?
Our models span a range for Dae Won Chem: cautious scenario 3,118 KRW, base 3,789 KRW, optimistic 4,626 KRW per share (as of Sep 24, 2026, price 1,705 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Dae Won Chem (024890)?
Balance-sheet figures for Dae Won Chem (as of Sep 24, 2026): return on equity −8.7%, debt of 0.01 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is 024890 from its 52-week high?
Dae Won Chem trades at 1,705 KRW, about 63% below its 52-week high of 4,605 KRW and 2% above the low of 1,665 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 3,789 KRW is for.
Which stocks are comparable to Dae Won Chem?
From the same area (Basic Materials) we also value Linde plc, The Sherwin-Williams Company, Ecolab Inc, Air Products and Chemicals, 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 Dae Won Chem stock attractive at the current price?
The data as of Sep 24, 2026: price 1,705 KRW, calculated fair value 3,789 KRW (+122%), Quality Score 51/100, 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 024890 calculated?
We run Dae Won Chem 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 3,789 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. Dae Won Chem currently trades 122 % 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 Dae Won Chem (024890)?
The closing price on Sep 23, 2026 was 1,705 KRW. Our model-based fair value is 3,789 KRW, about +122% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Dae Won Chem right now?
The price is below even our cautious bear case (3,118 KRW). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (51/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Dae Won Chem
How large is the market capitalisation of Dae Won Chem (024890)?
The market capitalisation of Dae Won Chem is 24.5B KRW (≈ $18.0M). 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 Dae Won Chem (024890)?
The price-to-sales ratio of Dae Won Chem is 0.19 (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 Dae Won Chem (024890)?
The dividend yield of Dae Won Chem is 0.0%. 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 Dae Won Chem (024890)?
The net margin of Dae Won Chem is 2.8% (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 Dae Won Chem (024890)?
The return on equity (ROE) of Dae Won Chem is −8.7% (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 Dae Won Chem (024890)?
On an EBIT basis the return on assets of Dae Won Chem is −3.9% (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 Dae Won Chem (024890)?
The operating margin of Dae Won Chem is 1.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Dae Won Chem (024890)?
Revenue at Dae Won Chem is growing −1.0% versus a year earlier (3y avg −4.9%). 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 Dae Won Chem (024890)?
Earnings per share at Dae Won Chem are growing +82.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Dae Won Chem (024890) carry?
The net debt of Dae Won Chem is 61.3B KRW (fiscal year 2025, ≈ 25.5 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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