Pan Ocean Co Ltd (028670) fair value: what the stock is really worth
As of Nov 10, 2026: fair value (intrinsic value) of Pan Ocean Co Ltd stock KRW 9,222, price KRW 4,995, upside +84.6%, quality 54 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.
How to read this chart
60‑month range 2,947 KRW – 7,240 KRW · fair‑value band 6,917 KRW – 11,528 KRW · the 4,995 KRW price screens below the 9,222 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.
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Pan Ocean Co., Ltd., together with its subsidiaries, provides marine transportation and other related services worldwide.
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The company offers break bulk liner services for steel, coal, wood, equipment, and machinery cargoes; tramper services for dry bulk cargo shipping, such as iron ore, coal, grain, sugar, logs, minerals, fertilizers, and scrap metal; and large bulker services for transporting dry bulk cargo comprising coal and iron ore, as well as container services.
It also provides tanker services for transporting crude oil, gasoline, gas oil, and jet oil; oil and fats; and petrochemicals, which comprise benzene, toluene, xylene, base oil, and caustic soda.
In addition, the company provides liquefied natural gas carrier services; heavy lifter services for offshore wind components, machinery, and modules; and tug boats, drill ships, barges, ocean platforms, etc.
Further, it is involved in the trading and logistics of agriculture products, such as corn, soybean, wheat, and soybean meal. The company was formerly known as STX Pan Ocean Co., Ltd. and changed its name to Pan Ocean Co., Ltd. in January 2014.
The company was founded in 1966 and is headquartered in Seoul, South Korea. Pan Ocean Co., Ltd. is a subsidiary of Harim Holdings Co., Ltd.
Stock analysis
Pan Ocean Co Ltd (028670) currently trades at 4,995 KRW, while our model-based Fair Value estimate is 9,222 KRW, implying the stock looks roughly 46% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 16,770 KRW per share, and 22 of the 26 models we run sit above the 4,995 KRW price.
Bear case: the Dividend Discount group reads lowest at 1,525 KRW, and 4 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: 6,917 KRW (bear) to 11,528 KRW (bull), the price of 4,995 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 54/100 (solid quality), in the Industrials sector.
Mixed Growth: Spin-off in 2015: revenue and profit before it include the divested business. Growth is measured afresh from 2015.
Pan Ocean Co Ltd reported revenue of 5.4T KRW in FY2025 versus 4.6T KRW in FY2021, a compound +4.2%/yr. Reported net income was 301B KRW in FY2025, compounding −13.9%/yr from FY2021.
Key figures
Market cap 2.7T KRW (≈ $2.0B) Small · P/E ratio 8.5 · P/S ratio 0.42 · EPS (TTM) 633.34 KRW · Dividend yield 3.0% · Net margin 5.5% · Return on equity 5.8% · Return on assets (EBIT) 6.6% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 31% below its 52-week high and 43% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 6% fair-value upside, at 85%, 028670 screens cheaper than that median.
Fair Value models
Bear6,917 KRWFair Value 9,222 KRWBull11,528 KRW
Price 4,995 KRW · Upside +84.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (415.80 KRW per share) are deliberately not added.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.
Best data coverage
FCF DCF12,842 KRW18,090 KRW25,065 KRW81
Growth DCF12,883 KRW17,399 KRW23,013 KRW79
Owner Earnings14,619 KRW20,667 KRW28,706 KRW77
All 26 models by family
DCF Models
FCF DCF12,842 KRW18,090 KRW25,065 KRW81
Owner Earnings14,619 KRW20,667 KRW28,706 KRW77
5Y Revenue Exit10,578 KRW15,279 KRW21,174 KRW73
5Y EBITDA Exit15,581 KRW24,703 KRW35,364 KRW75
5Y P/E Exit10,587 KRW15,296 KRW20,184 KRW71
10Y Revenue Exit11,184 KRW15,439 KRW21,000 KRW67
10Y EBITDA Exit14,279 KRW21,363 KRW30,828 KRW68
10Y P/E Exit11,397 KRW15,450 KRW20,314 KRW65
Earnings-Based
Graham-Dodd3,834 KRW12,415 KRW16,576 KRW64
Lynch FV2,767 KRW3,952 KRW5,138 KRW61
PEG = 1.02,767 KRW3,952 KRW5,138 KRW57
EPV7,584 KRW8,433 KRW9,138 KRW74
Dividend Discount
Gordon GGM911.78 KRW1,617 KRW2,196 KRW68
DDM Multi-Stage911.78 KRW1,432 KRW1,730 KRW67
Multiples
P/E Multiple8,880 KRW11,840 KRW14,801 KRW63
P/S Multiple7,189 KRW9,585 KRW11,981 KRW58
P/B Multiple5,966 KRW7,955 KRW9,944 KRW55
EV/EBIT11,545 KRW15,408 KRW19,272 KRW66
EV/EBITDA18,314 KRW24,434 KRW30,554 KRW67
EV/Revenue8,227 KRW11,772 KRW15,317 KRW53
Asset-Based
NCAV (Graham)5,344 KRW7,161 KRW10,687 KRW54
Growth DCF
Growth DCF12,883 KRW17,399 KRW23,013 KRW79
Rev-Margin DCF10,578 KRW15,384 KRW21,005 KRW73
Economic Profit
Residual Income7,718 KRW7,572 KRW7,882 KRW76
ROIC Compounder7,584 KRW8,433 KRW9,138 KRW72
Growth Earnings
Growth-Adj P/E7,445 KRW10,636 KRW13,827 KRW67
The fair value above starts from this blend and is adjusted for a cyclical peak year.
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.55/100
Spin-off in 2015: revenue and profit before it include the divested business. Growth is measured afresh from 2015.
Revenue growth 1 year
+5.3%
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.
−5.4%
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.
+16.8%
Start year 2020 (pandemic)
Revenue growth 9 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.
+12.6%
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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.
+17.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+14.7%
Dividend (yield on the price)3.0%
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.14.7% vs −44.9%, 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% → 9%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
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).
−14.4%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+6.5%
Yearly sales growth analysts expect, extended to five years.
After inflation (South Korea: IMF forecast 2.1% a year to 2030, 2.1% from 2016 to 2025) that is about −16.2% a year for the price and +4.4% for the forecasts.
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.Marine Shipping · 222 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score54 · Below median
Fair Value upside+90.7% · Top 25%
Profitability
Return on equity (12 months)5.8% · Below median
Return on assets2.8% · Below median
Net margin (12 months)5.5% · Below median
Operating margin (12 months)10.1% · Below median
Growth and dividend
Revenue growth (quarter YoY)47.9% · Top 25%
Dividend yield (12 months)3.0% · Below median
Balance sheet
Debt / equity0.04× · Lowest 25%
Valuation Multiplesvs Marine Shipping median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Pan Ocean Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/028670
Frequently asked questions
Is Pan Ocean Co Ltd (028670) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of 9,222 KRW versus a price of 4,995 KRW, about +85% upside (undervalued).
What is the fair value of 028670?
Our model-based fair value for Pan Ocean Co Ltd is 9,222 KRW (as of Nov 9, 2026), built from audited fundamentals. The current price: 4,995 KRW.
What is the quality score of 028670?
Pan Ocean Co Ltd has a Quality Score of 54/100. 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 Pan Ocean Co Ltd (028670)?
Our model-based price target is the fair value of 9,222 KRW (as of Nov 9, 2026) from 26 valuation models. Cautious scenario 6,917 KRW, optimistic scenario 11,528 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Pan Ocean Co Ltd stock forecast for 2026?
Our models put fair value at 9,222 KRW, about +85% upside versus a price of 4,995 KRW (undervalued). Cautious scenario 6,917 KRW, optimistic scenario 11,528 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Pan Ocean Co Ltd (028670)?
Pan Ocean Co Ltd reported trailing-twelve-month revenue of about 6.2T KRW (latest available figure, as of Nov 9, 2026).
Does Pan Ocean Co Ltd pay a dividend?
Pan Ocean Co Ltd currently shows a dividend yield of 3.00% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of Pan Ocean Co Ltd (028670) and when is the ex-dividend date?
Pan Ocean Co Ltd pays a dividend of 150.00 KRW per share a year, a dividend yield of 3.0%. The last ex-dividend date was Dec 29, 2025. A dividend has been paid every year since 2020. The payout ratio is 23.7% of earnings. Free cash flow covers the dividend 5.99 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Pan Ocean Co Ltd (028670)?
For today's price to be fair in a discounted-cash-flow model, Pan Ocean Co Ltd would have to grow free cash flow by -14.4 % per year for five years (discount rate 11.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +16.8 % per year. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of 028670 use?
Our models discount Pan Ocean Co Ltd at 11.3 %: a base by market capitalisation (small), damped by beta 0.88, 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 Pan Ocean Co Ltd that is -14.4 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.3 %) and the same formula as our fair value.
How much growth has Pan Ocean Co Ltd (028670) delivered so far?
Over the past 5 years revenue at Pan Ocean Co Ltd grew +16.8 % a year. The price currently implies free-cash-flow growth of -14.4 % per 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 Pan Ocean Co Ltd (028670) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Pan Ocean Co Ltd (-14.4 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Pan Ocean Co Ltd (028670)?
The free-cash-flow yield on the price is 17.99 %: that much free cash flow Pan Ocean Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (11.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Pan Ocean Co Ltd (028670)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Pan Ocean Co Ltd it is 9,222 KRW per share (as of Nov 9, 2026), against a price of 4,995 KRW. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Pan Ocean Co Ltd stock overvalued or undervalued in 2026?
As of Nov 9, 2026, 028670 trades below its calculated fair value: price 4,995 KRW, fair value 9,222 KRW, a gap of about +85% (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 028670?
No. The price is what the market pays today (4,995 KRW); the fair value is what the company's own numbers justify (9,222 KRW). For Pan Ocean Co Ltd the two are 4,227 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Pan Ocean Co Ltd worth?
The market values Pan Ocean Co Ltd at about 2.7T KRW (market capitalisation, as of Nov 9, 2026). Per share that is 4,995 KRW; our models calculate a fair value of 9,222 KRW per share.
What do the bullish and bearish scenarios say about 028670?
Our models span a range for Pan Ocean Co Ltd: cautious scenario 6,917 KRW, base 9,222 KRW, optimistic 11,528 KRW per share (as of Nov 9, 2026, price 4,995 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 028670?
Pan Ocean Co Ltd trades at a price-to-earnings ratio of 8.5 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 9,222 KRW is built from several models across several years. Other multiples: P/B 0.5, P/S 0.4, EV/EBITDA 1.7.
How solid is the balance sheet of Pan Ocean Co Ltd (028670)?
Balance-sheet figures for Pan Ocean Co Ltd (as of Nov 9, 2026): return on equity 5.8%, debt of 0.04 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is 028670 from its 52-week high?
Pan Ocean Co Ltd trades at 4,995 KRW, about 31% below its 52-week high of 7,240 KRW and 43% above the low of 3,481 KRW (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of 9,222 KRW is for.
Which stocks are comparable to Pan Ocean Co Ltd?
From the same area (Industrials) we also value Adani Ports and Special Economic Zone Limited, COSCO SHIPPING Holdings, Hapag-Lloyd Aktiengesellschaft,, Shanghai International Port (Group) Co, 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 Pan Ocean Co Ltd stock attractive at the current price?
The data as of Nov 9, 2026: price 4,995 KRW, calculated fair value 9,222 KRW (+85%), Quality Score 54/100, from 26 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 028670 calculated?
We run Pan Ocean Co Ltd through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 9,222 KRW builds on their evidence-weighted average, 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 13.7% above its aggregate fair value. Pan Ocean Co Ltd currently trades 46% 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 Pan Ocean Co Ltd (028670)?
The closing price on Nov 10, 2026 was 4,995 KRW. Our model-based fair value is 9,222 KRW, about +85% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Pan Ocean Co Ltd right now?
The price is below even our cautious bear case (6,917 KRW). The market is more pessimistic than our downside scenario. Solid quality (54/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Pan Ocean Co Ltd
How large is the market capitalisation of Pan Ocean Co Ltd (028670)?
The market capitalisation of Pan Ocean Co Ltd is 2.7T KRW (≈ $2.0B). 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 Pan Ocean Co Ltd (028670)?
The price-to-sales ratio of Pan Ocean Co Ltd is 0.42 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Pan Ocean Co Ltd (028670)?
Earnings per share at Pan Ocean Co Ltd are 633.34 KRW (price ÷ EPS = P/E 8.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Pan Ocean Co Ltd (028670)?
The dividend yield of Pan Ocean Co Ltd is 3.0% (payout 23.7%). 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 Pan Ocean Co Ltd (028670)?
The net margin of Pan Ocean Co Ltd is 5.5% (last twelve months). 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 Pan Ocean Co Ltd (028670)?
The return on equity (ROE) of Pan Ocean Co Ltd is 5.8% (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 Pan Ocean Co Ltd (028670)?
On an EBIT basis the return on assets of Pan Ocean Co Ltd is 6.6% (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 Pan Ocean Co Ltd (028670)?
The operating margin of Pan Ocean Co Ltd is 10.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Pan Ocean Co Ltd (028670)?
Revenue at Pan Ocean Co Ltd is growing +47.9% versus a year earlier (3y avg −5.4%). 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 Pan Ocean Co Ltd (028670)?
Earnings per share at Pan Ocean Co Ltd are growing +12.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Pan Ocean Co Ltd (028670) carry?
The net debt of Pan Ocean Co Ltd is 24.4B KRW (fiscal year 2020, ≈ 0.1 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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Broad data
Nov 9, 2026