Pan Ocean Co Ltd (028670) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Pan Ocean Co Ltd KRW 13,085, price KRW 5,600, upside +133.7%, quality 55 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 2,947 KRW – 7,603 KRW · fair‑value band 7,223 KRW – 17,010 KRW · the 5,600 KRW price screens below the 13,085 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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Pan Ocean Co., Ltd., together with its subsidiaries, provides marine transportation and other related services worldwide.
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Pan Ocean Co., Ltd., together with its subsidiaries, provides marine transportation and other related services worldwide. 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 5,600 KRW, while our model-based Fair Value estimate is 13,085 KRW, implying the stock looks roughly 57.2% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 29,921 KRW per share, and 24 of the 26 models we run sit above the 5,600 KRW price.
Bear case: the Dividend Discount group reads lowest at 1,815 KRW, and 2 of the 26 models stay below the price. Evidence for this calculation is low.
Scenario range: 7,223 KRW (bear) to 17,010 KRW (bull), the price of 5,600 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 55/100 (solid quality), in the Industrials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
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 3.0T KRW (≈ $2.2B) · P/S ratio 0.51 · Dividend yield 2.7% · Net margin 5.5% · Return on equity 5.5% · Return on assets (EBIT) 6.6% · Operating margin 9.3% · Revenue (TTM) 5.5T 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 12% below its 52-week high and 64% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 61% fair-value upside, at 134%, 028670 screens cheaper than that median.
Fair Value models
Bear 7,223 KRWFair Value 13,085 KRWBull 17,010 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
+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 18 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.
+0.2%
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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.
+17.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+14.7%
Dividend (yield on the price)2.7%
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%
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).
−13.8%
Yearly growth needed for the next five years to justify today's price.
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.
+3.7%
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 −15.5% a year for the price and +1.6% 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 · 233 stocks
Beats the industry median on 5/10 measures
A mixed picture versus its industry peers.
Valuation
Quality Score55 · Above median
Fair Value upside+134% · Top 25%
Profitability
Return on equity (TTM)6% · Below median
Return on assets3% · Below median
Net margin (TTM)6% · Below median
Operating margin (TTM)9% · Below median
Growth and dividend
Revenue growth8% · Above median
Dividend yield (TTM)2.7% · 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 Sep 24, 2026, our model estimates a fair value of 13,085 KRW versus a price of 5,600 KRW, about +134% upside (undervalued).
What is the fair value of 028670?
Our model-based fair value for Pan Ocean Co Ltd is 13,085 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 5,600 KRW.
What is the quality score of 028670?
Pan Ocean Co Ltd has a Quality Score of 55/100. 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 13,085 KRW (as of Sep 24, 2026) from 26 valuation models. Cautious scenario 7,223 KRW, optimistic scenario 17,010 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 13,085 KRW, about +134% upside versus a price of 5,600 KRW (undervalued). Cautious scenario 7,223 KRW, optimistic scenario 17,010 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 5.5T KRW (latest available figure, as of Sep 24, 2026).
Does Pan Ocean Co Ltd pay a dividend?
Pan Ocean Co Ltd currently shows a dividend yield of about 2.68% relative to its recent price (as of Sep 24, 2026).
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 -13.8 % per year for five years (discount rate 10.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +16.8 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 028670 use?
Our models discount Pan Ocean Co Ltd at 10.2 %: a base by market capitalisation (mid), damped by beta 1.01, 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 -13.8 % per year a year over ten years, using the same discount rate (10.2 %) 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 -13.8 % 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 Pan Ocean Co Ltd (028670) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Pan Ocean Co Ltd (-13.8 % 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 Pan Ocean Co Ltd (028670)?
The free-cash-flow yield on the price is 16.05 %: that much free cash flow Pan Ocean Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (10.2 %), 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 13,085 KRW per share (as of Sep 24, 2026), against a price of 5,600 KRW. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Pan Ocean Co Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 028670 trades below its calculated fair value: price 5,600 KRW, fair value 13,085 KRW, a gap of about +134% (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 (5,600 KRW); the fair value is what the company's own numbers justify (13,085 KRW). For Pan Ocean Co Ltd the two are 7,485 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 3.0T KRW (market capitalisation, as of Sep 24, 2026). Per share that is 5,600 KRW; our models calculate a fair value of 13,085 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 7,223 KRW, base 13,085 KRW, optimistic 17,010 KRW per share (as of Sep 24, 2026, price 5,600 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Pan Ocean Co Ltd (028670)?
Balance-sheet figures for Pan Ocean Co Ltd (as of Sep 24, 2026): return on equity 5.5%, debt of 0.04 per unit of equity. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is 028670 from its 52-week high?
Pan Ocean Co Ltd trades at 5,600 KRW, about 12% below its 52-week high of 6,380 KRW and 64% above the low of 3,414 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 13,085 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 Sep 24, 2026: price 5,600 KRW, calculated fair value 13,085 KRW (+134%), Quality Score 55/100, 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 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 13,085 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. Pan Ocean Co Ltd currently trades 134 % 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 Sep 23, 2026 was 5,600 KRW. Our model-based fair value is 13,085 KRW, about +134% 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 (7,223 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 (55/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (7,223 KRW to 17,010 KRW) leaves room in how you read the outcome.
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 3.0T KRW (≈ $2.2B). 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 0.51 (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 Pan Ocean Co Ltd (028670)?
The dividend yield of Pan Ocean Co Ltd is 2.7%. 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% (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 Pan Ocean Co Ltd (028670)?
The return on equity (ROE) of Pan Ocean Co Ltd is 5.5% (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 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 9.3% (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 +8.3% 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 +31.0% 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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