Incheon City G (034590) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Incheon City G KRW 58,979, price KRW 26,400, upside +123.4%, quality 64 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 27, 2026.
How to read this chart
60‑month range 20,103 KRW – 27,600 KRW · fair‑value band 46,196 KRW – 74,043 KRW · the 26,400 KRW price screens below the 58,979 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.
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Incheon City Gas Co., Ltd. supplies city gas in South Korea. It offers city gas primarily for heating, cooking, industrial processes, natural gas vehicle fueling, and as a fuel source for hydrogen fuel cell power generation and combined heat and power facilities.
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Incheon City Gas Co., Ltd. supplies city gas in South Korea. It offers city gas primarily for heating, cooking, industrial processes, natural gas vehicle fueling, and as a fuel source for hydrogen fuel cell power generation and combined heat and power facilities. The company also engages in the rental of investment properties and receives rental income, and supplies electricity. The company was founded in 1983 and is headquartered in Incheon, South Korea.
Stock analysis
Incheon City G (034590) currently trades at 26,400 KRW, while our model-based Fair Value estimate is 58,979 KRW, implying the stock looks roughly 55.2% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 79,050 KRW per share, and 22 of the 26 models we run sit above the 26,400 KRW price.
Bear case: the Dividend Discount group reads lowest at 12,399 KRW, and 4 of the 26 models stay below the price. Evidence for this calculation is medium.
Scenario range: 46,196 KRW (bear) to 74,043 KRW (bull), the price of 26,400 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 64/100 (solid quality), in the Utilities sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Incheon City G reported revenue of 963B KRW in FY2025 versus 504B KRW in FY2021, a compound +17.6%/yr. Reported net income was 19.2B KRW in FY2025, compounding +50.7%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 109B KRW (≈ $80.1M) · P/S ratio 0.20 · Dividend yield 5.2% · Net margin 2.0% · Return on equity 8.7% · Return on assets (EBIT) 3.0% · Operating margin 2.2% · Revenue (TTM) 553B KRW.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 4% below its 52-week high and 8% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Utilities peers we cover trades at 2% fair-value upside, at 123%, 034590 screens cheaper than that median.
Fair Value models
Bear 46,196 KRWFair Value 58,979 KRWBull 74,043 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. 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.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.85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+2.1%
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.
+9.7%
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.
+13.8%
Start year 2020 (pandemic). Over 10 years: +4.6% 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.
+4.2%
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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.
+17.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+12.3%
Dividend (yield on the price)5.2%
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.2% → 2%
Growth Forecast
Little optimism in the price
The price assumes less 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).
−20.8%
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 −22.4% 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.Utilities - Regulated Gas · 103 stocks
Beats the industry median on 7/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score64 · Top 25%
Fair Value upside+123.4% · Top 25%
Profitability
Return on equity (TTM)8.7% · Above median
Return on assets2.7% · Below median
Net margin (TTM)2.6% · Bottom 25%
Operating margin (TTM)2.2% · Bottom 25%
Growth and dividend
Revenue growth20.4% · Top 25%
Dividend yield (TTM)5.2% · Top 25%
Balance sheet
Debt / equity0.02× · Lowest 25%
Valuation Multiplesvs Utilities - Regulated Gas median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Incheon City G Fair Value". https://www.fairvalue-calculator.com/stock/034590
Frequently asked questions
Is Incheon City G (034590) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of 58,979 KRW versus a price of 26,400 KRW, about +123% upside (undervalued).
What is the fair value of 034590?
Our model-based fair value for Incheon City G is 58,979 KRW (as of Sep 27, 2026), built from audited fundamentals. The current price: 26,400 KRW.
What is the quality score of 034590?
Incheon City G has a Quality Score of 64/100. 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 Incheon City G (034590)?
Our model-based price target is the fair value of 58,979 KRW (as of Sep 27, 2026) from 26 valuation models. Cautious scenario 46,196 KRW, optimistic scenario 74,043 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Incheon City G stock forecast for 2026?
Our models put fair value at 58,979 KRW, about +123% upside versus a price of 26,400 KRW (undervalued). Cautious scenario 46,196 KRW, optimistic scenario 74,043 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Incheon City G (034590)?
Incheon City G reported trailing-twelve-month revenue of about 553B KRW (latest available figure, as of Sep 27, 2026).
Does Incheon City G pay a dividend?
Incheon City G currently shows a dividend yield of about 5.21% relative to its recent price (as of Sep 27, 2026).
What growth is priced into Incheon City G (034590)?
For today's price to be fair in a discounted-cash-flow model, Incheon City G would have to grow free cash flow by -20.8 % per year for five years (discount rate 11.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +13.8 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of 034590 use?
Our models discount Incheon City G at 11.6 %: a base by market capitalisation (micro), damped by beta 0.24, 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 Incheon City G that is -20.8 % per year a year over ten years, using the same discount rate (11.6 %) and the same formula as our fair value.
How much growth has Incheon City G (034590) delivered so far?
Over the past 5 years revenue at Incheon City G grew +13.8 % a year. The price currently implies -20.8 % 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 Incheon City G (034590) growing?
The median revenue growth in the sector is +2.6 % a year. That is the yardstick for the growth priced into Incheon City G (-20.8 % 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 Incheon City G (034590)?
The free-cash-flow yield on the price is 21.13 %: that much free cash flow Incheon City G produces per unit of market value. When it exceeds the discount rate of our models (11.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Incheon City G (034590)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Incheon City G it is 58,979 KRW per share (as of Sep 27, 2026), against a price of 26,400 KRW. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Incheon City G stock overvalued or undervalued in 2026?
As of Sep 27, 2026, 034590 trades below its calculated fair value: price 26,400 KRW, fair value 58,979 KRW, a gap of about +123% (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 034590?
No. The price is what the market pays today (26,400 KRW); the fair value is what the company's own numbers justify (58,979 KRW). For Incheon City G the two are 32,579 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Incheon City G worth?
The market values Incheon City G at about 109B KRW (market capitalisation, as of Sep 27, 2026). Per share that is 26,400 KRW; our models calculate a fair value of 58,979 KRW per share.
What do the bullish and bearish scenarios say about 034590?
Our models span a range for Incheon City G: cautious scenario 46,196 KRW, base 58,979 KRW, optimistic 74,043 KRW per share (as of Sep 27, 2026, price 26,400 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Incheon City G (034590)?
Balance-sheet figures for Incheon City G (as of Sep 27, 2026): return on equity 8.7%, debt of 0.02 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is 034590 from its 52-week high?
Incheon City G trades at 26,400 KRW, about 4% below its 52-week high of 27,600 KRW and 8% above the low of 24,504 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 58,979 KRW is for.
Which stocks are comparable to Incheon City G?
From the same area (Utilities) we also value Naturgy Energy Group, Atmos Energy Corporation, Uniper SE, NiSource 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 Incheon City G stock attractive at the current price?
The data as of Sep 27, 2026: price 26,400 KRW, calculated fair value 58,979 KRW (+123%), Quality Score 64/100, 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 034590 calculated?
We run Incheon City G 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 58,979 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 16.1 % above its aggregate fair value. Incheon City G currently trades 123 % 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 Incheon City G (034590)?
The closing price on Sep 23, 2026 was 26,400 KRW. Our model-based fair value is 58,979 KRW, about +123% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Incheon City G right now?
The price is below even our cautious bear case (46,196 KRW). The market is more pessimistic than our downside scenario. Solid quality (64/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Incheon City G
How large is the market capitalisation of Incheon City G (034590)?
The market capitalisation of Incheon City G is 109B KRW (≈ $80.1M). 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 Incheon City G (034590)?
The price-to-sales ratio of Incheon City G is 0.20 (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 Incheon City G (034590)?
The dividend yield of Incheon City G is 5.2%. 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 Incheon City G (034590)?
The net margin of Incheon City G is 2.0% (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 Incheon City G (034590)?
The return on equity (ROE) of Incheon City G 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 Incheon City G (034590)?
On an EBIT basis the return on assets of Incheon City G is 3.0% (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 Incheon City G (034590)?
The operating margin of Incheon City G is 2.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Incheon City G (034590)?
Revenue at Incheon City G is growing +20.4% versus a year earlier (3y avg +9.7%). 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 Incheon City G (034590)?
Earnings per share at Incheon City G are growing −3.7% versus a year earlier. How much earnings per share grew versus a year earlier.
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