Baiksan (035150) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Baiksan stock KRW 28,768, price KRW 9,880, upside +191.2%, quality 60 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 8, 2026.
How to read this chart
60‑month range 6,140 KRW – 15,062 KRW · fair‑value band 18,552 KRW – 42,553 KRW · the 9,880 KRW price screens below the 28,768 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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BAIKSAN Co,. Ltd engages in the production, manufacture, and sale of synthetic leather, resin, and non-woven fabric in South Korea. Its products are used in shoes, clothing, bags, sporting and electronic product cases, furniture, automobile interior materials, and other goods.
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The company was formerly known as Baiksan Hwasugn Co., Ltd. and changed its name to BAIKSAN Co,. Ltd in April 1998. BAIKSAN Co,. Ltd was founded in 1984 and is headquartered in Siheung-si, South Korea.
Stock analysis
Baiksan (035150) currently trades at 9,880 KRW, while our model-based Fair Value estimate is 28,768 KRW, implying the stock looks roughly 66% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 33,366 KRW per share, and 23 of the 26 models we run sit above the 9,880 KRW price.
Bear case: the Dividend Discount group reads lowest at 4,576 KRW, and 3 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: 18,552 KRW (bear) to 42,553 KRW (bull), the price of 9,880 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 60/100 (solid quality), in the Consumer Cyclical sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Baiksan reported revenue of 505B KRW in FY2025 versus 371B KRW in FY2021, a compound +8.0%/yr. Reported net income was 33.5B KRW in FY2025, compounding +15.0%/yr from FY2021.
Key figures
Market cap 201B KRW (≈ $148M) Micro · P/E ratio 5.5 · P/S ratio 0.40 · EPS (TTM) 1,794 KRW · Dividend yield 5.6% · Net margin 7.0% · Return on equity 13.4% · Return on assets (EBIT) 13.2% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (low confidence).
What moves the price
The share trades about 30% 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 Cyclical peers we cover trades at 30% fair-value upside, at 191%, 035150 screens cheaper than that median.
Fair Value models
Bear18,552 KRWFair Value 28,768 KRWBull42,553 KRW
Price 9,880 KRW · Upside +191.2%
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 (1,067 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.
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.70/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+1.6%
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.
+5.7%
Start year 2020 (pandemic). Over 10 years: +11.4% 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.
+7.1%
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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.
+30.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+25.0%
Dividend (yield on the price)5.6%
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.25.0% vs 6.0%, picking up
Profit margin 2019 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.7% → 11%
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.
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).
−0.8%
The company could shrink this much every year for the next five years and today's price would still be justified.
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 −2.8% 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.Footwear & Accessories · 92 stocks
Beats the industry median on 13/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score60 · Above median
Fair Value upside+191.2% · Top 25%
Profitability
Return on equity (12 months)13.4% · Above median
Return on assets7.5% · Top 25%
Net margin (12 months)7.0% · Above median
Operating margin (12 months)12.9% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)3.6% · Above median
Dividend yield (12 months)5.6% · Above median
Balance sheet
Debt / equity0.15× · Above median
Valuation Multiplesvs Footwear & Accessories median · lower = cheaper
P/E (12 months)5.5× · Cheapest 25%
P/B0.78× · Cheaper than median
P/S (12 months)0.40× · Cheapest 25%
Price / free cash flow (fiscal year)7.6× · Cheaper than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Baiksan Fair Value". https://www.fairvalue-calculator.com/stock/035150
Frequently asked questions
Is Baiksan (035150) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of 28,768 KRW versus a price of 9,880 KRW, about +191% upside (undervalued).
What is the fair value of 035150?
Our model-based fair value for Baiksan is 28,768 KRW (as of Nov 8, 2026), built from audited fundamentals. The current price: 9,880 KRW.
What is the quality score of 035150?
Baiksan has a Quality Score of 60/100. 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 Baiksan (035150)?
Our model-based price target is the fair value of 28,768 KRW (as of Nov 8, 2026) from 26 valuation models. Cautious scenario 18,552 KRW, optimistic scenario 42,553 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Baiksan stock forecast for 2026?
Our models put fair value at 28,768 KRW, about +191% upside versus a price of 9,880 KRW (undervalued). Cautious scenario 18,552 KRW, optimistic scenario 42,553 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Baiksan (035150)?
Baiksan reported trailing-twelve-month revenue of about 505B KRW (latest available figure, as of Nov 8, 2026).
Does Baiksan pay a dividend?
Baiksan currently shows a dividend yield of 5.57% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Baiksan (035150) and when is the ex-dividend date?
Baiksan pays a dividend of 550.00 KRW per share a year, a dividend yield of 5.6%. The last ex-dividend date was Sep 14, 2026. A dividend has been paid every year since 2010. The payout ratio is 30.7% of earnings. Free cash flow covers the dividend 2.42 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 Baiksan (035150)?
For today's price to be fair in a discounted-cash-flow model, Baiksan would have to grow free cash flow by -0.8 % 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 +5.7 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of 035150 use?
Our models discount Baiksan at 11.6 %: a base by market capitalisation (micro), damped by beta 0.43, 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 Baiksan that is -0.8 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.6 %) and the same formula as our fair value.
How much growth has Baiksan (035150) delivered so far?
Over the past 5 years revenue at Baiksan grew +5.7 % a year. The price currently implies free-cash-flow growth of -0.8 % 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 Baiksan (035150) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Baiksan (-0.8 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Baiksan (035150)?
The free-cash-flow yield on the price is 13.14 %: that much free cash flow Baiksan 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 Baiksan (035150)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Baiksan it is 28,768 KRW per share (as of Nov 8, 2026), against a price of 9,880 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 Baiksan stock overvalued or undervalued in 2026?
As of Nov 8, 2026, 035150 trades below its calculated fair value: price 9,880 KRW, fair value 28,768 KRW, a gap of about +191% (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 035150?
No. The price is what the market pays today (9,880 KRW); the fair value is what the company's own numbers justify (28,768 KRW). For Baiksan the two are 18,888 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Baiksan worth?
The market values Baiksan at about 201B KRW (market capitalisation, as of Nov 8, 2026). Per share that is 9,880 KRW; our models calculate a fair value of 28,768 KRW per share.
What do the bullish and bearish scenarios say about 035150?
Our models span a range for Baiksan: cautious scenario 18,552 KRW, base 28,768 KRW, optimistic 42,553 KRW per share (as of Nov 8, 2026, price 9,880 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 035150?
Baiksan trades at a price-to-earnings ratio of 5.5 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 28,768 KRW is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2016 to 2025), reported earnings: 9.8. Other multiples: P/B 0.8, P/S 0.4, EV/EBITDA 3.0.
How solid is the balance sheet of Baiksan (035150)?
Balance-sheet figures for Baiksan (as of Nov 8, 2026): return on equity 13.4%, debt of 0.15 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is 035150 from its 52-week high?
Baiksan trades at 9,880 KRW, about 30% below its 52-week high of 14,100 KRW and 10% above the low of 8,989 KRW (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 28,768 KRW is for.
Which stocks are comparable to Baiksan?
From the same area (Consumer Cyclical) we also value NIKE, Inc, adidas AG, On Holding, Deckers Outdoor Corporation, 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 Baiksan stock attractive at the current price?
The data as of Nov 8, 2026: price 9,880 KRW, calculated fair value 28,768 KRW (+191%), Quality Score 60/100, 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 035150 calculated?
We run Baiksan 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 28,768 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 13.3% above its aggregate fair value. Baiksan currently trades 66% 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 Baiksan (035150)?
The closing price on Nov 9, 2026 was 9,880 KRW. Our model-based fair value is 28,768 KRW, about +191% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Baiksan right now?
The price is below even our cautious bear case (18,552 KRW). The market is more pessimistic than our downside scenario. Solid quality (60/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (18,552 KRW to 42,553 KRW) leaves room in how you read the outcome.
Key figures of Baiksan
How large is the market capitalisation of Baiksan (035150)?
The market capitalisation of Baiksan is 201B KRW (≈ $148M). 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 Baiksan (035150)?
The price-to-sales ratio of Baiksan is 0.40 (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 Baiksan (035150)?
Earnings per share at Baiksan are 1,794 KRW (price ÷ EPS = P/E 5.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Baiksan (035150)?
The dividend yield of Baiksan is 5.6% (payout 30.7%). 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 Baiksan (035150)?
The net margin of Baiksan is 7.0% (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 Baiksan (035150)?
The return on equity (ROE) of Baiksan is 13.4% (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 Baiksan (035150)?
On an EBIT basis the return on assets of Baiksan is 13.2% (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 Baiksan (035150)?
The operating margin of Baiksan is 12.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Baiksan (035150)?
Revenue at Baiksan is growing +3.6% 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 Baiksan (035150)?
Earnings per share at Baiksan are growing +42.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Baiksan (035150) carry?
The net debt of Baiksan is 40.5B KRW (fiscal year 2025, ≈ 1.5 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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Broad data
Nov 8, 2026