Elcomtec Co. Ltd (037950) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Elcomtec Co. Ltd KRW 2,676, price KRW 2,620, upside +2.1%, quality 54 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 2,515 KRW – 11,250 KRW · fair‑value band 1,993 KRW – 3,428 KRW · the 2,620 KRW price screens below the 2,676 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.
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Elcomtec Co., Ltd engages in the LED lamps, mobile lens, and electronic manufacturing service businesses in South Korea.
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Elcomtec Co., Ltd engages in the LED lamps, mobile lens, and electronic manufacturing service businesses in South Korea. It offers 25W engine modules for use as street, security, tunnel, and flood light; floor-type pedestrian traffic lights; NELF-100 lights; MLR-Y and MLR-W for road signs; and mobile lens, including TOF, VGA, 48 MEGA, 13 MEGA, 8 Mega, and 5 MEGA lens. The company also provides factory, indoor, and plant growth lights; Bluetooth headset/wearable; fingerprint recognition sensor module; car black box; and navigation systems. In addition, it manufactures electronic parts and engages in resource development. The company was formerly known as Hansung Elcomtech Co., Ltd. and changed its name to Elcomtec Co., Ltd in November 2013. Elcomtec Co., Ltd was founded in 1983 and is headquartered in Pyeongtaek-si, South Korea. Elcomtec Co., Ltd is a subsidiary of Partron Co., Ltd.
Stock analysis
Elcomtec Co. Ltd (037950) currently trades at 2,620 KRW, while our model-based Fair Value estimate is 2,676 KRW, implying the stock looks roughly 2.1% fairly valued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 3,273 KRW per share, and 9 of the 21 models we run sit above the 2,620 KRW price.
Bear case: the Growth DCF group reads lowest at 1,049 KRW, and 12 of the 21 models stay below the price. Evidence for this calculation is low.
Scenario range: 1,993 KRW (bear) to 3,428 KRW (bull), the price of 2,620 KRW sits inside 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 Technology sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Elcomtec Co. Ltd reported revenue of 46.3B KRW in FY2025 versus 45.2B KRW in FY2021, a compound +0.6%/yr. Reported net income was 2.5B KRW in FY2025, compounding −11.8%/yr from FY2021.
Key figures
Market cap 49.2B KRW (≈ $36.2M) · P/S ratio 0.90 · Net margin 5.3% · Return on equity 3.9% · Return on assets (EBIT) 4.3% · Operating margin 8.2% · Revenue (TTM) 54.4B KRW · Revenue growth (YoY) +83.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 43 out of 100 (medium confidence).
What moves the price
The share trades about 44% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −62% fair-value upside, at 2%, 037950 screens cheaper than that median.
Fair Value models
Bear 1,993 KRWFair Value 2,676 KRWBull 3,428 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.43/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−19.3%
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.
+3.6%
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.
+5.0%
Start year 2020 (pandemic). Over 10 years: −2.9% 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.
+0.7%
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What shareholders gained per year (last 5 years), in KRW (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
+23.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+23.9%
Dividend (yield on the price)0.0%
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.37% vs 6%, 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.−35% → 5%
2025 sits 148% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2020 (pandemic)
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).
+53.4%
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 +50.3% 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.Communication Equipment · 316 stocks
Beats the industry median on 7/8 measures
Overall it ranks above its industry peers.
Valuation
Quality Score54 · Below median
Fair Value upside+2% · Above median
Profitability
Return on equity (TTM)4% · Above median
Return on assets2% · Above median
Net margin (TTM)6% · Above median
Operating margin (TTM)8% · Above median
Growth and dividend
Revenue growth83% · Top 25%
Valuation Multiplesvs Communication Equipment median · lower = cheaper
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Is Elcomtec Co. Ltd (037950) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 2,676 KRW versus a price of 2,620 KRW, about +2% upside (fairly valued).
What is the fair value of 037950?
Our model-based fair value for Elcomtec Co. Ltd is 2,676 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 2,620 KRW.
What is the quality score of 037950?
Elcomtec 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 Elcomtec Co. Ltd (037950)?
Our model-based price target is the fair value of 2,676 KRW (as of Sep 24, 2026) from 21 valuation models. Cautious scenario 1,993 KRW, optimistic scenario 3,428 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Elcomtec Co. Ltd stock forecast for 2026?
Our models put fair value at 2,676 KRW, about +2% upside versus a price of 2,620 KRW (fairly valued). Cautious scenario 1,993 KRW, optimistic scenario 3,428 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Elcomtec Co. Ltd (037950)?
Elcomtec Co. Ltd reported trailing-twelve-month revenue of about 54.4B KRW (latest available figure, as of Sep 24, 2026).
What growth is priced into Elcomtec Co. Ltd (037950)?
For today's price to be fair in a discounted-cash-flow model, Elcomtec Co. Ltd would have to grow free cash flow by +53.4 % 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 +5.1 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 037950 use?
Our models discount Elcomtec Co. Ltd at 8.9 %: a base by market capitalisation (nano), damped by beta 0.22, 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 Elcomtec Co. Ltd that is +53.4 % 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 Elcomtec Co. Ltd (037950) delivered so far?
Over the past 5 years revenue at Elcomtec Co. Ltd grew +5.1 % a year. The price currently implies +53.4 % 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 Elcomtec Co. Ltd (037950) growing?
The median revenue growth in the sector is +8.2 % a year. That is the yardstick for the growth priced into Elcomtec Co. Ltd (+53.4 % 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 Elcomtec Co. Ltd (037950)?
The free-cash-flow yield on the price is 0.41 %: that much free cash flow Elcomtec Co. Ltd 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 Elcomtec Co. Ltd (037950)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Elcomtec Co. Ltd it is 2,676 KRW per share (as of Sep 24, 2026), against a price of 2,620 KRW. It is the blended result of 21 valuation models (cash flow, earnings, asset, dividend).
Is Elcomtec Co. Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 037950 trades below its calculated fair value: price 2,620 KRW, fair value 2,676 KRW, a gap of about +2% (fairly valued). 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 037950?
No. The price is what the market pays today (2,620 KRW); the fair value is what the company's own numbers justify (2,676 KRW). For Elcomtec Co. Ltd the two are 55.54 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Elcomtec Co. Ltd worth?
The market values Elcomtec Co. Ltd at about 49.2B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 2,620 KRW; our models calculate a fair value of 2,676 KRW per share.
What do the bullish and bearish scenarios say about 037950?
Our models span a range for Elcomtec Co. Ltd: cautious scenario 1,993 KRW, base 2,676 KRW, optimistic 3,428 KRW per share (as of Sep 24, 2026, price 2,620 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Elcomtec Co. Ltd (037950)?
Balance-sheet figures for Elcomtec Co. Ltd (as of Sep 24, 2026): return on equity 3.9%. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is 037950 from its 52-week high?
Elcomtec Co. Ltd trades at 2,620 KRW, about 44% below its 52-week high of 4,670 KRW and 4% above the low of 2,515 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 2,676 KRW is for.
Which stocks are comparable to Elcomtec Co. Ltd?
From the same area (Technology) we also value Cisco Systems, Inc, Zhongji Innolight Co, Foxconn Industrial Internet Co, Eoptolink Technology 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 Elcomtec Co. Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 2,620 KRW, calculated fair value 2,676 KRW (+2%), Quality Score 54/100, from 21 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 037950 calculated?
We run Elcomtec Co. Ltd through 21 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 2,676 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 13.0 % above its aggregate fair value. Elcomtec Co. Ltd currently trades 2 % 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 Elcomtec Co. Ltd (037950)?
The closing price on Sep 23, 2026 was 2,620 KRW. Our model-based fair value is 2,676 KRW, about +2% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Elcomtec Co. Ltd right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of Elcomtec Co. Ltd
How large is the market capitalisation of Elcomtec Co. Ltd (037950)?
The market capitalisation of Elcomtec Co. Ltd is 49.2B KRW (≈ $36.2M). 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 Elcomtec Co. Ltd (037950)?
The price-to-sales ratio of Elcomtec Co. Ltd is 0.90 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of Elcomtec Co. Ltd (037950)?
The net margin of Elcomtec Co. Ltd is 5.3% (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 Elcomtec Co. Ltd (037950)?
The return on equity (ROE) of Elcomtec Co. Ltd is 3.9% (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 Elcomtec Co. Ltd (037950)?
On an EBIT basis the return on assets of Elcomtec Co. Ltd is 4.3% (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 Elcomtec Co. Ltd (037950)?
The operating margin of Elcomtec Co. Ltd is 8.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Elcomtec Co. Ltd (037950)?
Revenue at Elcomtec Co. Ltd is growing +83.2% versus a year earlier (3y avg +3.6%). 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 Elcomtec Co. Ltd (037950)?
Earnings per share at Elcomtec Co. Ltd are growing +111% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Elcomtec Co. Ltd (037950) carry?
The net debt of Elcomtec Co. Ltd is 156M KRW (fiscal year 2020, ≈ 0.9 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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