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Lumens Co (038060) Fair Value & Analysis

Technology · KR · Market cap 35.7B KRW

LC Lumens Co 038060 · KQ
Price922.00 KRW
Fair Value2,650 KRW
Upside+187.5%
Quality56/100
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Weak Growth
Thin margins · 2.5% net margin
Low debt · generates free cash flow
Trails peers (3/8)
Narrow moat 24/100
Evidence: Medium Range 1,625 KRW – 3,675 KRW Share as image

Fair value as of: Aug 13, 2026

From 9 valuation models · updated today

Share price +35.6% over the past month.

A solid business, screening 187% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (1,625 KRW). The market is more pessimistic than our downside scenario.
  • Solid quality (56/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (1,625 KRW to 3,675 KRW) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

1,875 KRW 604.00 KRW Fair Value 2,650 KRW Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 604.00 KRW – 1,875 KRW · fair‑value band 1,625 KRW – 3,675 KRW · the 922.00 KRW price screens below the 2,650 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Lumens Co (038060) currently trades at 922.00 KRW, while our model-based Fair Value estimate is 2,650 KRW, implying the stock looks roughly 187.5% undervalued today. The Quality Score stands at 56/100 (solid quality), in the Technology sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Lumens Co generated revenue of 153B KRW at a net margin of 2.5%. Revenue declined 30.5% year over year. Net debt stands at 35.6B KRW. Fundamentals as of Aug 13, 2026

Our scenario range runs from 1,625 KRW (bear case) to 3,675 KRW (bull case); at 922.00 KRW, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 56% below its 52-week high and 59% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -56% fair-value upside, at 187%, 038060 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

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
Highest evidence
Growth DCF 3,957 KRW 4,930 KRW 6,595 KRW 80
Rev-Margin DCF 3,616 KRW 4,729 KRW 6,097 KRW 74
Gordon GGM 225.75 KRW 247.10 KRW 279.63 KRW 70
All 9 models by family
DCF Models
FCF DCF 3,838 KRW 4,841 KRW 6,698 KRW 38
5Y Revenue Exit 3,616 KRW 4,670 KRW 6,200 KRW 39
10Y Revenue Exit 3,620 KRW 4,414 KRW 5,263 KRW 36
Dividend Discount
Gordon GGM 225.75 KRW 247.10 KRW 279.63 KRW 70
DDM Multi-Stage 225.75 KRW 283.24 KRW 363.82 KRW 61
Multiples
EV/Revenue 3,676 KRW 4,701 KRW 5,726 KRW 43
Asset-Based
NCAV (Graham) 1,140 KRW 1,527 KRW 2,280 KRW 50
Growth DCF
Growth DCF 3,957 KRW 4,930 KRW 6,595 KRW 80
Rev-Margin DCF 3,616 KRW 4,729 KRW 6,097 KRW 74

Widest divergence: Growth DCF (4,729 KRW) versus Dividend Discount (247.10 KRW). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 153B KRW
Revenue growth (YoY) -30.5%
Net margin 2.5%
Return on equity 596%
Free cash flow 12.2B KRW FY2025
Operating margin 2.8%
More key figures
EPS growth (YoY) +29.4%
Net debt 35.6B KRW FY2020

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 56/100

Of which business quality 57 · Market factors (momentum, volatility) 23

Profitability 22
Margins and returns on capital today
Quality Growth 33
Are margins and returns improving?
Cashflow 52
Earnings quality: real cash, not paper profit
Fin. Strength 85
Balance sheet, leverage, solvency risk
Investment 86
Disciplined investing over empire-building
Low Volatility 2
Calm price path (market factor)
Momentum 32
Price trend over the last 3–12 months (market factor)
52W Momentum 31
Distance to the 52-week high (market factor)
Net Issuance 78
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Lumens Co., Ltd. develops, manufactures, and sells LED components in South Korea and internationally. The company offers micro LEDs for large format displays and HUDs, as well as micro LED panels; backlights for TV BLU LEDs, mobile flash LEDs, and home appliances; and LED packages, modules, flip chip COBs, and luminaire lighting products.

Full company description

Lumens Co., Ltd. develops, manufactures, and sells LED components in South Korea and internationally. The company offers micro LEDs for large format displays and HUDs, as well as micro LED panels; backlights for TV BLU LEDs, mobile flash LEDs, and home appliances; and LED packages, modules, flip chip COBs, and luminaire lighting products. It also provides UV/IRIS scan LEDs; and automotive LEDs for daytime running, fog, rear, turn signal, room, and mood lamps. The company was founded in 2004 and is headquartered in Yongin, South Korea.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Lumens Co reported revenue of 176B KRW in FY2025 versus 172B KRW in FY2021, a compound +0.5%/yr. Reported net income was −6.7B KRW in FY2025.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
176B KRW
Latest YoY
+0.8%
Avg. growth/yr (3Y) 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.
+1.8%
Avg. growth/yr (5Y) 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.
−11.9%
Avg. growth/yr (15Y) 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.
−4.1%
Revenue +0.5%/yr
FY21 172B KRW
FY22 166B KRW
FY23 171B KRW
FY24 174B KRW
FY25 176B KRW
Net income
FY21 −27.4B KRW
FY22 15.9B KRW
FY23 4.0B KRW
FY24 8.8B KRW
FY25 −6.7B KRW

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Cite: Fair Value Calculator (2026). "Lumens Co Fair Value". https://www.fairvalue-calculator.com/stock/038060

Peer Group

Semiconductors & Semiconductor Equipment · 50 stocks

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.

Quality Score 56 · Below median
Fair Value upside +188% · Top 25%
Return on assets 2% · Below median
Net margin (TTM) 3% · Below median
Operating margin (TTM) 3% · Below median
Revenue growth -31% · Bottom 25%

Valuation Multiples vs Semiconductors & Semiconductor Equipment median · lower = cheaper

P/FCF 0.0× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 3
FUTURE 0 · sector 94
PAST 0 · sector 100
HEALTH 100 · sector 99
DIVIDEND 0 · sector 21

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Semiconductors & Semiconductor Equipment stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
TES Co 095610 145,900 KRW 57,543 KRW -61%
Eugene Technology Co 084370 129,200 KRW 47,495 KRW -63%
TSE Co 131290 250,000 KRW 83,925 KRW -66%
ISC Co 095340 159,800 KRW 61,198 KRW -62%
PSK HOLDINGS Inc 031980 108,100 KRW 58,508 KRW -46%
Jeju Semiconductor Corp 080220 87,000 KRW 23,830 KRW -73%
Tokai Carbon Korea Co 064760 229,000 KRW 154,525 KRW -33%
HANA Micron Inc 067310 36,650 KRW 16,102 KRW -56%
RFHIC Corporation 218410 54,000 KRW 29,096 KRW -46%
S&S Tech Corporation 101490 44,850 KRW 60,781 KRW +36%

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Frequently asked questions

Is Lumens Co (038060) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 2,650 KRW versus a price of 922.00 KRW, about +187% (undervalued).
What is the fair value of 038060?
Our model-based fair value for Lumens Co is 2,650 KRW (as of Aug 13, 2026), built from audited fundamentals. The current price is 922.00 KRW.
What is the quality score of 038060?
Lumens Co has a Quality Score of 56/100. 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 revenue of Lumens Co (038060)?
Lumens Co reported trailing-twelve-month revenue of about 153B KRW (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 038060?
The net profit margin of Lumens Co is about 2.5%, meaning it keeps roughly 2.5% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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