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Polaris Office Corp (041020) Fair Value & Analysis

Technology · KR · Market cap 135B KRW

PO Polaris Office Corp 041020 · KQ
Price3,175 KRW
Fair Value3,608 KRW
Upside+13.7%
Quality51/100
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Healthy Growth
Highly profitable · 52.7% net margin
Low debt · generates free cash flow
Ranks above peers (5/8)
Moderate moat 54/100
Evidence: Medium Range 3,088 KRW – 3,779 KRW Share as image

Fair value as of: Jul 20, 2026

From 24 valuation models · updated 21 days ago

Fair value updated Jul 20, 2026, revised from 3,426 KRW to 3,608 KRW (+5.3%) since Jul 5, 2026. Share price +7.3% over the past month.

A solid business, screening 14% undervalued on our models.

What matters now

  • Our model range runs from 3,088 KRW (bear) to 3,779 KRW (bull), base 3,608 KRW. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 51/100 (solid quality) with medium evidence: read the verdict with care.
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Price vs Fair Value (5 years)

10,120 KRW 1,035 KRW Fair Value 3,608 KRW Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 20, 2026.

How to read this chart

60‑month range 1,035 KRW – 10,120 KRW · fair‑value band 3,088 KRW – 3,779 KRW · the 3,175 KRW price screens below the 3,608 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 20, 2026.

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Analysis

Polaris Office Corp (041020) currently trades at 3,175 KRW, while our model-based Fair Value estimate is 3,608 KRW, implying the stock looks roughly 13.7% undervalued today. The Quality Score stands at 51/100 (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, Polaris Office Corp generated revenue of 23.7B KRW at a net margin of 52.7%. Revenue grew 7.4% year over year. Fundamentals as of Jul 20, 2026

Our scenario range runs from 3,088 KRW (bear case) to 3,779 KRW (bull case); at 3,175 KRW, the current price sits within 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 55% below its 52-week high, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at 8% fair-value upside, at 14%, 041020 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 12,167 KRW 21,521 KRW 36,848 KRW 80
Rev-Margin DCF 7,642 KRW 10,564 KRW 16,756 KRW 74
ROIC Compounder 4,759 KRW 5,107 KRW 5,412 KRW 72
All 24 models by family
DCF Models
FCF DCF 12,768 KRW 18,559 KRW 37,000 KRW 38
Owner Earnings 8,044 KRW 14,899 KRW 29,289 KRW 31
5Y Revenue Exit 7,229 KRW 9,555 KRW 14,342 KRW 39
5Y EBITDA Exit 9,288 KRW 13,721 KRW 22,387 KRW 41
5Y P/E Exit 6,905 KRW 10,230 KRW 14,434 KRW 38
10Y Revenue Exit 8,815 KRW 13,830 KRW 16,288 KRW 36
10Y EBITDA Exit 10,419 KRW 18,265 KRW 31,411 KRW 37
10Y P/E Exit 8,680 KRW 13,134 KRW 19,698 KRW 35
Earnings-Based
Graham-Dodd 883.12 KRW 6,159 KRW 8,643 KRW 54
Lynch FV 3,182 KRW 4,545 KRW 5,909 KRW 50
PEG = 1.0 3,182 KRW 4,545 KRW 5,909 KRW 46
EPV 4,759 KRW 5,107 KRW 5,412 KRW 59
Multiples
P/E Multiple 1,948 KRW 2,597 KRW 3,247 KRW 63
P/S Multiple 1,656 KRW 2,208 KRW 2,760 KRW 58
P/B Multiple 1,656 KRW 2,208 KRW 2,760 KRW 55
EV/EBIT 5,960 KRW 7,056 KRW 8,153 KRW 53
EV/EBITDA 7,773 KRW 9,474 KRW 11,176 KRW 54
EV/Revenue 4,888 KRW 5,838 KRW 6,788 KRW 43
Asset-Based
NCAV (Graham) 1,193 KRW 1,599 KRW 2,387 KRW 50
Growth DCF
Growth DCF 12,167 KRW 21,521 KRW 36,848 KRW 80
Rev-Margin DCF 7,642 KRW 10,564 KRW 16,756 KRW 74
Economic Profit
Residual Income 1,853 KRW 1,890 KRW 1,856 KRW 61
ROIC Compounder 4,759 KRW 5,107 KRW 5,412 KRW 72
Growth Earnings
Growth-Adj P/E 4,100 KRW 5,857 KRW 7,614 KRW 68

Widest divergence: DCF Models (13,721 KRW) versus Asset-Based (1,599 KRW). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 23.7B KRW
Revenue growth (YoY) +7.4%
Net margin 52.7%
Return on equity 803%
Free cash flow 22.5B KRW FY2025
Operating margin 10.4%
More key figures
EPS growth (YoY) -6.5%

Figures from reported company fundamentals · as of Jul 20, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 51/100

Of which business quality 49 · Market factors (momentum, volatility) 6

Profitability 25
Margins and returns on capital today
Quality Growth 48
Are margins and returns improving?
Cashflow 67
Earnings quality: real cash, not paper profit
Fin. Strength 43
Balance sheet, leverage, solvency risk
Investment 47
Disciplined investing over empire-building
Low Volatility 8
Calm price path (market factor)
Momentum 3
Price trend over the last 3–12 months (market factor)
52W Momentum 8
Distance to the 52-week high (market factor)
Net Issuance 74
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

Polaris Office Corp. provides productivity and collaboration solutions to businesses, organizations, and individuals in South Korea.

Full company description

Polaris Office Corp. provides productivity and collaboration solutions to businesses, organizations, and individuals in South Korea. It offers Polaris Office, an office software product that allows users to work with documents on a variety of platforms and devices; Atlassian, a consulting and collaboration tool that helps in improving work productivity; and V-Guard, a mobile security solution with an engine optimized for mobile environments and DB updates. The company was formerly known as Infraware, Inc. and changed its name to Polaris Office Corp. in March 2021. Polaris Office Corp. was founded in 1997 and is based in Seoul, South Korea.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Polaris Office Corp reported revenue of 324B KRW in FY2025 versus 23.0B KRW in FY2021, a compound +93.8%/yr. Reported net income was 4.9B KRW in FY2025.

Growth Quality 95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
324B KRW
Latest YoY
+17.4%
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.
+137.6%
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.
+75.5%
Avg. growth/yr (14Y) 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.
+17.4%
Revenue +93.8%/yr
FY21 23.0B KRW
FY22 24.2B KRW
FY23 108B KRW
FY24 276B KRW
FY25 324B KRW
Net income
FY21 −214M KRW
FY22 13.1B KRW
FY23 21.3B KRW
FY24 7.1B KRW
FY25 4.9B KRW

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Cite: Fair Value Calculator (2026). "Polaris Office Corp Fair Value". https://www.fairvalue-calculator.com/stock/041020

Peer Group

Software & IT Services · 32 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 51 · Below median
Fair Value upside +14% · Above median
Return on assets 3% · Below median
Net margin (TTM) 53% · Top 25%
Operating margin (TTM) 10% · Above median
Revenue growth 7% · Above median
Debt / equity 0.34× · Higher than 75% of peers

Valuation Multiples vs Software & IT Services 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 51 · sector 0
FUTURE 37 · sector 28
PAST 0 · sector 74
HEALTH 83 · sector 99
DIVIDEND 0 · sector 26

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.

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Frequently asked questions

Is Polaris Office Corp (041020) overvalued or undervalued?
As of Jul 20, 2026, our model estimates a fair value of 3,608 KRW versus a price of 3,175 KRW, about +14% (undervalued).
What is the fair value of 041020?
Our model-based fair value for Polaris Office Corp is 3,608 KRW (as of Jul 20, 2026), built from audited fundamentals. The current price is 3,175 KRW.
What is the quality score of 041020?
Polaris Office Corp has a Quality Score of 51/100. 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 Polaris Office Corp (041020)?
Polaris Office Corp reported trailing-twelve-month revenue of about 23.7B KRW (latest available figure, as of Jul 20, 2026).
What is the net profit margin of 041020?
The net profit margin of Polaris Office Corp is about 52.7%, meaning it keeps roughly 52.7% 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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