Korea Electronic Certification Authority Inc (041460) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Korea Electronic Certification Authority Inc KRW 4,324, price KRW 3,380, upside +27.9%, quality 70 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 2,492 KRW – 11,284 KRW · fair‑value band 3,464 KRW – 5,547 KRW · the 3,380 KRW price screens below the 4,324 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Korea Electronic Certification Authority, Inc. engages in the provision of public certification and authentication services in the Asia-Pacific region.
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Korea Electronic Certification Authority, Inc. engages in the provision of public certification and authentication services in the Asia-Pacific region. It provides Adaptive Interactive Cognitive Reasoning Engine (AICoRE), an incremental holistic human-like reasoner, that covers the full spectrum of reasoning, including sensing, reasoning, discovering, planning, learning, remembering until responding, and performing. The company is also involved in the provision of PKI and managed PKI based authentication services; various types of certificates, which include Symantec, Digicert, Thawte, GeoTrust, and Rapid SSL certificates, as well as automated certificate management solutions; and domain name services. In addition, it offers Blockchain database solutions using the Ethereum platform; and FIDO certified biometric authentication solutions. The company was founded in 1999 and is based in Seoul, South Korea.
Stock analysis
Korea Electronic Certification Authority Inc (041460) currently trades at 3,380 KRW, while our model-based Fair Value estimate is 4,324 KRW, implying the stock looks roughly 21.8% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 4,415 KRW per share, and 19 of the 22 models we run sit above the 3,380 KRW price.
Bear case: the Asset-Based group reads lowest at 2,361 KRW, and 3 of the 22 models stay below the price. Evidence for this calculation is medium.
Scenario range: 3,464 KRW (bear) to 5,547 KRW (bull), the price of 3,380 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 70/100 (solid quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Korea Electronic Certification Authority Inc reported revenue of 36.7B KRW in FY2025 versus 34.7B KRW in FY2021, a compound +1.5%/yr. Reported net income was 4.7B KRW in FY2025, compounding +2.9%/yr from FY2021.
Key figures
Market cap 61.9B KRW (≈ $45.5M) · P/S ratio 1.65 · Dividend yield 2.8% · Net margin 12.7% · Return on equity 8.6% · Return on assets (EBIT) 6.8% · Operating margin 23.0% · Revenue (TTM) 38.2B KRW.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 25% below its 52-week high and 13% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −12% fair-value upside, at 28%, 041460 screens cheaper than that median.
Fair Value models
Bear 3,464 KRWFair Value 4,324 KRWBull 5,547 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.61/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−0.9%
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.
−1.6%
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.
+2.3%
Start year 2020 (pandemic). Over 10 years: +3.8% a year
Revenue growth 13 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.
+4.1%
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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.
+15.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+12.9%
Dividend (yield on the price)2.8%
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.13% vs 0%, 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.12% → 18%
Start year 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).
−3.4%
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 −5.4% a year for the price.
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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.Security & Protection Services · 115 stocks
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Is Korea Electronic Certification Authority Inc (041460) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 4,324 KRW versus a price of 3,380 KRW, about +28% upside (undervalued).
What is the fair value of 041460?
Our model-based fair value for Korea Electronic Certification Authority Inc is 4,324 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 3,380 KRW.
What is the quality score of 041460?
Korea Electronic Certification Authority Inc has a Quality Score of 70/100. 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 Korea Electronic Certification Authority Inc (041460)?
Our model-based price target is the fair value of 4,324 KRW (as of Sep 24, 2026) from 22 valuation models. Cautious scenario 3,464 KRW, optimistic scenario 5,547 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Korea Electronic Certification Authority Inc stock forecast for 2026?
Our models put fair value at 4,324 KRW, about +28% upside versus a price of 3,380 KRW (undervalued). Cautious scenario 3,464 KRW, optimistic scenario 5,547 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Korea Electronic Certification Authority Inc (041460)?
Korea Electronic Certification Authority Inc reported trailing-twelve-month revenue of about 38.2B KRW (latest available figure, as of Sep 24, 2026).
Does Korea Electronic Certification Authority Inc pay a dividend?
Korea Electronic Certification Authority Inc currently shows a dividend yield of about 2.84% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Korea Electronic Certification Authority Inc (041460)?
For today's price to be fair in a discounted-cash-flow model, Korea Electronic Certification Authority Inc would have to grow free cash flow by -3.4 % per year for five years (discount rate 9.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +2.3 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 041460 use?
Our models discount Korea Electronic Certification Authority Inc at 9.7 %: a base by market capitalisation (nano), damped by beta 0.82, 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 Korea Electronic Certification Authority Inc that is -3.4 % per year a year over ten years, using the same discount rate (9.7 %) and the same formula as our fair value.
How much growth has Korea Electronic Certification Authority Inc (041460) delivered so far?
Over the past 5 years revenue at Korea Electronic Certification Authority Inc grew +2.3 % a year. The price currently implies -3.4 % 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 Korea Electronic Certification Authority Inc (041460) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Korea Electronic Certification Authority Inc (-3.4 % 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 Korea Electronic Certification Authority Inc (041460)?
The free-cash-flow yield on the price is 7.85 %: that much free cash flow Korea Electronic Certification Authority Inc produces per unit of market value. When it exceeds the discount rate of our models (9.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Korea Electronic Certification Authority Inc (041460)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Korea Electronic Certification Authority Inc it is 4,324 KRW per share (as of Sep 24, 2026), against a price of 3,380 KRW. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is Korea Electronic Certification Authority Inc stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 041460 trades below its calculated fair value: price 3,380 KRW, fair value 4,324 KRW, a gap of about +28% (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 041460?
No. The price is what the market pays today (3,380 KRW); the fair value is what the company's own numbers justify (4,324 KRW). For Korea Electronic Certification Authority Inc the two are 943.58 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Korea Electronic Certification Authority Inc worth?
The market values Korea Electronic Certification Authority Inc at about 61.9B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 3,380 KRW; our models calculate a fair value of 4,324 KRW per share.
What do the bullish and bearish scenarios say about 041460?
Our models span a range for Korea Electronic Certification Authority Inc: cautious scenario 3,464 KRW, base 4,324 KRW, optimistic 5,547 KRW per share (as of Sep 24, 2026, price 3,380 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Korea Electronic Certification Authority Inc (041460)?
Balance-sheet figures for Korea Electronic Certification Authority Inc (as of Sep 24, 2026): return on equity 8.6%. They feed the Quality Score of 70/100, which measures business quality independently of the share price.
How far is 041460 from its 52-week high?
Korea Electronic Certification Authority Inc trades at 3,380 KRW, about 25% below its 52-week high of 4,480 KRW and 13% above the low of 3,000 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 4,324 KRW is for.
Which stocks are comparable to Korea Electronic Certification Authority Inc?
From the same area (Industrials) we also value Verisure plc, Allegion plc, Zhejiang Dahua Technology Co, MSA Safety Incorporated, 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 Korea Electronic Certification Authority Inc stock attractive at the current price?
The data as of Sep 24, 2026: price 3,380 KRW, calculated fair value 4,324 KRW (+28%), Quality Score 70/100, from 22 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 041460 calculated?
We run Korea Electronic Certification Authority Inc through 22 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 4,324 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 14.0 % above its aggregate fair value. Korea Electronic Certification Authority Inc currently trades 28 % 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 Korea Electronic Certification Authority Inc (041460)?
The closing price on Sep 23, 2026 was 3,380 KRW. Our model-based fair value is 4,324 KRW, about +28% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Korea Electronic Certification Authority Inc right now?
The rarer combination: high quality (70/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (3,464 KRW). The market is more pessimistic than our downside scenario.
Key figures of Korea Electronic Certification Authority Inc
How large is the market capitalisation of Korea Electronic Certification Authority Inc (041460)?
The market capitalisation of Korea Electronic Certification Authority Inc is 61.9B KRW (≈ $45.5M). 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 Korea Electronic Certification Authority Inc (041460)?
The price-to-sales ratio of Korea Electronic Certification Authority Inc is 1.65 (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 Korea Electronic Certification Authority Inc (041460)?
The dividend yield of Korea Electronic Certification Authority Inc is 2.8%. 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 Korea Electronic Certification Authority Inc (041460)?
The net margin of Korea Electronic Certification Authority Inc is 12.7% (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 Korea Electronic Certification Authority Inc (041460)?
The return on equity (ROE) of Korea Electronic Certification Authority Inc is 8.6% (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 Korea Electronic Certification Authority Inc (041460)?
On an EBIT basis the return on assets of Korea Electronic Certification Authority Inc is 6.8% (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 Korea Electronic Certification Authority Inc (041460)?
The operating margin of Korea Electronic Certification Authority Inc is 23.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Korea Electronic Certification Authority Inc (041460)?
Revenue at Korea Electronic Certification Authority Inc is growing +15.7% versus a year earlier (3y avg −1.6%). 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 Korea Electronic Certification Authority Inc (041460)?
Earnings per share at Korea Electronic Certification Authority Inc are growing +50.1% versus a year earlier. How much earnings per share grew versus a year earlier.
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