Hanwha Ocean Co., Ltd (042660) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Hanwha Ocean Co., Ltd stock KRW 44,204, price KRW 49,250, that is 10.2% below the price, quality 48 out of 100. Rating: overvalued. Calculated from audited financials with 24 of our 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. As of Nov 2, 2026.
How to read this chart
60‑month range 15,296 KRW – 149,900 KRW · fair‑value band 26,596 KRW – 66,223 KRW · the 49,250 KRW price screens above the 44,204 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. As of Nov 2, 2026.
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Hanwha Ocean Co., Ltd. operates as a shipbuilding and offshore contractor in South Korea and internationally.
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The company offers commercial vessels, including tankers, container carriers, bulk carriers, ore carriers, liquefied natural gas (LNG) and liquefied petroleum gas carriers, LNG floating storage regasification units, chemical carriers, and other vessels; and FLNG, fixed platforms, and drilling rigs; and FPSO/FPU/FSOs for offshore oil and gas exploration and production, as well as provision of engineering and construction, including commercial and residential building, infrastructure, environmental facilities, and power plants.
It is also provides electronic detonators, blasting systems, industrial explosives products, mining services, petrochemicals, and inorganic compounds; display manufacturing and logistics equipment, autonomous guided vehicles; space launch vehicle engines, satellite services, gas turbine engines and components, and aircraft components; artillery systems, armored vehicles, air defense systems, unmanned ground systems, precision-guided munitions, and navigation systems; lithium-ion battery systems for submarines and ships; and ship engines and generators.
In addition, the company provides system integration, application management, cloud management, artificial intelligence, cloud computing, video surveillance solutions; automation equipment; and industrial compressors.
Further, it manufactures ethylene, propylene, butadiene, gasoline, diesel, jet fuel, LPG, and solvents.
Additionally, the company provides life insurance, mortgage and personal loans, trust, fund, retirement pension, automobile insurance, general insurance, securities brokerage and underwriting, and asset management.
It also involved in the real estate development, insurance agency, retail, fashion, food & beverage businesses. The company was founded in 1952 and is headquartered in Geoje-si, South Korea.
Stock analysis
Hanwha Ocean Co., Ltd (042660) currently trades at 49,250 KRW, while our model-based Fair Value estimate is 44,204 KRW, 10% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 72,986 KRW per share, and 8 of the 24 models we run sit above the 49,250 KRW price.
Bear case: the Asset-Based group reads lowest at 12,722 KRW, and 16 of the 24 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 26,596 KRW (bear) to 66,223 KRW (bull), the price of 49,250 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 48/100 (below-average quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Hanwha Ocean Co., Ltd reported revenue of 12.8T KRW in FY2025 versus 4.5T KRW in FY2021, a compound +29.9%/yr. Reported net income was 1.2T KRW in FY2025.
Key figures
Market cap 15.1T KRW (≈ $11.1B) Large · P/E ratio 7.4 · P/S ratio 1.01 · EPS (TTM) 6,723 KRW · Net margin 13.8% · Return on equity 32.5% · Return on assets (EBIT) −4.7% · Operating margin 13.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 64 out of 100 (low confidence).
What moves the price
The share trades about 67% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −27% fair-value upside, at −10%, 042660 screens cheaper than that median.
Fair Value models
Bear26,596 KRWFair Value 44,204 KRWBull66,223 KRW
Price 49,250 KRW · Downside -10.2%
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 (5,710 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.83/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+18.6%
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.
+38.0%
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.
+12.7%
Start year 2020 (pandemic). Over 10 years: −1.6% a year
Revenue growth 25 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.
+11.7%
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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. Basis: EBIT basis. 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.
≈ +10.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+10.5%
Dividend (yield on the price)0.0%
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.4% → 9%
⚠ Revenue per share shrinking 27.0%/yr over ~10Y (margin trend unclear) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
⚠ Rate on operating basis: 2025 sits 272% above its own trend.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
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).
+18.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+1.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (South Korea: IMF forecast 2.1% a year to 2030, 2.1% from 2016 to 2025) that is about +16.1% a year for the price and −0.3% for the forecasts.
AI conclusion: Hanwha Ocean draws strength from repeated LNG carrier and container ship contract wins plus floating data center certifications, while its main weakness lies in unclear long-term durability amid limited qualitative evidence of a moat.
Main risk: The company carries long-term convertible bonds from prior restructuring held by the Export-Import Bank of Korea, which could require future refinancing, cash repayments or equity dilution upon conversion.
Bull case: By leveraging its defense and offshore diversification alongside automation gains the company could generate stable cash flows to service or restructure the legacy debt while resolving claims through settlements that preserve capital for growth projects.
Bear case: If the arbitration claims result in large payouts and the convertible bonds lead to dilution or refinancing pressure amid commercial order volatility the company might face constrained liquidity that limits investment in naval and offshore expansion.
Hanwha Ocean keeps landing LNG carrier and container ship contracts while earning certifications for floating data centers. An affiliate is now divesting its entire stake to free capital for satellites and defense AI elsewhere in the group. With sector peak-out worries and Chinese competition mounting, does the push into offshore and naval work offset slower commercial momentum ahead?
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.Aerospace & Defense · 241 stocks
Beats the industry median on 12/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score48 · Below median
Fair Value upside−10.2% · Above median
Profitability
Return on equity (12 months)32.5% · Top 25%
Return on assets6.2% · Above median
Net margin (12 months)13.8% · Above median
Operating margin (12 months)13.5% · Above median
Growth and dividend
Revenue growth (quarter YoY)65.2% · Top 25%
Balance sheet
Debt / equity0.38× · Above median
Valuation Multiplesvs Aerospace & Defense median · lower = cheaper
P/E (12 months)7.4× · Cheapest 25%
P/B2.45× · Cheaper than median
P/S (12 months)1.01× · Cheapest 25%
Price / free cash flow (fiscal year)25.2× · Cheaper than median
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Is Hanwha Ocean Co., Ltd (042660) overvalued or undervalued?
As of Nov 2, 2026, our model estimates a fair value of 44,204 KRW versus a price of 49,250 KRW, about 10% lower (overvalued).
What is the fair value of 042660?
Our model-based fair value for Hanwha Ocean Co., Ltd is 44,204 KRW (as of Nov 2, 2026), built from audited fundamentals. The current price: 49,250 KRW.
What is the quality score of 042660?
Hanwha Ocean Co., Ltd has a Quality Score of 48/100. 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 Hanwha Ocean Co., Ltd (042660)?
Our model-based price target is the fair value of 44,204 KRW (as of Nov 2, 2026) from 24 valuation models. Cautious scenario 26,596 KRW, optimistic scenario 66,223 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Hanwha Ocean Co., Ltd stock forecast for 2026?
Our models put fair value at 44,204 KRW, about 10% lower versus a price of 49,250 KRW (overvalued). Cautious scenario 26,596 KRW, optimistic scenario 66,223 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Hanwha Ocean Co., Ltd (042660)?
Hanwha Ocean Co., Ltd reported trailing-twelve-month revenue of about 15.0T KRW (latest available figure, as of Nov 2, 2026).
What growth is priced into Hanwha Ocean Co., Ltd (042660)?
For today's price to be fair in a discounted-cash-flow model, Hanwha Ocean Co., Ltd would have to grow free cash flow by +18.6 % per year for five years (discount rate 9.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.7 % per year. As of Nov 2, 2026.
What discount rate (WACC) does the fair value of 042660 use?
Our models discount Hanwha Ocean Co., Ltd at 9.5 %: a base by market capitalisation (large), damped by beta 0.93, 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 Hanwha Ocean Co., Ltd that is +18.6 % per year a year over ten years, using the same discount rate (9.5 %) and the same formula as our fair value.
How much growth has Hanwha Ocean Co., Ltd (042660) delivered so far?
Over the past 5 years revenue at Hanwha Ocean Co., Ltd grew +12.7 % a year. The price currently implies +18.6 % 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 Hanwha Ocean Co., Ltd (042660) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Hanwha Ocean Co., Ltd (+18.6 % 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 Hanwha Ocean Co., Ltd (042660)?
The free-cash-flow yield on the price is 3.96 %: that much free cash flow Hanwha Ocean Co., Ltd produces per unit of market value. When it exceeds the discount rate of our models (9.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Hanwha Ocean Co., Ltd (042660)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hanwha Ocean Co., Ltd it is 44,204 KRW per share (as of Nov 2, 2026), against a price of 49,250 KRW. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Hanwha Ocean Co., Ltd stock overvalued or undervalued in 2026?
As of Nov 2, 2026, 042660 trades above its calculated fair value: price 49,250 KRW, fair value 44,204 KRW, a gap of about −10% (overvalued). 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 042660?
No. The price is what the market pays today (49,250 KRW); the fair value is what the company's own numbers justify (44,204 KRW). For Hanwha Ocean Co., Ltd the two are 5,046 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Hanwha Ocean Co., Ltd worth?
The market values Hanwha Ocean Co., Ltd at about 15.1T KRW (market capitalisation, as of Nov 2, 2026). Per share that is 49,250 KRW; our models calculate a fair value of 44,204 KRW per share.
What do the bullish and bearish scenarios say about 042660?
Our models span a range for Hanwha Ocean Co., Ltd: cautious scenario 26,596 KRW, base 44,204 KRW, optimistic 66,223 KRW per share (as of Nov 2, 2026, price 49,250 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 042660?
Hanwha Ocean Co., Ltd trades at a price-to-earnings ratio of 7.4 (as of Nov 2, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 44,204 KRW is built from several models across several years. Median P/E at fiscal year-end, 6 fiscal years (2017 to 2025), reported earnings: 26.9. Other multiples: PEG 0.4, P/B 2.5, P/S 1.0, EV/EBITDA 8.4.
What is the PEG ratio of 042660?
The PEG ratio of Hanwha Ocean Co., Ltd is 0.44 (P/E divided by earnings growth, as of Nov 2, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Hanwha Ocean Co., Ltd (042660)?
Balance-sheet figures for Hanwha Ocean Co., Ltd (as of Nov 2, 2026): return on equity 32.5%, debt of 0.38 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is 042660 from its 52-week high?
Hanwha Ocean Co., Ltd trades at 49,250 KRW, about 67% below its 52-week high of 149,900 KRW and at the low of 49,250 KRW (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of 44,204 KRW is for.
Which stocks are comparable to Hanwha Ocean Co., Ltd?
From the same area (Industrials) we also value General Electric Company, RTX Corporation, Airbus SE, Lockheed Martin 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 Hanwha Ocean Co., Ltd stock attractive at the current price?
The data as of Nov 2, 2026: price 49,250 KRW, calculated fair value 44,204 KRW (−10%), Quality Score 48/100, from 24 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 042660 calculated?
We run Hanwha Ocean Co., Ltd through 24 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 44,204 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 15.5% above its aggregate fair value. Hanwha Ocean Co., Ltd itself currently trades above fair value. 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 Hanwha Ocean Co., Ltd (042660)?
The closing price on Nov 5, 2026 was 49,250 KRW. Our model-based fair value is 44,204 KRW, about 10% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hanwha Ocean Co., Ltd right now?
A fairly wide model range (26,596 KRW to 66,223 KRW) leaves room in how you read the outcome. The price sits in the upper half of our model range, so the margin of safety is thin. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of Hanwha Ocean Co., Ltd
How large is the market capitalisation of Hanwha Ocean Co., Ltd (042660)?
The market capitalisation of Hanwha Ocean Co., Ltd is 15.1T KRW (≈ $11.1B). 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 Hanwha Ocean Co., Ltd (042660)?
The price-to-sales ratio of Hanwha Ocean Co., Ltd is 1.01 (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 Hanwha Ocean Co., Ltd (042660)?
Earnings per share at Hanwha Ocean Co., Ltd are 6,723 KRW (price ÷ EPS = P/E 7.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Hanwha Ocean Co., Ltd (042660)?
The net margin of Hanwha Ocean Co., Ltd is 13.8% (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 Hanwha Ocean Co., Ltd (042660)?
The return on equity (ROE) of Hanwha Ocean Co., Ltd is 32.5% (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 Hanwha Ocean Co., Ltd (042660)?
On an EBIT basis the return on assets of Hanwha Ocean Co., Ltd is −4.7% (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 Hanwha Ocean Co., Ltd (042660)?
The operating margin of Hanwha Ocean Co., Ltd is 13.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hanwha Ocean Co., Ltd (042660)?
Revenue at Hanwha Ocean Co., Ltd is growing +65.2% versus a year earlier (3y avg +38.0%). 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 Hanwha Ocean Co., Ltd (042660)?
Earnings per share at Hanwha Ocean Co., Ltd are growing +366% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Hanwha Ocean Co., Ltd (042660) carry?
The net debt of Hanwha Ocean Co., Ltd is 4.9T KRW (fiscal year 2025, ≈ 8.1 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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Some data
Nov 2, 2026