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Seoul Semiconductor Co (046890) Fair Value & Analysis

Technology · KR · Market cap 513B KRW

SS Seoul Semiconductor Co 046890 · KQ
Price9,640 KRW
Fair Value14,320 KRW
Upside+48.6%
Quality49/100
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Weak Growth
Loss-making · -2.7% net margin
Low debt · generates free cash flow
Trails peers (2/9)
Narrow moat 21/100
Evidence: Medium Range 10,407 KRW – 20,102 KRW Share as image

Fair value as of: Jul 20, 2026

From 12 valuation models · updated 21 days ago

Fair value updated Jul 20, 2026, revised from 10,575 KRW to 14,320 KRW (+35.4%) since Jul 6, 2026. Share price −4.2% over the past month.

Below-average quality, screening 49% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (10,407 KRW). The market is more pessimistic than our downside scenario.
  • Solid quality (49/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (10,407 KRW to 20,102 KRW) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

19,343 KRW 5,830 KRW Fair Value 14,320 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 5,830 KRW – 19,343 KRW · fair‑value band 10,407 KRW – 20,102 KRW · the 9,640 KRW price screens below the 14,320 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

Seoul Semiconductor Co (046890) currently trades at 9,640 KRW, while our model-based Fair Value estimate is 14,320 KRW, implying the stock looks roughly 48.6% undervalued today. The Quality Score stands at 49/100 (below-average 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, Seoul Semiconductor Co generated revenue of 1.0T KRW at a net margin of -2.7%. Revenue declined 0.4% year over year. It earns a return on equity of -3.9%. Net debt stands at 75.6B KRW. Fundamentals as of Jul 20, 2026

Our scenario range runs from 10,407 KRW (bear case) to 20,102 KRW (bull case); at 9,640 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 49% below its 52-week high and 68% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -67% fair-value upside, at 49%, 046890 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 8,377 KRW 11,916 KRW 16,998 KRW 80
Rev-Margin DCF 6,874 KRW 10,266 KRW 13,905 KRW 74
Gordon GGM 1,308 KRW 2,281 KRW 3,527 KRW 70
All 12 models by family
DCF Models
FCF DCF 8,106 KRW 11,874 KRW 17,512 KRW 38
5Y Revenue Exit 6,874 KRW 10,174 KRW 14,212 KRW 39
5Y EBITDA Exit 8,610 KRW 13,257 KRW 18,431 KRW 41
10Y Revenue Exit 7,054 KRW 10,130 KRW 13,892 KRW 36
10Y EBITDA Exit 8,357 KRW 12,260 KRW 17,033 KRW 37
Dividend Discount
Gordon GGM 1,308 KRW 2,281 KRW 3,527 KRW 70
DDM Multi-Stage 1,308 KRW 1,965 KRW 2,726 KRW 61
Multiples
EV/EBITDA 10,122 KRW 13,448 KRW 16,774 KRW 54
EV/Revenue 6,612 KRW 9,384 KRW 12,156 KRW 43
Asset-Based
NCAV (Graham) 5,496 KRW 7,365 KRW 10,993 KRW 50
Growth DCF
Growth DCF 8,377 KRW 11,916 KRW 16,998 KRW 80
Rev-Margin DCF 6,874 KRW 10,266 KRW 13,905 KRW 74

Widest divergence: DCF Models (11,874 KRW) versus Dividend Discount (1,965 KRW). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 1.0T KRW
Revenue growth (YoY) -0.4%
Net margin -2.7%
Return on equity -3.9%
Free cash flow 40.1B KRW FY2025
Operating margin 0.6%
More key figures
EPS growth (YoY) +52.5%
Net debt 75.6B KRW FY2025

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

Quality Score breakdown

Overall quality 49/100

Of which business quality 48 · Market factors (momentum, volatility) 43

Profitability 20
Margins and returns on capital today
Quality Growth 31
Are margins and returns improving?
Cashflow 29
Earnings quality: real cash, not paper profit
Fin. Strength 59
Balance sheet, leverage, solvency risk
Investment 95
Disciplined investing over empire-building
Low Volatility 16
Calm price path (market factor)
Momentum 56
Price trend over the last 3–12 months (market factor)
52W Momentum 52
Distance to the 52-week high (market factor)
Net Issuance 82
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

Seoul Semiconductor Co., Ltd. manufactures and sells light emitting diodes (LEDs) products worldwide. The company offers high and mid power products; low power chip LEDs and through holes; chip on boards; filament LEDs; modules; nano and micro drivers; automotive products; backlighting units for TVs/monitors, notebooks/tablets/mobiles, and automotive …

Full company description

Seoul Semiconductor Co., Ltd. manufactures and sells light emitting diodes (LEDs) products worldwide. The company offers high and mid power products; low power chip LEDs and through holes; chip on boards; filament LEDs; modules; nano and micro drivers; automotive products; backlighting units for TVs/monitors, notebooks/tablets/mobiles, and automotive display products; and flash LEDs, as well as sensor and datacom products. It provides its products for residential, commercial, horticulture, industrial, outdoor and entertainment, module and driver, front lightning, automotive, interior, sensor, datacom, bio identification, AR, VR, LiDAR, and CCTV applications. Seoul Semiconductor Co., Ltd. was founded in 1987 and is based in Ansan-si, South Korea.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Seoul Semiconductor Co reported revenue of 1.0T KRW in FY2025 versus 1.3T KRW in FY2021, a compound −6.1%/yr. Reported net income was −51.4B KRW in FY2025.

Growth Quality 18/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
1.0T KRW
Latest YoY
−7.1%
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.
−3.0%
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.
−2.5%
Avg. growth/yr (21Y) 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.
+10.4%
Revenue −6.1%/yr
FY21 1.3T KRW
FY22 1.1T KRW
FY23 1.0T KRW
FY24 1.1T KRW
FY25 1.0T KRW
Net income
FY21 49.7B KRW
FY22 −1.1B KRW
FY23 −22.4B KRW
FY24 −5.0B KRW
FY25 −51.4B KRW

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Cite: Fair Value Calculator (2026). "Seoul Semiconductor Co Fair Value". https://www.fairvalue-calculator.com/stock/046890

Peer Group

Semiconductors · 318 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 49 · Below median
Fair Value upside +49% · Top 25%
Return on assets -1% · Below median
Net margin (TTM) -3% · Bottom 25%
Operating margin (TTM) 1% · Below median
Revenue growth -0% · Below median
Debt / equity 0.08× · Higher than median

Valuation Multiples vs Semiconductors 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 98 · sector 0
FUTURE 0 · sector 60
PAST 0 · sector 25
HEALTH 96 · sector 97
DIVIDEND 0 · sector 22

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 stocks, each showing price versus our Fair Value estimate (as of Jul 20, 2026).

Stock Price Fair Value vs Fair Value
NVIDIA Corporation NVDA $211.80 $96.91 -54%
Taiwan Semiconductor Manufacturing Company TSM $398.37 $207.49 -48%
Broadcom Inc 1AVGO €367.75 €121.25 -67%
Micron Technology, Inc 1MU €784.90 €185.67 -76%
SK hynix Inc 000660 2,082,000 KRW 1,109,311 KRW -47%
Advanced Micro Devices, Inc 1AMD €425.20 €56.33 -87%
Intel Corporation INTC C$68.40 C$9.82 -86%
Texas Instruments Incorporated TXN $311.46 $59.75 -81%
MediaTek Inc 2454 3,740 TWD 1,163 TWD -69%
SK Square Co 402340 1,212,000 KRW 868,000 KRW -28%

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Frequently asked questions

Is Seoul Semiconductor Co (046890) overvalued or undervalued?
As of Jul 20, 2026, our model estimates a fair value of 14,320 KRW versus a price of 9,640 KRW, about +49% (undervalued).
What is the fair value of 046890?
Our model-based fair value for Seoul Semiconductor Co is 14,320 KRW (as of Jul 20, 2026), built from audited fundamentals. The current price is 9,640 KRW.
What is the quality score of 046890?
Seoul Semiconductor Co has a Quality Score of 49/100. 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 Seoul Semiconductor Co (046890)?
Seoul Semiconductor Co reported trailing-twelve-month revenue of about 1.0T KRW (latest available figure, as of Jul 20, 2026).
What is the net profit margin of 046890?
The net profit margin of Seoul Semiconductor Co is about -2.7%, meaning it is currently running at a net loss. 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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