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Openbase Inc (049480) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Openbase Inc KRW 2,360, price KRW 1,882, upside +25.4%, quality 55 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
  3. Add to watchlist

Technology · KR · ISIN KR7049480007

OI Thin data Sep 24, 2026

Openbase Inc

049480 · KQ

UndervaluedThe stock appears undervalued with acceptable quality.

✓Fair value 2,360 KRW · Undervalued (+25%)
!Quality 55/100
!Expensive Growth (revenue 5y +8.4 %/yr)
!Thin margins · 3.0% net margin (TTM)
!Low debt · negative free cash flow
·1.07% dividend yield
!Trails peers (3/8)
!Narrow moat 33/100
!Evidence only low, so the estimate is less certain
!Weak on dividend: 21 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

7,251 KRW 1,607 KRW Fair Value 2,360 KRW Apr 2021 Sep 2026

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 1,607 KRW – 7,251 KRW · fair‑value band 2,239 KRW – 2,525 KRW · the 1,882 KRW price screens below the 2,360 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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Company profile

Openbase, Inc. provides IT infrastructure service in South Korea. The company offers network infrastructure solutions for load balancing, WAN acceleration, intelligent traffic management, and DNS/DHCP/IP management solutions.

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Openbase, Inc. provides IT infrastructure service in South Korea. The company offers network infrastructure solutions for load balancing, WAN acceleration, intelligent traffic management, and DNS/DHCP/IP management solutions. It also provides security solutions for the protection of network infrastructures, such as Radware DefensePro, a hardware platform; Web Application Firewall; FireEye, an APT security solution; and Rapid 7, a vulnerability diagnosis and mock hacking verification solution. In addition, the company also offers ADC smart solution for diagnosis of ADC disability, analysis, restoration of setting history, performance monitoring, and secure management; and TARGOS, a detection system of APT, as well as IT outsourcing services. It serves public services, finance, distribution, and manufacturing sectors. The company was founded in 1995 and is based in Seoul, South Korea.

Stock analysis

Openbase Inc (049480) currently trades at 1,882 KRW, while our model-based Fair Value estimate is 2,360 KRW, implying the stock looks roughly 20.2% undervalued today.

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Valuation

Bull case: the Growth Earnings group reads highest at a median of 5,814 KRW per share, and 13 of the 15 models we run sit above the 1,882 KRW price.

Bear case: the Earnings-Based group reads lowest at 1,617 KRW, and 2 of the 15 models stay below the price. Evidence for this calculation is low.

Scenario range: 2,239 KRW (bear) to 2,525 KRW (bull), the price of 1,882 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 55/100 (solid quality), in the Technology sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Openbase Inc reported revenue of 233B KRW in FY2025 versus 176B KRW in FY2021, a compound +7.3%/yr. Reported net income was 7.3B KRW in FY2025, compounding +11.9%/yr from FY2021.

Key figures

Market cap 51.4B KRW (≈ $37.8M) · P/S ratio 0.26 · Dividend yield 1.1% · Net margin 3.1% · Return on equity 870% · Return on assets (EBIT) 4.2% · Operating margin 4.6% · Revenue (TTM) 192B KRW.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (medium confidence).

What moves the price

The share trades about 48% below its 52-week high and 17% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Technology peers we cover trades at 48% fair-value upside, at 25%, 049480 screens richer than that median.

Fair Value models

Bear 2,239 KRW Fair Value 2,360 KRW Bull 2,525 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.
Highest evidence
Owner Earnings 3,073 KRW 4,589 KRW 6,820 KRW 76
Residual Income 2,352 KRW 2,528 KRW 2,909 KRW 76
EPV 2,361 KRW 2,699 KRW 2,991 KRW 74
All 15 models by family
DCF Models
Owner Earnings 3,073 KRW 4,589 KRW 6,820 KRW 76
Earnings-Based
Graham-Dodd 1,629 KRW 5,153 KRW 6,865 KRW 64
Lynch FV 1,132 KRW 1,617 KRW 2,102 KRW 61
PEG = 1.0 1,132 KRW 1,617 KRW 2,102 KRW 57
EPV 2,361 KRW 2,699 KRW 2,991 KRW 74
Multiples
P/E Multiple 5,031 KRW 6,708 KRW 8,385 KRW 63
P/S Multiple 3,054 KRW 4,072 KRW 5,091 KRW 58
P/B Multiple 3,054 KRW 4,072 KRW 5,091 KRW 55
EV/EBIT 4,929 KRW 6,498 KRW 8,068 KRW 66
EV/EBITDA 5,615 KRW 7,412 KRW 9,210 KRW 67
EV/Revenue 2,601 KRW 3,621 KRW 4,641 KRW 54
Asset-Based
NCAV (Graham) 1,417 KRW 1,898 KRW 2,833 KRW 54
Economic Profit
Residual Income 2,352 KRW 2,528 KRW 2,909 KRW 76
ROIC Compounder 2,361 KRW 2,699 KRW 3,157 KRW 72
Growth Earnings
Growth-Adj P/E 4,070 KRW 5,814 KRW 7,559 KRW 67

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Quality Score breakdown

Overall quality 55/100

Of which business quality 53 · Market factors (momentum, volatility) 20

Profitability 51
Margins and returns on capital today
Quality Growth 46
Are margins and returns improving?
Cashflow 11
Earnings quality: real cash, not paper profit
Fin. Strength 63
Balance sheet, leverage, solvency risk
Investment 83
Disciplined investing over empire-building
Low Volatility 22
Calm price path (market factor)
Momentum 24
Price trend over the last 3–12 months (market factor)
52W Momentum 11
Distance to the 52-week high (market factor)
Net Issuance 90
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 50/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+3.0%
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.
+6.5%
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.
+8.4%
Start year 2020 (pandemic). Over 10 years: +7.0% a year
Revenue growth 14 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.
+5.7%
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.
+20.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+19.8%
Dividend (yield on the price)1.1%
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.27% vs 4%, 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.2% → 3%
Start year 2020 (pandemic)

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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.Software & IT Services · 39 stocks

Beats the industry median on 3/8 measures
Overall it trails its industry peers.
Valuation
Quality Score 55 · Below median
Fair Value upside +25% · Above median
Profitability
Return on assets 4% · Above median
Net margin (TTM) 3% · Below median
Operating margin (TTM) 5% · Above median
Growth and dividend
Revenue growth −12% · Below median
Dividend yield (TTM) 1.1% · Below median
Balance sheet
Debt / equity 0.12× · Above median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)67 · sector 47
FUTURE (revenue growth)0 · sector 3
PAST (return on equity)0 · sector 100
HEALTH (low debt)94 · sector 99
DIVIDEND (yield)21 · sector 26

Context: sector, industry, market

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

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Openbase Inc · Fair Value
2,360 KRW +20%Fair Value
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Cite: Fair Value Calculator (2026). "Openbase Inc Fair Value". https://www.fairvalue-calculator.com/stock/049480

Frequently asked questions

Is Openbase Inc (049480) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 2,360 KRW versus a price of 1,882 KRW, about +25% upside (undervalued).
What is the fair value of 049480?
Our model-based fair value for Openbase Inc is 2,360 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 1,882 KRW.
What is the quality score of 049480?
Openbase Inc has a Quality Score of 55/100. 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 Openbase Inc (049480)?
Our model-based price target is the fair value of 2,360 KRW (as of Sep 24, 2026) from 15 valuation models. Cautious scenario 2,239 KRW, optimistic scenario 2,525 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Openbase Inc stock forecast for 2026?
Our models put fair value at 2,360 KRW, about +25% upside versus a price of 1,882 KRW (undervalued). Cautious scenario 2,239 KRW, optimistic scenario 2,525 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Openbase Inc (049480)?
Openbase Inc reported trailing-twelve-month revenue of about 192B KRW (latest available figure, as of Sep 24, 2026).
Does Openbase Inc pay a dividend?
Openbase Inc currently shows a dividend yield of about 1.07% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Openbase Inc (049480)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Openbase Inc it is 2,360 KRW per share (as of Sep 24, 2026), against a price of 1,882 KRW. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is Openbase Inc stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 049480 trades below its calculated fair value: price 1,882 KRW, fair value 2,360 KRW, a gap of about +25% (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 049480?
No. The price is what the market pays today (1,882 KRW); the fair value is what the company's own numbers justify (2,360 KRW). For Openbase Inc the two are 477.77 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Openbase Inc worth?
The market values Openbase Inc at about 51.4B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 1,882 KRW; our models calculate a fair value of 2,360 KRW per share.
What do the bullish and bearish scenarios say about 049480?
Our models span a range for Openbase Inc: cautious scenario 2,239 KRW, base 2,360 KRW, optimistic 2,525 KRW per share (as of Sep 24, 2026, price 1,882 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Openbase Inc (049480)?
Balance-sheet figures for Openbase Inc (as of Sep 24, 2026): debt of 0.12 per unit of equity. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is 049480 from its 52-week high?
Openbase Inc trades at 1,882 KRW, about 48% below its 52-week high of 3,630 KRW and 17% above the low of 1,607 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 2,360 KRW is for.
Which stocks are comparable to Openbase Inc?
From the same area (Technology) we also value KINX, Inc, Wemade Co, Gabia Inc, Hancom Inc, 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 Openbase Inc stock attractive at the current price?
The data as of Sep 24, 2026: price 1,882 KRW, calculated fair value 2,360 KRW (+25%), Quality Score 55/100, from 15 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 049480 calculated?
We run Openbase Inc through 15 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 2,360 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. Openbase Inc currently trades 25 % 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 Openbase Inc (049480)?
The closing price on Sep 23, 2026 was 1,882 KRW. Our model-based fair value is 2,360 KRW, about +25% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Openbase Inc right now?
The price is below even our cautious bear case (2,239 KRW). The market is more pessimistic than our downside scenario. Solid quality (55/100) at a price below fair value, the discount is the argument here, not the business quality. The models converge in a tight band (2,239 KRW to 2,525 KRW), unusually little disagreement for a valuation. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Openbase Inc

How large is the market capitalisation of Openbase Inc (049480)?
The market capitalisation of Openbase Inc is 51.4B KRW (≈ $37.8M). 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 Openbase Inc (049480)?
The price-to-sales ratio of Openbase Inc is 0.26 (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 Openbase Inc (049480)?
The dividend yield of Openbase Inc is 1.1%. 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 Openbase Inc (049480)?
The net margin of Openbase Inc is 3.1% (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 Openbase Inc (049480)?
The return on equity (ROE) of Openbase Inc is 870% (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 Openbase Inc (049480)?
On an EBIT basis the return on assets of Openbase Inc is 4.2% (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 Openbase Inc (049480)?
The operating margin of Openbase Inc is 4.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Openbase Inc (049480)?
Revenue at Openbase Inc is growing −12.1% versus a year earlier (3y avg +6.5%). 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 Openbase Inc (049480)?
Earnings per share at Openbase Inc are growing −92.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Openbase Inc (049480) generate?
The free cash flow of Openbase Inc is −5.5B KRW (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Openbase Inc (049480) carry?
The net debt of Openbase Inc is 300M KRW (fiscal year 2025). 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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