Hancom WITH Inc (054920) Fair Value & Analysis
Technology · KR · Market cap 76.4B KRW
Fair value as of: Jul 20, 2026
From 23 valuation models · updated 21 days ago
Fair value updated Jul 20, 2026, revised from 7,093 KRW to 5,307 KRW (−25.2%) since Jun 25, 2026. Share price +30.2% over the past month.
A solid business, screening 29% undervalued on our models.
What matters now
- Solid quality (66/100) at a price below fair value, the discount is the argument here, not the business quality.
- A fairly wide model range (3,144 KRW to 6,633 KRW) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
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 2,295 KRW – 12,850 KRW · fair‑value band 3,144 KRW – 6,633 KRW · the 4,100 KRW price screens below the 5,307 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.
Analysis
Hancom WITH Inc (054920) currently trades at 4,100 KRW, while our model-based Fair Value estimate is 5,307 KRW, implying the stock looks roughly 29.4% undervalued today. The Quality Score stands at 66/100 (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: high), always confirm before acting.
Over the trailing twelve months, Hancom WITH Inc generated revenue of 42.0B KRW at a net margin of 27.8%. Revenue grew 0.6% year over year. It earns a return on equity of 27.4%. Net debt stands at 62.0B KRW. Fundamentals as of Jul 20, 2026
Our scenario range runs from 3,144 KRW (bear case) to 6,633 KRW (bull case); at 4,100 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 54% below its 52-week high and 28% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at 8% fair-value upside, at 29%, 054920 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.
All 23 models by family
Widest divergence: Growth Earnings (18,819 KRW) versus Economic Profit (3,166 KRW). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 20, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 60 · Market factors (momentum, volatility) 5
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
Hancom WITH Inc. offers security products and solutions in Korea. The company offers HancomSLedger, a blockchain platform; Hancom BSS, a blockchain security solution; Hancom Pass, a biometric authentication platform solution; FacePIN, a facial recognition solution; AnyPIN, a web standard solution that supports simple authentication of the instrument panel …
Full company description
Hancom WITH Inc. offers security products and solutions in Korea. The company offers HancomSLedger, a blockchain platform; Hancom BSS, a blockchain security solution; Hancom Pass, a biometric authentication platform solution; FacePIN, a facial recognition solution; AnyPIN, a web standard solution that supports simple authentication of the instrument panel without installation; AnySign, a web section encryption solution that performs authentication, encryption, and decryption; and Hancom xPKI solution provides CA/RA/OCSP to build a private PKI infrastructure, including user management, and certificate issuance/management/verification/disuse list generation. It also provides Hancom xDB TSS, a storage-based encryption method that automatically encrypts and decrypts structured and unstructured data at the storage level without modifying the source; Clarity, an open-source visualization and security management solution; mobile and digital forensic products; mobile forensic training services; mobile forensic lab solutions; and VR cognitive/anti-dementia training systems. The company was formerly known as Hancom Secure Inc. and changed its name to Hancom WITH Inc. in July 2019. Hancom WITH Inc. was founded in 1999 and is based in Seongnam, South Korea.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Hancom WITH Inc reported revenue of 771B KRW in FY2025 versus 26.2B KRW in FY2021, a compound +132.9%/yr. Reported net income was 7.8B KRW in FY2025, compounding +11.0%/yr from FY2021.
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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.
Valuation Multiples vs Software & IT Services median · lower = cheaper
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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Software & IT Services stocks, each showing price versus our Fair Value estimate (as of Jul 20, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| KINX, Inc 093320 | 128,700 KRW | 74,800 KRW | -42% |
| Wemade Co 112040 | 15,160 KRW | 9,700 KRW | -36% |
| AfreecaTV Co 067160 | 45,200 KRW | 176,746 KRW | +291% |
| Gabia Inc 079940 | 44,050 KRW | 24,232 KRW | -45% |
| Hancom Inc 030520 | 15,890 KRW | 31,596 KRW | +99% |
| Webzen Inc 069080 | 11,750 KRW | 12,748 KRW | +8% |
| NEOWIZ 095660 | 17,010 KRW | 46,407 KRW | +173% |
| Wemade Max Co 101730 | 3,665 KRW | 825.00 KRW | -77% |
| GalaxiaMoneytree Co 094480 | 4,600 KRW | 3,778 KRW | -18% |
| DAEA TI Co 045390 | 2,475 KRW | 4,958 KRW | +100% |
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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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