Hancom WITH Inc (054920) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Hancom WITH Inc KRW 5,242, price KRW 4,745, upside +10.5%, quality 66 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 2,295 KRW – 11,550 KRW · fair‑value band 2,949 KRW – 6,553 KRW · the 4,745 KRW price screens below the 5,242 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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Hancom WITH Inc. offers security products and solutions in Korea.
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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.
Stock analysis
Hancom WITH Inc (054920) currently trades at 4,745 KRW, while our model-based Fair Value estimate is 5,242 KRW, implying the stock looks roughly 9.5% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 15,777 KRW per share, and 18 of the 23 models we run sit above the 4,745 KRW price.
Bear case: the Economic Profit group reads lowest at 1,710 KRW, and 5 of the 23 models stay below the price. Evidence for this calculation is medium.
Scenario range: 2,949 KRW (bear) to 6,553 KRW (bull), the price of 4,745 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 66/100 (solid quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
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.
Key figures
Market cap 119B KRW (≈ $87.6M) · P/S ratio 1.82 · Net margin 1.0% · Return on equity 27.4% · Return on assets (EBIT) 0.5% · Operating margin 6.5% · Revenue growth (YoY) +0.6% · EPS growth (YoY) +166%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 34 out of 100 (low confidence).
What moves the price
The share trades about 42% below its 52-week high and 65% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at 48% fair-value upside, at 10%, 054920 screens richer than that median.
Fair Value models
Bear 2,949 KRWFair Value 5,242 KRWBull 6,553 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.87/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+72.1%
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.
+199.5%
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.
+90.3%
Start year 2020 (pandemic). Over 10 years: +48.8% a year
Revenue growth 17 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.
+22.0%
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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.
≈ −17.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−17.0%
Dividend (yield on the price)0.0%
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.7% → 1%
⚠ Rate on operating basis: 2025 sits 101% above its own trend.
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).
+31.2%
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 +28.5% a year for the price.
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.Software & IT Services · 39 stocks
Beats the industry median on 5/9 measures
A mixed picture versus its industry peers.
Valuation
Quality Score66 · Top 25%
Fair Value upside+11% · Above median
Profitability
Return on equity (TTM)27% · Below median
Return on assets1% · Below median
Net margin (TTM)28% · Top 25%
Operating margin (TTM)7% · Above median
Growth and dividend
Revenue growth1% · Above median
Balance sheet
Debt / equity0.10× · Above median
Valuation Multiplesvs Software & IT Services median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Hancom WITH Inc Fair Value". https://www.fairvalue-calculator.com/stock/054920
Frequently asked questions
Is Hancom WITH Inc (054920) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 5,242 KRW versus a price of 4,745 KRW, about +10% upside (undervalued).
What is the fair value of 054920?
Our model-based fair value for Hancom WITH Inc is 5,242 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 4,745 KRW.
What is the quality score of 054920?
Hancom WITH Inc has a Quality Score of 66/100. 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 Hancom WITH Inc (054920)?
Our model-based price target is the fair value of 5,242 KRW (as of Sep 24, 2026) from 23 valuation models. Cautious scenario 2,949 KRW, optimistic scenario 6,553 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Hancom WITH Inc stock forecast for 2026?
Our models put fair value at 5,242 KRW, about +10% upside versus a price of 4,745 KRW (undervalued). Cautious scenario 2,949 KRW, optimistic scenario 6,553 KRW. The calculation is refreshed regularly with new filings.
What growth is priced into Hancom WITH Inc (054920)?
For today's price to be fair in a discounted-cash-flow model, Hancom WITH Inc would have to grow free cash flow by +31.2 % per year for five years (discount rate 15.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +90.3 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 054920 use?
Our models discount Hancom WITH Inc at 15.6 %: a base by market capitalisation (micro), damped by beta 2.13, 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 Hancom WITH Inc that is +31.2 % per year a year over ten years, using the same discount rate (15.6 %) and the same formula as our fair value.
How much growth has Hancom WITH Inc (054920) delivered so far?
Over the past 5 years revenue at Hancom WITH Inc grew +90.3 % a year. The price currently implies +31.2 % 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 Hancom WITH Inc (054920) growing?
The median revenue growth in the sector is +8.1 % a year. That is the yardstick for the growth priced into Hancom WITH Inc (+31.2 % 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 Hancom WITH Inc (054920)?
The free-cash-flow yield on the price is 5.14 %: that much free cash flow Hancom WITH Inc produces per unit of market value. When it exceeds the discount rate of our models (15.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Hancom WITH Inc (054920)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hancom WITH Inc it is 5,242 KRW per share (as of Sep 24, 2026), against a price of 4,745 KRW. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is Hancom WITH Inc stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 054920 trades below its calculated fair value: price 4,745 KRW, fair value 5,242 KRW, a gap of about +10% (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 054920?
No. The price is what the market pays today (4,745 KRW); the fair value is what the company's own numbers justify (5,242 KRW). For Hancom WITH Inc the two are 497.24 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Hancom WITH Inc worth?
The market values Hancom WITH Inc at about 119B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 4,745 KRW; our models calculate a fair value of 5,242 KRW per share.
What do the bullish and bearish scenarios say about 054920?
Our models span a range for Hancom WITH Inc: cautious scenario 2,949 KRW, base 5,242 KRW, optimistic 6,553 KRW per share (as of Sep 24, 2026, price 4,745 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Hancom WITH Inc (054920)?
Balance-sheet figures for Hancom WITH Inc (as of Sep 24, 2026): return on equity 27.4%, debt of 0.10 per unit of equity. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is 054920 from its 52-week high?
Hancom WITH Inc trades at 4,745 KRW, about 42% below its 52-week high of 8,170 KRW and 65% above the low of 2,870 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 5,242 KRW is for.
Which stocks are comparable to Hancom WITH 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 Hancom WITH Inc stock attractive at the current price?
The data as of Sep 24, 2026: price 4,745 KRW, calculated fair value 5,242 KRW (+10%), Quality Score 66/100, from 23 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 054920 calculated?
We run Hancom WITH Inc through 23 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 5,242 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. Hancom WITH Inc currently trades 10 % 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 Hancom WITH Inc (054920)?
The closing price on Sep 23, 2026 was 4,745 KRW. Our model-based fair value is 5,242 KRW, about +10% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hancom WITH Inc right now?
A fairly wide model range (2,949 KRW to 6,553 KRW) leaves room in how you read the outcome. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of Hancom WITH Inc
How large is the market capitalisation of Hancom WITH Inc (054920)?
The market capitalisation of Hancom WITH Inc is 119B KRW (≈ $87.6M). 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 Hancom WITH Inc (054920)?
The price-to-sales ratio of Hancom WITH Inc is 1.82 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of Hancom WITH Inc (054920)?
The net margin of Hancom WITH Inc is 1.0% (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 Hancom WITH Inc (054920)?
The return on equity (ROE) of Hancom WITH Inc is 27.4% (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 Hancom WITH Inc (054920)?
On an EBIT basis the return on assets of Hancom WITH Inc is 0.5% (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 Hancom WITH Inc (054920)?
The operating margin of Hancom WITH Inc is 6.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hancom WITH Inc (054920)?
Revenue at Hancom WITH Inc is growing +0.6% versus a year earlier (3y avg +200%). 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 Hancom WITH Inc (054920)?
Earnings per share at Hancom WITH Inc are growing +166% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Hancom WITH Inc (054920) carry?
The net debt of Hancom WITH Inc is 62.0B KRW (fiscal year 2025, ≈ 10.1 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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