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MiCo Ltd (059090) Fair Value & Analysis

Technology · KR · Market cap 471B KRW

ML MiCo Ltd 059090 · KQ
Price16,800 KRW
Fair Value18,731 KRW
Upside+11.5%
Quality37/100
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Expensive Growth
Thin margins · 0.6% net margin
High debt · negative free cash flow
Mixed vs. peers (4/9)
Narrow moat 32/100
Evidence: Medium Range 14,048 KRW – 24,545 KRW Share as image

Fair value as of: Jul 20, 2026

From 16 valuation models · updated 21 days ago

Share price −1.9% over the past month.

Below-average quality, screening 12% undervalued on our models.

What matters now

  • Our model range runs from 14,048 KRW (bear) to 24,545 KRW (bull), base 18,731 KRW. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 37/100 (below-average quality) with medium evidence: read the verdict with care.
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Price vs Fair Value (5 years)

27,900 KRW 6,016 KRW Fair Value 18,731 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 6,016 KRW – 27,900 KRW · fair‑value band 14,048 KRW – 24,545 KRW · the 16,800 KRW price screens below the 18,731 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

MiCo Ltd (059090) currently trades at 16,800 KRW, while our model-based Fair Value estimate is 18,731 KRW, implying the stock looks roughly 11.5% undervalued today. The Quality Score stands at 37/100 (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, MiCo Ltd generated revenue of 1.1T KRW at a net margin of 0.6%. Revenue grew 49.8% year over year. It earns a return on equity of 7.7%. Net debt stands at 794B KRW. Fundamentals as of Jul 20, 2026

Our scenario range runs from 14,048 KRW (bear case) to 24,545 KRW (bull case); at 16,800 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 43% below its 52-week high and 35% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -75% fair-value upside, at 12%, 059090 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
Residual Income 6,591 KRW 8,754 KRW 51,522 KRW 76
ROIC Compounder 28,752 KRW 46,211 KRW 71,281 KRW 72
Gordon GGM 3,274 KRW 7,148 KRW 12,026 KRW 70
All 16 models by family
Earnings-Based
Graham-Dodd 6,369 KRW 43,663 KRW 61,230 KRW 54
Lynch FV 12,843 KRW 18,347 KRW 23,852 KRW 50
PEG = 1.0 12,843 KRW 18,347 KRW 23,852 KRW 46
EPV 21,329 KRW 26,511 KRW 31,117 KRW 59
Dividend Discount
Gordon GGM 3,274 KRW 7,148 KRW 12,026 KRW 70
DDM Multi-Stage 3,274 KRW 5,855 KRW 7,449 KRW 61
Multiples
P/E Multiple 14,048 KRW 18,731 KRW 23,414 KRW 63
P/S Multiple 11,941 KRW 15,922 KRW 19,902 KRW 58
P/B Multiple 8,231 KRW 10,974 KRW 13,718 KRW 55
EV/EBIT 36,305 KRW 51,084 KRW 65,864 KRW 53
EV/EBITDA 48,082 KRW 66,788 KRW 85,493 KRW 54
EV/Revenue 21,853 KRW 34,662 KRW 47,472 KRW 43
Asset-Based
NCAV (Graham) 1,829 KRW 2,451 KRW 3,658 KRW 50
Economic Profit
Residual Income 6,591 KRW 8,754 KRW 51,522 KRW 76
ROIC Compounder 28,752 KRW 46,211 KRW 71,281 KRW 72
Growth Earnings
Growth-Adj P/E 17,317 KRW 24,739 KRW 32,161 KRW 68

Widest divergence: Growth Earnings (24,739 KRW) versus Asset-Based (2,451 KRW). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 1.1T KRW
Revenue growth (YoY) +49.8%
Net margin 0.6%
Return on equity 7.7%
Free cash flow −300B KRW FY2025
Operating margin 5.9%
More key figures
EPS growth (YoY) -20.8%
Net debt 794B KRW FY2025

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

Quality Score breakdown

Overall quality 37/100

Of which business quality 36 · Market factors (momentum, volatility) 33

Profitability 37
Margins and returns on capital today
Quality Growth 55
Are margins and returns improving?
Cashflow 11
Earnings quality: real cash, not paper profit
Fin. Strength 16
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 3
Calm price path (market factor)
Momentum 46
Price trend over the last 3–12 months (market factor)
52W Momentum 46
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

MiCo Ltd., an engineering company, produces and sells ceramic materials and components in South Korea and internationally.

Full company description

MiCo Ltd., an engineering company, produces and sells ceramic materials and components in South Korea and internationally. The company offers heater granule powder, ESC granule powder, and parts granule powder, as well as alumina, YAG, and aluminium nitride powders, which are used in manufacturing and coating parts for semi-conductor equipment for display equipment, and cells for solid oxide fuel cell systems. It provides polyimide ESC, APS coating ESC, and ceramic ESC for display, semiconductor, and LED/LCD applications, as well as repair services; and solid oxide fuel cells. MiCo Ltd. was formerly known as KoMiCo Ltd. and changed its name to MiCo Ltd. in 2013. The company was founded in 1996 and is headquartered in Anseong-si, South Korea.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

MiCo Ltd reported revenue of 977B KRW in FY2025 versus 365B KRW in FY2021, a compound +27.9%/yr. Reported net income was 29.5B KRW in FY2025.

Growth Quality 52/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
977B KRW
Latest YoY
+80.8%
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.
+33.0%
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.
+28.3%
Avg. growth/yr (20Y) 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.
+13.9%
Revenue +27.9%/yr
FY21 365B KRW
FY22 415B KRW
FY23 382B KRW
FY24 541B KRW
FY25 977B KRW
Net income
FY21 −17.8B KRW
FY22 −55.2B KRW
FY23 −27.3B KRW
FY24 18.1B KRW
FY25 29.5B KRW

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Cite: Fair Value Calculator (2026). "MiCo Ltd Fair Value". https://www.fairvalue-calculator.com/stock/059090

Peer Group

Semiconductor Equipment & Materials · 213 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 37 · Bottom 25%
Fair Value upside +12% · Top 25%
Return on equity (TTM) 8% · Above median
Return on assets 3% · Below median
Net margin (TTM) 1% · Bottom 25%
Operating margin (TTM) 6% · Below median
Revenue growth 50% · Top 25%
Debt / equity 4.87× · Higher than 75% of peers

Valuation Multiples vs Semiconductor Equipment & Materials median · lower = cheaper

EV/EBITDA 1.6× · 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 49 · sector 0
FUTURE 100 · sector 59
PAST 31 · sector 31
HEALTH 0 · sector 96
DIVIDEND 0 · sector 16

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

Stock Price Fair Value vs Fair Value
ASML Holding ASML C$50.50 C$15.57 -69%
Applied Materials, Inc AMAT $579.43 $143.08 -75%
Lam Research Corporation LRCX $346.10 $67.57 -80%
KLA Corporation KLAC $212.75 $53.01 -75%
NAURA Technology Group 002371 ¥774.20 ¥151.43 -80%
Advanced Micro-Fabrication Equipment Inc 688012 ¥350.69 ¥41.79 -88%
Piotech Inc 688072 ¥832.00 ¥431.44 -48%
Hon. Precision, Inc 7769 6,005 TWD 1,804 TWD -70%
Hangzhou Changchuan Technology Co 300604 ¥325.24 ¥33.33 -90%
MPI Corporation 6223 5,600 TWD 609.44 TWD -89%

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Frequently asked questions

Is MiCo Ltd (059090) overvalued or undervalued?
As of Jul 20, 2026, our model estimates a fair value of 18,731 KRW versus a price of 16,800 KRW, about +12% (undervalued).
What is the fair value of 059090?
Our model-based fair value for MiCo Ltd is 18,731 KRW (as of Jul 20, 2026), built from audited fundamentals. The current price is 16,800 KRW.
What is the quality score of 059090?
MiCo Ltd has a Quality Score of 37/100. 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 MiCo Ltd (059090)?
MiCo Ltd reported trailing-twelve-month revenue of about 1.1T KRW (latest available figure, as of Jul 20, 2026).
What is the net profit margin of 059090?
The net profit margin of MiCo Ltd is about 0.6%, meaning it keeps roughly 0.6% of revenue as net income. 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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