Telcoware (078000) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Telcoware KRW 18,982, price KRW 13,330, upside +42.4%, quality 74 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 6,607 KRW – 23,000 KRW · fair‑value band 17,068 KRW – 23,728 KRW · the 13,330 KRW price screens below the 18,982 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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Telcoware Co.,Ltd. operates in the application software development and supply industry in South Korea.
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Telcoware Co.,Ltd. operates in the application software development and supply industry in South Korea. The company offers IMS solutions, such as call session control, home, interconnection border control, media gateway control, and media resource function, as well as a session border controller, C4- soft switch, RCS IM system, and subscriber and telephony application server. It also provides 5G/LTE Core products, including unified data management and repository, network repository function, security edge protection proxy, user plane function, home location registers and subscriber server, gateway location register, 5G equipment identity register, number portability database, and Telcobase, a main memory database management system; and cloud solutions, including NFV management and orchestration, Kubernetes container platform management solution, and cloud-native CSCF system. In addition, the company offers security products comprising AlleyeZ VMS, AlleyeZ VSaaS, and intelligent video analysis; and MLOps, failure prediction and traffic big data system, and digital brand solution. Telcoware Co.,Ltd. was founded in 2000 and is based in Seoul, South Korea.
Stock analysis
Telcoware (078000) currently trades at 13,330 KRW, while our model-based Fair Value estimate is 18,982 KRW, implying the stock looks roughly 29.8% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 25,070 KRW per share, and 18 of the 24 models we run sit above the 13,330 KRW price.
Bear case: the Dividend Discount group reads lowest at 6,126 KRW, and 6 of the 24 models stay below the price. Evidence for this calculation is medium.
Scenario range: 17,068 KRW (bear) to 23,728 KRW (bull), the price of 13,330 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 74/100 (solid quality), in the Communication Services sector.
Mixed Growth: Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
Telcoware reported revenue of 38.4B KRW in FY2025 versus 34.8B KRW in FY2021, a compound +2.4%/yr. Reported net income was 6.2B KRW in FY2025, compounding +35.9%/yr from FY2021.
Key figures
Market cap 68.8B KRW (≈ $50.6M) · P/S ratio 1.67 · Dividend yield 4.8% · Net margin 16.1% · Return on equity 11.4% · Return on assets (EBIT) 2.1% · Operating margin −19.8% · Revenue (TTM) 38.8B KRW.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 42% below its 52-week high and 10% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 47% fair-value upside, at 42%, 078000 screens richer than that median.
Fair Value models
Bear 17,068 KRWFair Value 18,982 KRWBull 23,728 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.55/100
Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
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.
+8.8%
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.
+1.4%
Revenue growth 13 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.
−1.5%
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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. 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.
+34.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+29.2%
Dividend (yield on the price)4.8%
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% → 9%
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).
−20.1%
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 −21.7% 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.Telecom Services · 249 stocks
Beats the industry median on 7/9 measures
Overall it ranks above its industry peers.
Valuation
Quality Score74 · Top 25%
Fair Value upside+42% · Above median
Profitability
Return on equity (TTM)11% · Above median
Return on assets2% · Below median
Net margin (TTM)32% · Top 25%
Operating margin (TTM)−20% · Bottom 25%
Growth and dividend
Revenue growth7% · Above median
Dividend yield (TTM)4.8% · Above median
Valuation Multiplesvs Telecom Services median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Telcoware Fair Value". https://www.fairvalue-calculator.com/stock/078000
Frequently asked questions
Is Telcoware (078000) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 18,982 KRW versus a price of 13,330 KRW, about +42% upside (undervalued).
What is the fair value of 078000?
Our model-based fair value for Telcoware is 18,982 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 13,330 KRW.
What is the quality score of 078000?
Telcoware has a Quality Score of 74/100. 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 Telcoware (078000)?
Our model-based price target is the fair value of 18,982 KRW (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 17,068 KRW, optimistic scenario 23,728 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Telcoware stock forecast for 2026?
Our models put fair value at 18,982 KRW, about +42% upside versus a price of 13,330 KRW (undervalued). Cautious scenario 17,068 KRW, optimistic scenario 23,728 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Telcoware (078000)?
Telcoware reported trailing-twelve-month revenue of about 38.8B KRW (latest available figure, as of Sep 24, 2026).
Does Telcoware pay a dividend?
Telcoware currently shows a dividend yield of about 4.80% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Telcoware (078000)?
For today's price to be fair in a discounted-cash-flow model, Telcoware would have to grow free cash flow by -20.1 % per year for five years (discount rate 8.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +1.1 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 078000 use?
Our models discount Telcoware at 8.9 %: a base by market capitalisation (nano), damped by beta 0.30, 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 Telcoware that is -20.1 % per year a year over ten years, using the same discount rate (8.9 %) and the same formula as our fair value.
How much growth has Telcoware (078000) delivered so far?
Over the past 5 years revenue at Telcoware grew +1.1 % a year. The price currently implies -20.1 % 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 Telcoware (078000) growing?
The median revenue growth in the sector is +8.1 % a year. That is the yardstick for the growth priced into Telcoware (-20.1 % 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 Telcoware (078000)?
The free-cash-flow yield on the price is 22.67 %: that much free cash flow Telcoware produces per unit of market value. When it exceeds the discount rate of our models (8.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Telcoware (078000)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Telcoware it is 18,982 KRW per share (as of Sep 24, 2026), against a price of 13,330 KRW. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Telcoware stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 078000 trades below its calculated fair value: price 13,330 KRW, fair value 18,982 KRW, a gap of about +42% (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 078000?
No. The price is what the market pays today (13,330 KRW); the fair value is what the company's own numbers justify (18,982 KRW). For Telcoware the two are 5,652 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Telcoware worth?
The market values Telcoware at about 68.8B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 13,330 KRW; our models calculate a fair value of 18,982 KRW per share.
What do the bullish and bearish scenarios say about 078000?
Our models span a range for Telcoware: cautious scenario 17,068 KRW, base 18,982 KRW, optimistic 23,728 KRW per share (as of Sep 24, 2026, price 13,330 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Telcoware (078000)?
Balance-sheet figures for Telcoware (as of Sep 24, 2026): return on equity 11.4%. They feed the Quality Score of 74/100, which measures business quality independently of the share price.
How far is 078000 from its 52-week high?
Telcoware trades at 13,330 KRW, about 42% below its 52-week high of 23,000 KRW and 10% above the low of 12,140 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 18,982 KRW is for.
Which stocks are comparable to Telcoware?
From the same area (Communication Services) we also value China Mobile Limited, Verizon Communications Inc, T-Mobile US, Inc, AT&T 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 Telcoware stock attractive at the current price?
The data as of Sep 24, 2026: price 13,330 KRW, calculated fair value 18,982 KRW (+42%), Quality Score 74/100, from 24 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 078000 calculated?
We run Telcoware through 24 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 18,982 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. Telcoware currently trades 42 % 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 Telcoware (078000)?
The closing price on Sep 23, 2026 was 13,330 KRW. Our model-based fair value is 18,982 KRW, about +42% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Telcoware right now?
The rarer combination: high quality (74/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (17,068 KRW). The market is more pessimistic than our downside scenario.
Key figures of Telcoware
How large is the market capitalisation of Telcoware (078000)?
The market capitalisation of Telcoware is 68.8B KRW (≈ $50.6M). 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 Telcoware (078000)?
The price-to-sales ratio of Telcoware is 1.67 (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 Telcoware (078000)?
The dividend yield of Telcoware is 4.8%. 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 Telcoware (078000)?
The net margin of Telcoware is 16.1% (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 Telcoware (078000)?
The return on equity (ROE) of Telcoware is 11.4% (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 Telcoware (078000)?
On an EBIT basis the return on assets of Telcoware is 2.1% (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 Telcoware (078000)?
The operating margin of Telcoware is −19.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Telcoware (078000)?
Revenue at Telcoware is growing +7.1% versus a year earlier (3y avg −3.4%). 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 Telcoware (078000)?
Earnings per share at Telcoware are growing +11.3% versus a year earlier. How much earnings per share grew versus a year earlier.
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