BHI Co. Ltd (083650) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of BHI Co. Ltd KRW 65,890, price KRW 59,900, upside +10.0%, quality 52 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 23, 2026.
How to read this chart
60‑month range 3,635 KRW – 109,500 KRW · fair‑value band 46,123 KRW – 85,657 KRW · the 59,900 KRW price screens below the 65,890 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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BHI Co., Ltd. engages in the manufacturing and supplying of power plant equipment worldwide.
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BHI Co., Ltd. engages in the manufacturing and supplying of power plant equipment worldwide. It offers pulverized coal fired boilers, heat recovery steam generators, circulating fluidized bed combustion boilers, oil and gas boilers, industrial boilers, surface condensers, low/high pressure feed water heaters, closed cooling water heat exchangers, boiler coils and panels, and deaerators for power plants. The company also provides waste heat recovery systems, coke dry quenching boilers, sinter boilers, Finex boilers, steel making plant boilers, blast furnace gas preheating systems, converters, recuperators, muffles and reactors, and oxygen plant heat exchangers for steel plants. In addition, it offers shell and tube type, and air-cooled heat exchangers, as well as pressure vessels for oil and gas refineries; H beam jointed steel pipes for civil engineering; and p/p super heater tubes for construction and erection applications. The company was formerly known as Bumwoo ENG Co., Ltd. and changed its name to BHI Co., Ltd. in March 2009. BHI Co., Ltd. was founded in 1998 and is based in Haman, South Korea.
Stock analysis
BHI Co. Ltd (083650) currently trades at 59,900 KRW, while our model-based Fair Value estimate is 65,890 KRW, implying the stock looks roughly 9.1% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 56,368 KRW per share, and 5 of the 24 models we run sit above the 59,900 KRW price.
Bear case: the Economic Profit group reads lowest at 23,919 KRW, and 19 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: 46,123 KRW (bear) to 85,657 KRW (bull), the price of 59,900 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 52/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
BHI Co. Ltd reported revenue of 774B KRW in FY2025 versus 235B KRW in FY2021, a compound +34.7%/yr. Reported net income was 65.2B KRW in FY2025.
Key figures
Market cap 1.9T KRW (≈ $1.3B) · P/S ratio 6.82 · Net margin 8.4% · Return on equity 1,957% · Return on assets (EBIT) 2.0% · Operating margin −3.8% · Revenue (TTM) 306B KRW · Revenue growth (YoY) +61.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 45% below its 52-week high and 73% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 15% fair-value upside, at 10%, 083650 screens richer than that median.
Fair Value models
Bear 46,123 KRWFair Value 65,890 KRWBull 85,657 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.95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+91.3%
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.
+32.8%
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.
+26.0%
Start year 2020 (pandemic). Over 10 years: +8.1% 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.
+8.6%
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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.
≈ +64.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+64.6%
Dividend (yield on the price)0.0%
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.65% vs 18%, 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.5% → 10%
Start year 2020 (pandemic)
⚠ Approximate: the rate leans on 2025, which sits 381% above its own trend.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
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).
+14.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+27.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (South Korea: IMF forecast 2.1% a year to 2030, 2.1% from 2016 to 2025) that is about +12.2% a year for the price and +24.4% for the forecasts.
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Is BHI Co. Ltd (083650) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 65,890 KRW versus a price of 59,900 KRW, about +10% upside (undervalued).
What is the fair value of 083650?
Our model-based fair value for BHI Co. Ltd is 65,890 KRW (as of Sep 23, 2026), built from audited fundamentals. The current price: 59,900 KRW.
What is the quality score of 083650?
BHI Co. Ltd has a Quality Score of 52/100. 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 BHI Co. Ltd (083650)?
Our model-based price target is the fair value of 65,890 KRW (as of Sep 23, 2026) from 24 valuation models. Cautious scenario 46,123 KRW, optimistic scenario 85,657 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the BHI Co. Ltd stock forecast for 2026?
Our models put fair value at 65,890 KRW, about +10% upside versus a price of 59,900 KRW (undervalued). Cautious scenario 46,123 KRW, optimistic scenario 85,657 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of BHI Co. Ltd (083650)?
BHI Co. Ltd reported trailing-twelve-month revenue of about 306B KRW (latest available figure, as of Sep 23, 2026).
What growth is priced into BHI Co. Ltd (083650)?
For today's price to be fair in a discounted-cash-flow model, BHI Co. Ltd would have to grow free cash flow by +14.5 % per year for five years (discount rate 11.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +26.0 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of 083650 use?
Our models discount BHI Co. Ltd at 11.3 %: a base by market capitalisation (mega), damped by beta 1.96, 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 BHI Co. Ltd that is +14.5 % per year a year over ten years, using the same discount rate (11.3 %) and the same formula as our fair value.
How much growth has BHI Co. Ltd (083650) delivered so far?
Over the past 5 years revenue at BHI Co. Ltd grew +26.0 % a year. The price currently implies +14.5 % 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 BHI Co. Ltd (083650) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into BHI Co. Ltd (+14.5 % 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 BHI Co. Ltd (083650)?
The free-cash-flow yield on the price is 5.06 %: that much free cash flow BHI Co. Ltd produces per unit of market value. When it exceeds the discount rate of our models (11.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of BHI Co. Ltd (083650)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For BHI Co. Ltd it is 65,890 KRW per share (as of Sep 23, 2026), against a price of 59,900 KRW. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is BHI Co. Ltd stock overvalued or undervalued in 2026?
As of Sep 23, 2026, 083650 trades below its calculated fair value: price 59,900 KRW, fair value 65,890 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 083650?
No. The price is what the market pays today (59,900 KRW); the fair value is what the company's own numbers justify (65,890 KRW). For BHI Co. Ltd the two are 5,990 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is BHI Co. Ltd worth?
The market values BHI Co. Ltd at about 1.9T KRW (market capitalisation, as of Sep 23, 2026). Per share that is 59,900 KRW; our models calculate a fair value of 65,890 KRW per share.
What do the bullish and bearish scenarios say about 083650?
Our models span a range for BHI Co. Ltd: cautious scenario 46,123 KRW, base 65,890 KRW, optimistic 85,657 KRW per share (as of Sep 23, 2026, price 59,900 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is 083650 from its 52-week high?
BHI Co. Ltd trades at 59,900 KRW, about 45% below its 52-week high of 109,500 KRW and 73% above the low of 34,600 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 65,890 KRW is for.
Which stocks are comparable to BHI Co. Ltd?
From the same area (Industrials) we also value VITZROCELL Co, Sungho Electronics Corp, Tae Kwang Corporation, 522275, 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 BHI Co. Ltd stock attractive at the current price?
The data as of Sep 23, 2026: price 59,900 KRW, calculated fair value 65,890 KRW (+10%), Quality Score 52/100, 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 083650 calculated?
We run BHI Co. Ltd 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 65,890 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 14.1 % above its aggregate fair value. BHI Co. Ltd 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 BHI Co. Ltd (083650)?
The closing price on Sep 23, 2026 was 59,900 KRW. Our model-based fair value is 65,890 KRW, about +10% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with BHI Co. Ltd right now?
A fairly wide model range (46,123 KRW to 85,657 KRW) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of BHI Co. Ltd
How large is the market capitalisation of BHI Co. Ltd (083650)?
The market capitalisation of BHI Co. Ltd is 1.9T KRW (≈ $1.3B). 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 BHI Co. Ltd (083650)?
The price-to-sales ratio of BHI Co. Ltd is 6.82 (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 BHI Co. Ltd (083650)?
The net margin of BHI Co. Ltd is 8.4% (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 BHI Co. Ltd (083650)?
The return on equity (ROE) of BHI Co. Ltd is 1,957% (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 BHI Co. Ltd (083650)?
On an EBIT basis the return on assets of BHI Co. Ltd is 2.0% (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 BHI Co. Ltd (083650)?
The operating margin of BHI Co. Ltd is −3.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at BHI Co. Ltd (083650)?
Revenue at BHI Co. Ltd is growing +61.8% versus a year earlier (3y avg +32.8%). 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 BHI Co. Ltd (083650)?
Earnings per share at BHI Co. Ltd are growing −53.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does BHI Co. Ltd (083650) carry?
The net debt of BHI Co. Ltd is 84.5B KRW (fiscal year 2025, ≈ 0.9 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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