Hancom MDS Inc (086960) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Hancom MDS Inc KRW 5,835, price KRW 2,045, upside +185.3%, quality 70 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 1,622 KRW – 9,400 KRW · fair‑value band 4,654 KRW – 6,775 KRW · the 2,045 KRW price screens below the 5,835 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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MDS Tech Inc. provides embedded solutions in South Korea, Southeast Asia, India, and Oceania. It provides embedded systems development solutions and services, including debugging solutions, design automation, test automation, and in-vehicle infotainment services, as well as Windows IoT OS.
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MDS Tech Inc. provides embedded solutions in South Korea, Southeast Asia, India, and Oceania. It provides embedded systems development solutions and services, including debugging solutions, design automation, test automation, and in-vehicle infotainment services, as well as Windows IoT OS. The company's products also include NEOS RTOS, a real-time Operating System for embedded systems; and data distribution service middleware for real-time data distribution. In addition, it provides automotive infotainment solutions, such as MirrorLink, a software solution that connects smartphones and automotive infotainment systems. Further, the company offers NeoIDM, an IoT platform for managing IoT devices; and IoT Integration construction and consulting service to enable data collection and device control for heterogeneous devices, as well as operates an embedded solution training center to provide training to embedded systems engineers. It serves automotive, digital device/CE, industrial device, smartphone, SoC, defense/aerospace, medical devices, energy, and finance/public sectors. The company was formerly known as Hancom MDS Inc. and changed its name to MDS Tech Inc. in July 2022. MDS Tech Inc. was founded in 1994 and is based in Seongnam-si, South Korea.
Stock analysis
Hancom MDS Inc (086960) currently trades at 2,045 KRW, while our model-based Fair Value estimate is 5,835 KRW, implying the stock looks roughly 65.0% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 6,018 KRW per share, and 22 of the 23 models we run sit above the 2,045 KRW price.
Bear case: the Asset-Based group reads lowest at 2,551 KRW, and 1 of the 23 models stay below the price. Evidence for this calculation is low.
Scenario range: 4,654 KRW (bear) to 6,775 KRW (bull), the price of 2,045 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 70/100 (solid quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Hancom MDS Inc reported revenue of 188B KRW in FY2025 versus 149B KRW in FY2021, a compound +5.9%/yr. Reported net income was 8.2B KRW in FY2025.
Key figures
Market cap 75.9B KRW (≈ $53.1M) · P/S ratio 0.50 · Net margin 4.4% · Return on equity 443% · Return on assets (EBIT) 1.8% · Operating margin 3.1% · Revenue (TTM) 155B KRW · Revenue growth (YoY) +3.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 54% below its 52-week high and 26% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at 48% fair-value upside, at 185%, 086960 screens cheaper than that median.
Fair Value models
Bear 4,654 KRWFair Value 5,835 KRWBull 6,775 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.61/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+13.4%
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.
+6.9%
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.
+5.1%
Start year 2020 (pandemic). Over 10 years: +4.8% a year
Revenue growth 18 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.
+6.0%
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What shareholders gained per year (last 5 years), in KRW (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
+59.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+59.2%
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.−22% vs −16%, slowing
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.3% → 3%
2025 sits 392% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 28.1%/yr over ~7Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Little optimism in the price
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).
less than -40 %
Yearly growth needed for the next five years to justify today's 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 6/9 measures
Overall it ranks above its industry peers.
Valuation
Quality Score70 · Top 25%
Fair Value upside+185% · Top 25%
Profitability
Return on equity (TTM)443% · Top 25%
Return on assets2% · Below median
Net margin (TTM)−9% · Bottom 25%
Operating margin (TTM)3% · Below median
Growth and dividend
Revenue growth4% · Above median
Balance sheet
Debt / equity0.01× · Below median
Valuation Multiplesvs Software & IT Services median · lower = cheaper
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Is Hancom MDS Inc (086960) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 5,835 KRW versus a price of 2,045 KRW, about +185% upside (undervalued).
What is the fair value of 086960?
Our model-based fair value for Hancom MDS Inc is 5,835 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 2,045 KRW.
What is the quality score of 086960?
Hancom MDS Inc has a Quality Score of 70/100. 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 MDS Inc (086960)?
Our model-based price target is the fair value of 5,835 KRW (as of Sep 24, 2026) from 23 valuation models. Cautious scenario 4,654 KRW, optimistic scenario 6,775 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Hancom MDS Inc stock forecast for 2026?
Our models put fair value at 5,835 KRW, about +185% upside versus a price of 2,045 KRW (undervalued). Cautious scenario 4,654 KRW, optimistic scenario 6,775 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Hancom MDS Inc (086960)?
Hancom MDS Inc reported trailing-twelve-month revenue of about 155B KRW (latest available figure, as of Sep 24, 2026).
What growth is priced into Hancom MDS Inc (086960)?
For today's price to be fair in a discounted-cash-flow model, Hancom MDS Inc would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 12.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.1 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 086960 use?
Our models discount Hancom MDS Inc at 12.4 %: a base by market capitalisation (micro), damped by beta 0.78, 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 MDS Inc that is less than minus 40 % per year a year over ten years, using the same discount rate (12.4 %) and the same formula as our fair value.
How much growth has Hancom MDS Inc (086960) delivered so far?
Over the past 5 years revenue at Hancom MDS Inc grew +5.1 % a year. The price currently implies less than minus 40 % 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 MDS Inc (086960) growing?
The median revenue growth in the sector is +8.2 % a year. That is the yardstick for the growth priced into Hancom MDS Inc (less than minus 40 % 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 MDS Inc (086960)?
The free-cash-flow yield on the price is 15.91 %: that much free cash flow Hancom MDS Inc produces per unit of market value. When it exceeds the discount rate of our models (12.4 %), 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 MDS Inc (086960)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hancom MDS Inc it is 5,835 KRW per share (as of Sep 24, 2026), against a price of 2,045 KRW. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is Hancom MDS Inc stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 086960 trades below its calculated fair value: price 2,045 KRW, fair value 5,835 KRW, a gap of about +185% (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 086960?
No. The price is what the market pays today (2,045 KRW); the fair value is what the company's own numbers justify (5,835 KRW). For Hancom MDS Inc the two are 3,790 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Hancom MDS Inc worth?
The market values Hancom MDS Inc at about 75.9B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 2,045 KRW; our models calculate a fair value of 5,835 KRW per share.
What do the bullish and bearish scenarios say about 086960?
Our models span a range for Hancom MDS Inc: cautious scenario 4,654 KRW, base 5,835 KRW, optimistic 6,775 KRW per share (as of Sep 24, 2026, price 2,045 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Hancom MDS Inc (086960)?
Balance-sheet figures for Hancom MDS Inc (as of Sep 24, 2026): return on equity 442.5%, debt of 0.01 per unit of equity. They feed the Quality Score of 70/100, which measures business quality independently of the share price.
How far is 086960 from its 52-week high?
Hancom MDS Inc trades at 2,045 KRW, about 54% below its 52-week high of 4,420 KRW and 26% above the low of 1,622 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 5,835 KRW is for.
Which stocks are comparable to Hancom MDS 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 MDS Inc stock attractive at the current price?
The data as of Sep 24, 2026: price 2,045 KRW, calculated fair value 5,835 KRW (+185%), Quality Score 70/100, 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 086960 calculated?
We run Hancom MDS 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 5,835 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. Hancom MDS Inc currently trades 185 % 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 MDS Inc (086960)?
The closing price on Sep 23, 2026 was 2,045 KRW. Our model-based fair value is 5,835 KRW, about +185% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hancom MDS Inc right now?
The rarer combination: high quality (70/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (4,654 KRW). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Key figures of Hancom MDS Inc
How large is the market capitalisation of Hancom MDS Inc (086960)?
The market capitalisation of Hancom MDS Inc is 75.9B KRW (≈ $53.1M). 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 MDS Inc (086960)?
The price-to-sales ratio of Hancom MDS Inc is 0.50 (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 MDS Inc (086960)?
The net margin of Hancom MDS Inc is 4.4% (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 Hancom MDS Inc (086960)?
The return on equity (ROE) of Hancom MDS Inc is 443% (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 MDS Inc (086960)?
On an EBIT basis the return on assets of Hancom MDS Inc is 1.8% (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 MDS Inc (086960)?
The operating margin of Hancom MDS Inc is 3.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hancom MDS Inc (086960)?
Revenue at Hancom MDS Inc is growing +3.7% versus a year earlier (3y avg +6.9%). 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 MDS Inc (086960)?
Earnings per share at Hancom MDS Inc are growing −52.9% versus a year earlier. How much earnings per share grew versus a year earlier.
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