Adaptive Plasma Technology Corp (089970) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Adaptive Plasma Technology Corp KRW 24,834, price KRW 62,400, upside -60.2%, quality 62 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 5,550 KRW – 119,700 KRW · fair‑value band 11,332 KRW – 29,706 KRW · the 62,400 KRW price screens above the 24,834 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.
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VM Inc. manufactures and sells dry etcher systems that are used for semiconductor production process in South Korea and internationally. The company offers poly, metal, and oxide etcher systems. The company was formerly known as Adaptive Plasma Technology Corp. and changed its name to VM Inc. in March 2024. VM Inc.
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VM Inc. manufactures and sells dry etcher systems that are used for semiconductor production process in South Korea and internationally. The company offers poly, metal, and oxide etcher systems. The company was formerly known as Adaptive Plasma Technology Corp. and changed its name to VM Inc. in March 2024. VM Inc. was founded in 2002 and is based in Icheon-si, South Korea.
Stock analysis
Adaptive Plasma Technology Corp (089970) currently trades at 62,400 KRW, while our model-based Fair Value estimate is 24,834 KRW, implying the stock looks roughly 151.3% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 54,101 KRW per share, and 0 of the 24 models we run sit above the 62,400 KRW price.
Bear case: the Asset-Based group reads lowest at 4,863 KRW, and 24 of the 24 models stay below the price. Evidence for this calculation is medium.
Scenario range: 11,332 KRW (bear) to 29,706 KRW (bull), the price of 62,400 KRW sits above 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 62/100 (solid quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Adaptive Plasma Technology Corp reported revenue of 144B KRW in FY2025 versus 178B KRW in FY2021, a compound −5.1%/yr. Reported net income was 26.1B KRW in FY2025, compounding −13.4%/yr from FY2021.
Key figures
Market cap 2.6T KRW (≈ $1.9B) · P/S ratio 45.8 · Net margin 18.1% · Return on equity 28.9% · Return on assets (EBIT) 10.9% · Operating margin 33.9% · Revenue (TTM) 57.8B KRW · Revenue growth (YoY) +396%.
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 48% below its 52-week high and 270% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −34% fair-value upside, at −60%, 089970 screens richer than that median.
Fair Value models
Bear 11,332 KRWFair Value 24,834 KRWBull 29,706 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.67/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+105.5%
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.
+0.7%
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.
+9.2%
Start year 2020 (pandemic). Over 10 years: +41.8% a year
Revenue growth 10 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.
+41.8%
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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.
+0.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+0.2%
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.0% vs 4%, 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.32% → 17%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more 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).
+61.2%
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.
+54.6%
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 +57.9% a year for the price and +51.5% for the forecasts.
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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.Semiconductor Equipment & Materials · 217 stocks
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Is Adaptive Plasma Technology Corp (089970) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 24,834 KRW versus a price of 62,400 KRW, about −60% upside (overvalued).
What is the fair value of 089970?
Our model-based fair value for Adaptive Plasma Technology Corp is 24,834 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 62,400 KRW.
What is the quality score of 089970?
Adaptive Plasma Technology Corp has a Quality Score of 62/100. 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 Adaptive Plasma Technology Corp (089970)?
Our model-based price target is the fair value of 24,834 KRW (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 11,332 KRW, optimistic scenario 29,706 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Adaptive Plasma Technology Corp stock forecast for 2026?
Our models put fair value at 24,834 KRW, about −60% upside versus a price of 62,400 KRW (overvalued). Cautious scenario 11,332 KRW, optimistic scenario 29,706 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Adaptive Plasma Technology Corp (089970)?
Adaptive Plasma Technology Corp reported trailing-twelve-month revenue of about 57.8B KRW (latest available figure, as of Sep 24, 2026).
What growth is priced into Adaptive Plasma Technology Corp (089970)?
For today's price to be fair in a discounted-cash-flow model, Adaptive Plasma Technology Corp would have to grow free cash flow by +61.2 % per year for five years (discount rate 13.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.2 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 089970 use?
Our models discount Adaptive Plasma Technology Corp at 13.1 %: a base by market capitalisation (small), damped by beta 1.51, 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 Adaptive Plasma Technology Corp that is +61.2 % per year a year over ten years, using the same discount rate (13.1 %) and the same formula as our fair value.
How much growth has Adaptive Plasma Technology Corp (089970) delivered so far?
Over the past 5 years revenue at Adaptive Plasma Technology Corp grew +9.2 % a year. The price currently implies +61.2 % 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 Adaptive Plasma Technology Corp (089970) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Adaptive Plasma Technology Corp (+61.2 % 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 Adaptive Plasma Technology Corp (089970)?
The free-cash-flow yield on the price is 0.62 %: that much free cash flow Adaptive Plasma Technology Corp produces per unit of market value. When it exceeds the discount rate of our models (13.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Adaptive Plasma Technology Corp (089970)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Adaptive Plasma Technology Corp it is 24,834 KRW per share (as of Sep 24, 2026), against a price of 62,400 KRW. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Adaptive Plasma Technology Corp stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 089970 trades above its calculated fair value: price 62,400 KRW, fair value 24,834 KRW, a gap of about −60% (overvalued). 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 089970?
No. The price is what the market pays today (62,400 KRW); the fair value is what the company's own numbers justify (24,834 KRW). For Adaptive Plasma Technology Corp the two are 37,566 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Adaptive Plasma Technology Corp worth?
The market values Adaptive Plasma Technology Corp at about 2.6T KRW (market capitalisation, as of Sep 24, 2026). Per share that is 62,400 KRW; our models calculate a fair value of 24,834 KRW per share.
What do the bullish and bearish scenarios say about 089970?
Our models span a range for Adaptive Plasma Technology Corp: cautious scenario 11,332 KRW, base 24,834 KRW, optimistic 29,706 KRW per share (as of Sep 24, 2026, price 62,400 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Adaptive Plasma Technology Corp (089970)?
Balance-sheet figures for Adaptive Plasma Technology Corp (as of Sep 24, 2026): return on equity 28.9%. They feed the Quality Score of 62/100, which measures business quality independently of the share price.
How far is 089970 from its 52-week high?
Adaptive Plasma Technology Corp trades at 62,400 KRW, about 48% below its 52-week high of 119,700 KRW and 270% above the low of 16,870 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 24,834 KRW is for.
Which stocks are comparable to Adaptive Plasma Technology Corp?
From the same area (Technology) we also value ASML Holding, Applied Materials, Inc, Lam Research Corporation, KLA Corporation, 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 Adaptive Plasma Technology Corp stock attractive at the current price?
The data as of Sep 24, 2026: price 62,400 KRW, calculated fair value 24,834 KRW (−60%), Quality Score 62/100, 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 089970 calculated?
We run Adaptive Plasma Technology Corp 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 24,834 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. Adaptive Plasma Technology Corp itself currently trades above fair value. 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 Adaptive Plasma Technology Corp (089970)?
The closing price on Sep 23, 2026 was 62,400 KRW. Our model-based fair value is 24,834 KRW, about −60% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Adaptive Plasma Technology Corp right now?
The price sits above even our optimistic bull case (29,706 KRW). The favourable scenario is already priced in. The model range is unusually wide (11,332 KRW to 29,706 KRW). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (62/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Adaptive Plasma Technology Corp
How large is the market capitalisation of Adaptive Plasma Technology Corp (089970)?
The market capitalisation of Adaptive Plasma Technology Corp is 2.6T KRW (≈ $1.9B). 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 Adaptive Plasma Technology Corp (089970)?
The price-to-sales ratio of Adaptive Plasma Technology Corp is 45.8 (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 Adaptive Plasma Technology Corp (089970)?
The net margin of Adaptive Plasma Technology Corp is 18.1% (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 Adaptive Plasma Technology Corp (089970)?
The return on equity (ROE) of Adaptive Plasma Technology Corp is 28.9% (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 Adaptive Plasma Technology Corp (089970)?
On an EBIT basis the return on assets of Adaptive Plasma Technology Corp is 10.9% (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 Adaptive Plasma Technology Corp (089970)?
The operating margin of Adaptive Plasma Technology Corp is 33.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Adaptive Plasma Technology Corp (089970)?
Revenue at Adaptive Plasma Technology Corp is growing +396% versus a year earlier (3y avg +0.7%). 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 Adaptive Plasma Technology Corp (089970)?
Earnings per share at Adaptive Plasma Technology Corp are growing +12.7% versus a year earlier. How much earnings per share grew versus a year earlier.
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