Adaptive Plasma Technology Corp (089970) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Adaptive Plasma Technology Corp stock KRW 23,028, price KRW 30,150, that is 23.6% below the price, quality 62 out of 100. Rating: overvalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range 5,550 KRW – 119,700 KRW · fair‑value band 9,626 KRW – 27,545 KRW · the 30,150 KRW price screens above the 23,028 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. As of Nov 6, 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.
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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 30,150 KRW, while our model-based Fair Value estimate is 23,028 KRW, 24% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 50,165 KRW per share, and 6 of the 24 models we run sit above the 30,150 KRW price.
Bear case: the Asset-Based group reads lowest at 5,786 KRW, and 18 of the 24 models stay below the price. Data coverage for this calculation is high.
Scenario range: 9,626 KRW (bear) to 27,545 KRW (bull), the price of 30,150 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 793B KRW (≈ $581M) Small · P/E ratio 17.2 · P/S ratio 3.19 · EPS (TTM) 2,505 KRW · Dividend yield 3.0% · Net margin 26.5% · Return on equity 32.4% · Return on assets (EBIT) 10.9% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 84 out of 100 (low confidence).
What moves the price
The share trades about 75% below its 52-week high and 29% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −2% fair-value upside, at −24%, 089970 screens richer than that median.
Fair Value models
Bear9,626 KRWFair Value 23,028 KRWBull27,545 KRW
Price 30,150 KRW · Downside -23.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (1,372 KRW per share) are deliberately not added.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.
+3.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+0.2%
Dividend (yield on the price)3.0%
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.0.2% vs 4.1%, 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%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes more 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).
+41.9%
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.
+56.8%
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 +39.0% a year for the price and +53.6% 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 · 235 stocks
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Is Adaptive Plasma Technology Corp (089970) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of 23,028 KRW versus a price of 30,150 KRW, about 24% lower (overvalued).
What is the fair value of 089970?
Our model-based fair value for Adaptive Plasma Technology Corp is 23,028 KRW (as of Nov 6, 2026), built from audited fundamentals. The current price: 30,150 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 23,028 KRW (as of Nov 6, 2026) from 24 valuation models. Cautious scenario 9,626 KRW, optimistic scenario 27,545 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 23,028 KRW, about 24% lower versus a price of 30,150 KRW (overvalued). Cautious scenario 9,626 KRW, optimistic scenario 27,545 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 248B KRW (latest available figure, as of Nov 6, 2026).
Does Adaptive Plasma Technology Corp pay a dividend?
Adaptive Plasma Technology Corp currently shows a dividend yield of 2.99% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of Adaptive Plasma Technology Corp (089970) and when is the ex-dividend date?
Adaptive Plasma Technology Corp pays a dividend of 900.00 KRW per share a year, a dividend yield of 3.0%. The last ex-dividend date was Sep 29, 2026. The payout ratio is 35.9% of earnings. Free cash flow covers the dividend 0.39 times. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
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 +41.9 % per year for five years (discount rate 12.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.2 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of 089970 use?
Our models discount Adaptive Plasma Technology Corp at 12.7 %: a base by market capitalisation (small), damped by beta 1.37, 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 +41.9 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (12.7 %) 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 free-cash-flow growth of +41.9 % per 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 +14.1 % a year. That is the yardstick for the growth priced into Adaptive Plasma Technology Corp (+41.9 % per 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 1.28 %: that much free cash flow Adaptive Plasma Technology Corp produces per unit of market value. When it exceeds the discount rate of our models (12.7 %), 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 23,028 KRW per share (as of Nov 6, 2026), against a price of 30,150 KRW. It is the blended result of 24 valuation models in 7 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Adaptive Plasma Technology Corp stock overvalued or undervalued in 2026?
As of Nov 6, 2026, 089970 trades above its calculated fair value: price 30,150 KRW, fair value 23,028 KRW, a gap of about −24% (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 (30,150 KRW); the fair value is what the company's own numbers justify (23,028 KRW). For Adaptive Plasma Technology Corp the two are 7,122 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 793B KRW (market capitalisation, as of Nov 6, 2026). Per share that is 30,150 KRW; our models calculate a fair value of 23,028 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 9,626 KRW, base 23,028 KRW, optimistic 27,545 KRW per share (as of Nov 6, 2026, price 30,150 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 089970?
Adaptive Plasma Technology Corp trades at a price-to-earnings ratio of 17.2 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 23,028 KRW is built from several models across several years. Median P/E at fiscal year-end, 6 fiscal years (2018 to 2025), reported earnings: 10.8. Other multiples: P/B 4.5, P/S 3.2, EV/EBITDA 9.4.
How solid is the balance sheet of Adaptive Plasma Technology Corp (089970)?
Balance-sheet figures for Adaptive Plasma Technology Corp (as of Nov 6, 2026): return on equity 32.4%. 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 30,150 KRW, about 75% below its 52-week high of 119,700 KRW and 29% above the low of 23,300 KRW (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 23,028 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 Nov 6, 2026: price 30,150 KRW, calculated fair value 23,028 KRW (−24%), 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 7 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 23,028 KRW builds on their evidence-weighted average, 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 13.0% 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 Nov 6, 2026 was 30,150 KRW. Our model-based fair value is 23,028 KRW, about 24% lower (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 (27,545 KRW). The favourable scenario is already priced in. The model range is unusually wide (9,626 KRW to 27,545 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 793B KRW (≈ $581M). 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 3.19 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Adaptive Plasma Technology Corp (089970)?
Earnings per share at Adaptive Plasma Technology Corp are 2,505 KRW (price ÷ EPS = P/E 17.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Adaptive Plasma Technology Corp (089970)?
The dividend yield of Adaptive Plasma Technology Corp is 3.0% (payout 35.9%). 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 Adaptive Plasma Technology Corp (089970)?
The net margin of Adaptive Plasma Technology Corp is 26.5% (last twelve months). 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 32.4% (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 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 27.7% (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 +84.4% 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 +592% versus a year earlier. How much earnings per share grew versus a year earlier.
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Broad data
Nov 6, 2026