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BH Co (090460) Fair Value & Analysis

Technology · KR · Market cap 532B KRW

BC BH Co 090460 · KO
Price14,370 KRW
Fair Value17,210 KRW
Upside+19.8%
Quality48/100
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Healthy Growth
Thin margins · 4.5% net margin
Low debt · generates free cash flow
1.38% dividend yield
Ranks above peers (7/11)
Narrow moat 37/100
Evidence: High Range 12,187 KRW – 20,312 KRW Share as image

Fair value as of: Jul 24, 2026

From 25 valuation models · updated 17 days ago

Share price −18.8% over the past month.

Below-average quality, screening 20% undervalued on our models.

What matters now

  • Our model range runs from 12,187 KRW (bear) to 20,312 KRW (bull), base 17,210 KRW. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 48/100 (below-average quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

40,200 KRW 10,992 KRW Fair Value 17,210 KRW Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 24, 2026.

How to read this chart

60‑month range 10,992 KRW – 40,200 KRW · fair‑value band 12,187 KRW – 20,312 KRW · the 14,370 KRW price screens below the 17,210 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 24, 2026.

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Analysis

BH Co (090460) currently trades at 14,370 KRW, while our model-based Fair Value estimate is 17,210 KRW, implying the stock looks roughly 19.8% undervalued today. The Quality Score stands at 48/100 (below-average quality), in the Technology sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, BH Co generated revenue of 1.8T KRW at a net margin of 4.5%. Revenue grew 11.8% year over year. It earns a return on equity of 12.1%. Net debt stands at 17.0B KRW. Fundamentals as of Jul 24, 2026

Our scenario range runs from 12,187 KRW (bear case) to 20,312 KRW (bull case); at 14,370 KRW, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 67% below its 52-week high and 20% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -73% fair-value upside, at 20%, 090460 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF 20,490 KRW 33,188 KRW 56,592 KRW 80
Residual Income 17,510 KRW 17,475 KRW 16,174 KRW 76
Rev-Margin DCF 20,734 KRW 32,927 KRW 49,049 KRW 74
All 25 models by family
DCF Models
FCF DCF 20,640 KRW 34,516 KRW 60,529 KRW 38
5Y Revenue Exit 20,734 KRW 33,364 KRW 50,867 KRW 39
5Y EBITDA Exit 27,918 KRW 48,498 KRW 75,011 KRW 41
5Y P/E Exit 18,108 KRW 27,830 KRW 39,091 KRW 38
10Y Revenue Exit 20,061 KRW 32,368 KRW 51,980 KRW 36
10Y EBITDA Exit 25,534 KRW 43,857 KRW 73,104 KRW 37
10Y P/E Exit 18,820 KRW 28,168 KRW 41,677 KRW 35
Earnings-Based
Graham-Dodd 6,500 KRW 32,412 KRW 44,722 KRW 54
Lynch FV 8,758 KRW 12,512 KRW 16,266 KRW 50
PEG = 1.0 8,758 KRW 12,512 KRW 16,266 KRW 46
EPV 14,934 KRW 16,575 KRW 18,034 KRW 59
Dividend Discount
Gordon GGM 2,295 KRW 5,010 KRW 8,430 KRW 70
DDM Multi-Stage 2,295 KRW 4,104 KRW 5,221 KRW 61
Multiples
P/E Multiple 12,187 KRW 16,249 KRW 20,312 KRW 63
P/S Multiple 12,187 KRW 16,249 KRW 20,312 KRW 58
P/B Multiple 12,187 KRW 16,249 KRW 20,312 KRW 55
EV/EBIT 23,095 KRW 28,915 KRW 34,734 KRW 53
EV/EBITDA 32,858 KRW 41,933 KRW 51,007 KRW 54
EV/Revenue 20,767 KRW 27,252 KRW 33,737 KRW 43
Asset-Based
NCAV (Graham) 11,528 KRW 15,447 KRW 23,055 KRW 50
Growth DCF
Growth DCF 20,490 KRW 33,188 KRW 56,592 KRW 80
Rev-Margin DCF 20,734 KRW 32,927 KRW 49,049 KRW 74
Economic Profit
Residual Income 17,510 KRW 17,475 KRW 16,174 KRW 76
ROIC Compounder 14,934 KRW 16,575 KRW 18,034 KRW 72
Growth Earnings
Growth-Adj P/E 12,047 KRW 17,210 KRW 22,373 KRW 68

Widest divergence: DCF Models (33,364 KRW) versus Dividend Discount (4,104 KRW). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 1.8T KRW
Revenue growth (YoY) +11.8%
Net margin 4.5%
Return on equity 12.1%
Free cash flow 34.7B KRW FY2025
Operating margin 2.9%
More key figures
Dividend yield 1.4%
EPS growth (YoY) +12.1%
Net debt 17.0B KRW FY2024

Figures from reported company fundamentals · as of Jul 24, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 48/100

Of which business quality 50 · Market factors (momentum, volatility) 31

Profitability 39
Margins and returns on capital today
Quality Growth 31
Are margins and returns improving?
Cashflow 41
Earnings quality: real cash, not paper profit
Fin. Strength 71
Balance sheet, leverage, solvency risk
Investment 56
Disciplined investing over empire-building
Low Volatility 37
Calm price path (market factor)
Momentum 33
Price trend over the last 3–12 months (market factor)
52W Momentum 22
Distance to the 52-week high (market factor)
Net Issuance 61
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

BH Co., Ltd. manufactures and sells flexible printed circuit boards (FPCB) and its application parts. Its flexible printed circuit boards are used in mobile, notebook, TV, game console, automotive display, VR, automotive smartphone wireless charger, and electric vehicle battery pack applications. BH Co., Ltd.

Full company description

BH Co., Ltd. manufactures and sells flexible printed circuit boards (FPCB) and its application parts. Its flexible printed circuit boards are used in mobile, notebook, TV, game console, automotive display, VR, automotive smartphone wireless charger, and electric vehicle battery pack applications. BH Co., Ltd. was founded in 1999 and is headquartered in Incheon, South Korea.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

BH Co reported revenue of 1.8T KRW in FY2025 versus 1.0T KRW in FY2021, a compound +14.7%/yr. Reported net income was 31.0B KRW in FY2025, compounding −21.5%/yr from FY2021.

Growth Quality 90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
1.8T KRW
Latest YoY
+2.2%
Avg. growth/yr (3Y)
+2.2%
Avg. growth/yr (5Y)
+20.0%
Avg. growth/yr (6Y)
+18.3%
Revenue +14.7%/yr
FY21 1.0T KRW
FY22 1.7T KRW
FY23 1.6T KRW
FY24 1.8T KRW
FY25 1.8T KRW
Net income −21.5%/yr
FY21 81.7B KRW
FY22 144B KRW
FY23 90.7B KRW
FY24 67.0B KRW
FY25 31.0B KRW

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Cite: Fair Value Calculator (2026). "BH Co Fair Value". https://www.fairvalue-calculator.com/stock/090460

Peer Group

Electronic Components · 626 stocks

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.

Quality Score 48 · Below median
Fair Value upside +20% · Top 25%
Return on equity (TTM) 12% · Top 25%
Return on assets 4% · Above median
Net margin (TTM) 4% · Above median
Operating margin (TTM) 3% · Below median
Revenue growth 12% · Above median
Dividend yield (TTM) 1.4% · Above median
Debt / equity 0.14× · Higher than median

Valuation Multiples vs Electronic Components median · lower = cheaper

P/FCF 0.0× · Cheaper than 75% of peers
PEG 4.31× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 60 · sector 0
FUTURE 59 · sector 32
PAST 48 · sector 24
HEALTH 93 · sector 95
DIVIDEND 28 · sector 25

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Electronic Components stocks, each showing price versus our Fair Value estimate (as of Jul 24, 2026).

Stock Price Fair Value vs Fair Value
Delta Electronics, Inc 2308 1,880 TWD 515.23 TWD -73%
Hon Hai Precision Industry Co 2317 242.50 TWD 270.47 TWD +12%
Luxshare Precision Industry Co 002475 ¥62.14 ¥38.44 -38%
Samsung Electro-Mechanics Co 009150 1,260,000 KRW 166,421 KRW -87%
Elite Material Co 2383 4,990 TWD 714.36 TWD -86%
Yageo Corporation 2327 699.00 TWD 216.55 TWD -69%
Shengyi Technology Co 600183 ¥132.29 ¥27.45 -79%
Shennan Circuits Co 002916 ¥364.00 ¥93.50 -74%
Victory Giant Technology (HuiZhou) Co 2476 HK$297.00 HK$103.98 -65%
Wus Printed Circuit (Kunshan) Co 002463 ¥127.80 ¥31.95 -75%

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Frequently asked questions

Is BH Co (090460) overvalued or undervalued?
As of Jul 24, 2026, our model estimates a fair value of 17,210 KRW versus a price of 14,370 KRW, about +20% (undervalued).
What is the fair value of 090460?
Our model-based fair value for BH Co is 17,210 KRW (as of Jul 24, 2026), built from audited fundamentals. The current price is 14,370 KRW.
What is the quality score of 090460?
BH Co has a Quality Score of 48/100. 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 revenue of BH Co (090460)?
BH Co reported trailing-twelve-month revenue of about 1.8T KRW (latest available figure, as of Jul 24, 2026).
What is the net profit margin of 090460?
The net profit margin of BH Co is about 4.5%, meaning it keeps roughly 4.5% of revenue as net income. Based on the latest reported figures.
Does BH Co pay a dividend?
BH Co currently shows a dividend yield of about 0.93% relative to its recent price (as of Jul 24, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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