BH Co Ltd (090460) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of BH Co Ltd KRW 17,255, price KRW 20,250, upside -14.8%, quality 48 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 10,992 KRW – 40,200 KRW · fair‑value band 17,255 KRW – 22,373 KRW · the 20,250 KRW price screens above the 17,255 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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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.
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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.
Stock analysis
BH Co Ltd (090460) currently trades at 20,250 KRW, while our model-based Fair Value estimate is 17,255 KRW, implying the stock looks roughly 17.4% overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 34,426 KRW per share, and 13 of the 25 models we run sit above the 20,250 KRW price.
Bear case: the Dividend Discount group reads lowest at 4,104 KRW, and 12 of the 25 models stay below the price. Evidence for this calculation is medium.
Scenario range: 17,255 KRW (bear) to 22,373 KRW (bull), the price of 20,250 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 48/100 (below-average quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
BH Co Ltd 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.
Key figures
Market cap 657B KRW (≈ $460M) · P/S ratio 0.29 · Dividend yield 1.2% · Net margin 1.7% · Return on equity 12.1% · Return on assets (EBIT) 8.1% · Operating margin 2.9% · Revenue (TTM) 1.8T KRW.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (medium confidence).
What moves the price
The share trades about 50% below its 52-week high and 55% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −65% fair-value upside, at −15%, 090460 screens cheaper than that median.
Fair Value models
Bear 17,255 KRWFair Value 17,255 KRWBull 22,373 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.90/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+2.2%
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.
+2.2%
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.
+20.0%
Start year 2020 (pandemic)
Revenue growth 6 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.
+18.3%
’19
’20
’21
’22
’23
’24
’25
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.
−11.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−12.7%
Dividend (yield on the price)1.2%
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% → 3%
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).
+5.7%
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.
+11.2%
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 +3.6% a year for the price and +8.9% for the forecasts.
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.Electronic Components · 644 stocks
Beats the industry median on 6/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score48 · Below median
Fair Value upside−15% · Above median
Profitability
Return on equity (TTM)12% · Top 25%
Return on assets4% · Above median
Net margin (TTM)4% · Below median
Operating margin (TTM)3% · Below median
Growth and dividend
Revenue growth12% · Above median
Dividend yield (TTM)1.2% · Above median
Balance sheet
Debt / equity0.14× · Above median
Valuation Multiplesvs Electronic Components median · lower = cheaper
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Cite: Fair Value Calculator (2026). "BH Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/090460
Frequently asked questions
Is BH Co Ltd (090460) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 17,255 KRW versus a price of 20,250 KRW, about −15% upside (overvalued).
What is the fair value of 090460?
Our model-based fair value for BH Co Ltd is 17,255 KRW (as of Sep 23, 2026), built from audited fundamentals. The current price: 20,250 KRW.
What is the quality score of 090460?
BH Co Ltd 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 price target for BH Co Ltd (090460)?
Our model-based price target is the fair value of 17,255 KRW (as of Sep 23, 2026) from 25 valuation models. Cautious scenario 17,255 KRW, optimistic scenario 22,373 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the BH Co Ltd stock forecast for 2026?
Our models put fair value at 17,255 KRW, about −15% upside versus a price of 20,250 KRW (overvalued). Cautious scenario 17,255 KRW, optimistic scenario 22,373 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of BH Co Ltd (090460)?
BH Co Ltd reported trailing-twelve-month revenue of about 1.8T KRW (latest available figure, as of Sep 23, 2026).
Does BH Co Ltd pay a dividend?
BH Co Ltd currently shows a dividend yield of about 1.23% relative to its recent price (as of Sep 23, 2026).
What growth is priced into BH Co Ltd (090460)?
For today's price to be fair in a discounted-cash-flow model, BH Co Ltd would have to grow free cash flow by +5.7 % per year for five years (discount rate 8.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +20.0 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of 090460 use?
Our models discount BH Co Ltd at 8.8 %: a base by market capitalisation (mega), damped by beta 0.84, 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 BH Co Ltd that is +5.7 % per year a year over ten years, using the same discount rate (8.8 %) and the same formula as our fair value.
How much growth has BH Co Ltd (090460) delivered so far?
Over the past 5 years revenue at BH Co Ltd grew +20.0 % a year. The price currently implies +5.7 % 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 BH Co Ltd (090460) growing?
The median revenue growth in the sector is +3.3 % a year. That is the yardstick for the growth priced into BH Co Ltd (+5.7 % 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 BH Co Ltd (090460)?
The free-cash-flow yield on the price is 5.28 %: that much free cash flow BH Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (8.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of BH Co Ltd (090460)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For BH Co Ltd it is 17,255 KRW per share (as of Sep 23, 2026), against a price of 20,250 KRW. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is BH Co Ltd stock overvalued or undervalued in 2026?
As of Sep 23, 2026, 090460 trades above its calculated fair value: price 20,250 KRW, fair value 17,255 KRW, a gap of about −15% (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 090460?
No. The price is what the market pays today (20,250 KRW); the fair value is what the company's own numbers justify (17,255 KRW). For BH Co Ltd the two are 2,995 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is BH Co Ltd worth?
The market values BH Co Ltd at about 657B KRW (market capitalisation, as of Sep 23, 2026). Per share that is 20,250 KRW; our models calculate a fair value of 17,255 KRW per share.
What do the bullish and bearish scenarios say about 090460?
Our models span a range for BH Co Ltd: cautious scenario 17,255 KRW, base 17,255 KRW, optimistic 22,373 KRW per share (as of Sep 23, 2026, price 20,250 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of 090460?
The PEG ratio of BH Co Ltd is 4.31 (P/E divided by earnings growth, as of Sep 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of BH Co Ltd (090460)?
Balance-sheet figures for BH Co Ltd (as of Sep 23, 2026): return on equity 12.1%, debt of 0.14 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is 090460 from its 52-week high?
BH Co Ltd trades at 20,250 KRW, about 50% below its 52-week high of 40,200 KRW and 55% above the low of 13,100 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 17,255 KRW is for.
Which stocks are comparable to BH Co Ltd?
From the same area (Technology) we also value Amphenol Corporation, Delta Electronics, Inc, Corning Incorporated, Luxshare Precision Industry Co, 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 BH Co Ltd stock attractive at the current price?
The data as of Sep 23, 2026: price 20,250 KRW, calculated fair value 17,255 KRW (−15%), Quality Score 48/100, from 25 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 090460 calculated?
We run BH Co Ltd through 25 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 17,255 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. BH Co Ltd 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 BH Co Ltd (090460)?
The closing price on Sep 23, 2026 was 20,250 KRW. Our model-based fair value is 17,255 KRW, about −15% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with BH Co Ltd right now?
Solid but not exceptional quality (48/100) and above fair value, neither a clear bargain nor a standout compounder. The price sits in the upper half of our model range, so the margin of safety is thin. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of BH Co Ltd
How large is the market capitalisation of BH Co Ltd (090460)?
The market capitalisation of BH Co Ltd is 657B KRW (≈ $460M). 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 BH Co Ltd (090460)?
The price-to-sales ratio of BH Co Ltd is 0.29 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of BH Co Ltd (090460)?
The dividend yield of BH Co Ltd is 1.2%. 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 BH Co Ltd (090460)?
The net margin of BH Co Ltd is 1.7% (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 BH Co Ltd (090460)?
The return on equity (ROE) of BH Co Ltd is 12.1% (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 BH Co Ltd (090460)?
On an EBIT basis the return on assets of BH Co Ltd is 8.1% (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 BH Co Ltd (090460)?
The operating margin of BH Co Ltd is 2.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at BH Co Ltd (090460)?
Revenue at BH Co Ltd is growing +11.8% versus a year earlier (3y avg +2.2%). 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 BH Co Ltd (090460)?
Earnings per share at BH Co Ltd are growing +12.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does BH Co Ltd (090460) carry?
The net debt of BH Co Ltd is 17.0B KRW (fiscal year 2024, ≈ 0.5 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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