Tway Air Co Ltd (091810) fair value: what the stock is really worth
We calculate from audited financials what Tway Air Co Ltd is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 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 13, 2026.
How to read this chart
60‑month range 2,630 KRW – 21,823 KRW · fair‑value band 264.79 KRW – 706.74 KRW · the 2,630 KRW price screens above the 505.42 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 13, 2026.
Trinity Airways Co., Ltd. provides air transportation services in South Korea and internationally. It also provides air transportation support services. It offers scheduled flights, in-flight services, and customer support services. The company was formerly known as T'Way Air Co., Ltd. and changed its name to Trinity Airways Co., Ltd. in April 2026.
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Trinity Airways Co., Ltd. provides air transportation services in South Korea and internationally. It also provides air transportation support services. It offers scheduled flights, in-flight services, and customer support services. The company was formerly known as T'Way Air Co., Ltd. and changed its name to Trinity Airways Co., Ltd. in April 2026. Trinity Airways Co., Ltd. was incorporated in 2003 and is headquartered in Daegu, South Korea.
Stock analysis
Tway Air Co Ltd (091810) currently trades at 2,630 KRW, while our model-based Fair Value estimate is 505.42 KRW, implying the stock looks roughly 420.3% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 4,030 KRW per share, and 6 of the 9 models we run sit above the 2,630 KRW price.
Bear case: the Dividend Discount group reads lowest at 51.57 KRW, and 3 of the 9 models stay below the price. Evidence for this calculation is low.
Scenario range: 264.79 KRW (bear) to 706.74 KRW (bull), the price of 2,630 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 27/100 (below-average quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Tway Air Co Ltd reported revenue of 1.8T KRW in FY2025 versus 214B KRW in FY2021, a compound +70.2%/yr. Reported net income was −338B KRW in FY2025.
Key figures
Market cap 236B KRW (≈ $165M) · P/S ratio 0.12 · Dividend yield 0.4% · Net margin −18.8% · Return on equity −439% · Return on assets (EBIT) −6.9% · Operating margin 3.1% · Revenue (TTM) 2.0T KRW.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (low confidence).
What moves the price
The share trades near its 52-week high and 260% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 29% fair-value upside, at −81%, 091810 screens richer than that median.
Fair Value models
Bear 264.79 KRWFair Value 505.42 KRWBull 706.74 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.62/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+17.0%
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.
+50.7%
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.
+46.2%
Revenue growth 9 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.
+18.8%
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Profit margin (trend) ⓘ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.
−62.8% (2020) → −14.8% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
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).
−4.7%
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.Airlines · 53 stocks
Beats the industry median on 3/8 measures
Overall it trails its industry peers.
Valuation
Quality Score27 · Bottom 25%
Profitability
Return on assets−7% · Bottom 25%
Net margin (TTM)−16% · Bottom 25%
Operating margin (TTM)3% · Below median
Growth and dividend
Revenue growth37% · Top 25%
Dividend yield (TTM)0.4% · Bottom 25%
Balance sheet
Debt / equity0.16× · Lowest 25%
Valuation Multiplesvs Airlines median · lower = cheaper
P/FCF0.0× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 50
FUTURE (revenue growth)100· sector 51
PAST (return on equity)0· sector 47
HEALTH (low debt)92· sector 69
DIVIDEND (yield)8· sector 47
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Tway Air Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/091810
Frequently asked questions
Is Tway Air Co Ltd (091810) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of 505.42 KRW versus a price of 2,630 KRW, about −81% upside (overvalued).
What is the fair value of 091810?
Our model-based fair value for Tway Air Co Ltd is 505.42 KRW (as of Sep 13, 2026), built from audited fundamentals. The current price: 2,630 KRW.
What is the quality score of 091810?
Tway Air Co Ltd has a Quality Score of 27/100. 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 Tway Air Co Ltd (091810)?
Our model-based price target is the fair value of 505.42 KRW (as of Sep 13, 2026) from 9 valuation models. Cautious scenario 264.79 KRW, optimistic scenario 706.74 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Tway Air Co Ltd stock forecast for 2026?
Our models put fair value at 505.42 KRW, about −81% upside versus a price of 2,630 KRW (overvalued). Cautious scenario 264.79 KRW, optimistic scenario 706.74 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Tway Air Co Ltd (091810)?
Tway Air Co Ltd reported trailing-twelve-month revenue of about 2.0T KRW (latest available figure, as of Sep 13, 2026).
Does Tway Air Co Ltd pay a dividend?
Tway Air Co Ltd currently shows a dividend yield of about 0.38% relative to its recent price (as of Sep 13, 2026).
What growth is priced into Tway Air Co Ltd (091810)?
For today's price to be fair in a discounted-cash-flow model, Tway Air Co Ltd would have to grow free cash flow by -4.7 % per year for five years (discount rate 12.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +46.2 % per year. As of Sep 13, 2026.
What discount rate (WACC) does the fair value of 091810 use?
Our models discount Tway Air Co Ltd at 12.9 %: a base by market capitalisation (micro), damped by beta 0.93, 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 Tway Air Co Ltd that is -4.7 % per year a year over ten years, using the same discount rate (12.9 %) and the same formula as our fair value.
How much growth has Tway Air Co Ltd (091810) delivered so far?
Over the past 5 years revenue at Tway Air Co Ltd grew +46.2 % a year. The price currently implies -4.7 % 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 Tway Air Co Ltd (091810) growing?
The median revenue growth in the sector is +4.6 % a year. That is the yardstick for the growth priced into Tway Air Co Ltd (-4.7 % 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 Tway Air Co Ltd (091810)?
The free-cash-flow yield on the price is 12.22 %: that much free cash flow Tway Air Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (12.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Tway Air Co Ltd (091810)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Tway Air Co Ltd it is 505.42 KRW per share (as of Sep 13, 2026), against a price of 2,630 KRW. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is Tway Air Co Ltd stock overvalued or undervalued in 2026?
As of Sep 13, 2026, 091810 trades above its calculated fair value: price 2,630 KRW, fair value 505.42 KRW, a gap of about −81% (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 091810?
No. The price is what the market pays today (2,630 KRW); the fair value is what the company's own numbers justify (505.42 KRW). For Tway Air Co Ltd the two are 2,125 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Tway Air Co Ltd worth?
The market values Tway Air Co Ltd at about 236B KRW (market capitalisation, as of Sep 13, 2026). Per share that is 2,630 KRW; our models calculate a fair value of 505.42 KRW per share.
What do the bullish and bearish scenarios say about 091810?
Our models span a range for Tway Air Co Ltd: cautious scenario 264.79 KRW, base 505.42 KRW, optimistic 706.74 KRW per share (as of Sep 13, 2026, price 2,630 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Tway Air Co Ltd (091810)?
Balance-sheet figures for Tway Air Co Ltd (as of Sep 13, 2026): return on equity −439.2%, debt of 0.16 per unit of equity. They feed the Quality Score of 27/100, which measures business quality independently of the share price.
How far is 091810 from its 52-week high?
Tway Air Co Ltd trades at 2,630 KRW, about 27% below its 52-week high of 2,075 KRW and 260% above the low of 730.00 KRW (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of 505.42 KRW is for.
Which stocks are comparable to Tway Air Co Ltd?
From the same area (Industrials) we also value Delta Air Lines, Inc, United Airlines Holdings, Ryanair Holdings, Southwest Airlines 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 Tway Air Co Ltd stock attractive at the current price?
The data as of Sep 13, 2026: price 2,630 KRW, calculated fair value 505.42 KRW (−81%), Quality Score 27/100, from 9 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 091810 calculated?
We run Tway Air Co Ltd through 9 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 505.42 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 15.5 % above its aggregate fair value. Tway Air 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 Tway Air Co Ltd (091810)?
The closing price on Sep 17, 2026 was 2,630 KRW. Our model-based fair value is 505.42 KRW, about −81% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Tway Air Co Ltd right now?
The price sits above even our optimistic bull case (706.74 KRW). The favourable scenario is already priced in. Weak quality (27/100) and above fair value at the same time, the margin of safety is missing on both counts. The model range is unusually wide (264.79 KRW to 706.74 KRW). The outcome hinges heavily on assumptions, so read the point estimate with caution. 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 Tway Air Co Ltd
How large is the market capitalisation of Tway Air Co Ltd (091810)?
The market capitalisation of Tway Air Co Ltd is 236B KRW (≈ $165M). 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 Tway Air Co Ltd (091810)?
The price-to-sales ratio of Tway Air Co Ltd is 0.12 (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 Tway Air Co Ltd (091810)?
The dividend yield of Tway Air Co Ltd is 0.4%. 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 Tway Air Co Ltd (091810)?
The net margin of Tway Air Co Ltd is −18.8% (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 Tway Air Co Ltd (091810)?
The return on equity (ROE) of Tway Air Co Ltd is −439% (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 Tway Air Co Ltd (091810)?
On an EBIT basis the return on assets of Tway Air Co Ltd is −6.9% (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 Tway Air Co Ltd (091810)?
The operating margin of Tway Air Co Ltd is 3.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Tway Air Co Ltd (091810)?
Revenue at Tway Air Co Ltd is growing +37.1% versus a year earlier (3y avg +50.7%). 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 Tway Air Co Ltd (091810)?
Earnings per share at Tway Air Co Ltd are growing −2.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Tway Air Co Ltd (091810) carry?
The net debt of Tway Air Co Ltd is 39.0B KRW (fiscal year 2021, ≈ 0.3 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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