MAKUS Inc (093520) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of MAKUS Inc KRW 23,004, price KRW 29,250, upside -21.4%, quality 87 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 4,899 KRW – 33,300 KRW · fair‑value band 16,103 KRW – 29,905 KRW · the 29,250 KRW price screens above the 23,004 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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MAKUS, Inc. operates as a non-memory semiconductor solutions company in South Korea. The company sells and supports non-memory semiconductors, such as FPGA and analog semiconductors. It also distributes storage and server products. The company was founded in 1997 and is headquartered in Seoul, South Korea.
Stock analysis
MAKUS Inc (093520) currently trades at 29,250 KRW, while our model-based Fair Value estimate is 23,004 KRW, implying the stock looks roughly 27.2% overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 61,824 KRW per share, and 16 of the 24 models we run sit above the 29,250 KRW price.
Bear case: the Asset-Based group reads lowest at 5,855 KRW, and 8 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: 16,103 KRW (bear) to 29,905 KRW (bull), the price of 29,250 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 87/100 (high quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
MAKUS Inc reported revenue of 227B KRW in FY2025 versus 141B KRW in FY2021, a compound +12.7%/yr. Reported net income was 23.1B KRW in FY2025, compounding −2.0%/yr from FY2021.
Key figures
Market cap 254B KRW (≈ $178M) · P/S ratio 0.89 · Dividend yield 5.5% · Net margin 10.1% · Return on equity 2,114% · Return on assets (EBIT) 11.4% · Operating margin 19.3% · Revenue (TTM) 187B KRW.
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 12% below its 52-week high and 79% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −42% fair-value upside, at −21%, 093520 screens cheaper than that median.
Fair Value models
Bear 16,103 KRWFair Value 23,004 KRWBull 29,905 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.92/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+13.9%
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.
+5.5%
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.
+21.2%
Start year 2020 (pandemic). Over 10 years: +11.9% a year
Revenue growth 17 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.
+13.1%
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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.
+37.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+32.0%
Dividend (yield on the price)5.5%
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.32% vs 37%, 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.11% → 13%
Start year 2020 (pandemic)
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).
−18.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (South Korea: IMF forecast 2.1% a year to 2030, 2.1% from 2016 to 2025) that is about −20.0% a year for the 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.Semiconductors & Semiconductor Equipment · 48 stocks
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Cite: Fair Value Calculator (2026). "MAKUS Inc Fair Value". https://www.fairvalue-calculator.com/stock/093520
Frequently asked questions
Is MAKUS Inc (093520) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 23,004 KRW versus a price of 29,250 KRW, about −21% upside (overvalued).
What is the fair value of 093520?
Our model-based fair value for MAKUS Inc is 23,004 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 29,250 KRW.
What is the quality score of 093520?
MAKUS Inc has a Quality Score of 87/100. 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 MAKUS Inc (093520)?
Our model-based price target is the fair value of 23,004 KRW (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 16,103 KRW, optimistic scenario 29,905 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the MAKUS Inc stock forecast for 2026?
Our models put fair value at 23,004 KRW, about −21% upside versus a price of 29,250 KRW (overvalued). Cautious scenario 16,103 KRW, optimistic scenario 29,905 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of MAKUS Inc (093520)?
MAKUS Inc reported trailing-twelve-month revenue of about 187B KRW (latest available figure, as of Sep 24, 2026).
Does MAKUS Inc pay a dividend?
MAKUS Inc currently shows a dividend yield of about 5.53% relative to its recent price (as of Sep 24, 2026).
What growth is priced into MAKUS Inc (093520)?
For today's price to be fair in a discounted-cash-flow model, MAKUS Inc would have to grow free cash flow by -18.3 % per year for five years (discount rate 13.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +21.2 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 093520 use?
Our models discount MAKUS Inc at 13.9 %: a base by market capitalisation (micro), damped by beta 1.23, 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 MAKUS Inc that is -18.3 % per year a year over ten years, using the same discount rate (13.9 %) and the same formula as our fair value.
How much growth has MAKUS Inc (093520) delivered so far?
Over the past 5 years revenue at MAKUS Inc grew +21.2 % a year. The price currently implies -18.3 % 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 MAKUS Inc (093520) growing?
The median revenue growth in the sector is +8.2 % a year. That is the yardstick for the growth priced into MAKUS Inc (-18.3 % 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 MAKUS Inc (093520)?
The free-cash-flow yield on the price is 26.29 %: that much free cash flow MAKUS Inc produces per unit of market value. When it exceeds the discount rate of our models (13.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of MAKUS Inc (093520)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For MAKUS Inc it is 23,004 KRW per share (as of Sep 24, 2026), against a price of 29,250 KRW. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is MAKUS Inc stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 093520 trades above its calculated fair value: price 29,250 KRW, fair value 23,004 KRW, a gap of about −21% (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 093520?
No. The price is what the market pays today (29,250 KRW); the fair value is what the company's own numbers justify (23,004 KRW). For MAKUS Inc the two are 6,246 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is MAKUS Inc worth?
The market values MAKUS Inc at about 254B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 29,250 KRW; our models calculate a fair value of 23,004 KRW per share.
What do the bullish and bearish scenarios say about 093520?
Our models span a range for MAKUS Inc: cautious scenario 16,103 KRW, base 23,004 KRW, optimistic 29,905 KRW per share (as of Sep 24, 2026, price 29,250 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is 093520 from its 52-week high?
MAKUS Inc trades at 29,250 KRW, about 12% below its 52-week high of 33,300 KRW and 79% above the low of 16,300 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 23,004 KRW is for.
Which stocks are comparable to MAKUS Inc?
From the same area (Technology) we also value TES Co, Eugene Technology Co, TSE Co, ISC 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 MAKUS Inc stock attractive at the current price?
The data as of Sep 24, 2026: price 29,250 KRW, calculated fair value 23,004 KRW (−21%), Quality Score 87/100, 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 093520 calculated?
We run MAKUS Inc 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 23,004 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 13.2 % above its aggregate fair value. MAKUS Inc 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 MAKUS Inc (093520)?
The closing price on Sep 23, 2026 was 29,250 KRW. Our model-based fair value is 23,004 KRW, about −21% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with MAKUS Inc right now?
A high-quality business (quality 87/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. A fairly wide model range (16,103 KRW to 29,905 KRW) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of MAKUS Inc
How large is the market capitalisation of MAKUS Inc (093520)?
The market capitalisation of MAKUS Inc is 254B KRW (≈ $178M). 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 MAKUS Inc (093520)?
The price-to-sales ratio of MAKUS Inc is 0.89 (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 MAKUS Inc (093520)?
The dividend yield of MAKUS Inc is 5.5%. 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 MAKUS Inc (093520)?
The net margin of MAKUS Inc is 10.1% (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 MAKUS Inc (093520)?
The return on equity (ROE) of MAKUS Inc is 2,114% (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 MAKUS Inc (093520)?
On an EBIT basis the return on assets of MAKUS Inc is 11.4% (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 MAKUS Inc (093520)?
The operating margin of MAKUS Inc is 19.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at MAKUS Inc (093520)?
Revenue at MAKUS Inc is growing +60.7% versus a year earlier (3y avg +5.5%). 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 MAKUS Inc (093520)?
Earnings per share at MAKUS Inc are growing +270% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does MAKUS Inc (093520) carry?
The net debt of MAKUS Inc is 20.7B KRW (fiscal year 2023, ≈ 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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