MAKUS Inc (093520) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of MAKUS Inc stock KRW 23,004, price KRW 22,900, upside +0.5%, quality 86 out of 100. Rating: fairly valued. Calculated from audited financials with 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 8, 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 22,900 KRW price screens below the 23,004 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 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.
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The company was founded in 1997 and is headquartered in Seoul, South Korea.
Stock analysis
MAKUS Inc (093520) currently trades at 22,900 KRW, while our model-based Fair Value estimate is 23,004 KRW, so the stock looks roughly fairly valued today (gap 0.5%).
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Valuation
Bull case: the DCF Models group reads highest at a median of 59,713 KRW per share, and 19 of the 26 models we run sit above the 22,900 KRW price.
Bear case: the Asset-Based group reads lowest at 7,884 KRW, and 7 of the 26 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 16,103 KRW (bear) to 29,905 KRW (bull), the price of 22,900 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 86/100 (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 225B KRW (≈ $166M) Micro · P/S ratio 1.21 · Dividend yield 5.5% · Net margin 14.8% · Return on equity 2,114% · Return on assets (EBIT) 11.4% (5-year average) · Operating margin 19.3% · Revenue (TTM) 187B KRW.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 66 out of 100 (low confidence).
What moves the price
The share trades about 31% below its 52-week high and 40% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at 4% fair-value upside, at 0%, 093520 screens richer than that median.
Fair Value models
Bear16,103 KRWFair Value 23,004 KRWBull29,905 KRW
Price 22,900 KRW · Upside +0.5%
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.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.
Best data coverage
FCF DCF48,196 KRW74,262 KRW113,738 KRW79
Growth DCF46,942 KRW68,784 KRW97,914 KRW78
Owner Earnings26,182 KRW38,699 KRW57,047 KRW76
All 26 models by family
DCF Models
FCF DCF48,196 KRW74,262 KRW113,738 KRW79
Owner Earnings26,182 KRW38,699 KRW57,047 KRW76
5Y Revenue Exit34,517 KRW50,134 KRW70,590 KRW73
5Y EBITDA Exit38,671 KRW59,067 KRW84,469 KRW75
5Y P/E Exit41,818 KRW65,836 KRW93,648 KRW70
10Y Revenue Exit39,404 KRW54,962 KRW77,838 KRW67
10Y EBITDA Exit42,097 KRW60,358 KRW87,572 KRW68
10Y P/E Exit43,810 KRW64,446 KRW94,010 KRW64
Earnings-Based
Graham-Dodd10,902 KRW58,628 KRW81,246 KRW63
Lynch FV16,217 KRW23,167 KRW30,117 KRW61
PEG = 1.016,217 KRW23,167 KRW30,117 KRW57
EPV17,074 KRW18,207 KRW19,108 KRW74
Dividend Discount
Gordon GGM842.42 KRW1,339 KRW1,675 KRW69
DDM Multi-Stage842.42 KRW1,303 KRW1,447 KRW67
Multiples
P/E Multiple33,668 KRW44,890 KRW56,113 KRW63
P/S Multiple20,441 KRW27,255 KRW34,068 KRW58
P/B Multiple7,210 KRW9,613 KRW12,016 KRW55
EV/EBIT34,984 KRW47,125 KRW59,267 KRW66
EV/EBITDA26,219 KRW35,438 KRW44,658 KRW67
EV/Revenue16,974 KRW24,866 KRW32,758 KRW53
Asset-Based
NCAV (Graham)5,204 KRW7,884 KRW9,856 KRW54
Growth DCF
Growth DCF46,942 KRW68,784 KRW97,914 KRW78
Rev-Margin DCF34,517 KRW50,229 KRW71,489 KRW73
Economic Profit
Residual Income8,205 KRW10,285 KRW15,717 KRW75
ROIC Compounder17,772 KRW19,718 KRW21,710 KRW72
Growth Earnings
Growth-Adj P/E27,878 KRW39,825 KRW51,773 KRW67
The fair value above starts from this blend and is adjusted for a cyclical peak year.
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.32.0% vs 36.7%, 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%
Pace: the 5-year rate starts in 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).
−24.9%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect
n/a
No analyst forecast available.
Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain.
After inflation (South Korea: IMF forecast 2.1% a year to 2030, 2.1% from 2016 to 2025) that is about −26.4% 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 Nov 8, 2026, our model estimates a fair value of 23,004 KRW versus a price of 22,900 KRW, about +0% upside (fairly valued).
What is the fair value of 093520?
Our model-based fair value for MAKUS Inc is 23,004 KRW (as of Nov 8, 2026), built from audited fundamentals. The current price: 22,900 KRW.
What is the quality score of 093520?
MAKUS Inc has a Quality Score of 86/100. 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 Nov 8, 2026) from 26 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 +0% upside versus a price of 22,900 KRW (fairly valued). 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 Nov 8, 2026).
Does MAKUS Inc pay a dividend?
MAKUS Inc currently shows a dividend yield of 5.53% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of MAKUS Inc (093520)?
MAKUS Inc has a dividend yield of 5.5%. A dividend has been paid every year since at least 2015. Our assessment: Safety not assessed. Payout ratio and cash coverage are not available, so we do not judge how safe this dividend is.
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 -24.9 % 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. Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain. As of Nov 8, 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 -24.9 % per year for five years, then slowing evenly to 2 % by year ten, 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 free-cash-flow growth of -24.9 % 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 MAKUS Inc (093520) growing?
The median revenue growth in the sector is +11.5 % a year. That is the yardstick for the growth priced into MAKUS Inc (-24.9 % per 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 33.58 % in the last fiscal year (free cash flow was negative over the last twelve months): 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 Nov 8, 2026), against a price of 22,900 KRW. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is MAKUS Inc stock overvalued or undervalued in 2026?
As of Nov 8, 2026, 093520 trades below its calculated fair value: price 22,900 KRW, fair value 23,004 KRW, a gap of about +0% (fairly valued). 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 (22,900 KRW); the fair value is what the company's own numbers justify (23,004 KRW). For MAKUS Inc the two are 103.65 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 225B KRW (market capitalisation, as of Nov 8, 2026). Per share that is 22,900 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 Nov 8, 2026, price 22,900 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 22,900 KRW, about 31% below its 52-week high of 33,300 KRW and 40% above the low of 16,300 KRW (as of Nov 6, 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 JUSUNG ENGINEERING Co, PSK HOLDINGS Inc, ISC Co, TSE 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 Nov 8, 2026: price 22,900 KRW, calculated fair value 23,004 KRW (+0%), Quality Score 86/100, from 26 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 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 23,004 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 13.3% 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 Nov 6, 2026 was 22,900 KRW. Our model-based fair value is 23,004 KRW, about +0% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with MAKUS Inc right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (16,103 KRW to 29,905 KRW) leaves room in how you read the outcome.
Key figures of MAKUS Inc
How large is the market capitalisation of MAKUS Inc (093520)?
The market capitalisation of MAKUS Inc is 225B KRW (≈ $166M). 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 1.21 (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 14.8% (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 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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Some data
Nov 8, 2026