TES Co. Ltd (095610) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of TES Co. Ltd KRW 115,086, price KRW 161,900, upside -28.9%, quality 69 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 12,357 KRW – 217,500 KRW · fair‑value band 75,476 KRW – 199,664 KRW · the 161,900 KRW price screens above the 115,086 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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TES Co., Ltd. manufactures and sells semiconductors, displays, and compound semiconductor equipment. It offers PECVD, dry cleaning, and single LPCVD products for semiconductors; display and OLED pathfinder series products; and HESTIA series products for optoelectronics. The company was founded in 2002 and is headquartered in Yongin, South Korea.
Stock analysis
TES Co. Ltd (095610) currently trades at 161,900 KRW, while our model-based Fair Value estimate is 115,086 KRW, implying the stock looks roughly 40.7% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 98,083 KRW per share, and 0 of the 26 models we run sit above the 161,900 KRW price.
Bear case: the Asset-Based group reads lowest at 13,279 KRW, and 26 of the 26 models stay below the price. Evidence for this calculation is medium.
Scenario range: 75,476 KRW (bear) to 199,664 KRW (bull), the price of 161,900 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 69/100 (solid quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
TES Co. Ltd reported revenue of 351B KRW in FY2025 versus 375B KRW in FY2021, a compound −1.6%/yr. Reported net income was 56.9B KRW in FY2025, compounding −6.3%/yr from FY2021.
Key figures
Market cap 3.4T KRW (≈ $2.4B) · P/S ratio 9.99 · Dividend yield 1.9% · Net margin 16.2% · Return on equity 1,631% · Return on assets (EBIT) 11.1% · Operating margin 13.9% · Revenue (TTM) 345B KRW.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (low confidence).
What moves the price
The share trades about 26% below its 52-week high and 352% 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 −29%, 095610 screens cheaper than that median.
Fair Value models
Bear 75,476 KRWFair Value 115,086 KRWBull 199,664 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.85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+46.3%
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.
−0.6%
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.
+7.4%
Start year 2020 (pandemic). Over 10 years: +13.3% a year
Revenue growth 12 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.
+14.8%
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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.
+17.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+15.3%
Dividend (yield on the price)1.9%
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.15% vs 7%, picking up
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.13% → 17%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more 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).
+31.9%
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.
+18.4%
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 +29.2% a year for the price and +16.0% 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.Semiconductors & Semiconductor Equipment · 48 stocks
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Is TES Co. Ltd (095610) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 115,086 KRW versus a price of 161,900 KRW, about −29% upside (overvalued).
What is the fair value of 095610?
Our model-based fair value for TES Co. Ltd is 115,086 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 161,900 KRW.
What is the quality score of 095610?
TES Co. Ltd has a Quality Score of 69/100. 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 TES Co. Ltd (095610)?
Our model-based price target is the fair value of 115,086 KRW (as of Sep 24, 2026) from 26 valuation models. Cautious scenario 75,476 KRW, optimistic scenario 199,664 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the TES Co. Ltd stock forecast for 2026?
Our models put fair value at 115,086 KRW, about −29% upside versus a price of 161,900 KRW (overvalued). Cautious scenario 75,476 KRW, optimistic scenario 199,664 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of TES Co. Ltd (095610)?
TES Co. Ltd reported trailing-twelve-month revenue of about 345B KRW (latest available figure, as of Sep 24, 2026).
Does TES Co. Ltd pay a dividend?
TES Co. Ltd currently shows a dividend yield of about 1.92% relative to its recent price (as of Sep 24, 2026).
What growth is priced into TES Co. Ltd (095610)?
For today's price to be fair in a discounted-cash-flow model, TES Co. Ltd would have to grow free cash flow by +31.9 % per year for five years (discount rate 10.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.4 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 095610 use?
Our models discount TES Co. Ltd at 10.5 %: a base by market capitalisation (mid), damped by beta 1.15, 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 TES Co. Ltd that is +31.9 % per year a year over ten years, using the same discount rate (10.5 %) and the same formula as our fair value.
How much growth has TES Co. Ltd (095610) delivered so far?
Over the past 5 years revenue at TES Co. Ltd grew +7.4 % a year. The price currently implies +31.9 % 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 TES Co. Ltd (095610) growing?
The median revenue growth in the sector is +8.2 % a year. That is the yardstick for the growth priced into TES Co. Ltd (+31.9 % 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 TES Co. Ltd (095610)?
The free-cash-flow yield on the price is 1.74 %: that much free cash flow TES Co. Ltd produces per unit of market value. When it exceeds the discount rate of our models (10.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of TES Co. Ltd (095610)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For TES Co. Ltd it is 115,086 KRW per share (as of Sep 24, 2026), against a price of 161,900 KRW. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is TES Co. Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 095610 trades above its calculated fair value: price 161,900 KRW, fair value 115,086 KRW, a gap of about −29% (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 095610?
No. The price is what the market pays today (161,900 KRW); the fair value is what the company's own numbers justify (115,086 KRW). For TES Co. Ltd the two are 46,814 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is TES Co. Ltd worth?
The market values TES Co. Ltd at about 3.4T KRW (market capitalisation, as of Sep 24, 2026). Per share that is 161,900 KRW; our models calculate a fair value of 115,086 KRW per share.
What do the bullish and bearish scenarios say about 095610?
Our models span a range for TES Co. Ltd: cautious scenario 75,476 KRW, base 115,086 KRW, optimistic 199,664 KRW per share (as of Sep 24, 2026, price 161,900 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of TES Co. Ltd (095610)?
Balance-sheet figures for TES Co. Ltd (as of Sep 24, 2026): debt of 0.12 per unit of equity. They feed the Quality Score of 69/100, which measures business quality independently of the share price.
How far is 095610 from its 52-week high?
TES Co. Ltd trades at 161,900 KRW, about 26% below its 52-week high of 217,500 KRW and 352% above the low of 35,798 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 115,086 KRW is for.
Which stocks are comparable to TES Co. Ltd?
From the same area (Technology) we also value Eugene Technology Co, TSE Co, ISC Co, PSK HOLDINGS Inc, 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 TES Co. Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 161,900 KRW, calculated fair value 115,086 KRW (−29%), Quality Score 69/100, 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 095610 calculated?
We run TES Co. Ltd through 26 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 115,086 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. TES 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 TES Co. Ltd (095610)?
The closing price on Sep 23, 2026 was 161,900 KRW. Our model-based fair value is 115,086 KRW, about −29% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with TES Co. Ltd right now?
The model range is unusually wide (75,476 KRW to 199,664 KRW). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (69/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of TES Co. Ltd
How large is the market capitalisation of TES Co. Ltd (095610)?
The market capitalisation of TES Co. Ltd is 3.4T KRW (≈ $2.4B). 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 TES Co. Ltd (095610)?
The price-to-sales ratio of TES Co. Ltd is 9.99 (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 TES Co. Ltd (095610)?
The dividend yield of TES Co. Ltd is 1.9%. 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 TES Co. Ltd (095610)?
The net margin of TES Co. Ltd is 16.2% (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 TES Co. Ltd (095610)?
The return on equity (ROE) of TES Co. Ltd is 1,631% (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 TES Co. Ltd (095610)?
On an EBIT basis the return on assets of TES Co. Ltd is 11.1% (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 TES Co. Ltd (095610)?
The operating margin of TES Co. Ltd is 13.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at TES Co. Ltd (095610)?
Revenue at TES Co. Ltd is growing +67.1% versus a year earlier (3y avg −0.6%). 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 TES Co. Ltd (095610)?
Earnings per share at TES Co. Ltd are growing +116% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does TES Co. Ltd (095610) carry?
The net debt of TES Co. Ltd is 44.5B KRW (fiscal year 2025, ≈ 0.9 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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