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Namhwa Industrial Co (111710) Fair Value & Analysis

Consumer Cyclical · KR · Market cap 67.5B KRW

NI Namhwa Industrial Co 111710 · KQ
Price2,890 KRW
Fair Value4,373 KRW
Upside+51.3%
Quality67/100
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Weak Growth
Highly profitable · 40.7% net margin
Low debt · generates free cash flow
5.78% dividend yield
Ranks above peers (6/10)
Narrow moat 40/100
Evidence: High Range 3,478 KRW – 5,268 KRW Share as image

Fair value as of: Jul 20, 2026

From 24 valuation models · updated 21 days ago

Share price −35.6% over the past month.

A solid business, screening 51% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (3,478 KRW). The market is more pessimistic than our downside scenario.
  • Solid quality (67/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

10,606 KRW 2,670 KRW Fair Value 4,373 KRW Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 20, 2026.

How to read this chart

60‑month range 2,670 KRW – 10,606 KRW · fair‑value band 3,478 KRW – 5,268 KRW · the 2,890 KRW price screens below the 4,373 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 20, 2026.

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Analysis

Namhwa Industrial Co (111710) currently trades at 2,890 KRW, while our model-based Fair Value estimate is 4,373 KRW, implying the stock looks roughly 51.3% undervalued today. The Quality Score stands at 67/100 (solid quality), in the Consumer Cyclical sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Namhwa Industrial Co generated revenue of 16.6B KRW at a net margin of 40.7%. Revenue declined 8.7% year over year. It earns a return on equity of 3.7%. Fundamentals as of Jul 20, 2026

Our scenario range runs from 3,478 KRW (bear case) to 5,268 KRW (bull case); at 2,890 KRW, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 43% below its 52-week high, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 2% fair-value upside, at 51%, 111710 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

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
Highest evidence
Growth DCF 3,850 KRW 4,963 KRW 6,866 KRW 80
Residual Income 6,790 KRW 6,726 KRW 5,951 KRW 76
Rev-Margin DCF 2,304 KRW 2,732 KRW 3,293 KRW 74
All 24 models by family
DCF Models
FCF DCF 3,714 KRW 4,861 KRW 6,984 KRW 38
Owner Earnings 4,464 KRW 5,905 KRW 8,573 KRW 31
5Y Revenue Exit 2,304 KRW 2,664 KRW 3,180 KRW 39
5Y EBITDA Exit 3,116 KRW 4,070 KRW 5,333 KRW 41
5Y P/E Exit 4,732 KRW 6,866 KRW 9,413 KRW 38
10Y Revenue Exit 2,817 KRW 3,135 KRW 3,444 KRW 36
10Y EBITDA Exit 3,328 KRW 4,004 KRW 4,708 KRW 37
10Y P/E Exit 4,309 KRW 5,734 KRW 7,103 KRW 35
Earnings-Based
Graham-Dodd 2,204 KRW 2,693 KRW 3,030 KRW 54
EPV 1,866 KRW 2,045 KRW 2,201 KRW 59
Dividend Discount
Gordon GGM 1,836 KRW 2,010 KRW 2,275 KRW 70
DDM Multi-Stage 1,836 KRW 2,304 KRW 2,959 KRW 61
Multiples
P/E Multiple 5,347 KRW 7,130 KRW 8,912 KRW 63
P/S Multiple 733.14 KRW 977.52 KRW 1,222 KRW 58
P/B Multiple 4,132 KRW 5,509 KRW 6,886 KRW 55
EV/EBIT 3,478 KRW 4,373 KRW 5,268 KRW 53
EV/EBITDA 3,070 KRW 3,829 KRW 4,588 KRW 54
EV/Revenue 1,478 KRW 1,771 KRW 2,065 KRW 43
Asset-Based
NCAV (Graham) 4,587 KRW 6,147 KRW 9,175 KRW 50
Growth DCF
Growth DCF 3,850 KRW 4,963 KRW 6,866 KRW 80
Rev-Margin DCF 2,304 KRW 2,732 KRW 3,293 KRW 74
Economic Profit
Residual Income 6,790 KRW 6,726 KRW 5,951 KRW 76
ROIC Compounder 1,866 KRW 2,045 KRW 2,201 KRW 72
Growth Earnings
Growth-Adj P/E 3,769 KRW 5,385 KRW 7,000 KRW 68

Widest divergence: Asset-Based (6,147 KRW) versus Dividend Discount (2,010 KRW). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 16.6B KRW
Revenue growth (YoY) -8.7%
Net margin 40.7%
Return on equity 3.7%
Free cash flow 6.2B KRW FY2025
Operating margin -23.1%
More key figures
Dividend yield 5.8%
EPS growth (YoY) -17.3%

Figures from reported company fundamentals · as of Jul 20, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 67/100

Of which business quality 67 · Market factors (momentum, volatility) 23

Profitability 35
Margins and returns on capital today
Quality Growth 35
Are margins and returns improving?
Cashflow 82
Earnings quality: real cash, not paper profit
Fin. Strength 85
Balance sheet, leverage, solvency risk
Investment 88
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 18
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Namhwa Industrial Co., Ltd. engages in the operation of golf course in South Korea. It operates a 54-hole public golf course. Namhwa Industrial Co., Ltd. was founded in 1990 and is headquartered in Muan-eup, South Korea.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Namhwa Industrial Co reported revenue of 16.8B KRW in FY2025 versus 25.9B KRW in FY2021, a compound −10.3%/yr. Reported net income was 6.7B KRW in FY2025, compounding −16.5%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
16.8B KRW
Latest YoY
−19.0%
Avg. growth/yr (3Y) 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.
−18.0%
Avg. growth/yr (5Y) 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.
−1.1%
Avg. growth/yr (10Y) 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.
+1.9%
Revenue −10.3%/yr
FY21 25.9B KRW
FY22 30.4B KRW
FY23 24.7B KRW
FY24 20.7B KRW
FY25 16.8B KRW
Net income −16.5%/yr
FY21 13.7B KRW
FY22 20.6B KRW
FY23 17.7B KRW
FY24 10.9B KRW
FY25 6.7B KRW

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Cite: Fair Value Calculator (2026). "Namhwa Industrial Co Fair Value". https://www.fairvalue-calculator.com/stock/111710

Peer Group

Leisure · 190 stocks

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.

Quality Score 67 · Top 25%
Fair Value upside +51% · Top 25%
Return on equity (TTM) 4% · Below median
Return on assets 1% · Below median
Net margin (TTM) 41% · Top 25%
Operating margin (TTM) -23% · Bottom 25%
Revenue growth -9% · Bottom 25%
Dividend yield (TTM) 5.8% · Top 25%

Valuation Multiples vs Leisure median · lower = cheaper

P/FCF 0.0× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 14
FUTURE 0 · sector 18
PAST 15 · sector 19
HEALTH 100 · sector 94
DIVIDEND 100 · sector 51

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Leisure stocks, each showing price versus our Fair Value estimate (as of Jul 20, 2026).

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Hasbro, Inc HAS $81.55 $83.38 +2%
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Acushnet Holdings GOLF $114.78 $37.79 -67%
Li Ning Company 2331 HK$14.80 HK$29.26 +98%
Benefit Systems S.A BFT 5,255 PLN 3,714 PLN -29%
Ninebot Limited 689009 ¥37.82 ¥39.17 +4%
Asmodee Group ASMDEEB kr 145.70 kr 41.90 -71%

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Frequently asked questions

Is Namhwa Industrial Co (111710) overvalued or undervalued?
As of Jul 20, 2026, our model estimates a fair value of 4,373 KRW versus a price of 2,890 KRW, about +51% (undervalued).
What is the fair value of 111710?
Our model-based fair value for Namhwa Industrial Co is 4,373 KRW (as of Jul 20, 2026), built from audited fundamentals. The current price is 2,890 KRW.
What is the quality score of 111710?
Namhwa Industrial Co has a Quality Score of 67/100. 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 revenue of Namhwa Industrial Co (111710)?
Namhwa Industrial Co reported trailing-twelve-month revenue of about 16.6B KRW (latest available figure, as of Jul 20, 2026).
What is the net profit margin of 111710?
The net profit margin of Namhwa Industrial Co is about 40.7%, meaning it keeps roughly 40.7% of revenue as net income. Based on the latest reported figures.
Does Namhwa Industrial Co pay a dividend?
Namhwa Industrial Co currently shows a dividend yield of about 5.80% relative to its recent price (as of Jul 20, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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