Namhwa Industrial Co. Ltd (111710) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Namhwa Industrial Co. Ltd KRW 4,373, price KRW 3,180, upside +37.5%, quality 67 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 2,670 KRW – 10,606 KRW · fair‑value band 3,478 KRW – 5,357 KRW · the 3,180 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 Sep 24, 2026.
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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.
Stock analysis
Namhwa Industrial Co. Ltd (111710) currently trades at 3,180 KRW, while our model-based Fair Value estimate is 4,373 KRW, implying the stock looks roughly 27.3% undervalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 6,147 KRW per share, and 14 of the 24 models we run sit above the 3,180 KRW price.
Bear case: the Dividend Discount group reads lowest at 1,914 KRW, and 10 of the 24 models stay below the price. Evidence for this calculation is medium.
Scenario range: 3,478 KRW (bear) to 5,357 KRW (bull), the price of 3,180 KRW sits below 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 67/100 (solid quality), in the Consumer Cyclical sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Namhwa Industrial Co. Ltd 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.
Key figures
Market cap 65.5B KRW (≈ $48.1M) · P/S ratio 3.93 · Dividend yield 6.3% · Net margin 39.8% · Return on equity 3.7% · Return on assets (EBIT) 6.0% · Operating margin −23.1% · Revenue (TTM) 16.6B KRW.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 55% below its 52-week high and 19% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 38% fair-value upside, at 38%, 111710 screens richer than that median.
Fair Value models
Bear 3,478 KRWFair Value 4,373 KRWBull 5,357 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.40/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−19.0%
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.
−18.0%
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.
−1.1%
Start year 2020 (pandemic). Over 10 years: +1.9% a year
Revenue growth 10 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.
+1.9%
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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.
+6.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+0.2%
Dividend (yield on the price)6.3%
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.0% vs −2%, steady
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.42% → 24%
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).
−28.9%
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 −30.3% a year for the price.
Compare Namhwa Industrial Co. Ltd with another stock
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.Leisure · 189 stocks
Beats the industry median on 5/9 measures
A mixed picture versus its industry peers.
Valuation
Quality Score67 · Top 25%
Fair Value upside+38% · Above median
Profitability
Return on equity (TTM)4% · Below median
Return on assets1% · Below median
Net margin (TTM)41% · Top 25%
Operating margin (TTM)−23% · Bottom 25%
Growth and dividend
Revenue growth−9% · Bottom 25%
Dividend yield (TTM)6.3% · Top 25%
Valuation Multiplesvs Leisure median · lower = cheaper
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Is Namhwa Industrial Co. Ltd (111710) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 4,373 KRW versus a price of 3,180 KRW, about +38% upside (undervalued).
What is the fair value of 111710?
Our model-based fair value for Namhwa Industrial Co. Ltd is 4,373 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 3,180 KRW.
What is the quality score of 111710?
Namhwa Industrial Co. Ltd 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 price target for Namhwa Industrial Co. Ltd (111710)?
Our model-based price target is the fair value of 4,373 KRW (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 3,478 KRW, optimistic scenario 5,357 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Namhwa Industrial Co. Ltd stock forecast for 2026?
Our models put fair value at 4,373 KRW, about +38% upside versus a price of 3,180 KRW (undervalued). Cautious scenario 3,478 KRW, optimistic scenario 5,357 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Namhwa Industrial Co. Ltd (111710)?
Namhwa Industrial Co. Ltd reported trailing-twelve-month revenue of about 16.6B KRW (latest available figure, as of Sep 24, 2026).
Does Namhwa Industrial Co. Ltd pay a dividend?
Namhwa Industrial Co. Ltd currently shows a dividend yield of about 6.29% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Namhwa Industrial Co. Ltd (111710)?
For today's price to be fair in a discounted-cash-flow model, Namhwa Industrial Co. Ltd would have to grow free cash flow by -28.9 % per year for five years (discount rate 8.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -1.1 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 111710 use?
Our models discount Namhwa Industrial Co. Ltd at 8.9 %: a base by market capitalisation (nano), damped by beta 0.36, 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 Namhwa Industrial Co. Ltd that is -28.9 % per year a year over ten years, using the same discount rate (8.9 %) and the same formula as our fair value.
How much growth has Namhwa Industrial Co. Ltd (111710) delivered so far?
Over the past 5 years revenue at Namhwa Industrial Co. Ltd grew -1.1 % a year. The price currently implies -28.9 % 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 Namhwa Industrial Co. Ltd (111710) growing?
The median revenue growth in the sector is +2.6 % a year. That is the yardstick for the growth priced into Namhwa Industrial Co. Ltd (-28.9 % 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 Namhwa Industrial Co. Ltd (111710)?
The free-cash-flow yield on the price is 9.45 %: that much free cash flow Namhwa Industrial Co. Ltd produces per unit of market value. When it exceeds the discount rate of our models (8.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Namhwa Industrial Co. Ltd (111710)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Namhwa Industrial Co. Ltd it is 4,373 KRW per share (as of Sep 24, 2026), against a price of 3,180 KRW. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Namhwa Industrial Co. Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 111710 trades below its calculated fair value: price 3,180 KRW, fair value 4,373 KRW, a gap of about +38% (undervalued). 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 111710?
No. The price is what the market pays today (3,180 KRW); the fair value is what the company's own numbers justify (4,373 KRW). For Namhwa Industrial Co. Ltd the two are 1,193 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Namhwa Industrial Co. Ltd worth?
The market values Namhwa Industrial Co. Ltd at about 65.5B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 3,180 KRW; our models calculate a fair value of 4,373 KRW per share.
What do the bullish and bearish scenarios say about 111710?
Our models span a range for Namhwa Industrial Co. Ltd: cautious scenario 3,478 KRW, base 4,373 KRW, optimistic 5,357 KRW per share (as of Sep 24, 2026, price 3,180 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Namhwa Industrial Co. Ltd (111710)?
Balance-sheet figures for Namhwa Industrial Co. Ltd (as of Sep 24, 2026): return on equity 3.7%. They feed the Quality Score of 67/100, which measures business quality independently of the share price.
How far is 111710 from its 52-week high?
Namhwa Industrial Co. Ltd trades at 3,180 KRW, about 55% below its 52-week high of 7,080 KRW and 19% above the low of 2,670 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 4,373 KRW is for.
Which stocks are comparable to Namhwa Industrial Co. Ltd?
From the same area (Consumer Cyclical) we also value ANTA Sports Products Limited, Pop Mart International Group, Amer Sports, Inc, Hasbro, 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 Namhwa Industrial Co. Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 3,180 KRW, calculated fair value 4,373 KRW (+38%), Quality Score 67/100, 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 111710 calculated?
We run Namhwa Industrial Co. Ltd 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 4,373 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 13.0 % above its aggregate fair value. Namhwa Industrial Co. Ltd currently trades 38 % below its own fair value, and the market average says nothing about that. 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 Namhwa Industrial Co. Ltd (111710)?
The closing price on Sep 23, 2026 was 3,180 KRW. Our model-based fair value is 4,373 KRW, about +38% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Namhwa Industrial Co. Ltd right 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.
Key figures of Namhwa Industrial Co. Ltd
How large is the market capitalisation of Namhwa Industrial Co. Ltd (111710)?
The market capitalisation of Namhwa Industrial Co. Ltd is 65.5B KRW (≈ $48.1M). 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 Namhwa Industrial Co. Ltd (111710)?
The price-to-sales ratio of Namhwa Industrial Co. Ltd is 3.93 (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 Namhwa Industrial Co. Ltd (111710)?
The dividend yield of Namhwa Industrial Co. Ltd is 6.3%. 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 Namhwa Industrial Co. Ltd (111710)?
The net margin of Namhwa Industrial Co. Ltd is 39.8% (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 Namhwa Industrial Co. Ltd (111710)?
The return on equity (ROE) of Namhwa Industrial Co. Ltd is 3.7% (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 Namhwa Industrial Co. Ltd (111710)?
On an EBIT basis the return on assets of Namhwa Industrial Co. Ltd is 6.0% (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 Namhwa Industrial Co. Ltd (111710)?
The operating margin of Namhwa Industrial Co. Ltd is −23.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Namhwa Industrial Co. Ltd (111710)?
Revenue at Namhwa Industrial Co. Ltd is growing −8.7% versus a year earlier (3y avg −18.0%). 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 Namhwa Industrial Co. Ltd (111710)?
Earnings per share at Namhwa Industrial Co. Ltd are growing −17.3% versus a year earlier. How much earnings per share grew versus a year earlier.
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