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KANGWON ENERGY Co (114190) Fair Value & Analysis

Industrials · KR · Market cap 216B KRW

KE KANGWON ENERGY Co 114190 · KQ
Price9,820 KRW
Fair Value13,573 KRW
Upside+38.2%
Quality48/100
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Mixed Growth
Loss-making · -3.5% net margin
Moderate debt · generates free cash flow
Trails peers (2/9)
Narrow moat 18/100
Evidence: Medium Range 9,186 KRW – 17,961 KRW Share as image

Fair value as of: Jul 20, 2026

From 9 valuation models · updated 21 days ago

Share price +8.6% over the past month.

Below-average quality, screening 38% undervalued on our models.

What matters now

  • Solid quality (48/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (9,186 KRW to 17,961 KRW) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

40,000 KRW 1,800 KRW Fair Value 13,573 KRW Jan 2019 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 1,800 KRW – 40,000 KRW · fair‑value band 9,186 KRW – 17,961 KRW · the 9,820 KRW price screens below the 13,573 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.

Full chart & analysis →

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Analysis

KANGWON ENERGY Co (114190) currently trades at 9,820 KRW, while our model-based Fair Value estimate is 13,573 KRW, implying the stock looks roughly 38.2% undervalued today. The Quality Score stands at 48/100 (below-average quality), in the Industrials 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: medium), always confirm before acting.

Over the trailing twelve months, KANGWON ENERGY Co generated revenue of 211B KRW at a net margin of -3.5%. Revenue declined 2.6% year over year. It earns a return on equity of -13.3%. Net debt stands at 27.5B KRW. Fundamentals as of Jul 20, 2026

Our scenario range runs from 9,186 KRW (bear case) to 17,961 KRW (bull case); at 9,820 KRW, the current price sits within 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 52% below its 52-week high and 51% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -48% fair-value upside, at 38%, 114190 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 19,590 KRW 38,331 KRW 77,228 KRW 80
Rev-Margin DCF 13,621 KRW 26,486 KRW 46,247 KRW 74
Gordon GGM 139.93 KRW 305.48 KRW 513.98 KRW 70
All 9 models by family
DCF Models
FCF DCF 20,698 KRW 33,909 KRW 75,853 KRW 38
5Y Revenue Exit 13,621 KRW 23,734 KRW 43,881 KRW 39
10Y Revenue Exit 15,150 KRW 30,348 KRW 44,251 KRW 36
Dividend Discount
Gordon GGM 139.93 KRW 305.48 KRW 513.98 KRW 70
DDM Multi-Stage 139.93 KRW 250.24 KRW 318.36 KRW 61
Multiples
EV/Revenue 10,373 KRW 14,760 KRW 19,148 KRW 43
Asset-Based
NCAV (Graham) 660.42 KRW 884.97 KRW 1,321 KRW 50
Growth DCF
Growth DCF 19,590 KRW 38,331 KRW 77,228 KRW 80
Rev-Margin DCF 13,621 KRW 26,486 KRW 46,247 KRW 74

Widest divergence: DCF Models (30,348 KRW) versus Dividend Discount (250.24 KRW). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 211B KRW
Revenue growth (YoY) -2.6%
Net margin -3.5%
Return on equity -13.3%
Free cash flow 30.6B KRW FY2025
Operating margin -1.7%
More key figures
EPS growth (YoY) -6.3%
Net debt 27.5B KRW FY2025

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

Quality Score breakdown

Overall quality 48/100

Of which business quality 51 · Market factors (momentum, volatility) 15

Profitability 22
Margins and returns on capital today
Quality Growth 23
Are margins and returns improving?
Cashflow 71
Earnings quality: real cash, not paper profit
Fin. Strength 51
Balance sheet, leverage, solvency risk
Investment 63
Disciplined investing over empire-building
Low Volatility 41
Calm price path (market factor)
Momentum 0
Price trend over the last 3–12 months (market factor)
52W Momentum 11
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

KANGWON ENERGY Co., Ltd. engages in the secondary battery and energy plant business. It offers services in the plant and secondary battery sectors, including heat, basic, and detailed design, as well as procurement, production, fabrication, installation, and commissioning.

Full company description

KANGWON ENERGY Co., Ltd. engages in the secondary battery and energy plant business. It offers services in the plant and secondary battery sectors, including heat, basic, and detailed design, as well as procurement, production, fabrication, installation, and commissioning. The company provides system engineering, PD mixers, storage vessels, and powder weighing and transfer systems; and cathode material manufacturing equipment, such as electric heater dryers, electro magnetic filters, jet mills, roll crushers, and sievers. It also designs, manufactures, installs, and commissions water tube steam generators, sulfur recovery unit, hot oil heaters, waste heat boilers, and heat recovery steam generators. The company was formerly known as KANGWON Co., Ltd. and changed its name to KANGWON ENERGY Co.,Ltd. in October 2021. KANGWON ENERGY Co., Ltd. was founded in 1976 and is headquartered in Gunsan-si, South Korea.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

KANGWON ENERGY Co reported revenue of 212B KRW in FY2025 versus 44.2B KRW in FY2021, a compound +48.1%/yr. Reported net income was −6.1B KRW in FY2025.

Growth Quality 61/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
212B KRW
Latest YoY
−5.4%
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.
+43.8%
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.
+40.8%
Avg. growth/yr (11Y) 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.
+13.7%
Revenue +48.1%/yr
FY21 44.2B KRW
FY22 71.4B KRW
FY23 139B KRW
FY24 224B KRW
FY25 212B KRW
Net income
FY21 5.8B KRW
FY22 3.5B KRW
FY23 4.4B KRW
FY24 1.0B KRW
FY25 −6.1B KRW

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Cite: Fair Value Calculator (2026). "KANGWON ENERGY Co Fair Value". https://www.fairvalue-calculator.com/stock/114190

Peer Group

Specialty Industrial Machinery · 806 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 48 · Below median
Fair Value upside +38% · Top 25%
Return on assets -3% · Bottom 25%
Net margin (TTM) -4% · Bottom 25%
Operating margin (TTM) -2% · Bottom 25%
Revenue growth -3% · Below median
Debt / equity 0.57× · Higher than 75% of peers

Valuation Multiples vs Specialty Industrial Machinery 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 84 · sector 0
FUTURE 0 · sector 23
PAST 0 · sector 28
HEALTH 72 · sector 96
DIVIDEND 0 · sector 24

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 Specialty Industrial Machinery stocks, each showing price versus our Fair Value estimate (as of Jul 20, 2026).

Stock Price Fair Value vs Fair Value
GE Vernova Inc 1GEV €887.60 €186.93 -79%
1SIE 1SIE €273.20 €91.93 -66%
SMNS SMNS C$31.76 C$22.68 -29%
Eaton Corporation ETN $407.28 $171.92 -58%
Atlas Copco AB ATCOA kr 195.15 kr 112.59 -42%
Sandvik AB SAND kr 384.10 kr 193.01 -50%
Doosan Enerbility Co 034020 76,400 KRW 7,938 KRW -90%
Vestas Wind Systems A/S VWS kr 178.10 kr 124.54 -30%
Zhejiang Sanhua Intelligent Controls Co 002050 ¥43.20 ¥22.68 -48%
NARI Technology Co 600406 ¥22.19 ¥18.71 -16%

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Frequently asked questions

Is KANGWON ENERGY Co (114190) overvalued or undervalued?
As of Jul 20, 2026, our model estimates a fair value of 13,573 KRW versus a price of 9,820 KRW, about +38% (undervalued).
What is the fair value of 114190?
Our model-based fair value for KANGWON ENERGY Co is 13,573 KRW (as of Jul 20, 2026), built from audited fundamentals. The current price is 9,820 KRW.
What is the quality score of 114190?
KANGWON ENERGY Co has a Quality Score of 48/100. 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 KANGWON ENERGY Co (114190)?
KANGWON ENERGY Co reported trailing-twelve-month revenue of about 211B KRW (latest available figure, as of Jul 20, 2026).
What is the net profit margin of 114190?
The net profit margin of KANGWON ENERGY Co is about -3.5%, meaning it is currently running at a net loss. Based on the latest reported figures.

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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