KANGWON Co. Ltd (114190) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of KANGWON Co. Ltd KRW 21,213, price KRW 8,320, upside +155.0%, quality 48 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 1,800 KRW – 40,000 KRW · fair‑value band 12,556 KRW – 36,665 KRW · the 8,320 KRW price screens below the 21,213 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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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.
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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.
Stock analysis
KANGWON Co. Ltd (114190) currently trades at 8,320 KRW, while our model-based Fair Value estimate is 21,213 KRW, implying the stock looks roughly 60.8% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 21,737 KRW per share, and 6 of the 7 models we run sit above the 8,320 KRW price.
Bear case: the Multiples group reads lowest at 14,760 KRW, and 1 of the 7 models stay below the price. Evidence for this calculation is low.
Scenario range: 12,556 KRW (bear) to 36,665 KRW (bull), the price of 8,320 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 48/100 (below-average quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
KANGWON Co. Ltd 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.
Key figures
Market cap 217B KRW (≈ $160M) · P/S ratio 1.03 · Net margin −2.9% · Return on equity −13.3% · Return on assets (EBIT) 2.9% · Operating margin −1.7% · Revenue (TTM) 211B KRW · Revenue growth (YoY) −2.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (medium confidence).
What moves the price
The share trades about 55% below its 52-week high and 28% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −49% fair-value upside, at 155%, 114190 screens cheaper than that median.
Fair Value models
Bear 12,556 KRWFair Value 21,213 KRWBull 36,665 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.61/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−5.4%
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.
+43.8%
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.
+40.8%
Start year 2020 (pandemic). Over 10 years: +16.5% a year
Revenue growth 11 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.
+13.7%
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Profit margin (trend) ⓘ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.
−22.8% (2020) → −2.9% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
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).
−1.0%
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 −3.0% 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.Specialty Industrial Machinery · 827 stocks
Beats the industry median on 2/8 measures
Overall it trails its industry peers.
Valuation
Quality Score48 · Below median
Fair Value upside+155% · Top 25%
Profitability
Return on assets−3% · Bottom 25%
Net margin (TTM)−4% · Bottom 25%
Operating margin (TTM)−2% · Bottom 25%
Growth and dividend
Revenue growth−3% · Below median
Balance sheet
Debt / equity0.57× · Highest 25%
Valuation Multiplesvs Specialty Industrial Machinery median · lower = cheaper
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Is KANGWON Co. Ltd (114190) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 21,213 KRW versus a price of 8,320 KRW, about +155% upside (undervalued).
What is the fair value of 114190?
Our model-based fair value for KANGWON Co. Ltd is 21,213 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 8,320 KRW.
What is the quality score of 114190?
KANGWON Co. Ltd 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 price target for KANGWON Co. Ltd (114190)?
Our model-based price target is the fair value of 21,213 KRW (as of Sep 24, 2026) from 7 valuation models. Cautious scenario 12,556 KRW, optimistic scenario 36,665 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the KANGWON Co. Ltd stock forecast for 2026?
Our models put fair value at 21,213 KRW, about +155% upside versus a price of 8,320 KRW (undervalued). Cautious scenario 12,556 KRW, optimistic scenario 36,665 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of KANGWON Co. Ltd (114190)?
KANGWON Co. Ltd reported trailing-twelve-month revenue of about 211B KRW (latest available figure, as of Sep 24, 2026).
What growth is priced into KANGWON Co. Ltd (114190)?
For today's price to be fair in a discounted-cash-flow model, KANGWON Co. Ltd would have to grow free cash flow by -1.0 % per year for five years (discount rate 12.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +40.8 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 114190 use?
Our models discount KANGWON Co. Ltd at 12.3 %: a base by market capitalisation (micro), damped by beta 0.75, 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 KANGWON Co. Ltd that is -1.0 % per year a year over ten years, using the same discount rate (12.3 %) and the same formula as our fair value.
How much growth has KANGWON Co. Ltd (114190) delivered so far?
Over the past 5 years revenue at KANGWON Co. Ltd grew +40.8 % a year. The price currently implies -1.0 % 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 KANGWON Co. Ltd (114190) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into KANGWON Co. Ltd (-1.0 % 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 KANGWON Co. Ltd (114190)?
The free-cash-flow yield on the price is 14.10 %: that much free cash flow KANGWON Co. Ltd produces per unit of market value. When it exceeds the discount rate of our models (12.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of KANGWON Co. Ltd (114190)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For KANGWON Co. Ltd it is 21,213 KRW per share (as of Sep 24, 2026), against a price of 8,320 KRW. It is the blended result of 7 valuation models (cash flow, earnings, asset, dividend).
Is KANGWON Co. Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 114190 trades below its calculated fair value: price 8,320 KRW, fair value 21,213 KRW, a gap of about +155% (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 114190?
No. The price is what the market pays today (8,320 KRW); the fair value is what the company's own numbers justify (21,213 KRW). For KANGWON Co. Ltd the two are 12,893 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is KANGWON Co. Ltd worth?
The market values KANGWON Co. Ltd at about 217B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 8,320 KRW; our models calculate a fair value of 21,213 KRW per share.
What do the bullish and bearish scenarios say about 114190?
Our models span a range for KANGWON Co. Ltd: cautious scenario 12,556 KRW, base 21,213 KRW, optimistic 36,665 KRW per share (as of Sep 24, 2026, price 8,320 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of KANGWON Co. Ltd (114190)?
Balance-sheet figures for KANGWON Co. Ltd (as of Sep 24, 2026): return on equity −13.3%, debt of 0.57 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is 114190 from its 52-week high?
KANGWON Co. Ltd trades at 8,320 KRW, about 55% below its 52-week high of 18,590 KRW and 28% above the low of 6,510 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 21,213 KRW is for.
Which stocks are comparable to KANGWON Co. Ltd?
From the same area (Industrials) we also value GE Vernova Inc, SIE, Eaton Corporation, Parker-Hannifin Corporation, 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 KANGWON Co. Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 8,320 KRW, calculated fair value 21,213 KRW (+155%), Quality Score 48/100, from 7 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 114190 calculated?
We run KANGWON Co. Ltd through 7 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 21,213 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 14.0 % above its aggregate fair value. KANGWON Co. Ltd currently trades 155 % 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 KANGWON Co. Ltd (114190)?
The closing price on Sep 23, 2026 was 8,320 KRW. Our model-based fair value is 21,213 KRW, about +155% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with KANGWON Co. Ltd right now?
The price is below even our cautious bear case (12,556 KRW). The market is more pessimistic than our downside scenario. The model range is unusually wide (12,556 KRW to 36,665 KRW). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (48/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of KANGWON Co. Ltd
How large is the market capitalisation of KANGWON Co. Ltd (114190)?
The market capitalisation of KANGWON Co. Ltd is 217B KRW (≈ $160M). 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 KANGWON Co. Ltd (114190)?
The price-to-sales ratio of KANGWON Co. Ltd is 1.03 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of KANGWON Co. Ltd (114190)?
The net margin of KANGWON Co. Ltd is −2.9% (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 KANGWON Co. Ltd (114190)?
The return on equity (ROE) of KANGWON Co. Ltd is −13.3% (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 KANGWON Co. Ltd (114190)?
On an EBIT basis the return on assets of KANGWON Co. Ltd is 2.9% (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 KANGWON Co. Ltd (114190)?
The operating margin of KANGWON Co. Ltd is −1.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at KANGWON Co. Ltd (114190)?
Revenue at KANGWON Co. Ltd is growing −2.6% versus a year earlier (3y avg +43.8%). 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 KANGWON Co. Ltd (114190)?
Earnings per share at KANGWON Co. Ltd are growing −6.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does KANGWON Co. Ltd (114190) carry?
The net debt of KANGWON Co. Ltd is 27.5B 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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