Formetal Co. Ltd (119500) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Formetal Co. Ltd KRW 3,121, price KRW 2,375, upside +31.4%, quality 66 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Formetal Co., Ltd. operates as a metal forging company in Korea. It is involved in free, metal, composite, and non-ferrous metal forging activities.
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Formetal Co., Ltd. operates as a metal forging company in Korea. It is involved in free, metal, composite, and non-ferrous metal forging activities. The company provides RV gears, hold flanges, and shafts for the wind power generation industry; eyes, ice cleats, sprockets, oil caps, wear rings, hubs, wheels, and alex arms for the defense industry; and boom, center, and front bearings, as well as sprockets for the industrial machinery industry. It also provides yokes, spindles, steering knuckles, arms, rack pistons, pitman arms, sector shafts, poles, and fork shifts for automobile parts; connecting rods, and crank and cam shafts for agricultural machinery; and wheels, cylinders, hubs, oil caps, and strut spades for other industry applications. The company was formerly known as Hyup Jin Metal Forging Ind. Co., Ltd. and changed its name to Formetal Co., Ltd. in December 2009. Formetal Co., Ltd. was founded in 1969 and is based in Seosan-si, South Korea.
Stock analysis
Formetal Co. Ltd (119500) currently trades at 2,375 KRW, while our model-based Fair Value estimate is 3,121 KRW, implying the stock looks roughly 23.9% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 3,990 KRW per share, and 19 of the 22 models we run sit above the 2,375 KRW price.
Bear case: the Growth Earnings group reads lowest at 2,005 KRW, and 3 of the 22 models stay below the price. Evidence for this calculation is medium.
Scenario range: 2,843 KRW (bear) to 3,188 KRW (bull), the price of 2,375 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 66/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Formetal Co. Ltd reported revenue of 66.0B KRW in FY2025 versus 62.1B KRW in FY2021, a compound +1.6%/yr. Reported net income was 2.2B KRW in FY2025, compounding +1.8%/yr from FY2021.
Key figures
Market cap 28.1B KRW (≈ $20.7M) · P/S ratio 0.45 · Dividend yield 2.5% · Net margin 3.3% · Return on equity 4.1% · Return on assets (EBIT) 3.2% · Operating margin 2.4% · Revenue (TTM) 65.1B KRW.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (medium confidence).
What moves the price
The share trades about 58% below its 52-week high and 9% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −35% fair-value upside, at 31%, 119500 screens cheaper than that median.
Fair Value models
Bear 2,843 KRWFair Value 3,121 KRWBull 3,188 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.63/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+1.4%
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.
−1.7%
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.
+4.8%
Start year 2020 (pandemic). Over 10 years: +3.9% 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.
+2.3%
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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.
+3.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+1.4%
Dividend (yield on the price)2.5%
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.1% vs 1%, 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.4% → 4%
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).
−12.3%
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 −14.0% 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.Metal Fabrication · 263 stocks
Beats the industry median on 5/10 measures
A mixed picture versus its industry peers.
Valuation
Quality Score66 · Top 25%
Fair Value upside+31% · Top 25%
Profitability
Return on equity (TTM)4% · Below median
Return on assets2% · Below median
Net margin (TTM)3% · Below median
Operating margin (TTM)2% · Below median
Growth and dividend
Revenue growth−6% · Below median
Dividend yield (TTM)2.5% · Top 25%
Balance sheet
Debt / equity0.00× · Lowest 25%
Valuation Multiplesvs Metal Fabrication median · lower = cheaper
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Is Formetal Co. Ltd (119500) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 3,121 KRW versus a price of 2,375 KRW, about +31% upside (undervalued).
What is the fair value of 119500?
Our model-based fair value for Formetal Co. Ltd is 3,121 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 2,375 KRW.
What is the quality score of 119500?
Formetal Co. Ltd has a Quality Score of 66/100. 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 Formetal Co. Ltd (119500)?
Our model-based price target is the fair value of 3,121 KRW (as of Sep 24, 2026) from 22 valuation models. Cautious scenario 2,843 KRW, optimistic scenario 3,188 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Formetal Co. Ltd stock forecast for 2026?
Our models put fair value at 3,121 KRW, about +31% upside versus a price of 2,375 KRW (undervalued). Cautious scenario 2,843 KRW, optimistic scenario 3,188 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Formetal Co. Ltd (119500)?
Formetal Co. Ltd reported trailing-twelve-month revenue of about 65.1B KRW (latest available figure, as of Sep 24, 2026).
Does Formetal Co. Ltd pay a dividend?
Formetal Co. Ltd currently shows a dividend yield of about 2.53% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Formetal Co. Ltd (119500)?
For today's price to be fair in a discounted-cash-flow model, Formetal Co. Ltd would have to grow free cash flow by -12.3 % per year for five years (discount rate 9.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.8 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 119500 use?
Our models discount Formetal Co. Ltd at 9.8 %: a base by market capitalisation (nano), damped by beta 0.86, 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 Formetal Co. Ltd that is -12.3 % per year a year over ten years, using the same discount rate (9.8 %) and the same formula as our fair value.
How much growth has Formetal Co. Ltd (119500) delivered so far?
Over the past 5 years revenue at Formetal Co. Ltd grew +4.8 % a year. The price currently implies -12.3 % 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 Formetal Co. Ltd (119500) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Formetal Co. Ltd (-12.3 % 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 Formetal Co. Ltd (119500)?
The free-cash-flow yield on the price is 14.96 %: that much free cash flow Formetal Co. Ltd produces per unit of market value. When it exceeds the discount rate of our models (9.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Formetal Co. Ltd (119500)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Formetal Co. Ltd it is 3,121 KRW per share (as of Sep 24, 2026), against a price of 2,375 KRW. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is Formetal Co. Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 119500 trades below its calculated fair value: price 2,375 KRW, fair value 3,121 KRW, a gap of about +31% (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 119500?
No. The price is what the market pays today (2,375 KRW); the fair value is what the company's own numbers justify (3,121 KRW). For Formetal Co. Ltd the two are 746.11 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Formetal Co. Ltd worth?
The market values Formetal Co. Ltd at about 28.1B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 2,375 KRW; our models calculate a fair value of 3,121 KRW per share.
What do the bullish and bearish scenarios say about 119500?
Our models span a range for Formetal Co. Ltd: cautious scenario 2,843 KRW, base 3,121 KRW, optimistic 3,188 KRW per share (as of Sep 24, 2026, price 2,375 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Formetal Co. Ltd (119500)?
Balance-sheet figures for Formetal Co. Ltd (as of Sep 24, 2026): return on equity 4.1%, debt of 0.00 per unit of equity. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is 119500 from its 52-week high?
Formetal Co. Ltd trades at 2,375 KRW, about 58% below its 52-week high of 5,630 KRW and 9% above the low of 2,185 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 3,121 KRW is for.
Which stocks are comparable to Formetal Co. Ltd?
From the same area (Industrials) we also value Carpenter Technology Corporation, ATI Inc, Mueller Industries, Inc, Aurubis AG, 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 Formetal Co. Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 2,375 KRW, calculated fair value 3,121 KRW (+31%), Quality Score 66/100, from 22 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 119500 calculated?
We run Formetal Co. Ltd through 22 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 3,121 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. Formetal Co. Ltd currently trades 31 % 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 Formetal Co. Ltd (119500)?
The closing price on Sep 23, 2026 was 2,375 KRW. Our model-based fair value is 3,121 KRW, about +31% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Formetal Co. Ltd right now?
The price is below even our cautious bear case (2,843 KRW). The market is more pessimistic than our downside scenario. Solid quality (66/100) at a price below fair value, the discount is the argument here, not the business quality. The models converge in a tight band (2,843 KRW to 3,188 KRW), unusually little disagreement for a valuation.
Key figures of Formetal Co. Ltd
How large is the market capitalisation of Formetal Co. Ltd (119500)?
The market capitalisation of Formetal Co. Ltd is 28.1B KRW (≈ $20.7M). 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 Formetal Co. Ltd (119500)?
The price-to-sales ratio of Formetal Co. Ltd is 0.45 (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 Formetal Co. Ltd (119500)?
The dividend yield of Formetal Co. Ltd is 2.5%. 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 Formetal Co. Ltd (119500)?
The net margin of Formetal Co. Ltd is 3.3% (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 Formetal Co. Ltd (119500)?
The return on equity (ROE) of Formetal Co. Ltd is 4.1% (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 Formetal Co. Ltd (119500)?
On an EBIT basis the return on assets of Formetal Co. Ltd is 3.2% (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 Formetal Co. Ltd (119500)?
The operating margin of Formetal Co. Ltd is 2.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Formetal Co. Ltd (119500)?
Revenue at Formetal Co. Ltd is growing −5.8% versus a year earlier (3y avg −1.7%). 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 Formetal Co. Ltd (119500)?
Earnings per share at Formetal Co. Ltd are growing −19.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Formetal Co. Ltd (119500) carry?
The net debt of Formetal Co. Ltd is 3.2B KRW (fiscal year 2023, ≈ 0.8 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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