KMH Co. Ltd (122450) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of KMH Co. Ltd KRW 7,725, price KRW 2,575, upside +200.0%, quality 48 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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KX Innovation Co., Ltd. provides broadcasting transmission and channel services. It operates various cable channels, including dramas, movies, and documentaries; and provides broadcast transmission services.
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KX Innovation Co., Ltd. provides broadcasting transmission and channel services. It operates various cable channels, including dramas, movies, and documentaries; and provides broadcast transmission services. The company also offers professional services to corporations, financial institutions, and public institutions; semiconductor materials/SSD cases; and broadcasting equipment. In addition, it engages in the golf course and club business. The company was formerly known as KMH Co. Ltd. KX Innovation Co., Ltd. was founded in 2000 and is headquartered in Seoul, South Korea.
Stock analysis
KMH Co. Ltd (122450) currently trades at 2,575 KRW, while our model-based Fair Value estimate is 7,725 KRW, implying the stock looks roughly 66.7% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 20,498 KRW per share, and 24 of the 24 models we run sit above the 2,575 KRW price.
Bear case: the Earnings-Based group reads lowest at 5,101 KRW, and 0 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: 5,794 KRW (bear) to 9,656 KRW (bull), the price of 2,575 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 Communication Services sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
KMH Co. Ltd reported revenue of 346B KRW in FY2025 versus 289B KRW in FY2021, a compound +4.6%/yr. Reported net income was 19.9B KRW in FY2025, compounding −15.6%/yr from FY2021.
Key figures
Market cap 110B KRW (≈ $81.0M) · P/S ratio 0.33 · Dividend yield 6.8% · Net margin 5.8% · Return on equity 6.0% · Return on assets (EBIT) 8.4% · Operating margin 4.7% · Revenue (TTM) 355B KRW.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 39% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 43% fair-value upside, at 200%, 122450 screens cheaper than that median.
Fair Value models
Bear 5,794 KRWFair Value 7,725 KRWBull 9,656 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 growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−14.3%
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.
+2.0%
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.
+1.7%
Start year 2020 (pandemic). Over 10 years: +13.3% a year
Revenue growth 14 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.
+16.0%
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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.
−1.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−8.3%
Dividend (yield on the price)6.8%
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.−8% vs −3%, slowing
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.20% → 11%
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.Broadcasting · 69 stocks
Beats the industry median on 9/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score48 · Below median
Fair Value upside+200% · Top 25%
Profitability
Return on equity (TTM)6% · Above median
Return on assets3% · Above median
Net margin (TTM)6% · Above median
Operating margin (TTM)5% · Above median
Growth and dividend
Revenue growth14% · Top 25%
Dividend yield (TTM)6.8% · Above median
Balance sheet
Debt / equity0.10× · Below median
Valuation Multiplesvs Broadcasting median · lower = cheaper
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Is KMH Co. Ltd (122450) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 7,725 KRW versus a price of 2,575 KRW, about +200% upside (undervalued).
What is the fair value of 122450?
Our model-based fair value for KMH Co. Ltd is 7,725 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 2,575 KRW.
What is the quality score of 122450?
KMH 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 KMH Co. Ltd (122450)?
Our model-based price target is the fair value of 7,725 KRW (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 5,794 KRW, optimistic scenario 9,656 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the KMH Co. Ltd stock forecast for 2026?
Our models put fair value at 7,725 KRW, about +200% upside versus a price of 2,575 KRW (undervalued). Cautious scenario 5,794 KRW, optimistic scenario 9,656 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of KMH Co. Ltd (122450)?
KMH Co. Ltd reported trailing-twelve-month revenue of about 355B KRW (latest available figure, as of Sep 24, 2026).
Does KMH Co. Ltd pay a dividend?
KMH Co. Ltd currently shows a dividend yield of about 6.76% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of KMH Co. Ltd (122450)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For KMH Co. Ltd it is 7,725 KRW per share (as of Sep 24, 2026), against a price of 2,575 KRW. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is KMH Co. Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 122450 trades below its calculated fair value: price 2,575 KRW, fair value 7,725 KRW, a gap of about +200% (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 122450?
No. The price is what the market pays today (2,575 KRW); the fair value is what the company's own numbers justify (7,725 KRW). For KMH Co. Ltd the two are 5,150 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is KMH Co. Ltd worth?
The market values KMH Co. Ltd at about 110B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 2,575 KRW; our models calculate a fair value of 7,725 KRW per share.
What do the bullish and bearish scenarios say about 122450?
Our models span a range for KMH Co. Ltd: cautious scenario 5,794 KRW, base 7,725 KRW, optimistic 9,656 KRW per share (as of Sep 24, 2026, price 2,575 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of KMH Co. Ltd (122450)?
Balance-sheet figures for KMH Co. Ltd (as of Sep 24, 2026): return on equity 6.0%, debt of 0.10 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is 122450 from its 52-week high?
KMH Co. Ltd trades at 2,575 KRW, about 39% below its 52-week high of 4,220 KRW and 7% above the low of 2,400 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 7,725 KRW is for.
Which stocks are comparable to KMH Co. Ltd?
From the same area (Communication Services) we also value Nexstar Media Group, SES S.A, MFE-Mediaforeurope N.V, Jiangsu Broadcasting Cable Information Network 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 KMH Co. Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 2,575 KRW, calculated fair value 7,725 KRW (+200%), Quality Score 48/100, 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 122450 calculated?
We run KMH 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 7,725 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. KMH Co. Ltd currently trades 200 % 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 KMH Co. Ltd (122450)?
The closing price on Sep 23, 2026 was 2,575 KRW. Our model-based fair value is 7,725 KRW, about +200% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with KMH Co. Ltd right now?
The price is below even our cautious bear case (5,794 KRW). The market is more pessimistic than our downside scenario. 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 KMH Co. Ltd
How large is the market capitalisation of KMH Co. Ltd (122450)?
The market capitalisation of KMH Co. Ltd is 110B KRW (≈ $81.0M). 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 KMH Co. Ltd (122450)?
The price-to-sales ratio of KMH Co. Ltd is 0.33 (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 KMH Co. Ltd (122450)?
The dividend yield of KMH Co. Ltd is 6.8%. 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 KMH Co. Ltd (122450)?
The net margin of KMH Co. Ltd is 5.8% (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 KMH Co. Ltd (122450)?
The return on equity (ROE) of KMH Co. Ltd is 6.0% (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 KMH Co. Ltd (122450)?
On an EBIT basis the return on assets of KMH Co. Ltd is 8.4% (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 KMH Co. Ltd (122450)?
The operating margin of KMH Co. Ltd is 4.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at KMH Co. Ltd (122450)?
Revenue at KMH Co. Ltd is growing +13.9% versus a year earlier (3y avg +2.0%). 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 KMH Co. Ltd (122450)?
Earnings per share at KMH Co. Ltd are growing −84.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does KMH Co. Ltd (122450) generate?
The free cash flow of KMH Co. Ltd is 56.2B KRW (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does KMH Co. Ltd (122450) carry?
The net debt of KMH Co. Ltd is 29.5B KRW (fiscal year 2025, ≈ 0.5 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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