Miwon Chemical (134380) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Miwon Chemical KRW 11,285, price KRW 10,030, upside +12.5%, quality 59 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 9,752 KRW – 125,407 KRW · fair‑value band 6,769 KRW – 16,673 KRW · the 10,030 KRW price screens below the 11,285 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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Miwon Chemicals Co., Ltd. develops, manufactures, and sells performance chemicals for use in the rubber, detergent, and personal care industries worldwide. Its products include sulfurs; sulfuric acids; sulphonic acid; alkyl sulfates; and rubber chemicals. Miwon Chemicals Co., Ltd. was founded in 1959 and is headquartered in Anyang-si, South Korea.
Stock analysis
Miwon Chemical (134380) currently trades at 10,030 KRW, while our model-based Fair Value estimate is 11,285 KRW, implying the stock looks roughly 11.1% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 21,681 KRW per share, and 20 of the 26 models we run sit above the 10,030 KRW price.
Bear case: the Dividend Discount group reads lowest at 4,457 KRW, and 6 of the 26 models stay below the price. Evidence for this calculation is medium.
Scenario range: 6,769 KRW (bear) to 16,673 KRW (bull), the price of 10,030 KRW sits inside 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 59/100 (solid quality), in the Basic Materials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Miwon Chemical reported revenue of 285B KRW in FY2025 versus 197B KRW in FY2021, a compound +9.6%/yr. Reported net income was 24.7B KRW in FY2025, compounding +21.5%/yr from FY2021.
Key figures
Market cap 198B KRW (≈ $145M) · P/S ratio 0.63 · Dividend yield 5.0% · Net margin 8.7% · Return on equity 16.1% · Return on assets (EBIT) 13.5% · Operating margin 10.4% · Revenue (TTM) 307B 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 92% below its 52-week high and 3% above its 52-week low.
For context, the median of 10 Basic Materials peers we cover trades at −27% fair-value upside, at 13%, 134380 screens cheaper than that median.
Fair Value models
Bear 6,769 KRWFair Value 11,285 KRWBull 16,673 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.77/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+11.1%
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.
+6.6%
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.
+12.2%
Start year 2020 (pandemic). Over 10 years: +6.9% a year
Revenue growth 12 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.
+5.8%
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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.
−23.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−28.4%
Dividend (yield on the price)5.0%
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.10% → 10%
⚠ Revenue per share shrinking 25.6%/yr over ~6Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
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).
+8.8%
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 +6.6% 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.Chemicals · 352 stocks
Beats the industry median on 9/9 measures
Overall it ranks above its industry peers.
Valuation
Quality Score59 · Above median
Fair Value upside+13% · Above median
Profitability
Return on equity (TTM)16% · Top 25%
Return on assets9% · Top 25%
Net margin (TTM)9% · Above median
Operating margin (TTM)10% · Above median
Growth and dividend
Revenue growth35% · Top 25%
Dividend yield (TTM)5.0% · Top 25%
Valuation Multiplesvs Chemicals median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Miwon Chemical Fair Value". https://www.fairvalue-calculator.com/stock/134380
Frequently asked questions
Is Miwon Chemical (134380) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 11,285 KRW versus a price of 10,030 KRW, about +13% upside (undervalued).
What is the fair value of 134380?
Our model-based fair value for Miwon Chemical is 11,285 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 10,030 KRW.
What is the quality score of 134380?
Miwon Chemical has a Quality Score of 59/100. 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 Miwon Chemical (134380)?
Our model-based price target is the fair value of 11,285 KRW (as of Sep 24, 2026) from 26 valuation models. Cautious scenario 6,769 KRW, optimistic scenario 16,673 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Miwon Chemical stock forecast for 2026?
Our models put fair value at 11,285 KRW, about +13% upside versus a price of 10,030 KRW (undervalued). Cautious scenario 6,769 KRW, optimistic scenario 16,673 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Miwon Chemical (134380)?
Miwon Chemical reported trailing-twelve-month revenue of about 307B KRW (latest available figure, as of Sep 24, 2026).
Does Miwon Chemical pay a dividend?
Miwon Chemical currently shows a dividend yield of about 4.99% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Miwon Chemical (134380)?
For today's price to be fair in a discounted-cash-flow model, Miwon Chemical would have to grow free cash flow by +8.8 % per year for five years (discount rate 11.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.2 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 134380 use?
Our models discount Miwon Chemical at 11.6 %: a base by market capitalisation (micro), damped by beta 0.15, 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 Miwon Chemical that is +8.8 % per year a year over ten years, using the same discount rate (11.6 %) and the same formula as our fair value.
How much growth has Miwon Chemical (134380) delivered so far?
Over the past 5 years revenue at Miwon Chemical grew +12.2 % a year. The price currently implies +8.8 % 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 Miwon Chemical (134380) growing?
The median revenue growth in the sector is +3.3 % a year. That is the yardstick for the growth priced into Miwon Chemical (+8.8 % 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 Miwon Chemical (134380)?
The free-cash-flow yield on the price is 6.06 %: that much free cash flow Miwon Chemical produces per unit of market value. When it exceeds the discount rate of our models (11.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Miwon Chemical (134380)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Miwon Chemical it is 11,285 KRW per share (as of Sep 24, 2026), against a price of 10,030 KRW. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Miwon Chemical stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 134380 trades below its calculated fair value: price 10,030 KRW, fair value 11,285 KRW, a gap of about +13% (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 134380?
No. The price is what the market pays today (10,030 KRW); the fair value is what the company's own numbers justify (11,285 KRW). For Miwon Chemical the two are 1,255 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Miwon Chemical worth?
The market values Miwon Chemical at about 198B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 10,030 KRW; our models calculate a fair value of 11,285 KRW per share.
What do the bullish and bearish scenarios say about 134380?
Our models span a range for Miwon Chemical: cautious scenario 6,769 KRW, base 11,285 KRW, optimistic 16,673 KRW per share (as of Sep 24, 2026, price 10,030 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Miwon Chemical (134380)?
Balance-sheet figures for Miwon Chemical (as of Sep 24, 2026): return on equity 16.1%. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is 134380 from its 52-week high?
Miwon Chemical trades at 10,030 KRW, about 92% below its 52-week high of 125,407 KRW and 3% above the low of 9,752 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 11,285 KRW is for.
Which stocks are comparable to Miwon Chemical?
From the same area (Basic Materials) we also value BASF SE, Saudi Basic Industries Corporation, Ningxia Baofeng Energy Group, Dow 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 Miwon Chemical stock attractive at the current price?
The data as of Sep 24, 2026: price 10,030 KRW, calculated fair value 11,285 KRW (+13%), Quality Score 59/100, from 26 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 134380 calculated?
We run Miwon Chemical through 26 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 11,285 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. Miwon Chemical currently trades 13 % 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 Miwon Chemical (134380)?
The closing price on Sep 23, 2026 was 10,030 KRW. Our model-based fair value is 11,285 KRW, about +13% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Miwon Chemical right now?
A fairly wide model range (6,769 KRW to 16,673 KRW) leaves room in how you read the outcome. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of Miwon Chemical
How large is the market capitalisation of Miwon Chemical (134380)?
The market capitalisation of Miwon Chemical is 198B KRW (≈ $145M). 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 Miwon Chemical (134380)?
The price-to-sales ratio of Miwon Chemical is 0.63 (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 Miwon Chemical (134380)?
The dividend yield of Miwon Chemical is 5.0%. 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 Miwon Chemical (134380)?
The net margin of Miwon Chemical is 8.7% (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 Miwon Chemical (134380)?
The return on equity (ROE) of Miwon Chemical is 16.1% (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 Miwon Chemical (134380)?
On an EBIT basis the return on assets of Miwon Chemical is 13.5% (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 Miwon Chemical (134380)?
The operating margin of Miwon Chemical is 10.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Miwon Chemical (134380)?
Revenue at Miwon Chemical is growing +34.6% versus a year earlier (3y avg +6.6%). 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 Miwon Chemical (134380)?
Earnings per share at Miwon Chemical are growing +14.1% versus a year earlier. How much earnings per share grew versus a year earlier.
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