Ajusteel Co. Ltd. (139990) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Ajusteel Co. Ltd. stock KRW 2,712, price KRW 1,994, upside +36.0%, quality 25 out of 100. Rating: undervalued. Calculated from audited financials with one of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 2, 2026.
How to read this chart
60‑month range 1,980 KRW – 33,500 KRW · fair‑value band 2,024 KRW – 4,048 KRW · the 1,994 KRW price screens below the 2,712 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 2, 2026.
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AJUSTEEL Co.,Ltd manufactures and sells steel products in South Korea and internationally.
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Its products portfolio includes color steel plates under the Dprint, SUsilke, and Silk names; layer structures, including products with enhanced metal-copper clad laminate; and fire doors, wallsteel panels, louvers, glass products, partitions, and half-finished goods for elevators and escalators under the Atex brand name.
The company was founded in 1995 and is based in Gumi-si, South Korea.
Stock analysis
Ajusteel Co. Ltd. (139990) currently trades at 1,994 KRW, while our model-based Fair Value estimate is 2,712 KRW, implying the stock looks roughly 26% undervalued today.
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Valuation
How firm this estimate is: it rests on 1 models at a data quality of 95/100, which puts the data coverage at low.
Scenario range: 2,024 KRW (bear) to 4,048 KRW (bull), the price of 1,994 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 25/100 (below-average quality), in the Basic Materials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Ajusteel Co. Ltd. reported revenue of 1.1T KRW in FY2025 versus 933B KRW in FY2021, a compound +3.8%/yr. Reported net income was −41.2B KRW in FY2025.
Key figures
Market cap 77.7B KRW (≈ $57.0M) Micro · P/S ratio 0.08 · EPS (TTM) −945.65 KRW · Net margin −3.4% · Return on equity −26.0% · Return on assets (EBIT) 0.3% (5-year average) · Operating margin 0.4% · Revenue (TTM) 1.1T KRW.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 12 out of 100 (medium confidence).
What moves the price
The share trades about 55% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −34% fair-value upside, at 36%, 139990 screens cheaper than that median.
Fair Value models
Bear2,024 KRWFair Value 2,712 KRWBull4,048 KRW
Price 1,994 KRW · Upside +36.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.
Best data coverage
NCAV (Graham)1,826 KRW2,447 KRW3,652 KRW54
All 1 models by family
Asset-Based
NCAV (Graham)1,826 KRW2,447 KRW3,652 KRW54
The fair value above starts from this blend and is adjusted for a cyclical trough year.
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.44/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+8.6%
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.
+0.9%
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.
+13.8%
Start year 2020 (pandemic)
Revenue growth 6 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.
+13.6%
’19
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’25
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.
5.0% (2020) → −2.3% (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
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.Steel · 410 stocks
Beats the industry median on 4/10 measures
A mixed picture versus its industry peers.
Valuation
Quality Score25 · Bottom 25%
Fair Value upside+36.0% · Above median
Profitability
Return on assets−4.1% · Bottom 25%
Net margin (12 months)−3.4% · Bottom 25%
Operating margin (12 months)0.4% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)8.9% · Above median
Balance sheet
Debt / equity1.21× · Highest 25%
Valuation Multiplesvs Steel median · lower = cheaper
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Is Ajusteel Co. Ltd. (139990) overvalued or undervalued?
As of Nov 2, 2026, our model estimates a fair value of 2,712 KRW versus a price of 1,994 KRW, about +36% upside (undervalued).
What is the fair value of 139990?
Our model-based fair value for Ajusteel Co. Ltd. is 2,712 KRW (as of Nov 2, 2026), built from audited fundamentals. The current price: 1,994 KRW.
What is the quality score of 139990?
Ajusteel Co. Ltd. has a Quality Score of 25/100. 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 Ajusteel Co. Ltd. (139990)?
Our model-based price target is the fair value of 2,712 KRW (as of Nov 2, 2026) from 1 valuation models. Cautious scenario 2,024 KRW, optimistic scenario 4,048 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Ajusteel Co. Ltd. stock forecast for 2026?
Our models put fair value at 2,712 KRW, about +36% upside versus a price of 1,994 KRW (undervalued). Cautious scenario 2,024 KRW, optimistic scenario 4,048 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Ajusteel Co. Ltd. (139990)?
Ajusteel Co. Ltd. reported trailing-twelve-month revenue of about 1.1T KRW (latest available figure, as of Nov 2, 2026).
What is the intrinsic value of Ajusteel Co. Ltd. (139990)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ajusteel Co. Ltd. it is 2,712 KRW per share (as of Nov 2, 2026), against a price of 1,994 KRW. It is the blended result of 1 valuation models in 1 family (Asset-Based).
Is Ajusteel Co. Ltd. stock overvalued or undervalued in 2026?
As of Nov 2, 2026, 139990 trades below its calculated fair value: price 1,994 KRW, fair value 2,712 KRW, a gap of about +36% (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 139990?
No. The price is what the market pays today (1,994 KRW); the fair value is what the company's own numbers justify (2,712 KRW). For Ajusteel Co. Ltd. the two are 717.84 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Ajusteel Co. Ltd. worth?
The market values Ajusteel Co. Ltd. at about 77.7B KRW (market capitalisation, as of Nov 2, 2026). Per share that is 1,994 KRW; our models calculate a fair value of 2,712 KRW per share.
What do the bullish and bearish scenarios say about 139990?
Our models span a range for Ajusteel Co. Ltd.: cautious scenario 2,024 KRW, base 2,712 KRW, optimistic 4,048 KRW per share (as of Nov 2, 2026, price 1,994 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Ajusteel Co. Ltd. (139990)?
Balance-sheet figures for Ajusteel Co. Ltd. (as of Nov 2, 2026): return on equity −26.0%, debt of 1.21 per unit of equity. They feed the Quality Score of 25/100, which measures business quality independently of the share price.
How far is 139990 from its 52-week high?
Ajusteel Co. Ltd. trades at 1,994 KRW, about 55% below its 52-week high of 4,450 KRW and 1% above the low of 1,980 KRW (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 2,712 KRW is for.
Which stocks are comparable to Ajusteel Co. Ltd.?
From the same area (Basic Materials) we also value Nucor Corporation, ArcelorMittal S.A, Steel Dynamics, Inc, JSW Steel Limited, 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 Ajusteel Co. Ltd. stock attractive at the current price?
The data as of Nov 2, 2026: price 1,994 KRW, calculated fair value 2,712 KRW (+36%), Quality Score 25/100, from 1 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 139990 calculated?
We run Ajusteel Co. Ltd. through 1 models from 1 family: Asset-Based. Every model gets the same audited fundamentals; the fair value of 2,712 KRW builds on their evidence-weighted average, 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 13.0% above its aggregate fair value. Ajusteel Co. Ltd. currently trades 26% 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 Ajusteel Co. Ltd. (139990)?
The closing price on Nov 6, 2026 was 1,994 KRW. Our model-based fair value is 2,712 KRW, about +36% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ajusteel Co. Ltd. right now?
The large discount to fair value meets weak quality (25/100). That raises the risk this is a value trap rather than a bargain. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (2,024 KRW to 4,048 KRW) leaves room in how you read the outcome.
Key figures of Ajusteel Co. Ltd.
How large is the market capitalisation of Ajusteel Co. Ltd. (139990)?
The market capitalisation of Ajusteel Co. Ltd. is 77.7B KRW (≈ $57.0M). 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 Ajusteel Co. Ltd. (139990)?
The price-to-sales ratio of Ajusteel Co. Ltd. is 0.08 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Ajusteel Co. Ltd. (139990)?
Earnings per share at Ajusteel Co. Ltd. are −945.65 KRW. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Ajusteel Co. Ltd. (139990)?
The net margin of Ajusteel Co. Ltd. is −3.4% (last twelve months). 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 Ajusteel Co. Ltd. (139990)?
The return on equity (ROE) of Ajusteel Co. Ltd. is −26.0% (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 Ajusteel Co. Ltd. (139990)?
On an EBIT basis the return on assets of Ajusteel Co. Ltd. is 0.3% (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 Ajusteel Co. Ltd. (139990)?
The operating margin of Ajusteel Co. Ltd. is 0.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ajusteel Co. Ltd. (139990)?
Revenue at Ajusteel Co. Ltd. is growing +8.9% versus a year earlier (3y avg +0.9%). 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 Ajusteel Co. Ltd. (139990)?
Earnings per share at Ajusteel Co. Ltd. are growing +261% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Ajusteel Co. Ltd. (139990) generate?
The free cash flow of Ajusteel Co. Ltd. is −24.8B 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 Ajusteel Co. Ltd. (139990) carry?
The net debt of Ajusteel Co. Ltd. is 523B KRW (fiscal year 2025). 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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Thin data
Nov 2, 2026