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BCnC Co (146320) Fair Value & Analysis

Technology · KR · Market cap 130B KRW

BC BCnC Co 146320 · KQ
Price10,060 KRW
Fair Value2,256 KRW
Upside-77.6%
Quality44/100
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Expensive Growth
Thin margins · 2.9% net margin
Low debt · negative free cash flow
Trails peers (2/9)
Narrow moat 30/100
Evidence: High Range 1,692 KRW – 2,397 KRW Share as image

Fair value as of: Jul 20, 2026

From 17 valuation models · updated 20 days ago

Fair value updated Jul 20, 2026, revised from 1,809 KRW to 2,256 KRW (+24.7%) since Jul 7, 2026. Share price −5.8% over the past month.

Below-average quality, and screening another 78% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (2,397 KRW). The favourable scenario is already priced in.
  • Weak quality (44/100) and above fair value at the same time, the margin of safety is missing on both counts.
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Price vs Fair Value (4 years)

26,000 KRW 7,280 KRW Fair Value 2,256 KRW Mar 2022 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 20, 2026.

How to read this chart

53‑month range 7,280 KRW – 26,000 KRW · fair‑value band 1,692 KRW – 2,397 KRW · the 10,060 KRW price screens above the 2,256 KRW fair value. Dashed = 300-day average. As of Jul 20, 2026.

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Analysis

BCnC Co (146320) currently trades at 10,060 KRW, while our model-based Fair Value estimate is 2,256 KRW, implying the stock looks roughly 77.6% overvalued today. The Quality Score stands at 44/100 (below-average quality), in the Technology sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, BCnC Co generated revenue of 91.5B KRW at a net margin of 2.9%. Revenue grew 19.5% year over year. It earns a return on equity of 3.4%. Net debt stands at 76.4B KRW. Fundamentals as of Jul 20, 2026

Our scenario range runs from 1,692 KRW (bear case) to 2,397 KRW (bull case); at 10,060 KRW, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 47% below its 52-week high and 19% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -75% fair-value upside, at -78%, 146320 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (1,321 KRW to 13,434 KRW). Read the values as a conservative anchor, not as a price target.
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
Highest evidence
Residual Income 4,313 KRW 4,112 KRW 3,136 KRW 76
ROIC Compounder 1,129 KRW 1,571 KRW 1,957 KRW 72
Gordon GGM 1,084 KRW 2,255 KRW 3,577 KRW 70
All 17 models by family
DCF Models
Owner Earnings 3,704 KRW 8,696 KRW 17,962 KRW 31
Earnings-Based
Graham-Dodd 615.12 KRW 3,335 KRW 4,623 KRW 54
Lynch FV 924.49 KRW 1,321 KRW 1,717 KRW 50
PEG = 1.0 924.49 KRW 1,321 KRW 1,717 KRW 46
EPV 1,129 KRW 1,571 KRW 1,957 KRW 59
Dividend Discount
Gordon GGM 1,084 KRW 2,255 KRW 3,577 KRW 70
DDM Multi-Stage 1,084 KRW 1,901 KRW 2,366 KRW 61
Multiples
P/E Multiple 1,357 KRW 1,809 KRW 2,261 KRW 63
P/S Multiple 1,153 KRW 1,538 KRW 1,922 KRW 58
P/B Multiple 1,153 KRW 1,538 KRW 1,922 KRW 55
EV/EBIT 2,653 KRW 4,045 KRW 5,436 KRW 53
EV/EBITDA 9,695 KRW 13,434 KRW 17,173 KRW 54
EV/Revenue 1,292 KRW 2,498 KRW 3,704 KRW 43
Asset-Based
NCAV (Graham) 3,091 KRW 4,142 KRW 6,182 KRW 50
Economic Profit
Residual Income 4,313 KRW 4,112 KRW 3,136 KRW 76
ROIC Compounder 1,129 KRW 1,571 KRW 1,957 KRW 72
Growth Earnings
Growth-Adj P/E 1,320 KRW 1,886 KRW 2,452 KRW 68

Widest divergence: DCF Models (8,696 KRW) versus Earnings-Based (1,321 KRW). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 91.5B KRW
Revenue growth (YoY) +19.5%
Net margin 2.9%
Return on equity 3.4%
Free cash flow −4.9B KRW FY2025
Operating margin 3.4%
More key figures
EPS growth (YoY) -47.6%
Net debt 76.4B KRW FY2025

Figures from reported company fundamentals · as of Jul 20, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 44/100

Of which business quality 42 · Market factors (momentum, volatility) 23

Profitability 21
Margins and returns on capital today
Quality Growth 66
Are margins and returns improving?
Cashflow 28
Earnings quality: real cash, not paper profit
Fin. Strength 31
Balance sheet, leverage, solvency risk
Investment 57
Disciplined investing over empire-building
Low Volatility 29
Calm price path (market factor)
Momentum 19
Price trend over the last 3–12 months (market factor)
52W Momentum 25
Distance to the 52-week high (market factor)
Net Issuance 76
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

BCnC Co., Ltd. manufactures and sells semiconductor parts in South Korea and internationally. It offers parts for semiconductor using materials, such as synthetic and natural quartz, silicon, ceramic, and alumina. The company was founded in 2003 and is based in Icheon-si, South Korea.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

BCnC Co reported revenue of 87.6B KRW in FY2025 versus 64.3B KRW in FY2021, a compound +8.0%/yr. Reported net income was 1.1B KRW in FY2025, compounding −37.1%/yr from FY2021.

Growth Quality 56/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
87.6B KRW
Latest YoY
+13.2%
Avg. growth/yr (3Y) 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.
+2.2%
Avg. growth/yr (5Y) 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.
+13.1%
Avg. growth/yr (6Y) 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.
+17.0%
Revenue +8.0%/yr
FY21 64.3B KRW
FY22 82.1B KRW
FY23 65.3B KRW
FY24 77.4B KRW
FY25 87.6B KRW
Net income −37.1%/yr
FY21 7.3B KRW
FY22 10.0B KRW
FY23 1.2B KRW
FY24 −2.3B KRW
FY25 1.1B KRW

146320 screens 78% overvalued. Compare with ASML Holding →

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Cite: Fair Value Calculator (2026). "BCnC Co Fair Value". https://www.fairvalue-calculator.com/stock/146320

Peer Group

Semiconductor Equipment & Materials · 212 stocks

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.

Quality Score 44 · Bottom 25%
Fair Value upside −78% · Bottom 25%
Return on equity (TTM) 3% · Below median
Return on assets 2% · Below median
Net margin (TTM) 3% · Below median
Operating margin (TTM) 3% · Below median
Revenue growth 20% · Above median
Debt / equity 0.34× · Higher than 75% of peers

Valuation Multiples vs Semiconductor Equipment & Materials median · lower = cheaper

EV/EBITDA 1.2× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 0
FUTURE 98 · sector 58
PAST 13 · sector 30
HEALTH 83 · sector 96
DIVIDEND 0 · sector 16

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Semiconductor Equipment & Materials stocks, each showing price versus our Fair Value estimate (as of Jul 20, 2026).

Stock Price Fair Value vs Fair Value
ASML Holding ASML C$50.50 C$15.57 -69%
Applied Materials, Inc AMAT $579.43 $143.08 -75%
Lam Research Corporation LRCX $346.10 $67.57 -80%
KLA Corporation KLAC $212.75 $53.01 -75%
NAURA Technology Group 002371 ¥774.20 ¥151.43 -80%
Advanced Micro-Fabrication Equipment Inc 688012 ¥350.69 ¥41.79 -88%
Piotech Inc 688072 ¥832.00 ¥431.44 -48%
Hon. Precision, Inc 7769 6,005 TWD 1,804 TWD -70%
Hangzhou Changchuan Technology Co 300604 ¥325.24 ¥33.33 -90%
MPI Corporation 6223 5,600 TWD 609.44 TWD -89%

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Frequently asked questions

Is BCnC Co (146320) overvalued or undervalued?
As of Jul 20, 2026, our model estimates a fair value of 2,256 KRW versus a price of 10,060 KRW, about −78% (overvalued).
What is the fair value of 146320?
Our model-based fair value for BCnC Co is 2,256 KRW (as of Jul 20, 2026), built from audited fundamentals. The current price is 10,060 KRW.
What is the quality score of 146320?
BCnC Co has a Quality Score of 44/100. 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 revenue of BCnC Co (146320)?
BCnC Co reported trailing-twelve-month revenue of about 91.5B KRW (latest available figure, as of Jul 20, 2026).
What is the net profit margin of 146320?
The net profit margin of BCnC Co is about 2.9%, meaning it keeps roughly 2.9% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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