PI Advanced Materials Co. Ltd (178920) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of PI Advanced Materials Co. Ltd KRW 17,590, price KRW 18,200, upside -3.4%, quality 77 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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PI Advanced Materials Co., Ltd. engages in the manufacture and sale of polyimide-based materials in South Korea. It offers PI film, and PI varnish and power/mold products for use in IT, electric vehicles, display, semiconductor, and advance industrials. The company was formerly known as SKCKOLONPI, Inc.
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PI Advanced Materials Co., Ltd. engages in the manufacture and sale of polyimide-based materials in South Korea. It offers PI film, and PI varnish and power/mold products for use in IT, electric vehicles, display, semiconductor, and advance industrials. The company was formerly known as SKCKOLONPI, Inc. and changed its name to PI Advanced Materials Co., Ltd. in May 2020. The company was founded in 2001 and is based in Seoul, South Korea.
Stock analysis
PI Advanced Materials Co. Ltd (178920) currently trades at 18,200 KRW, while our model-based Fair Value estimate is 17,590 KRW, implying the stock looks roughly 3.5% fairly valued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 24,017 KRW per share, and 12 of the 24 models we run sit above the 18,200 KRW price.
Bear case: the Dividend Discount group reads lowest at 3,611 KRW, and 12 of the 24 models stay below the price. Evidence for this calculation is medium.
Scenario range: 13,192 KRW (bear) to 21,987 KRW (bull), the price of 18,200 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 77/100 (high quality), in the Basic Materials sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
PI Advanced Materials Co. Ltd reported revenue of 263B KRW in FY2025 versus 302B KRW in FY2021, a compound −3.3%/yr. Reported net income was 30.4B KRW in FY2025, compounding −17.0%/yr from FY2021.
Key figures
Market cap 534B KRW (≈ $393M) · P/S ratio 2.06 · Dividend yield 1.9% · Net margin 11.5% · Return on equity 10.2% · Return on assets (EBIT) 8.3% · Operating margin 21.9% · Revenue (TTM) 263B KRW.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 42% below its 52-week high and 24% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −40% fair-value upside, at −3%, 178920 screens cheaper than that median.
Fair Value models
Bear 13,192 KRWFair Value 17,590 KRWBull 21,987 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 weak: less than 2 % a year.
Revenue growth 1 year
+4.8%
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.
−1.6%
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.
+0.1%
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.
+2.8%
’19
’20
’21
’22
’23
’24
’25
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.
−4.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−6.1%
Dividend (yield on the price)1.9%
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.23% → 16%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
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).
−6.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+9.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (South Korea: IMF forecast 2.1% a year to 2030, 2.1% from 2016 to 2025) that is about −7.9% a year for the price and +7.1% for the forecasts.
Compare PI Advanced Materials Co. Ltd with another stock
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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.Specialty Chemicals · 713 stocks
Beats the industry median on 9/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score77 · Top 25%
Fair Value upside−3% · Above median
Profitability
Return on equity (TTM)10% · Above median
Return on assets6% · Top 25%
Net margin (TTM)13% · Top 25%
Operating margin (TTM)22% · Top 25%
Growth and dividend
Revenue growth0% · Below median
Dividend yield (TTM)1.9% · Above median
Balance sheet
Debt / equity0.10× · Below median
Valuation Multiplesvs Specialty Chemicals median · lower = cheaper
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Is PI Advanced Materials Co. Ltd (178920) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 17,590 KRW versus a price of 18,200 KRW, about −3% upside (fairly valued).
What is the fair value of 178920?
Our model-based fair value for PI Advanced Materials Co. Ltd is 17,590 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 18,200 KRW.
What is the quality score of 178920?
PI Advanced Materials Co. Ltd has a Quality Score of 77/100. 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 PI Advanced Materials Co. Ltd (178920)?
Our model-based price target is the fair value of 17,590 KRW (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 13,192 KRW, optimistic scenario 21,987 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the PI Advanced Materials Co. Ltd stock forecast for 2026?
Our models put fair value at 17,590 KRW, about −3% upside versus a price of 18,200 KRW (fairly valued). Cautious scenario 13,192 KRW, optimistic scenario 21,987 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of PI Advanced Materials Co. Ltd (178920)?
PI Advanced Materials Co. Ltd reported trailing-twelve-month revenue of about 263B KRW (latest available figure, as of Sep 24, 2026).
Does PI Advanced Materials Co. Ltd pay a dividend?
PI Advanced Materials Co. Ltd currently shows a dividend yield of about 1.92% relative to its recent price (as of Sep 24, 2026).
What growth is priced into PI Advanced Materials Co. Ltd (178920)?
For today's price to be fair in a discounted-cash-flow model, PI Advanced Materials Co. Ltd would have to grow free cash flow by -6.0 % per year for five years (discount rate 11.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +0.1 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 178920 use?
Our models discount PI Advanced Materials Co. Ltd at 11.2 %: a base by market capitalisation (small), damped by beta 0.85, 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 PI Advanced Materials Co. Ltd that is -6.0 % per year a year over ten years, using the same discount rate (11.2 %) and the same formula as our fair value.
How much growth has PI Advanced Materials Co. Ltd (178920) delivered so far?
Over the past 5 years revenue at PI Advanced Materials Co. Ltd grew +0.1 % a year. The price currently implies -6.0 % 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 PI Advanced Materials Co. Ltd (178920) growing?
The median revenue growth in the sector is +3.3 % a year. That is the yardstick for the growth priced into PI Advanced Materials Co. Ltd (-6.0 % 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 PI Advanced Materials Co. Ltd (178920)?
The free-cash-flow yield on the price is 13.72 %: that much free cash flow PI Advanced Materials Co. Ltd produces per unit of market value. When it exceeds the discount rate of our models (11.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of PI Advanced Materials Co. Ltd (178920)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For PI Advanced Materials Co. Ltd it is 17,590 KRW per share (as of Sep 24, 2026), against a price of 18,200 KRW. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is PI Advanced Materials Co. Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 178920 trades above its calculated fair value: price 18,200 KRW, fair value 17,590 KRW, a gap of about −3% (fairly valued). 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 178920?
No. The price is what the market pays today (18,200 KRW); the fair value is what the company's own numbers justify (17,590 KRW). For PI Advanced Materials Co. Ltd the two are 610.20 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is PI Advanced Materials Co. Ltd worth?
The market values PI Advanced Materials Co. Ltd at about 534B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 18,200 KRW; our models calculate a fair value of 17,590 KRW per share.
What do the bullish and bearish scenarios say about 178920?
Our models span a range for PI Advanced Materials Co. Ltd: cautious scenario 13,192 KRW, base 17,590 KRW, optimistic 21,987 KRW per share (as of Sep 24, 2026, price 18,200 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of PI Advanced Materials Co. Ltd (178920)?
Balance-sheet figures for PI Advanced Materials Co. Ltd (as of Sep 24, 2026): return on equity 10.2%, debt of 0.10 per unit of equity. They feed the Quality Score of 77/100, which measures business quality independently of the share price.
How far is 178920 from its 52-week high?
PI Advanced Materials Co. Ltd trades at 18,200 KRW, about 42% below its 52-week high of 31,250 KRW and 24% above the low of 14,704 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 17,590 KRW is for.
Which stocks are comparable to PI Advanced Materials Co. Ltd?
From the same area (Basic Materials) we also value Linde plc, The Sherwin-Williams Company, Ecolab Inc, Air Products and Chemicals, 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 PI Advanced Materials Co. Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 18,200 KRW, calculated fair value 17,590 KRW (−3%), Quality Score 77/100, 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 178920 calculated?
We run PI Advanced Materials 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 17,590 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 13.0 % above its aggregate fair value. PI Advanced Materials Co. Ltd itself currently trades above fair value. 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 PI Advanced Materials Co. Ltd (178920)?
The closing price on Sep 23, 2026 was 18,200 KRW. Our model-based fair value is 17,590 KRW, about −3% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with PI Advanced Materials Co. Ltd right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. The price sits in the upper half of our model range, so the margin of safety is thin. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of PI Advanced Materials Co. Ltd
How large is the market capitalisation of PI Advanced Materials Co. Ltd (178920)?
The market capitalisation of PI Advanced Materials Co. Ltd is 534B KRW (≈ $393M). 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 PI Advanced Materials Co. Ltd (178920)?
The price-to-sales ratio of PI Advanced Materials Co. Ltd is 2.06 (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 PI Advanced Materials Co. Ltd (178920)?
The dividend yield of PI Advanced Materials Co. Ltd is 1.9%. 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 PI Advanced Materials Co. Ltd (178920)?
The net margin of PI Advanced Materials Co. Ltd is 11.5% (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 PI Advanced Materials Co. Ltd (178920)?
The return on equity (ROE) of PI Advanced Materials Co. Ltd is 10.2% (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 PI Advanced Materials Co. Ltd (178920)?
On an EBIT basis the return on assets of PI Advanced Materials Co. Ltd is 8.3% (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 PI Advanced Materials Co. Ltd (178920)?
The operating margin of PI Advanced Materials Co. Ltd is 21.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at PI Advanced Materials Co. Ltd (178920)?
Revenue at PI Advanced Materials Co. Ltd is growing −0.1% versus a year earlier (3y avg −1.6%). 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 PI Advanced Materials Co. Ltd (178920)?
Earnings per share at PI Advanced Materials Co. Ltd are growing +82.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does PI Advanced Materials Co. Ltd (178920) carry?
The net debt of PI Advanced Materials Co. Ltd is 56.6B KRW (fiscal year 2024, ≈ 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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