SGA Solutions Co.Ltd (184230) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of SGA Solutions Co.Ltd KRW 2,321, price KRW 2,110, upside +10.0%, quality 73 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 27, 2026.
How to read this chart
60‑month range 1,636 KRW – 9,092 KRW · fair‑value band 1,431 KRW – 3,004 KRW · the 2,110 KRW price screens below the 2,321 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 27, 2026.
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SGA Solutions Co.,Ltd. develops and supplies software in South Korea.
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SGA Solutions Co.,Ltd. develops and supplies software in South Korea. It provides system security solutions, such as RedCastle and EnterpriseCastle; cloud security products, which includes vAegis and cAegis; zero trust security solutions, such as SGA ZTA; endpoint security solutions comprising VirusChaser 10 AI, PatchChaser, DaLoc, VirusChaser, My PC Protector, SecurityCenter, and Go to VirusChaser page. The company also offers system security gateway, including SecureGuard ICAM, SecureGuard AM, SecureGuard PM, and SecureGuard CCTV PM; security applications, such as TrustChannel FIDO, TrustCertificate, TrustTSA, and TrustLabel; and content accessibility, comprising VOICEYE. SGA Solutions Co.,Ltd. was founded in 2002 and is headquartered in Uiwang-si, South Korea.
Stock analysis
SGA Solutions Co.Ltd (184230) currently trades at 2,110 KRW, while our model-based Fair Value estimate is 2,321 KRW, implying the stock looks roughly 9.1% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 18,693 KRW per share, and 23 of the 24 models we run sit above the 2,110 KRW price.
Bear case: the Asset-Based group reads lowest at 1,226 KRW, and 1 of the 24 models stay below the price. Evidence for this calculation is medium.
Scenario range: 1,431 KRW (bear) to 3,004 KRW (bull), the price of 2,110 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 73/100 (solid quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
SGA Solutions Co.Ltd reported revenue of 61.6B KRW in FY2025 versus 21.9B KRW in FY2021, a compound +29.5%/yr. Reported net income was 17.5B KRW in FY2025, compounding +82.0%/yr from FY2021.
Key figures
Market cap 38.5B KRW (≈ $28.3M) · P/S ratio 0.45 · Dividend yield 1.4% · Net margin 28.4% · Return on equity 39.1% · Return on assets (EBIT) 3.1% · Operating margin 3.1% · Revenue (TTM) 79.6B 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 64% below its 52-week high and 29% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −7% fair-value upside, at 10%, 184230 screens cheaper than that median.
Fair Value models
Bear 1,431 KRWFair Value 2,321 KRWBull 3,004 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. 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.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.88/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+43.6%
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.
+18.2%
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.
+8.7%
Start year 2020 (pandemic). Over 10 years: +16.4% a year
Revenue growth 11 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.
+10.8%
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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.
+59.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+58.4%
Dividend (yield on the price)1.4%
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.58.4% vs 25.2%, picking up
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.15% → 25%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 10.3%/yr over ~7Y (margins eroding too) ⓘ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).
−12.9%
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 −14.7% 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.Software - Application · 709 stocks
Beats the industry median on 7/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score73 · Top 25%
Fair Value upside+10.0% · Above median
Profitability
Return on equity (TTM)39.1% · Top 25%
Return on assets9.3% · Top 25%
Net margin (TTM)23.9% · Top 25%
Operating margin (TTM)3.1% · Below median
Growth and dividend
Revenue growth222.9% · Top 25%
Dividend yield (TTM)1.4% · Below median
Balance sheet
Debt / equity0.50× · Highest 25%
Valuation Multiplesvs Software - Application median · lower = cheaper
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Is SGA Solutions Co.Ltd (184230) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of 2,321 KRW versus a price of 2,110 KRW, about +10% upside (undervalued).
What is the fair value of 184230?
Our model-based fair value for SGA Solutions Co.Ltd is 2,321 KRW (as of Sep 27, 2026), built from audited fundamentals. The current price: 2,110 KRW.
What is the quality score of 184230?
SGA Solutions Co.Ltd has a Quality Score of 73/100. 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 SGA Solutions Co.Ltd (184230)?
Our model-based price target is the fair value of 2,321 KRW (as of Sep 27, 2026) from 24 valuation models. Cautious scenario 1,431 KRW, optimistic scenario 3,004 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the SGA Solutions Co.Ltd stock forecast for 2026?
Our models put fair value at 2,321 KRW, about +10% upside versus a price of 2,110 KRW (undervalued). Cautious scenario 1,431 KRW, optimistic scenario 3,004 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of SGA Solutions Co.Ltd (184230)?
SGA Solutions Co.Ltd reported trailing-twelve-month revenue of about 79.6B KRW (latest available figure, as of Sep 27, 2026).
Does SGA Solutions Co.Ltd pay a dividend?
SGA Solutions Co.Ltd currently shows a dividend yield of about 1.39% relative to its recent price (as of Sep 27, 2026).
What growth is priced into SGA Solutions Co.Ltd (184230)?
For today's price to be fair in a discounted-cash-flow model, SGA Solutions Co.Ltd would have to grow free cash flow by -12.9 % per year for five years (discount rate 10.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.7 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of 184230 use?
Our models discount SGA Solutions Co.Ltd at 10.8 %: a base by market capitalisation (nano), damped by beta 1.24, 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 SGA Solutions Co.Ltd that is -12.9 % per year a year over ten years, using the same discount rate (10.8 %) and the same formula as our fair value.
How much growth has SGA Solutions Co.Ltd (184230) delivered so far?
Over the past 5 years revenue at SGA Solutions Co.Ltd grew +8.7 % a year. The price currently implies -12.9 % 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 SGA Solutions Co.Ltd (184230) growing?
The median revenue growth in the sector is +8.5 % a year. That is the yardstick for the growth priced into SGA Solutions Co.Ltd (-12.9 % 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 SGA Solutions Co.Ltd (184230)?
The free-cash-flow yield on the price is 33.53 %: that much free cash flow SGA Solutions Co.Ltd produces per unit of market value. When it exceeds the discount rate of our models (10.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of SGA Solutions Co.Ltd (184230)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For SGA Solutions Co.Ltd it is 2,321 KRW per share (as of Sep 27, 2026), against a price of 2,110 KRW. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is SGA Solutions Co.Ltd stock overvalued or undervalued in 2026?
As of Sep 27, 2026, 184230 trades below its calculated fair value: price 2,110 KRW, fair value 2,321 KRW, a gap of about +10% (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 184230?
No. The price is what the market pays today (2,110 KRW); the fair value is what the company's own numbers justify (2,321 KRW). For SGA Solutions Co.Ltd the two are 211.00 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is SGA Solutions Co.Ltd worth?
The market values SGA Solutions Co.Ltd at about 38.5B KRW (market capitalisation, as of Sep 27, 2026). Per share that is 2,110 KRW; our models calculate a fair value of 2,321 KRW per share.
What do the bullish and bearish scenarios say about 184230?
Our models span a range for SGA Solutions Co.Ltd: cautious scenario 1,431 KRW, base 2,321 KRW, optimistic 3,004 KRW per share (as of Sep 27, 2026, price 2,110 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of SGA Solutions Co.Ltd (184230)?
Balance-sheet figures for SGA Solutions Co.Ltd (as of Sep 27, 2026): return on equity 39.1%, debt of 0.50 per unit of equity. They feed the Quality Score of 73/100, which measures business quality independently of the share price.
How far is 184230 from its 52-week high?
SGA Solutions Co.Ltd trades at 2,110 KRW, about 64% below its 52-week high of 5,840 KRW and 29% above the low of 1,636 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 2,321 KRW is for.
Which stocks are comparable to SGA Solutions Co.Ltd?
From the same area (Technology) we also value SAP SE, Salesforce, Inc, Shopify Inc, ServiceNow, 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 SGA Solutions Co.Ltd stock attractive at the current price?
The data as of Sep 27, 2026: price 2,110 KRW, calculated fair value 2,321 KRW (+10%), Quality Score 73/100, 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 184230 calculated?
We run SGA Solutions 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 2,321 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 16.1 % above its aggregate fair value. SGA Solutions Co.Ltd currently trades 10 % 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 SGA Solutions Co.Ltd (184230)?
The closing price on Sep 23, 2026 was 2,110 KRW. Our model-based fair value is 2,321 KRW, about +10% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with SGA Solutions Co.Ltd right now?
A fairly wide model range (1,431 KRW to 3,004 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 SGA Solutions Co.Ltd
How large is the market capitalisation of SGA Solutions Co.Ltd (184230)?
The market capitalisation of SGA Solutions Co.Ltd is 38.5B KRW (≈ $28.3M). 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 SGA Solutions Co.Ltd (184230)?
The price-to-sales ratio of SGA Solutions Co.Ltd is 0.45 (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 SGA Solutions Co.Ltd (184230)?
The dividend yield of SGA Solutions Co.Ltd is 1.4%. 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 SGA Solutions Co.Ltd (184230)?
The net margin of SGA Solutions Co.Ltd is 28.4% (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 SGA Solutions Co.Ltd (184230)?
The return on equity (ROE) of SGA Solutions Co.Ltd is 39.1% (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 SGA Solutions Co.Ltd (184230)?
On an EBIT basis the return on assets of SGA Solutions Co.Ltd is 3.1% (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 SGA Solutions Co.Ltd (184230)?
The operating margin of SGA Solutions Co.Ltd is 3.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at SGA Solutions Co.Ltd (184230)?
Revenue at SGA Solutions Co.Ltd is growing +223% versus a year earlier (3y avg +18.2%). 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 SGA Solutions Co.Ltd (184230)?
Earnings per share at SGA Solutions Co.Ltd are growing +75.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does SGA Solutions Co.Ltd (184230) carry?
The net debt of SGA Solutions Co.Ltd is 18.9B KRW (fiscal year 2025, ≈ 1.5 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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