FORCS Co (189690) Fair Value & Analysis
Technology · KR · Market cap 41.4B KRW
Fair value as of: Jul 22, 2026
From 24 valuation models · updated 19 days ago
Share price −8.1% over the past month.
A solid business, screening 101% undervalued on our models.
What matters now
- The rarer combination: high quality (70/100) AND below fair value. That earns a closer look rather than a quick verdict.
- The price is below even our cautious bear case (2,423 KRW). The market is more pessimistic than our downside scenario.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 22, 2026.
How to read this chart
60‑month range 1,426 KRW – 3,732 KRW · fair‑value band 2,423 KRW – 3,756 KRW · the 1,537 KRW price screens below the 3,089 KRW fair value. Dashed = 300-day average. As of Jul 22, 2026.
Analysis
FORCS Co (189690) currently trades at 1,537 KRW, while our model-based Fair Value estimate is 3,089 KRW, implying the stock looks roughly 101.0% undervalued today. The Quality Score stands at 70/100 (solid quality), in the Technology sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.
Over the trailing twelve months, FORCS Co generated revenue of 33.3B KRW at a net margin of 19.4%. Revenue grew 5.0% year over year. It earns a return on equity of 8.3%. Fundamentals as of Jul 22, 2026
Our scenario range runs from 2,423 KRW (bear case) to 3,756 KRW (bull case); at 1,537 KRW, the current price sits below 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 51% below its 52-week high, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -27% fair-value upside, at 101%, 189690 screens cheaper 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.
All 24 models by family
Widest divergence: DCF Models (4,020 KRW) versus Earnings-Based (1,605 KRW). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 22, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 70 · Market factors (momentum, volatility) 33
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
FORCS Co.,Ltd. provides enterprise e-form and reporting solutions in South Korea and internationally. The company offers OZ e-Form, that converts paper documents and static forms created with pdf, Microsoft Word, Excel, or any other applications into dynamic fillable eForms; and OZ Report, an enterprise-level reporting solution, which comprises development, …
Full company description
FORCS Co.,Ltd. provides enterprise e-form and reporting solutions in South Korea and internationally. The company offers OZ e-Form, that converts paper documents and static forms created with pdf, Microsoft Word, Excel, or any other applications into dynamic fillable eForms; and OZ Report, an enterprise-level reporting solution, which comprises development, operational, and management tools for mobile and web environments that supports various steps of the business reporting process. It also provides eformsign, an on-premise esignature platform for enterprises to streamline document management processes and ensure security and compliance. The company serves clients in the banking, insurance, government, manufacturing, telecommunications, automotive, health care, food and beverages, education, and human resources industries. FORCS Co.,Ltd. was founded in 1995 and is headquartered in Seoul, South Korea.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
FORCS Co reported revenue of 32.9B KRW in FY2025 versus 23.7B KRW in FY2021, a compound +8.5%/yr. Reported net income was 4.6B KRW in FY2025, compounding +1.7%/yr from FY2021.
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Peer Group
Software - Application · 708 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.
Valuation Multiples vs Software - Application median · lower = cheaper
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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Software - Application stocks, each showing price versus our Fair Value estimate (as of Jul 22, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| SAP SE SAPS | C$12.69 | C$16.26 | +28% |
| Shopify Inc SHOP | C$173.23 | C$20.54 | -88% |
| Uber Technologies, Inc UBER | $72.67 | $51.11 | -30% |
| Salesforce, Inc CRM | $170.77 | $182.10 | +7% |
| ServiceNow, Inc NOW | $107.71 | $33.12 | -69% |
| Cadence Design Systems, Inc CDNS | $384.17 | $80.41 | -79% |
| Snowflake Inc SNOW | $271.87 | $34.04 | -87% |
| Adobe Inc ADBE | $230.61 | $379.48 | +65% |
| Automatic Data Processing, Inc ADP | $241.92 | $177.51 | -27% |
| Intuit Inc INTU | $291.09 | $258.69 | -11% |
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Frequently asked questions
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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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