FORCS Co.Ltd (189690) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of FORCS Co.Ltd KRW 4,115, price KRW 1,499, upside +174.5%, quality 70 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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FORCS Co.,Ltd. provides enterprise e-form and reporting solutions in South Korea and internationally.
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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.
Stock analysis
FORCS Co.Ltd (189690) currently trades at 1,499 KRW, while our model-based Fair Value estimate is 4,115 KRW, implying the stock looks roughly 63.6% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 4,522 KRW per share, and 24 of the 24 models we run sit above the 1,499 KRW price.
Bear case: the Earnings-Based group reads lowest at 1,605 KRW, and 0 of the 24 models stay below the price. Evidence for this calculation is medium.
Scenario range: 2,931 KRW (bear) to 5,038 KRW (bull), the price of 1,499 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 70/100 (solid quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
FORCS Co.Ltd 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.
Key figures
Market cap 39.5B KRW (≈ $29.1M) · P/S ratio 1.24 · Dividend yield 3.3% · Net margin 13.8% · Return on equity 8.3% · Return on assets (EBIT) 6.9% · Operating margin −0.8% · Revenue (TTM) 33.3B KRW.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 31% below its 52-week high and 5% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −6% fair-value upside, at 175%, 189690 screens cheaper than that median.
Fair Value models
Bear 2,931 KRWFair Value 4,115 KRWBull 5,038 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.83/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+5.1%
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.
+3.6%
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.
+8.7%
Start year 2020 (pandemic). Over 10 years: +9.6% 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.
+8.9%
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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.
−0.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−4.1%
Dividend (yield on the price)3.3%
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.22% → 13%
⚠ Revenue per share shrinking 8.3%/yr over ~6Y (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).
−26.8%
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 −28.3% 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 · 721 stocks
Beats the industry median on 7/9 measures
Overall it ranks above its industry peers.
Valuation
Quality Score70 · Top 25%
Fair Value upside+175% · Top 25%
Profitability
Return on equity (TTM)8% · Above median
Return on assets4% · Above median
Net margin (TTM)19% · Top 25%
Operating margin (TTM)−1% · Below median
Growth and dividend
Revenue growth5% · Below median
Dividend yield (TTM)3.3% · Above median
Valuation Multiplesvs Software - Application median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "FORCS Co.Ltd Fair Value". https://www.fairvalue-calculator.com/stock/189690
Frequently asked questions
Is FORCS Co.Ltd (189690) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 4,115 KRW versus a price of 1,499 KRW, about +175% upside (undervalued).
What is the fair value of 189690?
Our model-based fair value for FORCS Co.Ltd is 4,115 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 1,499 KRW.
What is the quality score of 189690?
FORCS Co.Ltd has a Quality Score of 70/100. 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 FORCS Co.Ltd (189690)?
Our model-based price target is the fair value of 4,115 KRW (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 2,931 KRW, optimistic scenario 5,038 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the FORCS Co.Ltd stock forecast for 2026?
Our models put fair value at 4,115 KRW, about +175% upside versus a price of 1,499 KRW (undervalued). Cautious scenario 2,931 KRW, optimistic scenario 5,038 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of FORCS Co.Ltd (189690)?
FORCS Co.Ltd reported trailing-twelve-month revenue of about 33.3B KRW (latest available figure, as of Sep 24, 2026).
Does FORCS Co.Ltd pay a dividend?
FORCS Co.Ltd currently shows a dividend yield of about 3.34% relative to its recent price (as of Sep 24, 2026).
What growth is priced into FORCS Co.Ltd (189690)?
For today's price to be fair in a discounted-cash-flow model, FORCS Co.Ltd would have to grow free cash flow by -26.8 % per year for five years (discount rate 10.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.7 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 189690 use?
Our models discount FORCS Co.Ltd at 10.1 %: a base by market capitalisation (nano), 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 FORCS Co.Ltd that is -26.8 % per year a year over ten years, using the same discount rate (10.1 %) and the same formula as our fair value.
How much growth has FORCS Co.Ltd (189690) delivered so far?
Over the past 5 years revenue at FORCS Co.Ltd grew +8.7 % a year. The price currently implies -26.8 % 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 FORCS Co.Ltd (189690) growing?
The median revenue growth in the sector is +8.1 % a year. That is the yardstick for the growth priced into FORCS Co.Ltd (-26.8 % 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 FORCS Co.Ltd (189690)?
The free-cash-flow yield on the price is 15.56 %: that much free cash flow FORCS Co.Ltd produces per unit of market value. When it exceeds the discount rate of our models (10.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of FORCS Co.Ltd (189690)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For FORCS Co.Ltd it is 4,115 KRW per share (as of Sep 24, 2026), against a price of 1,499 KRW. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is FORCS Co.Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 189690 trades below its calculated fair value: price 1,499 KRW, fair value 4,115 KRW, a gap of about +175% (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 189690?
No. The price is what the market pays today (1,499 KRW); the fair value is what the company's own numbers justify (4,115 KRW). For FORCS Co.Ltd the two are 2,616 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is FORCS Co.Ltd worth?
The market values FORCS Co.Ltd at about 39.5B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 1,499 KRW; our models calculate a fair value of 4,115 KRW per share.
What do the bullish and bearish scenarios say about 189690?
Our models span a range for FORCS Co.Ltd: cautious scenario 2,931 KRW, base 4,115 KRW, optimistic 5,038 KRW per share (as of Sep 24, 2026, price 1,499 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of FORCS Co.Ltd (189690)?
Balance-sheet figures for FORCS Co.Ltd (as of Sep 24, 2026): return on equity 8.3%. They feed the Quality Score of 70/100, which measures business quality independently of the share price.
How far is 189690 from its 52-week high?
FORCS Co.Ltd trades at 1,499 KRW, about 31% below its 52-week high of 2,162 KRW and 5% above the low of 1,426 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 4,115 KRW is for.
Which stocks are comparable to FORCS 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 FORCS Co.Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 1,499 KRW, calculated fair value 4,115 KRW (+175%), Quality Score 70/100, 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 189690 calculated?
We run FORCS 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 4,115 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 14.0 % above its aggregate fair value. FORCS Co.Ltd currently trades 175 % 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 FORCS Co.Ltd (189690)?
The closing price on Sep 23, 2026 was 1,499 KRW. Our model-based fair value is 4,115 KRW, about +175% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with FORCS Co.Ltd right 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 (2,931 KRW). The market is more pessimistic than our downside scenario.
Key figures of FORCS Co.Ltd
How large is the market capitalisation of FORCS Co.Ltd (189690)?
The market capitalisation of FORCS Co.Ltd is 39.5B KRW (≈ $29.1M). 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 FORCS Co.Ltd (189690)?
The price-to-sales ratio of FORCS Co.Ltd is 1.24 (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 FORCS Co.Ltd (189690)?
The dividend yield of FORCS Co.Ltd is 3.3%. 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 FORCS Co.Ltd (189690)?
The net margin of FORCS Co.Ltd is 13.8% (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 FORCS Co.Ltd (189690)?
The return on equity (ROE) of FORCS Co.Ltd is 8.3% (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 FORCS Co.Ltd (189690)?
On an EBIT basis the return on assets of FORCS Co.Ltd is 6.9% (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 FORCS Co.Ltd (189690)?
The operating margin of FORCS Co.Ltd is −0.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at FORCS Co.Ltd (189690)?
Revenue at FORCS Co.Ltd is growing +5.0% versus a year earlier (3y avg +3.6%). 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 FORCS Co.Ltd (189690)?
Earnings per share at FORCS Co.Ltd are growing +3.9% versus a year earlier. How much earnings per share grew versus a year earlier.
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