Spigen Korea Co. Ltd (192440) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Spigen Korea Co. Ltd KRW 89,850, price KRW 29,950, upside +200.0%, quality 66 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Spigen Korea Co.,Ltd, together with its subsidiaries, engages in manufacture, wholesale, and retail of accessories for small mobile devices and electronic devices in South Korea, rest of Asia, Europe, North America, and internationally.
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Spigen Korea Co.,Ltd, together with its subsidiaries, engages in manufacture, wholesale, and retail of accessories for small mobile devices and electronic devices in South Korea, rest of Asia, Europe, North America, and internationally. The company offers smartphone cases, screen protectors, charging and lifestyle products, and bicycle and vehicle products under the Spigen brand; and golf products and accessories under the Legato Golf brand. It also provides 3PL and e-commerce solutions under the Chango Saver brand; and fandom IP under the FESTIVER brand. The company sells its products through e-commerce platforms. Spigen Korea Co.,Ltd was founded in 2004 and is based in Seoul, South Korea.
Stock analysis
Spigen Korea Co. Ltd (192440) currently trades at 29,950 KRW, while our model-based Fair Value estimate is 89,850 KRW, implying the stock looks roughly 66.7% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 122,405 KRW per share, and 24 of the 24 models we run sit above the 29,950 KRW price.
Bear case: the Earnings-Based group reads lowest at 35,653 KRW, and 0 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: 59,985 KRW (bear) to 130,038 KRW (bull), the price of 29,950 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 66/100 (solid quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Spigen Korea Co. Ltd reported revenue of 464B KRW in FY2025 versus 386B KRW in FY2021, a compound +4.7%/yr. Reported net income was 29.0B KRW in FY2025, compounding −10.8%/yr from FY2021.
Key figures
Market cap 173B KRW (≈ $127M) · P/S ratio 0.37 · Dividend yield 1.7% · Net margin 6.3% · Return on equity 6.6% · Return on assets (EBIT) 6.9% · Operating margin 9.9% · Revenue (TTM) 468B 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 12% below its 52-week high and 42% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −37% fair-value upside, at 200%, 192440 screens cheaper than that median.
Fair Value models
Bear 59,985 KRWFair Value 89,850 KRWBull 130,038 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.53/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−0.3%
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.
+1.3%
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.
+2.8%
Start year 2020 (pandemic). Over 10 years: +12.1% 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.
+11.4%
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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.
−6.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−7.9%
Dividend (yield on the price)1.7%
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.−8% vs −2%, slowing
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.20% → 7%
Start year 2020 (pandemic)
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).
−36.1%
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 −37.4% 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.Consumer Electronics · 128 stocks
Beats the industry median on 9/9 measures
Overall it ranks above its industry peers.
Valuation
Quality Score66 · Top 25%
Fair Value upside+200% · Top 25%
Profitability
Return on equity (TTM)7% · Above median
Return on assets4% · Above median
Net margin (TTM)8% · Top 25%
Operating margin (TTM)10% · Top 25%
Growth and dividend
Revenue growth4% · Above median
Dividend yield (TTM)1.7% · Above median
Valuation Multiplesvs Consumer Electronics median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Spigen Korea Co. Ltd Fair Value". https://www.fairvalue-calculator.com/stock/192440
Frequently asked questions
Is Spigen Korea Co. Ltd (192440) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 89,850 KRW versus a price of 29,950 KRW, about +200% upside (undervalued).
What is the fair value of 192440?
Our model-based fair value for Spigen Korea Co. Ltd is 89,850 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 29,950 KRW.
What is the quality score of 192440?
Spigen Korea Co. Ltd has a Quality Score of 66/100. 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 Spigen Korea Co. Ltd (192440)?
Our model-based price target is the fair value of 89,850 KRW (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 59,985 KRW, optimistic scenario 130,038 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Spigen Korea Co. Ltd stock forecast for 2026?
Our models put fair value at 89,850 KRW, about +200% upside versus a price of 29,950 KRW (undervalued). Cautious scenario 59,985 KRW, optimistic scenario 130,038 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Spigen Korea Co. Ltd (192440)?
Spigen Korea Co. Ltd reported trailing-twelve-month revenue of about 468B KRW (latest available figure, as of Sep 24, 2026).
Does Spigen Korea Co. Ltd pay a dividend?
Spigen Korea Co. Ltd currently shows a dividend yield of about 1.67% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Spigen Korea Co. Ltd (192440)?
For today's price to be fair in a discounted-cash-flow model, Spigen Korea Co. Ltd would have to grow free cash flow by -36.1 % per year for five years (discount rate 12.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +2.8 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 192440 use?
Our models discount Spigen Korea Co. Ltd at 12.0 %: a base by market capitalisation (micro), damped by beta 0.64, 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 Spigen Korea Co. Ltd that is -36.1 % per year a year over ten years, using the same discount rate (12.0 %) and the same formula as our fair value.
How much growth has Spigen Korea Co. Ltd (192440) delivered so far?
Over the past 5 years revenue at Spigen Korea Co. Ltd grew +2.8 % a year. The price currently implies -36.1 % 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 Spigen Korea Co. Ltd (192440) growing?
The median revenue growth in the sector is +8.2 % a year. That is the yardstick for the growth priced into Spigen Korea Co. Ltd (-36.1 % 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 Spigen Korea Co. Ltd (192440)?
The free-cash-flow yield on the price is 19.57 %: that much free cash flow Spigen Korea Co. Ltd produces per unit of market value. When it exceeds the discount rate of our models (12.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Spigen Korea Co. Ltd (192440)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Spigen Korea Co. Ltd it is 89,850 KRW per share (as of Sep 24, 2026), against a price of 29,950 KRW. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Spigen Korea Co. Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 192440 trades below its calculated fair value: price 29,950 KRW, fair value 89,850 KRW, a gap of about +200% (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 192440?
No. The price is what the market pays today (29,950 KRW); the fair value is what the company's own numbers justify (89,850 KRW). For Spigen Korea Co. Ltd the two are 59,900 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Spigen Korea Co. Ltd worth?
The market values Spigen Korea Co. Ltd at about 173B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 29,950 KRW; our models calculate a fair value of 89,850 KRW per share.
What do the bullish and bearish scenarios say about 192440?
Our models span a range for Spigen Korea Co. Ltd: cautious scenario 59,985 KRW, base 89,850 KRW, optimistic 130,038 KRW per share (as of Sep 24, 2026, price 29,950 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Spigen Korea Co. Ltd (192440)?
Balance-sheet figures for Spigen Korea Co. Ltd (as of Sep 24, 2026): return on equity 6.6%. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is 192440 from its 52-week high?
Spigen Korea Co. Ltd trades at 29,950 KRW, about 12% below its 52-week high of 34,150 KRW and 42% above the low of 21,120 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 89,850 KRW is for.
Which stocks are comparable to Spigen Korea Co. Ltd?
From the same area (Technology) we also value Samsung Electronics Co, Sony Group, Xiaomi Corporation, LG Electronics 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 Spigen Korea Co. Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 29,950 KRW, calculated fair value 89,850 KRW (+200%), Quality Score 66/100, 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 192440 calculated?
We run Spigen Korea 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 89,850 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. Spigen Korea Co. Ltd currently trades 200 % 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 Spigen Korea Co. Ltd (192440)?
The closing price on Sep 23, 2026 was 29,950 KRW. Our model-based fair value is 89,850 KRW, about +200% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Spigen Korea Co. Ltd right now?
The price is below even our cautious bear case (59,985 KRW). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (66/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (59,985 KRW to 130,038 KRW) leaves room in how you read the outcome.
Key figures of Spigen Korea Co. Ltd
How large is the market capitalisation of Spigen Korea Co. Ltd (192440)?
The market capitalisation of Spigen Korea Co. Ltd is 173B KRW (≈ $127M). 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 Spigen Korea Co. Ltd (192440)?
The price-to-sales ratio of Spigen Korea Co. Ltd is 0.37 (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 Spigen Korea Co. Ltd (192440)?
The dividend yield of Spigen Korea Co. Ltd is 1.7%. 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 Spigen Korea Co. Ltd (192440)?
The net margin of Spigen Korea Co. Ltd is 6.3% (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 Spigen Korea Co. Ltd (192440)?
The return on equity (ROE) of Spigen Korea Co. Ltd is 6.6% (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 Spigen Korea Co. Ltd (192440)?
On an EBIT basis the return on assets of Spigen Korea 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 Spigen Korea Co. Ltd (192440)?
The operating margin of Spigen Korea Co. Ltd is 9.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Spigen Korea Co. Ltd (192440)?
Revenue at Spigen Korea Co. Ltd is growing +3.9% versus a year earlier (3y avg +1.3%). 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 Spigen Korea Co. Ltd (192440)?
Earnings per share at Spigen Korea Co. Ltd are growing +82.0% versus a year earlier. How much earnings per share grew versus a year earlier.
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