WAPS Co. Ltd (196700) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of WAPS Co. Ltd KRW 5,462, price KRW 1,221, upside +347.3%, quality 64 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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WAPS Co., Ltd manufactures and sells various value-added new polymer materials, such as automobile interior materials, construction, and leisure materials. The company also offers construction exterior materials for buildings used for landscape/architecture exterior, such as deck, fence, and siding.
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WAPS Co., Ltd manufactures and sells various value-added new polymer materials, such as automobile interior materials, construction, and leisure materials. The company also offers construction exterior materials for buildings used for landscape/architecture exterior, such as deck, fence, and siding. Its products are used to produce various products, such as electric, electronic, automobile parts, wire/communication cable coating, and semiconductor parts packaging materials. The company was founded in 2001 and is headquartered in Busan, South Korea.
Stock analysis
WAPS Co. Ltd (196700) currently trades at 1,221 KRW, while our model-based Fair Value estimate is 5,462 KRW, implying the stock looks roughly 77.6% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 5,846 KRW per share, and 24 of the 24 models we run sit above the 1,221 KRW price.
Bear case: the Earnings-Based group reads lowest at 1,755 KRW, and 0 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: 4,251 KRW (bear) to 6,644 KRW (bull), the price of 1,221 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 64/100 (solid quality), in the Basic Materials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
WAPS Co. Ltd reported revenue of 43.2B KRW in FY2025 versus 35.0B KRW in FY2021, a compound +5.4%/yr. Reported net income was 4.1B KRW in FY2025, compounding +67.4%/yr from FY2021.
Key figures
Market cap 17.5B KRW (≈ $13.1M) · P/S ratio 0.39 · Net margin 9.5% · Return on equity 12.0% · Return on assets (EBIT) 0.9% · Operating margin 7.5% · Revenue (TTM) 45.3B KRW · Revenue growth (YoY) +25.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (low confidence).
What moves the price
The share trades about 59% below its 52-week high and 27% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −39% fair-value upside, at 347%, 196700 screens cheaper than that median.
Fair Value models
Bear 4,251 KRWFair Value 5,462 KRWBull 6,644 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.71/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+26.7%
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.
+8.3%
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.
+5.8%
Start year 2020 (pandemic). Over 10 years: +4.5% 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.
+4.1%
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What shareholders gained per year (last 5 years), in KRW (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
+52.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+52.3%
Dividend (yield on the price)0.0%
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.51.0% vs 7.2%, 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.−1% → 13%
2025 sits 274% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
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).
−6.9%
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 −8.8% 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.Specialty Chemicals · 684 stocks
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Is WAPS Co. Ltd (196700) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 5,462 KRW versus a price of 1,221 KRW, about +347% upside (undervalued).
What is the fair value of 196700?
Our model-based fair value for WAPS Co. Ltd is 5,462 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 1,221 KRW.
What is the quality score of 196700?
WAPS Co. Ltd has a Quality Score of 64/100. 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 WAPS Co. Ltd (196700)?
Our model-based price target is the fair value of 5,462 KRW (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 4,251 KRW, optimistic scenario 6,644 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the WAPS Co. Ltd stock forecast for 2026?
Our models put fair value at 5,462 KRW, about +347% upside versus a price of 1,221 KRW (undervalued). Cautious scenario 4,251 KRW, optimistic scenario 6,644 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of WAPS Co. Ltd (196700)?
WAPS Co. Ltd reported trailing-twelve-month revenue of about 45.3B KRW (latest available figure, as of Sep 24, 2026).
What growth is priced into WAPS Co. Ltd (196700)?
For today's price to be fair in a discounted-cash-flow model, WAPS Co. Ltd would have to grow free cash flow by -6.9 % per year for five years (discount rate 9.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.8 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 196700 use?
Our models discount WAPS Co. Ltd at 9.2 %: a base by market capitalisation (nano), damped by beta 0.62, 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 WAPS Co. Ltd that is -6.9 % per year a year over ten years, using the same discount rate (9.2 %) and the same formula as our fair value.
How much growth has WAPS Co. Ltd (196700) delivered so far?
Over the past 5 years revenue at WAPS Co. Ltd grew +5.8 % a year. The price currently implies -6.9 % 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 WAPS Co. Ltd (196700) growing?
The median revenue growth in the sector is +8.1 % a year. That is the yardstick for the growth priced into WAPS Co. Ltd (-6.9 % 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 WAPS Co. Ltd (196700)?
The free-cash-flow yield on the price is 19.40 %: that much free cash flow WAPS Co. Ltd produces per unit of market value. When it exceeds the discount rate of our models (9.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of WAPS Co. Ltd (196700)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For WAPS Co. Ltd it is 5,462 KRW per share (as of Sep 24, 2026), against a price of 1,221 KRW. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is WAPS Co. Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 196700 trades below its calculated fair value: price 1,221 KRW, fair value 5,462 KRW, a gap of about +347% (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 196700?
No. The price is what the market pays today (1,221 KRW); the fair value is what the company's own numbers justify (5,462 KRW). For WAPS Co. Ltd the two are 4,241 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is WAPS Co. Ltd worth?
The market values WAPS Co. Ltd at about 17.5B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 1,221 KRW; our models calculate a fair value of 5,462 KRW per share.
What do the bullish and bearish scenarios say about 196700?
Our models span a range for WAPS Co. Ltd: cautious scenario 4,251 KRW, base 5,462 KRW, optimistic 6,644 KRW per share (as of Sep 24, 2026, price 1,221 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of WAPS Co. Ltd (196700)?
Balance-sheet figures for WAPS Co. Ltd (as of Sep 24, 2026): return on equity 12.0%, debt of 0.09 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is 196700 from its 52-week high?
WAPS Co. Ltd trades at 1,221 KRW, about 59% below its 52-week high of 2,960 KRW and 27% above the low of 961.00 KRW (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of 5,462 KRW is for.
Which stocks are comparable to WAPS 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 WAPS Co. Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 1,221 KRW, calculated fair value 5,462 KRW (+347%), Quality Score 64/100, 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 196700 calculated?
We run WAPS 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 5,462 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 14.5 % above its aggregate fair value. WAPS Co. Ltd currently trades 78 % 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 WAPS Co. Ltd (196700)?
The closing price on Oct 2, 2026 was 1,221 KRW. Our model-based fair value is 5,462 KRW, about +347% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with WAPS Co. Ltd right now?
The price is below even our cautious bear case (4,251 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 (64/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of WAPS Co. Ltd
How large is the market capitalisation of WAPS Co. Ltd (196700)?
The market capitalisation of WAPS Co. Ltd is 17.5B KRW (≈ $13.1M). 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 WAPS Co. Ltd (196700)?
The price-to-sales ratio of WAPS Co. Ltd is 0.39 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of WAPS Co. Ltd (196700)?
The net margin of WAPS Co. Ltd is 9.5% (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 WAPS Co. Ltd (196700)?
The return on equity (ROE) of WAPS Co. Ltd is 12.0% (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 WAPS Co. Ltd (196700)?
On an EBIT basis the return on assets of WAPS Co. Ltd is 0.9% (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 WAPS Co. Ltd (196700)?
The operating margin of WAPS Co. Ltd is 7.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at WAPS Co. Ltd (196700)?
Revenue at WAPS Co. Ltd is growing +25.9% versus a year earlier (3y avg +8.3%). 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 WAPS Co. Ltd (196700)?
Earnings per share at WAPS Co. Ltd are growing +306% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does WAPS Co. Ltd (196700) carry?
The net debt of WAPS Co. Ltd is 12.6B KRW (fiscal year 2025, ≈ 3.7 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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