Woori SPAC 3 (198440) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Woori SPAC 3 KRW 457, price KRW 1,639, upside -72.1%, quality 37 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Kangdong C&L Co., Ltd. manufactures and sells cement in South Korea. It offers Portland, blast furnace slag, special, low heat, fly ash, and refined ash cement, as well as ready-mix concrete. The company was founded in 1962 and is headquartered in Jangseong-eup, South Korea.
Stock analysis
Woori SPAC 3 (198440) currently trades at 1,639 KRW, while our model-based Fair Value estimate is 457.02 KRW, implying the stock looks roughly 258.7% overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 1,480 KRW per share, and 1 of the 22 models we run sit above the 1,639 KRW price.
Bear case: the Earnings-Based group reads lowest at 89.71 KRW, and 21 of the 22 models stay below the price. Evidence for this calculation is medium.
Scenario range: 361.85 KRW (bear) to 535.38 KRW (bull), the price of 1,639 KRW sits above 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 37/100 (below-average quality), in the Basic Materials sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
Woori SPAC 3 reported revenue of 71.8B KRW in FY2025 versus 65.7B KRW in FY2021, a compound +2.3%/yr. Reported net income was 656M KRW in FY2025, compounding −38.7%/yr from FY2021.
Key figures
Market cap 99.8B KRW (≈ $69.9M) · P/S ratio 1.06 · Net margin 0.9% · Return on equity 0.4% · Return on assets (EBIT) −4.7% · Operating margin −6.3% · Revenue (TTM) 72.8B KRW · Revenue growth (YoY) +8.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 37 out of 100 (low confidence).
What moves the price
The share trades about 32% below its 52-week high and 70% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −47% fair-value upside, at −72%, 198440 screens richer than that median.
Fair Value models
Bear 361.85 KRWFair Value 457.02 KRWBull 535.38 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.40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
+51.6%
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.
+0.9%
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.
+0.5%
Start year 2020 (pandemic)
Revenue growth 8 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.
−2.5%
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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.
−40.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−40.0%
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.−40% vs −6%, 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.6% → 10%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 11.1%/yr over ~7Y (margins intact) ⓘ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
A lot of optimism in the price
The price assumes more 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).
+38.5%
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 +35.7% 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.Building Materials · 257 stocks
Beats the industry median on 3/10 measures
Overall it trails its industry peers.
Valuation
Quality Score37 · Bottom 25%
Fair Value upside−72% · Bottom 25%
Profitability
Return on equity (TTM)0% · Below median
Return on assets1% · Below median
Net margin (TTM)1% · Below median
Operating margin (TTM)−6% · Bottom 25%
Growth and dividend
Revenue growth9% · Above median
Balance sheet
Debt / equity0.19× · Above median
Valuation Multiplesvs Building Materials median · lower = cheaper
P/FCF0.0× · Cheapest 25%
EV/EBITDA1.5× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 22
FUTURE (revenue growth)43· sector 2
PAST (return on equity)2· sector 15
HEALTH (low debt)91· sector 92
DIVIDEND (yield)0· sector 46
VALUE 0: the price sits above our fair-value range.
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.
Is Woori SPAC 3 (198440) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 457.02 KRW versus a price of 1,639 KRW, about −72% upside (overvalued).
What is the fair value of 198440?
Our model-based fair value for Woori SPAC 3 is 457.02 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 1,639 KRW.
What is the quality score of 198440?
Woori SPAC 3 has a Quality Score of 37/100. 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 Woori SPAC 3 (198440)?
Our model-based price target is the fair value of 457.02 KRW (as of Sep 24, 2026) from 22 valuation models. Cautious scenario 361.85 KRW, optimistic scenario 535.38 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Woori SPAC 3 stock forecast for 2026?
Our models put fair value at 457.02 KRW, about −72% upside versus a price of 1,639 KRW (overvalued). Cautious scenario 361.85 KRW, optimistic scenario 535.38 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Woori SPAC 3 (198440)?
Woori SPAC 3 reported trailing-twelve-month revenue of about 72.8B KRW (latest available figure, as of Sep 24, 2026).
What growth is priced into Woori SPAC 3 (198440)?
For today's price to be fair in a discounted-cash-flow model, Woori SPAC 3 would have to grow free cash flow by +38.5 % per year for five years (discount rate 11.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +0.5 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 198440 use?
Our models discount Woori SPAC 3 at 11.6 %: a base by market capitalisation (micro), damped by beta 0.46, 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 Woori SPAC 3 that is +38.5 % per year a year over ten years, using the same discount rate (11.6 %) and the same formula as our fair value.
How much growth has Woori SPAC 3 (198440) delivered so far?
Over the past 5 years revenue at Woori SPAC 3 grew +0.5 % a year. The price currently implies +38.5 % 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 Woori SPAC 3 (198440) growing?
The median revenue growth in the sector is +3.3 % a year. That is the yardstick for the growth priced into Woori SPAC 3 (+38.5 % 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 Woori SPAC 3 (198440)?
The free-cash-flow yield on the price is 2.39 %: that much free cash flow Woori SPAC 3 produces per unit of market value. When it exceeds the discount rate of our models (11.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Woori SPAC 3 (198440)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Woori SPAC 3 it is 457.02 KRW per share (as of Sep 24, 2026), against a price of 1,639 KRW. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is Woori SPAC 3 stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 198440 trades above its calculated fair value: price 1,639 KRW, fair value 457.02 KRW, a gap of about −72% (overvalued). 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 198440?
No. The price is what the market pays today (1,639 KRW); the fair value is what the company's own numbers justify (457.02 KRW). For Woori SPAC 3 the two are 1,182 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Woori SPAC 3 worth?
The market values Woori SPAC 3 at about 99.8B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 1,639 KRW; our models calculate a fair value of 457.02 KRW per share.
What do the bullish and bearish scenarios say about 198440?
Our models span a range for Woori SPAC 3: cautious scenario 361.85 KRW, base 457.02 KRW, optimistic 535.38 KRW per share (as of Sep 24, 2026, price 1,639 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Woori SPAC 3 (198440)?
Balance-sheet figures for Woori SPAC 3 (as of Sep 24, 2026): return on equity 0.4%, debt of 0.19 per unit of equity. They feed the Quality Score of 37/100, which measures business quality independently of the share price.
How far is 198440 from its 52-week high?
Woori SPAC 3 trades at 1,639 KRW, about 32% below its 52-week high of 2,415 KRW and 70% above the low of 964.00 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 457.02 KRW is for.
Which stocks are comparable to Woori SPAC 3?
From the same area (Basic Materials) we also value CRH plc, Holcim AG, Vulcan Materials Company, UltraTech Cement Limited, 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 Woori SPAC 3 stock attractive at the current price?
The data as of Sep 24, 2026: price 1,639 KRW, calculated fair value 457.02 KRW (−72%), Quality Score 37/100, from 22 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 198440 calculated?
We run Woori SPAC 3 through 22 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 457.02 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 14.1 % above its aggregate fair value. Woori SPAC 3 itself currently trades above fair value. 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 Woori SPAC 3 (198440)?
The closing price on Sep 23, 2026 was 1,639 KRW. Our model-based fair value is 457.02 KRW, about −72% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Woori SPAC 3 right now?
The price sits above even our optimistic bull case (535.38 KRW). The favourable scenario is already priced in. Weak quality (37/100) and above fair value at the same time, the margin of safety is missing on both counts.
Key figures of Woori SPAC 3
How large is the market capitalisation of Woori SPAC 3 (198440)?
The market capitalisation of Woori SPAC 3 is 99.8B KRW (≈ $69.9M). 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 Woori SPAC 3 (198440)?
The price-to-sales ratio of Woori SPAC 3 is 1.06 (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 Woori SPAC 3 (198440)?
The net margin of Woori SPAC 3 is 0.9% (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 Woori SPAC 3 (198440)?
The return on equity (ROE) of Woori SPAC 3 is 0.4% (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 Woori SPAC 3 (198440)?
On an EBIT basis the return on assets of Woori SPAC 3 is −4.7% (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 Woori SPAC 3 (198440)?
The operating margin of Woori SPAC 3 is −6.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Woori SPAC 3 (198440)?
Revenue at Woori SPAC 3 is growing +8.6% versus a year earlier (3y avg +0.9%). 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 Woori SPAC 3 (198440)?
Earnings per share at Woori SPAC 3 are growing −86.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Woori SPAC 3 (198440) carry?
The net debt of Woori SPAC 3 is 58.3B KRW (fiscal year 2025, ≈ 24.5 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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