Dream Security co. Ltd (203650) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Dream Security co. Ltd stock KRW 1,317, price KRW 1,915, that is 31.2% below the price, quality 28 out of 100. Rating: overvalued. Calculated from audited financials with 16 of our 26 valuation models and 37 quality factors, updated daily.
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Dream Security co. Ltd
203650 · KQOur calculation puts a fair price 31% below what the stock costs today.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.
How to read this chart
60‑month range 1,148 KRW – 4,615 KRW · fair‑value band 987.87 KRW – 1,646 KRW · the 1,915 KRW price screens above the 1,317 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 2026.
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Company profile
Dream Security co., Ltd., an authentication security company, offers authentication and security solutions.
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It provides authentication, integrity, confidentiality, and non-repudiation through PKI infrastructure, such as Magic RootCA, Magic CA, Magic RA, Magic OCSP, Magic SCVP, Magic TSA, and Magic LTVS; cryptographic technologies, including verified cryptographic modules and quantum-resistant cryptography for quantum computer environments, which include Magic Crypto, Magic QCrypto, Magic TLS for PQC, and Magic QKMI; data security through encryption key management comprising key to key data encryption and decryption, Magic DBPlus, Magic KMS, and Magic CryptoBox; mobile security solutions to protect key information in the mobile environment and provide a secure smartphone environment through user authentication, such as Magic mVaccine, Magic TrustAPP, Magic vKeypad, Magic MRS, Magic xSign, Magic SE, and Magic mOTP; convenience, security, and efficiency through user authentication and access rights, such as Magic Line for Web, Magic FIDO, Secu Face, Magic DID, Magic SDP, Magic SSO, Magic EAM, Magic IAM, and Magic MFA; and an e-paperless environment by incorporating electronic document security technology into PKI, such as Magic TSA AR, Magic LineMD, Magic XMLSecurity, and Magic DVCS. The company also offers security solutions, including private authentication system, quantum cryptography, authenticity of electronic documents, and dream matter certification.
In addition, it offers zero trust, a solution that creates a safe work environment through pre-authentication and post-connection; and multifactor authentication solutions.
Further, the company provides services, including mobile phone verification, integrated relay for simple authentication, dream certification, smart joint authentication, and face recognition. Dream Security co., Ltd. was founded in 1998 and is based in Seoul, South Korea.
Stock analysis
Dream Security co. Ltd (203650) currently trades at 1,915 KRW, while our model-based Fair Value estimate is 1,317 KRW, 31% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 8,870 KRW per share, and 6 of the 15 models we run sit above the 1,915 KRW price.
Bear case: the Asset-Based group reads lowest at 490.28 KRW, and 9 of the 15 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 987.87 KRW (bear) to 1,646 KRW (bull), the price of 1,915 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 28/100 (below-average quality), in the Technology sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Dream Security co. Ltd reported revenue of 319B KRW in FY2025 versus 190B KRW in FY2021, a compound +13.9%/yr. Reported net income was 8.3B KRW in FY2025, compounding −10.4%/yr from FY2021.
Key figures
Market cap 196B KRW (≈ $145M) Micro · P/E ratio 18.7 · P/S ratio 0.51 · EPS (TTM) 130.80 KRW · Dividend yield 0.0% · Net margin 3.4% · Return on equity 8.1% · Return on assets (EBIT) 5.7% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 35 out of 100 (medium confidence).
What moves the price
The share trades about 59% below its 52-week high and 35% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −11% fair-value upside, at −31%, 203650 screens richer than that median.
Fair Value models
All 16 models by family
Quality Score breakdown
It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.
Revenue & earnings trend
203650 screens overvalued: fair value 31% below the price. Compare with Microsoft Corporation →
Compare Dream Security co. Ltd with another stock
Price, fair value, quality and upside side by side.
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 - Infrastructure · 346 stocks
Valuation Multiplesvs Software - Infrastructure median · lower = cheaper
Strength profile in five axes (Snowflake)
VALUE 0: the price sits above our fair-value range.
Context: sector, industry, market
- Is the Energy sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Revenue growth by industry
- PEG ratio by industry
- PEG screener for stocks with fair value
- Undervalued stocks: Energy
- Undervalued stocks: South Korean Stocks
- Valuation of the Korea market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Software - Infrastructure stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value | Compare |
|---|---|---|---|---|
| Microsoft Corporation MSFT | $530.61 | $583.67 | +10% | vs 203650 |
| Fortinet, Inc FTNT | $118.84 | $130.72 | +10% | vs 203650 |
| Oracle Corporation ORCL | $116.10 | $111.97 | −4% | vs 203650 |
| NetApp, Inc NTAP | $169.19 | $156.80 | −7% | vs 203650 |
| Block, Inc XYZ | $85.48 | $76.43 | −11% | vs 203650 |
| Synopsys, Inc SNPS | $450.46 | $288.23 | −36% | vs 203650 |
| Zscaler, Inc ZS | $197.66 | $101.45 | −49% | vs 203650 |
| Palantir Technologies Inc PLTR | $160.38 | $42.20 | −74% | vs 203650 |
| CrowdStrike Holdings CRWD | $216.90 | $37.97 | −82% | vs 203650 |
| Palo Alto Networks, Inc PANW | $313.84 | $39.54 | −87% | vs 203650 |
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Key figures of Dream Security co. Ltd
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