Dream Security co. Ltd (203650) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Dream Security co. Ltd KRW 1,212, price KRW 2,790, upside -56.6%, quality 29 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Dream Security co., Ltd., an authentication security company, offers authentication and security solutions.
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Dream Security co., Ltd., an authentication security company, offers authentication and security solutions. 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 2,790 KRW, while our model-based Fair Value estimate is 1,212 KRW, implying the stock looks roughly 130.1% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 3,472 KRW per share, and 7 of the 17 models we run sit above the 2,790 KRW price.
Bear case: the Asset-Based group reads lowest at 833.16 KRW, and 10 of the 17 models stay below the price. Evidence for this calculation is medium.
Scenario range: 909.16 KRW (bear) to 1,515 KRW (bull), the price of 2,790 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 29/100 (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 267B KRW (≈ $196M) · P/S ratio 0.56 · Dividend yield 0.1% · Net margin 2.6% · Return on equity 4.7% · Return on assets (EBIT) 5.7% · Operating margin 3.5% · Revenue (TTM) 353B KRW.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (medium confidence).
What moves the price
The share trades about 40% below its 52-week high and 96% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −19% fair-value upside, at −57%, 203650 screens richer than that median.
Fair Value models
Bear 909.16 KRWFair Value 1,212 KRWBull 1,515 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.58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+18.6%
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.
+12.5%
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.
+15.0%
Start year 2020 (pandemic)
Revenue growth 9 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.
+35.6%
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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.
−2.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−2.7%
Dividend (yield on the price)0.1%
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.8% → 7%
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 - Infrastructure · 383 stocks
Beats the industry median on 3/9 measures
Overall it trails its industry peers.
Valuation
Quality Score29 · Bottom 25%
Fair Value upside−57% · Below median
Profitability
Return on equity (TTM)5% · Above median
Return on assets2% · Above median
Net margin (TTM)2% · Below median
Operating margin (TTM)3% · Below median
Growth and dividend
Revenue growth46% · Top 25%
Dividend yield (TTM)0.1% · Bottom 25%
Balance sheet
Debt / equity0.68× · Highest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 16
FUTURE (revenue growth)100· sector 48
PAST (return on equity)19· sector 18
HEALTH (low debt)66· sector 97
DIVIDEND (yield)1· sector 33
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 Dream Security co. Ltd (203650) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 1,212 KRW versus a price of 2,790 KRW, about −57% upside (overvalued).
What is the fair value of 203650?
Our model-based fair value for Dream Security co. Ltd is 1,212 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 2,790 KRW.
What is the quality score of 203650?
Dream Security co. Ltd has a Quality Score of 29/100. 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 Dream Security co. Ltd (203650)?
Our model-based price target is the fair value of 1,212 KRW (as of Sep 24, 2026) from 17 valuation models. Cautious scenario 909.16 KRW, optimistic scenario 1,515 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Dream Security co. Ltd stock forecast for 2026?
Our models put fair value at 1,212 KRW, about −57% upside versus a price of 2,790 KRW (overvalued). Cautious scenario 909.16 KRW, optimistic scenario 1,515 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Dream Security co. Ltd (203650)?
Dream Security co. Ltd reported trailing-twelve-month revenue of about 353B KRW (latest available figure, as of Sep 24, 2026).
Does Dream Security co. Ltd pay a dividend?
Dream Security co. Ltd currently shows a dividend yield of about 0.06% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Dream Security co. Ltd (203650)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Dream Security co. Ltd it is 1,212 KRW per share (as of Sep 24, 2026), against a price of 2,790 KRW. It is the blended result of 17 valuation models (cash flow, earnings, asset, dividend).
Is Dream Security co. Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 203650 trades above its calculated fair value: price 2,790 KRW, fair value 1,212 KRW, a gap of about −57% (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 203650?
No. The price is what the market pays today (2,790 KRW); the fair value is what the company's own numbers justify (1,212 KRW). For Dream Security co. Ltd the two are 1,578 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Dream Security co. Ltd worth?
The market values Dream Security co. Ltd at about 267B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 2,790 KRW; our models calculate a fair value of 1,212 KRW per share.
What do the bullish and bearish scenarios say about 203650?
Our models span a range for Dream Security co. Ltd: cautious scenario 909.16 KRW, base 1,212 KRW, optimistic 1,515 KRW per share (as of Sep 24, 2026, price 2,790 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Dream Security co. Ltd (203650)?
Balance-sheet figures for Dream Security co. Ltd (as of Sep 24, 2026): return on equity 4.7%, debt of 0.68 per unit of equity. They feed the Quality Score of 29/100, which measures business quality independently of the share price.
How far is 203650 from its 52-week high?
Dream Security co. Ltd trades at 2,790 KRW, about 40% below its 52-week high of 4,615 KRW and 96% above the low of 1,422 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 1,212 KRW is for.
Which stocks are comparable to Dream Security co. Ltd?
From the same area (Technology) we also value Microsoft Corporation, Palantir Technologies Inc, Oracle Corporation, Palo Alto Networks, 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 Dream Security co. Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 2,790 KRW, calculated fair value 1,212 KRW (−57%), Quality Score 29/100, from 17 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 203650 calculated?
We run Dream Security co. Ltd through 17 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 1,212 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 13.0 % above its aggregate fair value. Dream Security co. Ltd 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 Dream Security co. Ltd (203650)?
The closing price on Sep 23, 2026 was 2,790 KRW. Our model-based fair value is 1,212 KRW, about −57% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Dream Security co. Ltd right now?
The price sits above even our optimistic bull case (1,515 KRW). The favourable scenario is already priced in. Weak quality (29/100) and above fair value at the same time, the margin of safety is missing on both counts.
Key figures of Dream Security co. Ltd
How large is the market capitalisation of Dream Security co. Ltd (203650)?
The market capitalisation of Dream Security co. Ltd is 267B KRW (≈ $196M). 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 Dream Security co. Ltd (203650)?
The price-to-sales ratio of Dream Security co. Ltd is 0.56 (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 Dream Security co. Ltd (203650)?
The dividend yield of Dream Security co. Ltd is 0.1%. 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 Dream Security co. Ltd (203650)?
The net margin of Dream Security co. Ltd is 2.6% (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 Dream Security co. Ltd (203650)?
The return on equity (ROE) of Dream Security co. Ltd is 4.7% (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 Dream Security co. Ltd (203650)?
On an EBIT basis the return on assets of Dream Security co. Ltd is 5.7% (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 Dream Security co. Ltd (203650)?
The operating margin of Dream Security co. Ltd is 3.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Dream Security co. Ltd (203650)?
Revenue at Dream Security co. Ltd is growing +46.1% versus a year earlier (3y avg +12.5%). 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 Dream Security co. Ltd (203650)?
Earnings per share at Dream Security co. Ltd are growing −72.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Dream Security co. Ltd (203650) generate?
The free cash flow of Dream Security co. Ltd is −24.1B KRW (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Dream Security co. Ltd (203650) carry?
The net debt of Dream Security co. Ltd is 307B KRW (fiscal year 2025). 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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