GRITEE Inc (204020) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of GRITEE Inc KRW 4,784, price KRW 1,774, upside +169.7%, quality 48 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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GRITEE, Inc., together with its subsidiaries, engages in the manufacture and sale of apparel in South Korea and China. It also manufactures, wholesales, and retails underwear under the Wonderbra and Playtex brand names. The company was formerly known as MCorset, Inc. GRITEE, Inc. was founded in 1999 and is headquartered in Seoul, Korea.
Stock analysis
GRITEE Inc (204020) currently trades at 1,774 KRW, while our model-based Fair Value estimate is 4,784 KRW, implying the stock looks roughly 62.9% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 4,784 KRW per share, and 12 of the 14 models we run sit above the 1,774 KRW price.
Bear case: the Earnings-Based group reads lowest at 1,715 KRW, and 2 of the 14 models stay below the price. Evidence for this calculation is medium.
Scenario range: 3,391 KRW (bear) to 6,219 KRW (bull), the price of 1,774 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 48/100 (below-average quality), in the Consumer Cyclical sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
GRITEE Inc reported revenue of 202B KRW in FY2025 versus 109B KRW in FY2021, a compound +16.7%/yr. Reported net income was 4.7B KRW in FY2025.
Key figures
Market cap 38.1B KRW (≈ $28.0M) · P/S ratio 0.19 · Dividend yield 6.5% · Net margin 2.3% · Return on equity 4.1% · Return on assets (EBIT) 4.8% · Operating margin 1.5% · Revenue (TTM) 199B KRW.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 25% below its 52-week high and 3% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 10% fair-value upside, at 170%, 204020 screens cheaper than that median.
Fair Value models
Bear 3,391 KRWFair Value 4,784 KRWBull 6,219 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.44/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+3.6%
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.
+12.1%
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.
+10.3%
Start year 2020 (pandemic). Over 10 years: +7.0% a year
Revenue growth 10 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.
+7.0%
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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. Basis: EBIT basis. 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.
+33.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+27.3%
Dividend (yield on the price)6.5%
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.28% vs 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.2% → 4%
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.Apparel Retail · 105 stocks
Beats the industry median on 4/10 measures
A mixed picture versus its industry peers.
Valuation
Quality Score48 · Below median
Fair Value upside+170% · Top 25%
Profitability
Return on equity (TTM)4% · Below median
Return on assets3% · Above median
Net margin (TTM)2% · Below median
Operating margin (TTM)2% · Below median
Growth and dividend
Revenue growth−6% · Bottom 25%
Dividend yield (TTM)6.5% · Top 25%
Balance sheet
Debt / equity0.45× · Highest 25%
Valuation Multiplesvs Apparel Retail median · lower = cheaper
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Cite: Fair Value Calculator (2026). "GRITEE Inc Fair Value". https://www.fairvalue-calculator.com/stock/204020
Frequently asked questions
Is GRITEE Inc (204020) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 4,784 KRW versus a price of 1,774 KRW, about +170% upside (undervalued).
What is the fair value of 204020?
Our model-based fair value for GRITEE Inc is 4,784 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 1,774 KRW.
What is the quality score of 204020?
GRITEE Inc has a Quality Score of 48/100. 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 GRITEE Inc (204020)?
Our model-based price target is the fair value of 4,784 KRW (as of Sep 24, 2026) from 14 valuation models. Cautious scenario 3,391 KRW, optimistic scenario 6,219 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the GRITEE Inc stock forecast for 2026?
Our models put fair value at 4,784 KRW, about +170% upside versus a price of 1,774 KRW (undervalued). Cautious scenario 3,391 KRW, optimistic scenario 6,219 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of GRITEE Inc (204020)?
GRITEE Inc reported trailing-twelve-month revenue of about 199B KRW (latest available figure, as of Sep 24, 2026).
Does GRITEE Inc pay a dividend?
GRITEE Inc currently shows a dividend yield of about 6.48% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of GRITEE Inc (204020)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For GRITEE Inc it is 4,784 KRW per share (as of Sep 24, 2026), against a price of 1,774 KRW. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is GRITEE Inc stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 204020 trades below its calculated fair value: price 1,774 KRW, fair value 4,784 KRW, a gap of about +170% (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 204020?
No. The price is what the market pays today (1,774 KRW); the fair value is what the company's own numbers justify (4,784 KRW). For GRITEE Inc the two are 3,010 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is GRITEE Inc worth?
The market values GRITEE Inc at about 38.1B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 1,774 KRW; our models calculate a fair value of 4,784 KRW per share.
What do the bullish and bearish scenarios say about 204020?
Our models span a range for GRITEE Inc: cautious scenario 3,391 KRW, base 4,784 KRW, optimistic 6,219 KRW per share (as of Sep 24, 2026, price 1,774 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of GRITEE Inc (204020)?
Balance-sheet figures for GRITEE Inc (as of Sep 24, 2026): return on equity 4.1%, debt of 0.45 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is 204020 from its 52-week high?
GRITEE Inc trades at 1,774 KRW, about 25% below its 52-week high of 2,375 KRW and 3% above the low of 1,726 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 4,784 KRW is for.
Which stocks are comparable to GRITEE Inc?
From the same area (Consumer Cyclical) we also value Industria de Diseño Textil, S.A, The TJX Companies, Inc, Fast Retailing Co, Ross Stores, 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 GRITEE Inc stock attractive at the current price?
The data as of Sep 24, 2026: price 1,774 KRW, calculated fair value 4,784 KRW (+170%), Quality Score 48/100, from 14 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 204020 calculated?
We run GRITEE Inc through 14 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 4,784 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. GRITEE Inc currently trades 170 % 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 GRITEE Inc (204020)?
The closing price on Sep 23, 2026 was 1,774 KRW. Our model-based fair value is 4,784 KRW, about +170% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with GRITEE Inc right now?
The price is below even our cautious bear case (3,391 KRW). The market is more pessimistic than our downside scenario. Solid quality (48/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (3,391 KRW to 6,219 KRW) leaves room in how you read the outcome.
Key figures of GRITEE Inc
How large is the market capitalisation of GRITEE Inc (204020)?
The market capitalisation of GRITEE Inc is 38.1B KRW (≈ $28.0M). 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 GRITEE Inc (204020)?
The price-to-sales ratio of GRITEE Inc is 0.19 (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 GRITEE Inc (204020)?
The dividend yield of GRITEE Inc is 6.5%. 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 GRITEE Inc (204020)?
The net margin of GRITEE Inc is 2.3% (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 GRITEE Inc (204020)?
The return on equity (ROE) of GRITEE Inc is 4.1% (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 GRITEE Inc (204020)?
On an EBIT basis the return on assets of GRITEE Inc is 4.8% (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 GRITEE Inc (204020)?
The operating margin of GRITEE Inc is 1.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at GRITEE Inc (204020)?
Revenue at GRITEE Inc is growing −6.4% versus a year earlier (3y avg +12.1%). 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 GRITEE Inc (204020)?
Earnings per share at GRITEE Inc are growing −27.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does GRITEE Inc (204020) generate?
The free cash flow of GRITEE Inc is −35.9B 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 GRITEE Inc (204020) carry?
The net debt of GRITEE Inc is 29.5B 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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