Mando Corp (204320) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Mando Corp KRW 34,396, price KRW 45,500, upside -24.4%, quality 60 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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HL Mando Corporation, an electric vehicle and autonomous driving solutions company, provides automotive parts and services in Korea, China, the United States, India, and internationally.
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HL Mando Corporation, an electric vehicle and autonomous driving solutions company, provides automotive parts and services in Korea, China, the United States, India, and internationally. The company offers braking systems, such as electronic brakes, electronic parking brakes, and foundation brakes; steering systems, including electric power and mechanical steering systems; and electronic suspension products. It also provides EV solutions comprising by-wire, EV suspension, power electronics, and micro mobility products; autonomous driving solutions, including sensor, DCU, and redundant architecture; software solutions comprising MiCOSA, PHM, and Smart Factory; and environment innovation products comprising EMB, dust collecting system, and EPS, as well as sells automotive parts. The company was formerly known as Mando Corporation. The company was founded in 1962 and is headquartered in Pyeongtaek-Si, South Korea.
Stock analysis
Mando Corp (204320) currently trades at 45,500 KRW, while our model-based Fair Value estimate is 34,396 KRW, implying the stock looks roughly 32.3% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 42,951 KRW per share, and 6 of the 22 models we run sit above the 45,500 KRW price.
Bear case: the Dividend Discount group reads lowest at 12,985 KRW, and 16 of the 22 models stay below the price. Evidence for this calculation is medium.
Scenario range: 24,241 KRW (bear) to 46,792 KRW (bull), the price of 45,500 KRW sits inside 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 60/100 (solid quality), in the Consumer Cyclical sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Mando Corp reported revenue of 7.5T KRW in FY2022 versus 5.7T KRW in FY2018, a compound +7.3%/yr. Reported net income was 98.3B KRW in FY2022, compounding −1.8%/yr from FY2018.
Key figures
Market cap 2.1T KRW (≈ $1.5B) · P/S ratio 0.21 · Dividend yield 1.6% · Net margin 1.3% · Return on equity 5.1% · Return on assets (EBIT) 4.6% · Operating margin 4.1% · Revenue (TTM) 9.5T KRW.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 41% below its 52-week high and 41% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −38% fair-value upside, at −24%, 204320 screens cheaper than that median.
Fair Value models
Bear 24,241 KRWFair Value 34,396 KRWBull 46,792 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.36/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+22.3%
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.
+7.9%
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.
+5.7%
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.
+3.3%
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Profit margin (trend) ⓘ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.
1.5% (2017) → 3.0% (2022)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: only 3 usable fiscal years, at least 4 required
not computed
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).
+45.9%
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 +42.9% 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.Auto Parts · 695 stocks
Beats the industry median on 4/11 measures
Overall it trails its industry peers.
Valuation
Quality Score60 · Above median
Fair Value upside−24% · Below median
Profitability
Return on equity (TTM)5% · Below median
Return on assets3% · Above median
Net margin (TTM)1% · Below median
Operating margin (TTM)4% · Below median
Growth and dividend
Revenue growth2% · Below median
Dividend yield (TTM)1.6% · Below median
Balance sheet
Debt / equity0.74× · Highest 25%
Valuation Multiplesvs Auto Parts median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Mando Corp Fair Value". https://www.fairvalue-calculator.com/stock/204320
Frequently asked questions
Is Mando Corp (204320) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 34,396 KRW versus a price of 45,500 KRW, about −24% upside (overvalued).
What is the fair value of 204320?
Our model-based fair value for Mando Corp is 34,396 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 45,500 KRW.
What is the quality score of 204320?
Mando Corp has a Quality Score of 60/100. 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 Mando Corp (204320)?
Our model-based price target is the fair value of 34,396 KRW (as of Sep 24, 2026) from 22 valuation models. Cautious scenario 24,241 KRW, optimistic scenario 46,792 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Mando Corp stock forecast for 2026?
Our models put fair value at 34,396 KRW, about −24% upside versus a price of 45,500 KRW (overvalued). Cautious scenario 24,241 KRW, optimistic scenario 46,792 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Mando Corp (204320)?
Mando Corp reported trailing-twelve-month revenue of about 9.5T KRW (latest available figure, as of Sep 24, 2026).
Does Mando Corp pay a dividend?
Mando Corp currently shows a dividend yield of about 1.65% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Mando Corp (204320)?
For today's price to be fair in a discounted-cash-flow model, Mando Corp would have to grow free cash flow by +45.9 % per year for five years (discount rate 11.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.7 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 204320 use?
Our models discount Mando Corp at 11.1 %: a base by market capitalisation (small), damped by beta 0.82, 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 Mando Corp that is +45.9 % per year a year over ten years, using the same discount rate (11.1 %) and the same formula as our fair value.
How much growth has Mando Corp (204320) delivered so far?
Over the past 5 years revenue at Mando Corp grew +5.7 % a year. The price currently implies +45.9 % 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 Mando Corp (204320) growing?
The median revenue growth in the sector is +2.6 % a year. That is the yardstick for the growth priced into Mando Corp (+45.9 % 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 Mando Corp (204320)?
The free-cash-flow yield on the price is 1.62 %: that much free cash flow Mando Corp produces per unit of market value. When it exceeds the discount rate of our models (11.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Mando Corp (204320)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Mando Corp it is 34,396 KRW per share (as of Sep 24, 2026), against a price of 45,500 KRW. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is Mando Corp stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 204320 trades above its calculated fair value: price 45,500 KRW, fair value 34,396 KRW, a gap of about −24% (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 204320?
No. The price is what the market pays today (45,500 KRW); the fair value is what the company's own numbers justify (34,396 KRW). For Mando Corp the two are 11,104 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Mando Corp worth?
The market values Mando Corp at about 2.1T KRW (market capitalisation, as of Sep 24, 2026). Per share that is 45,500 KRW; our models calculate a fair value of 34,396 KRW per share.
What do the bullish and bearish scenarios say about 204320?
Our models span a range for Mando Corp: cautious scenario 24,241 KRW, base 34,396 KRW, optimistic 46,792 KRW per share (as of Sep 24, 2026, price 45,500 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Mando Corp (204320)?
Balance-sheet figures for Mando Corp (as of Sep 24, 2026): return on equity 5.1%, debt of 0.74 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is 204320 from its 52-week high?
Mando Corp trades at 45,500 KRW, about 41% below its 52-week high of 76,900 KRW and 41% above the low of 32,369 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 34,396 KRW is for.
Which stocks are comparable to Mando Corp?
From the same area (Consumer Cyclical) we also value O'Reilly Automotive, Inc, AutoZone, Inc, Hyundai Mobis Co, Fuyao Glass Industry Group, 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 Mando Corp stock attractive at the current price?
The data as of Sep 24, 2026: price 45,500 KRW, calculated fair value 34,396 KRW (−24%), Quality Score 60/100, 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 204320 calculated?
We run Mando Corp 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 34,396 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. Mando Corp 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 Mando Corp (204320)?
The closing price on Sep 23, 2026 was 45,500 KRW. Our model-based fair value is 34,396 KRW, about −24% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Mando Corp right now?
Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (24,241 KRW to 46,792 KRW) leaves room in how you read the outcome.
Key figures of Mando Corp
How large is the market capitalisation of Mando Corp (204320)?
The market capitalisation of Mando Corp is 2.1T KRW (≈ $1.5B). 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 Mando Corp (204320)?
The price-to-sales ratio of Mando Corp is 0.21 (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 Mando Corp (204320)?
The dividend yield of Mando Corp is 1.6%. 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 Mando Corp (204320)?
The net margin of Mando Corp is 1.3% (fiscal year 2022). 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 Mando Corp (204320)?
The return on equity (ROE) of Mando Corp is 5.1% (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 Mando Corp (204320)?
On an EBIT basis the return on assets of Mando Corp is 4.6% (avg 2y). 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 Mando Corp (204320)?
The operating margin of Mando Corp is 4.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Mando Corp (204320)?
Revenue at Mando Corp is growing +1.8% versus a year earlier (3y avg +7.9%). 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 Mando Corp (204320)?
Earnings per share at Mando Corp are growing +71.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Mando Corp (204320) carry?
The net debt of Mando Corp is 1.4T KRW (fiscal year 2019, ≈ 39.4 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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