Mando Corp (204320) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Mando Corp stock KRW 52,939, price KRW 32,600, upside +62.4%, quality 54 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range 30,104 KRW – 76,900 KRW · fair‑value band 39,704 KRW – 66,173 KRW · the 32,600 KRW price screens below the 52,939 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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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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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 32,600 KRW, while our model-based Fair Value estimate is 52,939 KRW, implying the stock looks roughly 38% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 116,409 KRW per share, and 22 of the 26 models we run sit above the 32,600 KRW price.
Bear case: the Dividend Discount group reads lowest at 14,507 KRW, and 4 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: 39,704 KRW (bear) to 66,173 KRW (bull), the price of 32,600 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 54/100 (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 9.5T KRW in FY2025 versus 6.1T KRW in FY2021, a compound +11.4%/yr. Reported net income was 100B KRW in FY2025, compounding −12.0%/yr from FY2021.
Key figures
Market cap 1.5T KRW (≈ $1.1B) Small · P/E ratio 8.8 · P/S ratio 0.16 · EPS (TTM) 3,600 KRW · Dividend yield 2.3% · Net margin 1.8% · Return on equity 6.8% · Return on assets (EBIT) 4.4% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 31 out of 100 (low confidence).
What moves the price
The share trades about 58% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −23% fair-value upside, at 62%, 204320 screens cheaper than that median.
Fair Value models
Bear39,704 KRWFair Value 52,939 KRWBull66,173 KRW
Price 32,600 KRW · Upside +62.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (2,436 KRW per share) are deliberately not added.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.71/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+6.9%
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.
+11.2%
Start year 2020 (pandemic). Over 10 years: +6.0% a year
Revenue growth 12 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.
+4.4%
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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.
+13.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+11.4%
Dividend (yield on the price)2.3%
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.11.4% vs −6.7%, 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.1% → 4%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
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).
−4.0%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+4.8%
Yearly sales growth analysts expect, extended to five years.
After inflation (South Korea: IMF forecast 2.1% a year to 2030, 2.1% from 2016 to 2025) that is about −6.0% a year for the price and +2.6% for the forecasts.
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 · 657 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score54 · Above median
Fair Value upside+62.4% · Top 25%
Profitability
Return on equity (12 months)6.8% · Below median
Return on assets1.4% · Below median
Net margin (12 months)1.8% · Below median
Operating margin (12 months)4.3% · Below median
Growth and dividend
Revenue growth (quarter YoY)3.9% · Below median
Dividend yield (12 months)2.3% · Above median
Balance sheet
Debt / equity0.36× · 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 Nov 7, 2026, our model estimates a fair value of 52,939 KRW versus a price of 32,600 KRW, about +62% upside (undervalued).
What is the fair value of 204320?
Our model-based fair value for Mando Corp is 52,939 KRW (as of Nov 7, 2026), built from audited fundamentals. The current price: 32,600 KRW.
What is the quality score of 204320?
Mando Corp has a Quality Score of 54/100. 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 52,939 KRW (as of Nov 7, 2026) from 26 valuation models. Cautious scenario 39,704 KRW, optimistic scenario 66,173 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 52,939 KRW, about +62% upside versus a price of 32,600 KRW (undervalued). Cautious scenario 39,704 KRW, optimistic scenario 66,173 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 9.6T KRW (latest available figure, as of Nov 7, 2026).
Does Mando Corp pay a dividend?
Mando Corp currently shows a dividend yield of 2.30% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Mando Corp (204320) and when is the ex-dividend date?
Mando Corp pays a dividend of 750.00 KRW per share a year, a dividend yield of 2.3%. The last ex-dividend date was Mar 30, 2026. The payout ratio is 20.8% of earnings. Free cash flow covers the dividend 9.39 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
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 -4.0 % per year for five years (discount rate 11.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +11.2 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of 204320 use?
Our models discount Mando Corp at 11.2 %: a base by market capitalisation (small), damped by beta 0.85, 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 -4.0 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.2 %) 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 +11.2 % a year. The price currently implies free-cash-flow growth of -4.0 % per 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 +4.7 % a year. That is the yardstick for the growth priced into Mando Corp (-4.0 % per 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 21.61 %: that much free cash flow Mando Corp produces per unit of market value. When it exceeds the discount rate of our models (11.2 %), 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 52,939 KRW per share (as of Nov 7, 2026), against a price of 32,600 KRW. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Mando Corp stock overvalued or undervalued in 2026?
As of Nov 7, 2026, 204320 trades below its calculated fair value: price 32,600 KRW, fair value 52,939 KRW, a gap of about +62% (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 204320?
No. The price is what the market pays today (32,600 KRW); the fair value is what the company's own numbers justify (52,939 KRW). For Mando Corp the two are 20,339 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 1.5T KRW (market capitalisation, as of Nov 7, 2026). Per share that is 32,600 KRW; our models calculate a fair value of 52,939 KRW per share.
What do the bullish and bearish scenarios say about 204320?
Our models span a range for Mando Corp: cautious scenario 39,704 KRW, base 52,939 KRW, optimistic 66,173 KRW per share (as of Nov 7, 2026, price 32,600 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 204320?
Mando Corp trades at a price-to-earnings ratio of 8.8 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 52,939 KRW is built from several models across several years. Median P/E at fiscal year-end, 7 fiscal years (2018 to 2025), reported earnings, FY2025 ex one-offs: 14.9. Other multiples: P/B 0.6, P/S 0.2, EV/EBITDA 2.2.
How solid is the balance sheet of Mando Corp (204320)?
Balance-sheet figures for Mando Corp (as of Nov 7, 2026): return on equity 6.8%, debt of 0.36 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is 204320 from its 52-week high?
Mando Corp trades at 32,600 KRW, about 58% below its 52-week high of 76,900 KRW and at the low of 32,600 KRW (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 52,939 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 Nov 7, 2026: price 32,600 KRW, calculated fair value 52,939 KRW (+62%), Quality Score 54/100, from 26 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 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 52,939 KRW builds on their evidence-weighted average, 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. Mando Corp currently trades 38% 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 Mando Corp (204320)?
The closing price on Nov 6, 2026 was 32,600 KRW. Our model-based fair value is 52,939 KRW, about +62% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Mando Corp right now?
The price is below even our cautious bear case (39,704 KRW). The market is more pessimistic than our downside scenario. Solid quality (54/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Mando Corp
How large is the market capitalisation of Mando Corp (204320)?
The market capitalisation of Mando Corp is 1.5T KRW (≈ $1.1B). 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 0.16 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Mando Corp (204320)?
Earnings per share at Mando Corp are 3,600 KRW (price ÷ EPS = P/E 8.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Mando Corp (204320)?
The dividend yield of Mando Corp is 2.3% (payout 20.8%). 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 1.8% (last twelve months). 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 6.8% (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 4.4% (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 Mando Corp (204320)?
The operating margin of Mando Corp is 4.3% (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 +3.9% 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 +11.0% 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 1.1T KRW (fiscal year 2025, ≈ 3.4 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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Broad data
Nov 7, 2026