KB No4 SPAC (205500) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of KB No4 SPAC KRW 234, price KRW 1,774, upside -86.8%, quality 33 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Structural break:
The valuation model sees a lasting decline in earnings power for this stock, the confidence band is broken. Treat the target with caution.
Weakest SetupStrongly overvalued and low quality.
!Fair value 233.55 KRW · Strongly overvalued (−87%)
!Quality 33/100
!Expensive Growth(revenue 5y +44.5 %/yr)
!Loss-making · -112.9% net margin (TTM)
!Moderate debt · negative free cash flow
!Trails peers(2/9)
!Narrow moat19/100
!Evidence only low, so the estimate is less certain
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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, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 982.00 KRW – 8,750 KRW · fair‑value band 86.97 KRW – 233.55 KRW · the 1,774 KRW price screens above the 233.55 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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NEXUS Co., Ltd. develops mobile games in South Korea. It offers various games, such as blade I, Blades of Three Kingdoms, BLADE II, ANVIL, Kingdom: The Blood, Blade: Re.Action, Project AE, and Dungeon Stalkers. The company was formerly known as Action Square CO., LTD. and changed its name to NEXUS Co., Ltd. in February 2025.
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NEXUS Co., Ltd. develops mobile games in South Korea. It offers various games, such as blade I, Blades of Three Kingdoms, BLADE II, ANVIL, Kingdom: The Blood, Blade: Re.Action, Project AE, and Dungeon Stalkers. The company was formerly known as Action Square CO., LTD. and changed its name to NEXUS Co., Ltd. in February 2025. The company was founded in 2012 and is based in Seoul, South Korea.
Stock analysis
KB No4 SPAC (205500) currently trades at 1,774 KRW, while our model-based Fair Value estimate is 233.55 KRW, implying the stock looks roughly 659.3% overvalued today.
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Valuation
How firm this estimate is: it rests on 6 models at a data quality of 95/100, which puts the evidence level at low.
Scenario range: 86.97 KRW (bear) to 233.55 KRW (bull), the price of 1,774 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 33/100 (below-average quality), in the Communication Services sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
KB No4 SPAC reported revenue of 36.7B KRW in FY2025 versus 5.6B KRW in FY2021, a compound +59.9%/yr. Reported net income was −3.3B KRW in FY2025.
Key figures
Market cap 109B KRW (≈ $80.1M) · P/S ratio 14.4 · Net margin −9.1% · Return on equity −31.8% · Return on assets (EBIT) −20.9% · Operating margin 1.1% · Revenue growth (YoY) +76.0% · Free cash flow −42.2B 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 46% below its 52-week high and 21% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 50% fair-value upside, at −87%, 205500 screens richer than that median.
Fair Value models
Bear 86.97 KRWFair Value 233.55 KRWBull 233.55 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.38/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+386.3%
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.
+85.4%
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.
+44.5%
Start year 2020 (pandemic). Over 10 years: +18.6% 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.
+18.6%
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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.
−31.7% (2020) → 3.8% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
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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.Electronic Gaming & Multimedia · 149 stocks
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 KB No4 SPAC (205500) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 233.55 KRW versus a price of 1,774 KRW, about −87% upside (overvalued).
What is the fair value of 205500?
Our model-based fair value for KB No4 SPAC is 233.55 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 1,774 KRW.
What is the quality score of 205500?
KB No4 SPAC has a Quality Score of 33/100. 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 KB No4 SPAC (205500)?
Our model-based price target is the fair value of 233.55 KRW (as of Sep 24, 2026) from 4 valuation models. Cautious scenario 86.97 KRW, optimistic scenario 233.55 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the KB No4 SPAC stock forecast for 2026?
Our models put fair value at 233.55 KRW, about −87% upside versus a price of 1,774 KRW (overvalued). Cautious scenario 86.97 KRW, optimistic scenario 233.55 KRW. The calculation is refreshed regularly with new filings.
What is the intrinsic value of KB No4 SPAC (205500)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For KB No4 SPAC it is 233.55 KRW per share (as of Sep 24, 2026), against a price of 1,774 KRW. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is KB No4 SPAC stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 205500 trades above its calculated fair value: price 1,774 KRW, fair value 233.55 KRW, a gap of about −87% (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 205500?
No. The price is what the market pays today (1,774 KRW); the fair value is what the company's own numbers justify (233.55 KRW). For KB No4 SPAC the two are 1,540 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is KB No4 SPAC worth?
The market values KB No4 SPAC at about 109B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 1,774 KRW; our models calculate a fair value of 233.55 KRW per share.
What do the bullish and bearish scenarios say about 205500?
Our models span a range for KB No4 SPAC: cautious scenario 86.97 KRW, base 233.55 KRW, optimistic 233.55 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 KB No4 SPAC (205500)?
Balance-sheet figures for KB No4 SPAC (as of Sep 24, 2026): return on equity −31.8%, debt of 0.81 per unit of equity. They feed the Quality Score of 33/100, which measures business quality independently of the share price.
How far is 205500 from its 52-week high?
KB No4 SPAC trades at 1,774 KRW, about 46% below its 52-week high of 3,285 KRW and 21% above the low of 1,463 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 233.55 KRW is for.
Which stocks are comparable to KB No4 SPAC?
From the same area (Communication Services) we also value Konami Group, NetEase, Inc, Take-Two Interactive Software, Inc, Roblox Corporation, 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 KB No4 SPAC stock attractive at the current price?
The data as of Sep 24, 2026: price 1,774 KRW, calculated fair value 233.55 KRW (−87%), Quality Score 33/100, from 4 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 205500 calculated?
We run KB No4 SPAC through 4 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 233.55 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. KB No4 SPAC 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 KB No4 SPAC (205500)?
The closing price on Sep 23, 2026 was 1,774 KRW. Our model-based fair value is 233.55 KRW, about −87% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with KB No4 SPAC right now?
The price sits above even our optimistic bull case (233.55 KRW). The favourable scenario is already priced in. Weak quality (33/100) and above fair value at the same time, the margin of safety is missing on both counts. The model range is unusually wide (86.97 KRW to 233.55 KRW). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Key figures of KB No4 SPAC
How large is the market capitalisation of KB No4 SPAC (205500)?
The market capitalisation of KB No4 SPAC is 109B KRW (≈ $80.1M). 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 KB No4 SPAC (205500)?
The price-to-sales ratio of KB No4 SPAC is 14.4 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of KB No4 SPAC (205500)?
The net margin of KB No4 SPAC is −9.1% (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 KB No4 SPAC (205500)?
The return on equity (ROE) of KB No4 SPAC is −31.8% (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 KB No4 SPAC (205500)?
On an EBIT basis the return on assets of KB No4 SPAC is −20.9% (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 KB No4 SPAC (205500)?
The operating margin of KB No4 SPAC is 1.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at KB No4 SPAC (205500)?
Revenue at KB No4 SPAC is growing +76.0% versus a year earlier (3y avg +85.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does KB No4 SPAC (205500) generate?
The free cash flow of KB No4 SPAC is −42.2B 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 KB No4 SPAC (205500) carry?
The net debt of KB No4 SPAC is 22.6B 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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