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NH SPAC 2 (206640) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of NH SPAC 2 KRW 21,548, price KRW 9,350, upside +130.5%, quality 56 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
  3. Add to watchlist

Healthcare · KR · ISIN KR7206640005

NS Some data Sep 24, 2026

NH SPAC 2

206640 · KQ

Clearly undervaluedStrong Fair Value upside, but quality is only moderate.

✓Fair value 21,548 KRW · Strongly undervalued (+130%)
!Quality 56/100
!Expensive Growth (revenue 5y +2.4 %/yr)
✓Solidly profitable · 15.7% net margin (TTM)
!Low debt · negative free cash flow
·1.60% dividend yield
✓Ranks above peers (8/9)
!Moderate moat 56/100
!Evidence only medium, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

23,211 KRW 8,138 KRW Fair Value 21,548 KRW Apr 2021 Sep 2026

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 8,138 KRW – 23,211 KRW · fair‑value band 15,084 KRW – 28,012 KRW · the 9,350 KRW price screens below the 21,548 KRW fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Boditech Med Inc. offers instruments and diagnostic reagents in South Korea and internationally.

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Boditech Med Inc. offers instruments and diagnostic reagents in South Korea and internationally. The company offers instruments, including ichroma II, diagnostic immuno-analyzer to measure the presence of various biomarkers for cardiac, cancer, hormones, infectious diseases, autoimmune diseases, and metabolic diseases; ichroma III, a high-throughput immuno-analyzer that enables simultaneous testing for various parameters; ExAmplar, a compact real time PCR that detects virus/bacteria quantitatively or qualitatively using ready-to-use cartridges; ichroma-50, an automated immunoassay system with high-throughput; Hemochroma PLUS, a handheld device that can run tests for anemia; portable analyzers ichroma M3 and ichroma M2; and NuActor, an automated nucleic acid extraction system. It also provides compact immunoassay analyzers, including AFIAS-1, AFIAS-3, AFIAS-6, and AFIAS-10; cardiac reagents; cancer reagents; COVID-19 reagents; diagnostic reagents; reagents for hormones, infections, autoimmune, organ functions, molecular diagnostics, therapeutic drug monitoring, and other test items. In addition, the company offers Ichroma TRIAS, ultra-high sensitivity respiratory disease diagnostic equipment; ALFIAS-3, a diagnostic equipment; and SyncNeb. Boditech Med Inc. was founded in 1998 and is headquartered in Chuncheon-si, South Korea.

Stock analysis

NH SPAC 2 (206640) currently trades at 9,350 KRW, while our model-based Fair Value estimate is 21,548 KRW, implying the stock looks roughly 56.6% undervalued today.

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Valuation

Bull case: the Growth Earnings group reads highest at a median of 21,548 KRW per share, and 12 of the 14 models we run sit above the 9,350 KRW price.

Bear case: the Asset-Based group reads lowest at 7,138 KRW, and 2 of the 14 models stay below the price. Evidence for this calculation is medium.

Scenario range: 15,084 KRW (bear) to 28,012 KRW (bull), the price of 9,350 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 56/100 (solid quality), in the Healthcare sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

NH SPAC 2 reported revenue of 162B KRW in FY2025 versus 158B KRW in FY2021, a compound +0.7%/yr. Reported net income was 23.7B KRW in FY2025, compounding −14.6%/yr from FY2021.

Key figures

Market cap 245B KRW (≈ $172M) · P/S ratio 1.48 · Dividend yield 1.6% · Net margin 14.6% · Return on equity 10.8% · Return on assets (EBIT) 14.5% · Operating margin 15.9% · Revenue (TTM) 166B KRW.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).

What moves the price

The share trades about 35% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at 5% fair-value upside, at 130%, 206640 screens cheaper than that median.

Fair Value models

Bear 15,084 KRW Fair Value 21,548 KRW Bull 28,012 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.
Highest evidence
Residual Income 8,460 KRW 9,058 KRW 10,077 KRW 76
EPV 8,949 KRW 9,977 KRW 10,812 KRW 74
ROIC Compounder 8,949 KRW 9,977 KRW 11,004 KRW 72
All 14 models by family
Earnings-Based
Graham-Dodd 7,409 KRW 35,158 KRW 48,362 KRW 64
Lynch FV 9,343 KRW 13,348 KRW 17,352 KRW 61
PEG = 1.0 9,343 KRW 13,348 KRW 17,352 KRW 57
EPV 8,949 KRW 9,977 KRW 10,812 KRW 74
Multiples
P/E Multiple 17,978 KRW 23,971 KRW 29,964 KRW 63
P/S Multiple 13,892 KRW 18,523 KRW 23,154 KRW 58
P/B Multiple 13,892 KRW 18,523 KRW 23,154 KRW 55
EV/EBIT 17,376 KRW 23,042 KRW 28,708 KRW 66
EV/EBITDA 19,243 KRW 25,532 KRW 31,820 KRW 67
EV/Revenue 12,510 KRW 17,710 KRW 22,909 KRW 54
Asset-Based
NCAV (Graham) 5,327 KRW 7,138 KRW 10,654 KRW 54
Economic Profit
Residual Income 8,460 KRW 9,058 KRW 10,077 KRW 76
ROIC Compounder 8,949 KRW 9,977 KRW 11,004 KRW 72
Growth Earnings
Growth-Adj P/E 15,084 KRW 21,548 KRW 28,012 KRW 67

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Quality Score breakdown

Overall quality 56/100

Of which business quality 56 · Market factors (momentum, volatility) 29

Profitability 53
Margins and returns on capital today
Quality Growth 55
Are margins and returns improving?
Cashflow 21
Earnings quality: real cash, not paper profit
Fin. Strength 84
Balance sheet, leverage, solvency risk
Investment 25
Disciplined investing over empire-building
Low Volatility 74
Calm price path (market factor)
Momentum 17
Price trend over the last 3–12 months (market factor)
52W Momentum 1
Distance to the 52-week high (market factor)
Net Issuance 96
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 30/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+17.3%
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.
+11.1%
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.
+2.4%
Start year 2020 (pandemic). Over 10 years: +15.1% 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.
+15.1%
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.
−9.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year−10.9%
Dividend (yield on the price)1.6%
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% vs 7%, slowing
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.44% → 18%
Start year 2020 (pandemic)

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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.Medical Devices · 365 stocks

Beats the industry median on 8/9 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 56 · Above median
Fair Value upside +131% · Top 25%
Profitability
Return on equity (TTM) 11% · Top 25%
Return on assets 6% · Top 25%
Net margin (TTM) 16% · Top 25%
Operating margin (TTM) 16% · Top 25%
Growth and dividend
Revenue growth 10% · Above median
Dividend yield (TTM) 1.6% · Below median
Balance sheet
Debt / equity 0.05× · Below median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 10
FUTURE (revenue growth)48 · sector 31
PAST (return on equity)43 · sector 7
HEALTH (low debt)98 · sector 97
DIVIDEND (yield)32 · sector 40

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Medical Devices stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Abbott Laboratories, ABT $103.69 $74.79 −28%
Stryker Corporation SYK $275.09 $302.60 +10%
Medtronic plc MDT $90.77 $65.57 −28%
Boston Scientific Corporation BSX $44.92 $49.41 +10%
Edwards Lifesciences Corporation EW $88.78 $82.04 −8%
Siemens Healthineers AG SHL €37.43 €35.22 −6%
DexCom, Inc DXCM $89.53 $98.48 +10%
GE HealthCare Technologies Inc GEHC $66.27 $69.62 +5%
Shenzhen Mindray Bio-Medical Electronics Co 300760 ¥156.68 ¥172.35 +10%
Koninklijke Philips N.V PHIA €21.85 €15.32 −30%

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NH SPAC 2 · Fair Value
21,548 KRW +57%Fair Value
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Cite: Fair Value Calculator (2026). "NH SPAC 2 Fair Value". https://www.fairvalue-calculator.com/stock/206640

Frequently asked questions

Is NH SPAC 2 (206640) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 21,548 KRW versus a price of 9,350 KRW, about +130% upside (undervalued).
What is the fair value of 206640?
Our model-based fair value for NH SPAC 2 is 21,548 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 9,350 KRW.
What is the quality score of 206640?
NH SPAC 2 has a Quality Score of 56/100. 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 NH SPAC 2 (206640)?
Our model-based price target is the fair value of 21,548 KRW (as of Sep 24, 2026) from 14 valuation models. Cautious scenario 15,084 KRW, optimistic scenario 28,012 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the NH SPAC 2 stock forecast for 2026?
Our models put fair value at 21,548 KRW, about +130% upside versus a price of 9,350 KRW (undervalued). Cautious scenario 15,084 KRW, optimistic scenario 28,012 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of NH SPAC 2 (206640)?
NH SPAC 2 reported trailing-twelve-month revenue of about 166B KRW (latest available figure, as of Sep 24, 2026).
Does NH SPAC 2 pay a dividend?
NH SPAC 2 currently shows a dividend yield of about 1.60% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of NH SPAC 2 (206640)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For NH SPAC 2 it is 21,548 KRW per share (as of Sep 24, 2026), against a price of 9,350 KRW. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is NH SPAC 2 stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 206640 trades below its calculated fair value: price 9,350 KRW, fair value 21,548 KRW, a gap of about +130% (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 206640?
No. The price is what the market pays today (9,350 KRW); the fair value is what the company's own numbers justify (21,548 KRW). For NH SPAC 2 the two are 12,198 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is NH SPAC 2 worth?
The market values NH SPAC 2 at about 245B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 9,350 KRW; our models calculate a fair value of 21,548 KRW per share.
What do the bullish and bearish scenarios say about 206640?
Our models span a range for NH SPAC 2: cautious scenario 15,084 KRW, base 21,548 KRW, optimistic 28,012 KRW per share (as of Sep 24, 2026, price 9,350 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of NH SPAC 2 (206640)?
Balance-sheet figures for NH SPAC 2 (as of Sep 24, 2026): return on equity 10.8%, debt of 0.05 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is 206640 from its 52-week high?
NH SPAC 2 trades at 9,350 KRW, about 35% below its 52-week high of 14,436 KRW and 1% above the low of 9,300 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 21,548 KRW is for.
Which stocks are comparable to NH SPAC 2?
From the same area (Healthcare) we also value Abbott Laboratories,, Stryker Corporation, Medtronic plc, Boston Scientific 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 NH SPAC 2 stock attractive at the current price?
The data as of Sep 24, 2026: price 9,350 KRW, calculated fair value 21,548 KRW (+130%), Quality Score 56/100, 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 206640 calculated?
We run NH SPAC 2 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 21,548 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 13.2 % above its aggregate fair value. NH SPAC 2 currently trades 130 % 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 NH SPAC 2 (206640)?
The closing price on Sep 23, 2026 was 9,350 KRW. Our model-based fair value is 21,548 KRW, about +130% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with NH SPAC 2 right now?
The price is below even our cautious bear case (15,084 KRW). The market is more pessimistic than our downside scenario. Solid quality (56/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (15,084 KRW to 28,012 KRW) leaves room in how you read the outcome.

Key figures of NH SPAC 2

How large is the market capitalisation of NH SPAC 2 (206640)?
The market capitalisation of NH SPAC 2 is 245B KRW (≈ $172M). 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 NH SPAC 2 (206640)?
The price-to-sales ratio of NH SPAC 2 is 1.48 (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 NH SPAC 2 (206640)?
The dividend yield of NH SPAC 2 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 NH SPAC 2 (206640)?
The net margin of NH SPAC 2 is 14.6% (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 NH SPAC 2 (206640)?
The return on equity (ROE) of NH SPAC 2 is 10.8% (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 NH SPAC 2 (206640)?
On an EBIT basis the return on assets of NH SPAC 2 is 14.5% (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 NH SPAC 2 (206640)?
The operating margin of NH SPAC 2 is 15.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at NH SPAC 2 (206640)?
Revenue at NH SPAC 2 is growing +9.6% versus a year earlier (3y avg +11.1%). 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 NH SPAC 2 (206640)?
Earnings per share at NH SPAC 2 are growing +32.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does NH SPAC 2 (206640) generate?
The free cash flow of NH SPAC 2 is −11.9B KRW (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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