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Hana Must SPAC 2 (208370) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Hana Must SPAC 2 KRW 2,086, price KRW 2,345, upside -11.0%, quality 41 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Healthcare · KR · ISIN KR7208370007

HM Thin data Sep 24, 2026

Hana Must SPAC 2

208370 · KQ

Weak valuationQuality is weak on top of the rich price.

!Fair value 2,086 KRW · Overvalued (−11%)
!Quality 41/100
!Expensive Growth (revenue 5y +7.8 %/yr)
✓Highly profitable · 56.0% net margin (TTM)
!Low debt · negative free cash flow
✓Ranks above peers (5/8)
!Moderate moat 58/100
!Evidence only low, so the estimate is less certain
!Weak on valuation: 19 out of 100
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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

12,870 KRW 1,707 KRW Fair Value 2,086 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 1,707 KRW – 12,870 KRW · fair‑value band 1,928 KRW – 2,086 KRW · the 2,345 KRW price screens above the 2,086 KRW fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

SELVAS Healthcare, Inc. operates as a medical device company in South Korea. The company provides body composition analyzers and automatic blood pressure monitors for hospitals.

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SELVAS Healthcare, Inc. operates as a medical device company in South Korea. The company provides body composition analyzers and automatic blood pressure monitors for hospitals. It also offers Braille Sense notetakers and other products for blind and visually impaired people under the HIMS brand name, as well as provides digital health products under the ACCUNIQ brand name. In addition, The company provides daisy players, handheld, and desktop magnifiers. Its products are used in hospitals, medical facilities, doctor's offices, weight loss centers, Fitness Centers, nursing homes, public health facilities, and retail locations. The company was formerly known as Jawon Medical Co., Ltd. and changed its name to SELVAS Healthcare, Inc. in September 2016. SELVAS Healthcare, Inc. was founded in 1993 and is headquartered in Daejeon, South Korea.

Stock analysis

Hana Must SPAC 2 (208370) currently trades at 2,345 KRW, while our model-based Fair Value estimate is 2,086 KRW, implying the stock looks roughly 12.4% overvalued today.

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Valuation

Bull case: the Growth Earnings group reads highest at a median of 2,789 KRW per share, and 6 of the 11 models we run sit above the 2,345 KRW price.

Bear case: the Earnings-Based group reads lowest at 757.62 KRW, and 5 of the 11 models stay below the price. Evidence for this calculation is low.

Scenario range: 1,928 KRW (bear) to 2,086 KRW (bull), the price of 2,345 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 41/100 (below-average quality), in the Healthcare sector.

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

Hana Must SPAC 2 reported revenue of 30.8B KRW in FY2025 versus 29.1B KRW in FY2021, a compound +1.5%/yr. Reported net income was 3.9B KRW in FY2025, compounding +12.0%/yr from FY2021.

Key figures

Market cap 60.3B KRW (≈ $44.3M) · P/S ratio 2.10 · Net margin 12.6% · Return on equity 22.8% · Return on assets (EBIT) 4.1% · Operating margin 10.2% · Revenue (TTM) 30.2B KRW · Revenue growth (YoY) −8.8%.

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 65% below its 52-week high and 7% 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 −11%, 208370 screens richer than that median.

Fair Value models

Bear 1,928 KRW Fair Value 2,086 KRW Bull 2,086 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
Owner Earnings 1,899 KRW 2,603 KRW 3,594 KRW 77
Residual Income 2,115 KRW 2,145 KRW 2,069 KRW 71
EV/EBITDA 680.32 KRW 785.49 KRW 890.67 KRW 67
All 11 models by family
DCF Models
Owner Earnings 1,899 KRW 2,603 KRW 3,594 KRW 77
Earnings-Based
Graham-Dodd 1,028 KRW 2,738 KRW 3,581 KRW 65
Lynch FV 530.33 KRW 757.62 KRW 984.90 KRW 61
PEG = 1.0 530.33 KRW 757.62 KRW 984.90 KRW 57
Multiples
P/E Multiple 2,495 KRW 3,327 KRW 4,159 KRW 63
P/S Multiple 1,928 KRW 2,571 KRW 3,213 KRW 58
P/B Multiple 1,928 KRW 2,571 KRW 3,213 KRW 55
EV/EBITDA 680.32 KRW 785.49 KRW 890.67 KRW 67
Asset-Based
NCAV (Graham) 1,383 KRW 1,853 KRW 2,766 KRW 54
Economic Profit
Residual Income 2,115 KRW 2,145 KRW 2,069 KRW 71
Growth Earnings
Growth-Adj P/E 1,953 KRW 2,789 KRW 3,626 KRW 67

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Quality Score breakdown

Overall quality 41/100

Of which business quality 41 · Market factors (momentum, volatility) 19

Profitability 37
Margins and returns on capital today
Quality Growth 24
Are margins and returns improving?
Cashflow 6
Earnings quality: real cash, not paper profit
Fin. Strength 85
Balance sheet, leverage, solvency risk
Investment 30
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 8
Price trend over the last 3–12 months (market factor)
52W Momentum 2
Distance to the 52-week high (market factor)
Net Issuance 57
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. 48/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−2.8%
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.
+3.6%
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.
+7.8%
Start year 2020 (pandemic). Over 10 years: +4.0% 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.
+4.0%
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.
+15.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+15.8%
Dividend (yield on the price)0.0%
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.4% → −1%
⚠ Revenue per share shrinking 5.9%/yr over ~7Y (margin trend unclear) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.

208370 screens 12% overvalued. Compare with Abbott Laboratories, →

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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 4/7 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 41 · Below median
Fair Value upside −11% · Above median
Profitability
Return on equity (TTM) 23% · Top 25%
Return on assets 0% · Below median
Net margin (TTM) 56% · Top 25%
Operating margin (TTM) 10% · Above median
Growth and dividend
Revenue growth −9% · Bottom 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)19 · sector 10
FUTURE (revenue growth)0 · sector 31
PAST (return on equity)91 · sector 7
HEALTH (low debt)100 · sector 97
DIVIDEND (yield)0 · 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 $101.07 $74.79 −26%
Medtronic plc MDT $89.30 $65.57 −27%
Stryker Corporation SYK $269.75 $296.73 +10%
Boston Scientific Corporation BSX $44.62 $49.08 +10%
Edwards Lifesciences Corporation EW $86.82 $82.04 −6%
Siemens Healthineers AG SHL €37.21 €35.22 −5%
DexCom, Inc DXCM $87.73 $96.50 +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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Hana Must SPAC 2 · Fair Value
2,086 KRW −12%Fair Value
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Cite: Fair Value Calculator (2026). "Hana Must SPAC 2 Fair Value". https://www.fairvalue-calculator.com/stock/208370

Frequently asked questions

Is Hana Must SPAC 2 (208370) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 2,086 KRW versus a price of 2,345 KRW, about −11% upside (overvalued).
What is the fair value of 208370?
Our model-based fair value for Hana Must SPAC 2 is 2,086 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 2,345 KRW.
What is the quality score of 208370?
Hana Must SPAC 2 has a Quality Score of 41/100. 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 Hana Must SPAC 2 (208370)?
Our model-based price target is the fair value of 2,086 KRW (as of Sep 24, 2026) from 11 valuation models. Cautious scenario 1,928 KRW, optimistic scenario 2,086 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Hana Must SPAC 2 stock forecast for 2026?
Our models put fair value at 2,086 KRW, about −11% upside versus a price of 2,345 KRW (overvalued). Cautious scenario 1,928 KRW, optimistic scenario 2,086 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Hana Must SPAC 2 (208370)?
Hana Must SPAC 2 reported trailing-twelve-month revenue of about 30.2B KRW (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Hana Must SPAC 2 (208370)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hana Must SPAC 2 it is 2,086 KRW per share (as of Sep 24, 2026), against a price of 2,345 KRW. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is Hana Must SPAC 2 stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 208370 trades above its calculated fair value: price 2,345 KRW, fair value 2,086 KRW, a gap of about −11% (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 208370?
No. The price is what the market pays today (2,345 KRW); the fair value is what the company's own numbers justify (2,086 KRW). For Hana Must SPAC 2 the two are 258.82 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Hana Must SPAC 2 worth?
The market values Hana Must SPAC 2 at about 60.3B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 2,345 KRW; our models calculate a fair value of 2,086 KRW per share.
What do the bullish and bearish scenarios say about 208370?
Our models span a range for Hana Must SPAC 2: cautious scenario 1,928 KRW, base 2,086 KRW, optimistic 2,086 KRW per share (as of Sep 24, 2026, price 2,345 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Hana Must SPAC 2 (208370)?
Balance-sheet figures for Hana Must SPAC 2 (as of Sep 24, 2026): return on equity 22.8%. They feed the Quality Score of 41/100, which measures business quality independently of the share price.
How far is 208370 from its 52-week high?
Hana Must SPAC 2 trades at 2,345 KRW, about 65% below its 52-week high of 6,650 KRW and 7% above the low of 2,185 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 2,086 KRW is for.
Which stocks are comparable to Hana Must SPAC 2?
From the same area (Healthcare) we also value Abbott Laboratories,, Medtronic plc, Stryker Corporation, 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 Hana Must SPAC 2 stock attractive at the current price?
The data as of Sep 24, 2026: price 2,345 KRW, calculated fair value 2,086 KRW (−11%), Quality Score 41/100, from 11 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 208370 calculated?
We run Hana Must SPAC 2 through 11 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 2,086 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 14.0 % above its aggregate fair value. Hana Must SPAC 2 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 Hana Must SPAC 2 (208370)?
The closing price on Sep 23, 2026 was 2,345 KRW. Our model-based fair value is 2,086 KRW, about −11% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hana Must SPAC 2 right now?
The price sits above even our optimistic bull case (2,086 KRW). The favourable scenario is already priced in. The models converge in a tight band (1,928 KRW to 2,086 KRW), unusually little disagreement for a valuation. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Hana Must SPAC 2

How large is the market capitalisation of Hana Must SPAC 2 (208370)?
The market capitalisation of Hana Must SPAC 2 is 60.3B KRW (≈ $44.3M). 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 Hana Must SPAC 2 (208370)?
The price-to-sales ratio of Hana Must SPAC 2 is 2.10 (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 Hana Must SPAC 2 (208370)?
The net margin of Hana Must SPAC 2 is 12.6% (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 Hana Must SPAC 2 (208370)?
The return on equity (ROE) of Hana Must SPAC 2 is 22.8% (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 Hana Must SPAC 2 (208370)?
On an EBIT basis the return on assets of Hana Must SPAC 2 is 4.1% (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 Hana Must SPAC 2 (208370)?
The operating margin of Hana Must SPAC 2 is 10.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hana Must SPAC 2 (208370)?
Revenue at Hana Must SPAC 2 is growing −8.8% versus a year earlier (3y avg +3.6%). 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 Hana Must SPAC 2 (208370)?
Earnings per share at Hana Must SPAC 2 are growing +63.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Hana Must SPAC 2 (208370) generate?
The free cash flow of Hana Must SPAC 2 is −797M 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 Hana Must SPAC 2 (208370) carry?
The net debt of Hana Must SPAC 2 is 3.1B KRW (fiscal year 2022). 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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