Incar Financial Service Co. Ltd. (211050) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Incar Financial Service Co. Ltd. KRW 19,980, price KRW 9,990, upside +100.0%, quality 46 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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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
55‑month range 1,010 KRW – 16,990 KRW · fair‑value band 11,263 KRW – 35,484 KRW · the 9,990 KRW price screens below the 19,980 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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INCAR FINANCIAL SERVICE Co., Ltd. operates as an independent insurance agency in South Korea. The company offers non-life, life, general, and automobile insurance products. It also provides software development, financial product brokerage, and other financial consulting services. The company was formerly known as Incar Insu Co., Ltd.
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INCAR FINANCIAL SERVICE Co., Ltd. operates as an independent insurance agency in South Korea. The company offers non-life, life, general, and automobile insurance products. It also provides software development, financial product brokerage, and other financial consulting services. The company was formerly known as Incar Insu Co., Ltd. and changed its name to INCAR FINANCIAL SERVICE Co., Ltd. in July 2014. The company was incorporated in 2007 and is headquartered in Seoul, South Korea.
Stock analysis
Incar Financial Service Co. Ltd. (211050) currently trades at 9,990 KRW, while our model-based Fair Value estimate is 19,980 KRW, implying the stock looks roughly 50.0% undervalued today.
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Valuation
Bull case: the Earnings-Based group reads highest at a median of 41,407 KRW per share, and 9 of the 11 models we run sit above the 9,990 KRW price.
Bear case: the Asset-Based group reads lowest at 2,942 KRW, and 2 of the 11 models stay below the price. Evidence for this calculation is medium.
Scenario range: 11,263 KRW (bear) to 35,484 KRW (bull), the price of 9,990 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 46/100 (below-average quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Incar Financial Service Co. Ltd. reported revenue of 1.0T KRW in FY2025 versus 315B KRW in FY2021, a compound +34.2%/yr. Reported net income was 72.3B KRW in FY2025, compounding +44.9%/yr from FY2021.
Key figures
Market cap 489B KRW (≈ $359M) · P/S ratio 0.43 · Dividend yield 3.7% · Net margin 7.1% · Return on equity 41.2% · Return on assets (EBIT) 10.1% · Operating margin 8.6% · Revenue (TTM) 1.1T 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 41% below its 52-week high and 13% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −25% fair-value upside, at 100%, 211050 screens cheaper than that median.
Fair Value models
Bear 11,263 KRWFair Value 19,980 KRWBull 35,484 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.90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+22.8%
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.
+36.5%
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.
+27.7%
Start year 2020 (pandemic)
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.
+25.6%
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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.
+7.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+3.3%
Dividend (yield on the price)3.7%
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.3% vs 19%, 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.5% → 9%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 3.7%/yr over ~7Y (margins intact) ⓘ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.
Growth Forecast
Little optimism in the price
The price assumes less 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).
−3.9%
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 −5.8% a year for the price.
Compare Incar Financial Service Co. Ltd. with another stock
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.Financial Conglomerates · 57 stocks
Beats the industry median on 7/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score46 · Bottom 25%
Fair Value upside+100% · Top 25%
Profitability
Return on equity (TTM)41% · Top 25%
Return on assets7% · Top 25%
Net margin (TTM)7% · Below median
Operating margin (TTM)9% · Below median
Growth and dividend
Revenue growth31% · Top 25%
Dividend yield (TTM)3.7% · Above median
Balance sheet
Debt / equity0.03× · Lowest 25%
Valuation Multiplesvs Financial Conglomerates median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Incar Financial Service Co. Ltd. Fair Value". https://www.fairvalue-calculator.com/stock/211050
Frequently asked questions
Is Incar Financial Service Co. Ltd. (211050) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 19,980 KRW versus a price of 9,990 KRW, about +100% upside (undervalued).
What is the fair value of 211050?
Our model-based fair value for Incar Financial Service Co. Ltd. is 19,980 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 9,990 KRW.
What is the quality score of 211050?
Incar Financial Service Co. Ltd. has a Quality Score of 46/100. 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 Incar Financial Service Co. Ltd. (211050)?
Our model-based price target is the fair value of 19,980 KRW (as of Sep 24, 2026) from 11 valuation models. Cautious scenario 11,263 KRW, optimistic scenario 35,484 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Incar Financial Service Co. Ltd. stock forecast for 2026?
Our models put fair value at 19,980 KRW, about +100% upside versus a price of 9,990 KRW (undervalued). Cautious scenario 11,263 KRW, optimistic scenario 35,484 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Incar Financial Service Co. Ltd. (211050)?
Incar Financial Service Co. Ltd. reported trailing-twelve-month revenue of about 1.1T KRW (latest available figure, as of Sep 24, 2026).
Does Incar Financial Service Co. Ltd. pay a dividend?
Incar Financial Service Co. Ltd. currently shows a dividend yield of about 3.70% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Incar Financial Service Co. Ltd. (211050)?
For today's price to be fair in a discounted-cash-flow model, Incar Financial Service Co. Ltd. would have to grow free cash flow by -3.9 % per year for five years (discount rate 10.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +27.7 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 211050 use?
Our models discount Incar Financial Service Co. Ltd. at 10.2 %: a base by market capitalisation (small), damped by beta 0.17, 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 Incar Financial Service Co. Ltd. that is -3.9 % per year a year over ten years, using the same discount rate (10.2 %) and the same formula as our fair value.
How much growth has Incar Financial Service Co. Ltd. (211050) delivered so far?
Over the past 5 years revenue at Incar Financial Service Co. Ltd. grew +27.7 % a year. The price currently implies -3.9 % 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 Incar Financial Service Co. Ltd. (211050) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Incar Financial Service Co. Ltd. (-3.9 % 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 Incar Financial Service Co. Ltd. (211050)?
The free-cash-flow yield on the price is 11.03 %: that much free cash flow Incar Financial Service Co. Ltd. produces per unit of market value. When it exceeds the discount rate of our models (10.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Incar Financial Service Co. Ltd. (211050)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Incar Financial Service Co. Ltd. it is 19,980 KRW per share (as of Sep 24, 2026), against a price of 9,990 KRW. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is Incar Financial Service Co. Ltd. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 211050 trades below its calculated fair value: price 9,990 KRW, fair value 19,980 KRW, a gap of about +100% (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 211050?
No. The price is what the market pays today (9,990 KRW); the fair value is what the company's own numbers justify (19,980 KRW). For Incar Financial Service Co. Ltd. the two are 9,990 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Incar Financial Service Co. Ltd. worth?
The market values Incar Financial Service Co. Ltd. at about 489B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 9,990 KRW; our models calculate a fair value of 19,980 KRW per share.
What do the bullish and bearish scenarios say about 211050?
Our models span a range for Incar Financial Service Co. Ltd.: cautious scenario 11,263 KRW, base 19,980 KRW, optimistic 35,484 KRW per share (as of Sep 24, 2026, price 9,990 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Incar Financial Service Co. Ltd. (211050)?
Balance-sheet figures for Incar Financial Service Co. Ltd. (as of Sep 24, 2026): return on equity 41.2%, debt of 0.03 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is 211050 from its 52-week high?
Incar Financial Service Co. Ltd. trades at 9,990 KRW, about 41% below its 52-week high of 16,990 KRW and 13% above the low of 8,850 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 19,980 KRW is for.
Which stocks are comparable to Incar Financial Service Co. Ltd.?
From the same area (Financial Services) we also value ORIX Corporation, Bajaj Finserv Ltd, Yuanta Financial Holding, China Galaxy Securities Co, 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 Incar Financial Service Co. Ltd. stock attractive at the current price?
The data as of Sep 24, 2026: price 9,990 KRW, calculated fair value 19,980 KRW (+100%), Quality Score 46/100, 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 211050 calculated?
We run Incar Financial Service Co. Ltd. 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 19,980 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. Incar Financial Service Co. Ltd. currently trades 100 % 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 Incar Financial Service Co. Ltd. (211050)?
The closing price on Sep 23, 2026 was 9,990 KRW. Our model-based fair value is 19,980 KRW, about +100% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Incar Financial Service Co. Ltd. right now?
The price is below even our cautious bear case (11,263 KRW). The market is more pessimistic than our downside scenario. The model range is unusually wide (11,263 KRW to 35,484 KRW). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (46/100) at a price below fair value, the discount is the argument here, not the business quality. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of Incar Financial Service Co. Ltd.
How large is the market capitalisation of Incar Financial Service Co. Ltd. (211050)?
The market capitalisation of Incar Financial Service Co. Ltd. is 489B KRW (≈ $359M). 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 Incar Financial Service Co. Ltd. (211050)?
The price-to-sales ratio of Incar Financial Service Co. Ltd. is 0.43 (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 Incar Financial Service Co. Ltd. (211050)?
The dividend yield of Incar Financial Service Co. Ltd. is 3.7%. 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 Incar Financial Service Co. Ltd. (211050)?
The net margin of Incar Financial Service Co. Ltd. is 7.1% (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 Incar Financial Service Co. Ltd. (211050)?
The return on equity (ROE) of Incar Financial Service Co. Ltd. is 41.2% (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 Incar Financial Service Co. Ltd. (211050)?
On an EBIT basis the return on assets of Incar Financial Service Co. Ltd. is 10.1% (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 Incar Financial Service Co. Ltd. (211050)?
The operating margin of Incar Financial Service Co. Ltd. is 8.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Incar Financial Service Co. Ltd. (211050)?
Revenue at Incar Financial Service Co. Ltd. is growing +30.9% versus a year earlier (3y avg +36.5%). 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 Incar Financial Service Co. Ltd. (211050)?
Earnings per share at Incar Financial Service Co. Ltd. are growing +40.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Incar Financial Service Co. Ltd. (211050) carry?
The net debt of Incar Financial Service Co. Ltd. is 47.8B KRW (fiscal year 2024, ≈ 0.9 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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