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LIG-ES SPAC (220260) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of LIG-ES SPAC KRW 2,179, price KRW 3,925, upside -44.5%, quality 34 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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Basic Materials · KR · ISIN KR7220260004

LE Thin data Sep 24, 2026

LIG-ES SPAC

220260 · KQ

Weakest SetupStrongly overvalued and low quality.

!Fair value 2,179 KRW · Strongly overvalued (−44%)
!Quality 34/100
!Expensive Growth (revenue 5y +5.5 %/yr)
!Loss-making · -6.2% net margin (TTM)
!Low debt · negative free cash flow
!Trails peers (3/8)
!Narrow moat 23/100
!Evidence only low, 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

17,450 KRW 2,825 KRW Fair Value 2,179 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 2,825 KRW – 17,450 KRW · fair‑value band 1,412 KRW – 2,179 KRW · the 3,925 KRW price screens above the 2,179 KRW fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Chemtros Co., Ltd. engages in the manufacture and sale of chemical intermediates, and applied materials and adhesives in South Korea.

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Chemtros Co., Ltd. engages in the manufacture and sale of chemical intermediates, and applied materials and adhesives in South Korea. The company offers products in the area of electronic materials, including materials at the display field, such as OLED, LCD, etc.; and additives for secondary cells for smartphone, tablet PC, electric automobile, rechargeable battery, etc. It also offers polymer adhesive for optics, fixing components, and general industries, as well as silicon and speaker adhesives; chemical intermediates for industries, such as petrochemistry, polymer, medicine, etc.; active pharmaceutical ingredients and food additives for pharmaceutical companies; industrial raw materials and other solvents; and solutions for original development manufacturing. In addition, the company offers epoxy adhesive for camera module and LED TVs, die attach, silicone sealants for conformal coating, and modified silicone sealants. Chemtros Co., Ltd. was founded in 2006 and is headquartered in Ansan-si, South Korea.

Stock analysis

LIG-ES SPAC (220260) currently trades at 3,925 KRW, while our model-based Fair Value estimate is 2,179 KRW, implying the stock looks roughly 80.1% overvalued today.

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Valuation

Bull case: the Asset-Based group reads highest at a median of 1,143 KRW per share, and 0 of the 6 models we run sit above the 3,925 KRW price.

Bear case: the Earnings-Based group reads lowest at 482.95 KRW, and 6 of the 6 models stay below the price. Evidence for this calculation is low.

Scenario range: 1,412 KRW (bear) to 2,179 KRW (bull), the price of 3,925 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 34/100 (below-average quality), in the Basic Materials sector.

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

LIG-ES SPAC reported revenue of 56.8B KRW in FY2025 versus 48.3B KRW in FY2021, a compound +4.1%/yr. Reported net income was −11.8B KRW in FY2025.

Key figures

Market cap 104B KRW (≈ $76.6M) · P/S ratio 1.73 · Net margin −20.8% · Return on equity −4.7% · Return on assets (EBIT) 3.2% · Operating margin 12.6% · Revenue (TTM) 62.0B KRW · Revenue growth (YoY) +42.1%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (medium confidence).

What moves the price

The share trades about 56% below its 52-week high and 39% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at −40% fair-value upside, at −44%, 220260 screens richer than that median.

Fair Value models

Bear 1,412 KRW Fair Value 2,179 KRW Bull 2,179 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
EPV 457.73 KRW 482.95 KRW 503.41 KRW 74
ROIC Compounder 457.73 KRW 482.95 KRW 503.41 KRW 72
EV/EBITDA 1,398 KRW 1,781 KRW 2,164 KRW 67
All 6 models by family
Earnings-Based
EPV 457.73 KRW 482.95 KRW 503.41 KRW 74
Multiples
EV/EBIT 590.81 KRW 705.22 KRW 819.62 KRW 66
EV/EBITDA 1,398 KRW 1,781 KRW 2,164 KRW 67
EV/Revenue 545.05 KRW 672.53 KRW 800.01 KRW 54
Asset-Based
NCAV (Graham) 853.16 KRW 1,143 KRW 1,706 KRW 54
Economic Profit
ROIC Compounder 457.73 KRW 482.95 KRW 503.41 KRW 72

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Quality Score breakdown

Overall quality 34/100

Of which business quality 32 · Market factors (momentum, volatility) 27

Profitability 8
Margins and returns on capital today
Quality Growth 35
Are margins and returns improving?
Cashflow 6
Earnings quality: real cash, not paper profit
Fin. Strength 37
Balance sheet, leverage, solvency risk
Investment 53
Disciplined investing over empire-building
Low Volatility 33
Calm price path (market factor)
Momentum 24
Price trend over the last 3–12 months (market factor)
52W Momentum 26
Distance to the 52-week high (market factor)
Net Issuance 82
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. 18/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+12.9%
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.
−0.1%
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.
+5.5%
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.
+5.3%
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.
17.4% (2020) → 1.8% (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
not computed

220260 screens 80% overvalued. Compare with Linde plc →

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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.Specialty Chemicals · 712 stocks

Beats the industry median on 3/7 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 34 · Bottom 25%
Fair Value upside −45% · Below median
Profitability
Return on assets 2% · Below median
Net margin (TTM) −6% · Bottom 25%
Operating margin (TTM) 13% · Above median
Growth and dividend
Revenue growth 42% · Top 25%
Balance sheet
Debt / equity 0.01× · Below median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)100 · sector 21
PAST (return on equity)0 · sector 23
HEALTH (low debt)99 · sector 95
DIVIDEND (yield)0 · sector 29

VALUE 0: the price sits above our fair-value range.

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 Specialty Chemicals stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Linde plc LIN $468.14 $441.72 −6%
The Sherwin-Williams Company SHW $326.46 $148.97 −54%
Ecolab Inc ECL $276.72 $96.18 −65%
Air Products and Chemicals, Inc APD $286.97 $122.14 −57%
Nan Ya Plastics Corporation 1303 238.00 TWD 235.25 TWD −1%
Givaudan SA GIVN CHF 3,406 CHF 1,523 −55%
Wanhua Chemical Group 600309 ¥71.60 ¥68.03 −5%
Asian Paints Limited ASIANPAINT ₹2,455 ₹1,479 −40%
PPG Industries, Inc PPG $107.20 $77.06 −28%
DSM-Firmenich AG DSFIR CHF 91.50 CHF 29.27 −68%

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LIG-ES SPAC · Fair Value
2,179 KRW −80%Fair Value
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Cite: Fair Value Calculator (2026). "LIG-ES SPAC Fair Value". https://www.fairvalue-calculator.com/stock/220260

Frequently asked questions

Is LIG-ES SPAC (220260) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 2,179 KRW versus a price of 3,925 KRW, about −44% upside (overvalued).
What is the fair value of 220260?
Our model-based fair value for LIG-ES SPAC is 2,179 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 3,925 KRW.
What is the quality score of 220260?
LIG-ES SPAC has a Quality Score of 34/100. 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 LIG-ES SPAC (220260)?
Our model-based price target is the fair value of 2,179 KRW (as of Sep 24, 2026) from 6 valuation models. Cautious scenario 1,412 KRW, optimistic scenario 2,179 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the LIG-ES SPAC stock forecast for 2026?
Our models put fair value at 2,179 KRW, about −44% upside versus a price of 3,925 KRW (overvalued). Cautious scenario 1,412 KRW, optimistic scenario 2,179 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of LIG-ES SPAC (220260)?
LIG-ES SPAC reported trailing-twelve-month revenue of about 62.0B KRW (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of LIG-ES SPAC (220260)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For LIG-ES SPAC it is 2,179 KRW per share (as of Sep 24, 2026), against a price of 3,925 KRW. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is LIG-ES SPAC stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 220260 trades above its calculated fair value: price 3,925 KRW, fair value 2,179 KRW, a gap of about −44% (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 220260?
No. The price is what the market pays today (3,925 KRW); the fair value is what the company's own numbers justify (2,179 KRW). For LIG-ES SPAC the two are 1,746 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is LIG-ES SPAC worth?
The market values LIG-ES SPAC at about 104B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 3,925 KRW; our models calculate a fair value of 2,179 KRW per share.
What do the bullish and bearish scenarios say about 220260?
Our models span a range for LIG-ES SPAC: cautious scenario 1,412 KRW, base 2,179 KRW, optimistic 2,179 KRW per share (as of Sep 24, 2026, price 3,925 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of LIG-ES SPAC (220260)?
Balance-sheet figures for LIG-ES SPAC (as of Sep 24, 2026): return on equity −4.7%, debt of 0.01 per unit of equity. They feed the Quality Score of 34/100, which measures business quality independently of the share price.
How far is 220260 from its 52-week high?
LIG-ES SPAC trades at 3,925 KRW, about 56% below its 52-week high of 8,830 KRW and 39% above the low of 2,825 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 2,179 KRW is for.
Which stocks are comparable to LIG-ES SPAC?
From the same area (Basic Materials) we also value Linde plc, The Sherwin-Williams Company, Ecolab Inc, Air Products and Chemicals, Inc, 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 LIG-ES SPAC stock attractive at the current price?
The data as of Sep 24, 2026: price 3,925 KRW, calculated fair value 2,179 KRW (−44%), Quality Score 34/100, from 6 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 220260 calculated?
We run LIG-ES SPAC through 6 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 2,179 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. LIG-ES 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 LIG-ES SPAC (220260)?
The closing price on Sep 23, 2026 was 3,925 KRW. Our model-based fair value is 2,179 KRW, about −44% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with LIG-ES SPAC right now?
The price sits above even our optimistic bull case (2,179 KRW). The favourable scenario is already priced in. Weak quality (34/100) and above fair value at the same time, the margin of safety is missing on both counts. 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 LIG-ES SPAC

How large is the market capitalisation of LIG-ES SPAC (220260)?
The market capitalisation of LIG-ES SPAC is 104B KRW (≈ $76.6M). 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 LIG-ES SPAC (220260)?
The price-to-sales ratio of LIG-ES SPAC is 1.73 (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 LIG-ES SPAC (220260)?
The net margin of LIG-ES SPAC is −20.8% (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 LIG-ES SPAC (220260)?
The return on equity (ROE) of LIG-ES SPAC is −4.7% (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 LIG-ES SPAC (220260)?
On an EBIT basis the return on assets of LIG-ES SPAC is 3.2% (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 LIG-ES SPAC (220260)?
The operating margin of LIG-ES SPAC is 12.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at LIG-ES SPAC (220260)?
Revenue at LIG-ES SPAC is growing +42.1% versus a year earlier (3y avg −0.1%). 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 LIG-ES SPAC (220260)?
Earnings per share at LIG-ES SPAC are growing +14.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does LIG-ES SPAC (220260) generate?
The free cash flow of LIG-ES SPAC is −14.7B 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 LIG-ES SPAC (220260) carry?
The net debt of LIG-ES SPAC is 14.2B 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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