Mirae Asset SPAC 4 (222420) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Mirae Asset SPAC 4 KRW 474, price KRW 910, upside -47.9%, quality 62 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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CENOTEC Co., Ltd. manufactures and sells ceramic materials in South Korea. The company offers secondary battery materials, ceramic carriers, and ceramic grining media. It also provides ceramic powders, such as cenoflour, cenoflux, and cenosilicate for precision casting, tile production, and welding applications.
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CENOTEC Co., Ltd. manufactures and sells ceramic materials in South Korea. The company offers secondary battery materials, ceramic carriers, and ceramic grining media. It also provides ceramic powders, such as cenoflour, cenoflux, and cenosilicate for precision casting, tile production, and welding applications. The company was founded in 1999 and is based in Haman-myeon, South Korea.
Stock analysis
Mirae Asset SPAC 4 (222420) currently trades at 910.00 KRW, while our model-based Fair Value estimate is 473.93 KRW, implying the stock looks roughly 92.0% overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 1,409 KRW per share, and 12 of the 22 models we run sit above the 910.00 KRW price.
Bear case: the Earnings-Based group reads lowest at 350.00 KRW, and 10 of the 22 models stay below the price. Evidence for this calculation is low.
Scenario range: 355.44 KRW (bear) to 604.46 KRW (bull), the price of 910.00 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 62/100 (solid quality), in the Basic Materials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Mirae Asset SPAC 4 reported revenue of 35.6B KRW in FY2025 versus 32.9B KRW in FY2021, a compound +2.0%/yr. Reported net income was 1.3B KRW in FY2025, compounding +1.7%/yr from FY2021.
Key figures
Market cap 41.4B KRW (≈ $30.4M) · P/S ratio 1.09 · Net margin 3.8% · Return on equity 6.1% · Return on assets (EBIT) 1.2% · Operating margin 5.3% · Revenue (TTM) 38.6B KRW · Revenue growth (YoY) +40.0%.
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 54% below its 52-week high and 21% 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 −48%, 222420 screens richer than that median.
Fair Value models
Bear 355.44 KRWFair Value 473.93 KRWBull 604.46 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.78/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+13.0%
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.
+0.9%
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.
+8.8%
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.
−1.3%
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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.
−1.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−1.2%
Dividend (yield on the price)0.0%
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.−1% vs −9%, picking up
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.−17% → 9%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 5.5%/yr over ~7Y (margins eroding too) ⓘ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).
+2.1%
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 +0.1% a year for the price.
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.Specialty Chemicals · 709 stocks
Beats the industry median on 6/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score62 · Top 25%
Fair Value upside−48% · Below median
Profitability
Return on equity (TTM)6% · Above median
Return on assets3% · Below median
Net margin (TTM)6% · Above median
Operating margin (TTM)5% · Below median
Growth and dividend
Revenue growth40% · Top 25%
Balance sheet
Debt / equity0.10× · Above median
Valuation Multiplesvs Specialty Chemicals median · lower = cheaper
P/FCF0.0× · Cheapest 25%
EV/EBITDA0.6× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)100· sector 21
PAST (return on equity)25· sector 23
HEALTH (low debt)95· sector 95
DIVIDEND (yield)0· sector 29
VALUE 0: the price sits above our fair-value range.
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 Mirae Asset SPAC 4 (222420) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 473.93 KRW versus a price of 910.00 KRW, about −48% upside (overvalued).
What is the fair value of 222420?
Our model-based fair value for Mirae Asset SPAC 4 is 473.93 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 910.00 KRW.
What is the quality score of 222420?
Mirae Asset SPAC 4 has a Quality Score of 62/100. 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 Mirae Asset SPAC 4 (222420)?
Our model-based price target is the fair value of 473.93 KRW (as of Sep 24, 2026) from 22 valuation models. Cautious scenario 355.44 KRW, optimistic scenario 604.46 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Mirae Asset SPAC 4 stock forecast for 2026?
Our models put fair value at 473.93 KRW, about −48% upside versus a price of 910.00 KRW (overvalued). Cautious scenario 355.44 KRW, optimistic scenario 604.46 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Mirae Asset SPAC 4 (222420)?
Mirae Asset SPAC 4 reported trailing-twelve-month revenue of about 38.6B KRW (latest available figure, as of Sep 24, 2026).
What growth is priced into Mirae Asset SPAC 4 (222420)?
For today's price to be fair in a discounted-cash-flow model, Mirae Asset SPAC 4 would have to grow free cash flow by +2.1 % per year for five years (discount rate 10.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.8 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 222420 use?
Our models discount Mirae Asset SPAC 4 at 10.7 %: a base by market capitalisation (nano), damped by beta 1.22, 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 Mirae Asset SPAC 4 that is +2.1 % per year a year over ten years, using the same discount rate (10.7 %) and the same formula as our fair value.
How much growth has Mirae Asset SPAC 4 (222420) delivered so far?
Over the past 5 years revenue at Mirae Asset SPAC 4 grew +8.8 % a year. The price currently implies +2.1 % 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 Mirae Asset SPAC 4 (222420) growing?
The median revenue growth in the sector is +4.6 % a year. That is the yardstick for the growth priced into Mirae Asset SPAC 4 (+2.1 % 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 Mirae Asset SPAC 4 (222420)?
The free-cash-flow yield on the price is 16.12 %: that much free cash flow Mirae Asset SPAC 4 produces per unit of market value. When it exceeds the discount rate of our models (10.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Mirae Asset SPAC 4 (222420)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Mirae Asset SPAC 4 it is 473.93 KRW per share (as of Sep 24, 2026), against a price of 910.00 KRW. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is Mirae Asset SPAC 4 stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 222420 trades above its calculated fair value: price 910.00 KRW, fair value 473.93 KRW, a gap of about −48% (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 222420?
No. The price is what the market pays today (910.00 KRW); the fair value is what the company's own numbers justify (473.93 KRW). For Mirae Asset SPAC 4 the two are 436.07 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Mirae Asset SPAC 4 worth?
The market values Mirae Asset SPAC 4 at about 41.4B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 910.00 KRW; our models calculate a fair value of 473.93 KRW per share.
What do the bullish and bearish scenarios say about 222420?
Our models span a range for Mirae Asset SPAC 4: cautious scenario 355.44 KRW, base 473.93 KRW, optimistic 604.46 KRW per share (as of Sep 24, 2026, price 910.00 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Mirae Asset SPAC 4 (222420)?
Balance-sheet figures for Mirae Asset SPAC 4 (as of Sep 24, 2026): return on equity 6.1%, debt of 0.10 per unit of equity. They feed the Quality Score of 62/100, which measures business quality independently of the share price.
How far is 222420 from its 52-week high?
Mirae Asset SPAC 4 trades at 910.00 KRW, about 54% below its 52-week high of 1,998 KRW and 21% above the low of 752.00 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 473.93 KRW is for.
Which stocks are comparable to Mirae Asset SPAC 4?
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 Mirae Asset SPAC 4 stock attractive at the current price?
The data as of Sep 24, 2026: price 910.00 KRW, calculated fair value 473.93 KRW (−48%), Quality Score 62/100, from 22 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 222420 calculated?
We run Mirae Asset SPAC 4 through 22 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 473.93 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. Mirae Asset SPAC 4 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 Mirae Asset SPAC 4 (222420)?
The closing price on Sep 23, 2026 was 910.00 KRW. Our model-based fair value is 473.93 KRW, about −48% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Mirae Asset SPAC 4 right now?
The price sits above even our optimistic bull case (604.46 KRW). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (62/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Mirae Asset SPAC 4
How large is the market capitalisation of Mirae Asset SPAC 4 (222420)?
The market capitalisation of Mirae Asset SPAC 4 is 41.4B KRW (≈ $30.4M). 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 Mirae Asset SPAC 4 (222420)?
The price-to-sales ratio of Mirae Asset SPAC 4 is 1.09 (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 Mirae Asset SPAC 4 (222420)?
The net margin of Mirae Asset SPAC 4 is 3.8% (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 Mirae Asset SPAC 4 (222420)?
The return on equity (ROE) of Mirae Asset SPAC 4 is 6.1% (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 Mirae Asset SPAC 4 (222420)?
On an EBIT basis the return on assets of Mirae Asset SPAC 4 is 1.2% (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 Mirae Asset SPAC 4 (222420)?
The operating margin of Mirae Asset SPAC 4 is 5.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Mirae Asset SPAC 4 (222420)?
Revenue at Mirae Asset SPAC 4 is growing +40.0% versus a year earlier (3y avg +0.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net debt does Mirae Asset SPAC 4 (222420) carry?
The net debt of Mirae Asset SPAC 4 is 38.1B KRW (fiscal year 2025, ≈ 5.7 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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