Shinyoung HappyTomorrow SPAC 2 (225590) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Shinyoung HappyTomorrow SPAC 2 KRW 6,430, price KRW 3,215, upside +100.0%, quality 72 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Fashion Platform Co.,Ltd. manufactures and sells women's clothing and accessories in South Korea. It offers its products under the renoma, Bonispax, DECO, and LeShop brand name through its department stores, outlets, malls, and Fashion platform. The company was formerly known as Kochi International Co., Ltd. and changed its name to Fashion Platform Co.,Ltd.
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Fashion Platform Co.,Ltd. manufactures and sells women's clothing and accessories in South Korea. It offers its products under the renoma, Bonispax, DECO, and LeShop brand name through its department stores, outlets, malls, and Fashion platform. The company was formerly known as Kochi International Co., Ltd. and changed its name to Fashion Platform Co.,Ltd. in November 2016. Fashion Platform Co.,Ltd. was founded in 2009 and is headquartered in Seoul, South Korea.
Stock analysis
Shinyoung HappyTomorrow SPAC 2 (225590) currently trades at 3,215 KRW, while our model-based Fair Value estimate is 6,430 KRW, implying the stock looks roughly 50.0% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 17,589 KRW per share, and 10 of the 10 models we run sit above the 3,215 KRW price.
Bear case: the Multiples group reads lowest at 6,949 KRW, and 0 of the 10 models stay below the price. Evidence for this calculation is medium.
Scenario range: 4,685 KRW (bear) to 7,411 KRW (bull), the price of 3,215 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 72/100 (solid quality), in the Financial Services sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Shinyoung HappyTomorrow SPAC 2 reported revenue of 106B KRW in FY2025 versus 89.9B KRW in FY2021, a compound +4.3%/yr. Reported net income was 2.7B KRW in FY2025, compounding −35.0%/yr from FY2021.
Key figures
Market cap 16.5B KRW (≈ $12.1M) · P/S ratio 0.16 · Net margin 2.6% · Return on equity 5.4% · Return on assets (EBIT) 10.2% · Operating margin 11.7% · Revenue (TTM) 110B KRW · Revenue growth (YoY) +16.7%.
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 33% below its 52-week high and 20% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −4% fair-value upside, at 100%, 225590 screens cheaper than that median.
Fair Value models
Bear 4,685 KRWFair Value 6,430 KRWBull 7,411 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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+1.6%
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.
−2.4%
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.
+12.8%
Start year 2020 (pandemic)
Revenue growth 7 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.
+5.2%
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years), in KRW (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
+4.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.4%
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.27% vs 42%, 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.3% → 8%
2025 sits 116% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2020 (pandemic)
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).
−28.3%
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 −29.8% a year for the price.
Compare Shinyoung HappyTomorrow SPAC 2 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.Asset Management · 658 stocks
Beats the industry median on 5/9 measures
A mixed picture versus its industry peers.
Valuation
Quality Score71 · Top 25%
Fair Value upside+100% · Top 25%
Profitability
Return on equity (TTM)5% · Below median
Return on assets3% · Above median
Net margin (TTM)4% · Below median
Operating margin (TTM)12% · Below median
Growth and dividend
Revenue growth17% · Above median
Balance sheet
Debt / equity0.15× · Above median
Valuation Multiplesvs Asset Management median · lower = cheaper
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Is Shinyoung HappyTomorrow SPAC 2 (225590) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 6,430 KRW versus a price of 3,215 KRW, about +100% upside (undervalued).
What is the fair value of 225590?
Our model-based fair value for Shinyoung HappyTomorrow SPAC 2 is 6,430 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 3,215 KRW.
What is the quality score of 225590?
Shinyoung HappyTomorrow SPAC 2 has a Quality Score of 72/100. 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 Shinyoung HappyTomorrow SPAC 2 (225590)?
Our model-based price target is the fair value of 6,430 KRW (as of Sep 24, 2026) from 10 valuation models. Cautious scenario 4,685 KRW, optimistic scenario 7,411 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Shinyoung HappyTomorrow SPAC 2 stock forecast for 2026?
Our models put fair value at 6,430 KRW, about +100% upside versus a price of 3,215 KRW (undervalued). Cautious scenario 4,685 KRW, optimistic scenario 7,411 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Shinyoung HappyTomorrow SPAC 2 (225590)?
Shinyoung HappyTomorrow SPAC 2 reported trailing-twelve-month revenue of about 110B KRW (latest available figure, as of Sep 24, 2026).
What growth is priced into Shinyoung HappyTomorrow SPAC 2 (225590)?
For today's price to be fair in a discounted-cash-flow model, Shinyoung HappyTomorrow SPAC 2 would have to grow free cash flow by -28.3 % per year for five years (discount rate 8.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.9 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 225590 use?
Our models discount Shinyoung HappyTomorrow SPAC 2 at 8.9 %: a base by market capitalisation (nano), damped by beta 0.42, 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 Shinyoung HappyTomorrow SPAC 2 that is -28.3 % per year a year over ten years, using the same discount rate (8.9 %) and the same formula as our fair value.
How much growth has Shinyoung HappyTomorrow SPAC 2 (225590) delivered so far?
Over the past 5 years revenue at Shinyoung HappyTomorrow SPAC 2 grew +12.9 % a year. The price currently implies -28.3 % 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 Shinyoung HappyTomorrow SPAC 2 (225590) growing?
The median revenue growth in the sector is +2.6 % a year. That is the yardstick for the growth priced into Shinyoung HappyTomorrow SPAC 2 (-28.3 % 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 Shinyoung HappyTomorrow SPAC 2 (225590)?
The free-cash-flow yield on the price is 35.80 %: that much free cash flow Shinyoung HappyTomorrow SPAC 2 produces per unit of market value. When it exceeds the discount rate of our models (8.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Shinyoung HappyTomorrow SPAC 2 (225590)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Shinyoung HappyTomorrow SPAC 2 it is 6,430 KRW per share (as of Sep 24, 2026), against a price of 3,215 KRW. It is the blended result of 10 valuation models (cash flow, earnings, asset, dividend).
Is Shinyoung HappyTomorrow SPAC 2 stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 225590 trades below its calculated fair value: price 3,215 KRW, fair value 6,430 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 225590?
No. The price is what the market pays today (3,215 KRW); the fair value is what the company's own numbers justify (6,430 KRW). For Shinyoung HappyTomorrow SPAC 2 the two are 3,215 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Shinyoung HappyTomorrow SPAC 2 worth?
The market values Shinyoung HappyTomorrow SPAC 2 at about 16.5B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 3,215 KRW; our models calculate a fair value of 6,430 KRW per share.
What do the bullish and bearish scenarios say about 225590?
Our models span a range for Shinyoung HappyTomorrow SPAC 2: cautious scenario 4,685 KRW, base 6,430 KRW, optimistic 7,411 KRW per share (as of Sep 24, 2026, price 3,215 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Shinyoung HappyTomorrow SPAC 2 (225590)?
Balance-sheet figures for Shinyoung HappyTomorrow SPAC 2 (as of Sep 24, 2026): return on equity 5.4%, debt of 0.15 per unit of equity. They feed the Quality Score of 72/100, which measures business quality independently of the share price.
How far is 225590 from its 52-week high?
Shinyoung HappyTomorrow SPAC 2 trades at 3,215 KRW, about 33% below its 52-week high of 4,795 KRW and 20% above the low of 2,685 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 6,430 KRW is for.
Which stocks are comparable to Shinyoung HappyTomorrow SPAC 2?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Corporation, KKR & Co, Apollo Global Management, 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 Shinyoung HappyTomorrow SPAC 2 stock attractive at the current price?
The data as of Sep 24, 2026: price 3,215 KRW, calculated fair value 6,430 KRW (+100%), Quality Score 72/100, from 10 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 225590 calculated?
We run Shinyoung HappyTomorrow SPAC 2 through 10 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 6,430 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. Shinyoung HappyTomorrow SPAC 2 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 Shinyoung HappyTomorrow SPAC 2 (225590)?
The closing price on Sep 23, 2026 was 3,215 KRW. Our model-based fair value is 6,430 KRW, about +100% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Shinyoung HappyTomorrow SPAC 2 right now?
The rarer combination: high quality (72/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (4,685 KRW). The market is more pessimistic than our downside scenario. 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 Shinyoung HappyTomorrow SPAC 2
How large is the market capitalisation of Shinyoung HappyTomorrow SPAC 2 (225590)?
The market capitalisation of Shinyoung HappyTomorrow SPAC 2 is 16.5B KRW (≈ $12.1M). 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 Shinyoung HappyTomorrow SPAC 2 (225590)?
The price-to-sales ratio of Shinyoung HappyTomorrow SPAC 2 is 0.16 (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 Shinyoung HappyTomorrow SPAC 2 (225590)?
The net margin of Shinyoung HappyTomorrow SPAC 2 is 2.6% (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 Shinyoung HappyTomorrow SPAC 2 (225590)?
The return on equity (ROE) of Shinyoung HappyTomorrow SPAC 2 is 5.4% (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 Shinyoung HappyTomorrow SPAC 2 (225590)?
On an EBIT basis the return on assets of Shinyoung HappyTomorrow SPAC 2 is 10.2% (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 Shinyoung HappyTomorrow SPAC 2 (225590)?
The operating margin of Shinyoung HappyTomorrow SPAC 2 is 11.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Shinyoung HappyTomorrow SPAC 2 (225590)?
Revenue at Shinyoung HappyTomorrow SPAC 2 is growing +16.7% versus a year earlier (3y avg −2.4%). 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 Shinyoung HappyTomorrow SPAC 2 (225590)?
Earnings per share at Shinyoung HappyTomorrow SPAC 2 are growing +130% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Shinyoung HappyTomorrow SPAC 2 (225590) carry?
The net debt of Shinyoung HappyTomorrow SPAC 2 is 1.2B KRW (fiscal year 2025, ≈ 0.2 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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