Rayence Co. Ltd (228850) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Rayence Co. Ltd stock KRW 7,488, price KRW 7,430, upside +0.8%, quality 54 out of 100. Rating: fairly valued. Calculated from audited financials with 10 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range 4,895 KRW – 15,617 KRW · fair‑value band 6,448 KRW – 8,611 KRW · the 7,430 KRW price screens below the 7,488 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 5, 2026.
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Rayence Co., Ltd., together with its subsidiaries, engages in the development, manufacture, and sale of digital X-ray detector products for dental, medical, veterinary, and industrial sectors in South Korea, the United States, Mexico, China, and internationally.
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The company offers TFT/CMOS X-ray detectors for general radiography, C-arm/RF, mammography, and radiotherapy; and CMOS/Super IGZO TFT/a-Si TFT X-ray detectors for applications, such as dental, veterinary, AXI, die-casting, 2D/3D inline/offline, pipe inspection, etc.
It also provides radiography imaging software products, including Xmaru Pro, Xmaru View V1, Xmaru W, Xmaru RF, Xmaru NDT, Vetview Pro, VXV console, Ez Dent Vet, Xmaru PACS, and VXV PACS. In addition, the company offers medical information systems for veterinary hospitals; and engages in veterinary medical device and medicine wholesale and retail business, as well as research and development of process equipment and deposition materials.
Further, it is involved in import and sales of X-ray detectors, and manufacturing and sales of ISOs. Rayence Co., Ltd. was founded in 2011 and is headquartered in Hwaseong-si, South Korea.
Stock analysis
Rayence Co. Ltd (228850) currently trades at 7,430 KRW, while our model-based Fair Value estimate is 7,488 KRW, so the stock looks roughly fairly valued today (gap 0.8%).
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Valuation
Bull case: the Asset-Based group reads highest at a median of 12,466 KRW per share, and 7 of the 10 models we run sit above the 7,430 KRW price.
Bear case: the Multiples group reads lowest at 6,223 KRW, and 3 of the 10 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 6,448 KRW (bear) to 8,611 KRW (bull), the price of 7,430 KRW sits inside 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 54/100 (solid quality), in the Healthcare sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Rayence Co. Ltd reported revenue of 115B KRW in FY2025 versus 135B KRW in FY2021, a compound −3.9%/yr. Reported net income was −5.3B KRW in FY2025.
Key figures
Market cap 117B KRW (≈ $86.4M) Micro · P/E ratio 30.9 · P/S ratio 0.89 · EPS (TTM) 266.31 KRW · Dividend yield 4.0% · Net margin 3.2% · Return on equity 1.7% · Return on assets (EBIT) 4.8% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (low confidence).
What moves the price
The share trades about 14% below its 52-week high and 52% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −15% fair-value upside, at 1%, 228850 screens cheaper than that median.
Fair Value models
Bear6,448 KRWFair Value 7,488 KRWBull8,611 KRW
Price 7,430 KRW · Upside +0.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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
−8.6%
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.
−8.0%
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.
+2.5%
Start year 2020 (pandemic). Over 10 years: +2.9% 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.
+2.9%
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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.
1.6% (2020) → −3.4% (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
Growth Forecast
Little optimism in the price
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).
less than -40 %
The company could shrink this much every year for the next five years and today's price would still be justified.
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.Medical Devices · 318 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score54 · Above median
Fair Value upside+0.8% · Above median
Profitability
Return on equity (12 months)1.7% · Below median
Return on assets−2.0% · Below median
Net margin (12 months)3.2% · Below median
Operating margin (12 months)6.9% · Below median
Growth and dividend
Revenue growth (quarter YoY)25.7% · Top 25%
Dividend yield (12 months)4.0% · Top 25%
Valuation Multiplesvs Medical Devices median · lower = cheaper
P/E (12 months)30.9× · Pricier than median
P/B0.49× · Cheapest 25%
P/S (12 months)0.89× · Cheapest 25%
Price / free cash flow (fiscal year)17.0× · Cheaper than median
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Is Rayence Co. Ltd (228850) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of 7,488 KRW versus a price of 7,430 KRW, about +1% upside (fairly valued).
What is the fair value of 228850?
Our model-based fair value for Rayence Co. Ltd is 7,488 KRW (as of Nov 5, 2026), built from audited fundamentals. The current price: 7,430 KRW.
What is the quality score of 228850?
Rayence Co. Ltd has a Quality Score of 54/100. 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 Rayence Co. Ltd (228850)?
Our model-based price target is the fair value of 7,488 KRW (as of Nov 5, 2026) from 10 valuation models. Cautious scenario 6,448 KRW, optimistic scenario 8,611 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Rayence Co. Ltd stock forecast for 2026?
Our models put fair value at 7,488 KRW, about +1% upside versus a price of 7,430 KRW (fairly valued). Cautious scenario 6,448 KRW, optimistic scenario 8,611 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Rayence Co. Ltd (228850)?
Rayence Co. Ltd reported trailing-twelve-month revenue of about 132B KRW (latest available figure, as of Nov 5, 2026).
Does Rayence Co. Ltd pay a dividend?
Rayence Co. Ltd currently shows a dividend yield of 4.04% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of Rayence Co. Ltd (228850) and when is the ex-dividend date?
Rayence Co. Ltd pays a dividend of 300.00 KRW per share a year, a dividend yield of 4.0%. The last ex-dividend date was Dec 29, 2025. A dividend has been paid every year since at least 2016. The payout ratio is 113% of earnings. Free cash flow covers the dividend 1.46 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Rayence Co. Ltd (228850)?
For today's price to be fair in a discounted-cash-flow model, Rayence Co. Ltd would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 11.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +2.5 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of 228850 use?
Our models discount Rayence Co. Ltd at 11.6 %: a base by market capitalisation (micro), damped by beta 0.47, 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 Rayence Co. Ltd that is less than minus 40 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.6 %) and the same formula as our fair value.
How much growth has Rayence Co. Ltd (228850) delivered so far?
Over the past 5 years revenue at Rayence Co. Ltd grew +2.5 % a year. The price currently implies free-cash-flow growth of less than minus 40 % per 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 Rayence Co. Ltd (228850) growing?
The median revenue growth in the sector is +6.2 % a year. That is the yardstick for the growth priced into Rayence Co. Ltd (less than minus 40 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Rayence Co. Ltd (228850)?
The free-cash-flow yield on the price is 5.88 %: that much free cash flow Rayence Co. Ltd produces per unit of market value. When it exceeds the discount rate of our models (11.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Rayence Co. Ltd (228850)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Rayence Co. Ltd it is 7,488 KRW per share (as of Nov 5, 2026), against a price of 7,430 KRW. It is the blended result of 10 valuation models in 4 families (DCF Models, Multiples, Asset-Based, Growth DCF).
Is Rayence Co. Ltd stock overvalued or undervalued in 2026?
As of Nov 5, 2026, 228850 trades below its calculated fair value: price 7,430 KRW, fair value 7,488 KRW, a gap of about +1% (fairly valued). 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 228850?
No. The price is what the market pays today (7,430 KRW); the fair value is what the company's own numbers justify (7,488 KRW). For Rayence Co. Ltd the two are 57.67 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Rayence Co. Ltd worth?
The market values Rayence Co. Ltd at about 117B KRW (market capitalisation, as of Nov 5, 2026). Per share that is 7,430 KRW; our models calculate a fair value of 7,488 KRW per share.
What do the bullish and bearish scenarios say about 228850?
Our models span a range for Rayence Co. Ltd: cautious scenario 6,448 KRW, base 7,488 KRW, optimistic 8,611 KRW per share (as of Nov 5, 2026, price 7,430 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 228850?
Rayence Co. Ltd trades at a price-to-earnings ratio of 30.9 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 7,488 KRW is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2016 to 2024), reported earnings: 13.8. Other multiples: P/B 0.5, P/S 0.9, EV/EBITDA 8.8.
How solid is the balance sheet of Rayence Co. Ltd (228850)?
Balance-sheet figures for Rayence Co. Ltd (as of Nov 5, 2026): return on equity 1.7%. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is 228850 from its 52-week high?
Rayence Co. Ltd trades at 7,430 KRW, about 14% below its 52-week high of 8,610 KRW and 52% above the low of 4,895 KRW (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 7,488 KRW is for.
Which stocks are comparable to Rayence Co. Ltd?
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 Rayence Co. Ltd stock attractive at the current price?
The data as of Nov 5, 2026: price 7,430 KRW, calculated fair value 7,488 KRW (+1%), Quality Score 54/100, 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 228850 calculated?
We run Rayence Co. Ltd through 10 models from 4 families: DCF Models, Multiples, Asset-Based, Growth DCF. Every model gets the same audited fundamentals; the fair value of 7,488 KRW builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. Rayence Co. Ltd currently trades 1% 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 Rayence Co. Ltd (228850)?
The closing price on Nov 6, 2026 was 7,430 KRW. Our model-based fair value is 7,488 KRW, about +1% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Rayence Co. Ltd right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of Rayence Co. Ltd
How large is the market capitalisation of Rayence Co. Ltd (228850)?
The market capitalisation of Rayence Co. Ltd is 117B KRW (≈ $86.4M). 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 Rayence Co. Ltd (228850)?
The price-to-sales ratio of Rayence Co. Ltd is 0.89 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Rayence Co. Ltd (228850)?
Earnings per share at Rayence Co. Ltd are 266.31 KRW (price ÷ EPS = P/E 30.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Rayence Co. Ltd (228850)?
The dividend yield of Rayence Co. Ltd is 4.0% (payout 113%). 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 Rayence Co. Ltd (228850)?
The net margin of Rayence Co. Ltd is 3.2% (last twelve months). 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 Rayence Co. Ltd (228850)?
The return on equity (ROE) of Rayence Co. Ltd is 1.7% (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 Rayence Co. Ltd (228850)?
On an EBIT basis the return on assets of Rayence Co. Ltd is 4.8% (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 Rayence Co. Ltd (228850)?
The operating margin of Rayence Co. Ltd is 6.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Rayence Co. Ltd (228850)?
Revenue at Rayence Co. Ltd is growing +25.7% versus a year earlier (3y avg −8.0%). 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 Rayence Co. Ltd (228850)?
Earnings per share at Rayence Co. Ltd are growing +25.7% versus a year earlier. How much earnings per share grew versus a year earlier.
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Some data
Nov 5, 2026