NDFOS Co. Ltd (238090) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of NDFOS Co. Ltd KRW 2,545, price KRW 1,885, upside +35.0%, quality 71 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
60‑month range 1,549 KRW – 16,500 KRW · fair‑value band 1,909 KRW – 3,182 KRW · the 1,885 KRW price screens below the 2,545 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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NDFOS Co., Ltd. operates as a tape and film company in South Korea. The company offers adhesive tapes, such as waterproof tapes, light-shielding tapes, heat reaction tapes, battery fixing tapes, thin film tapes, convergence type functional tapes, and heat radiation tapes; functional films, including automobiles, industries, and everyday life.
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NDFOS Co., Ltd. operates as a tape and film company in South Korea. The company offers adhesive tapes, such as waterproof tapes, light-shielding tapes, heat reaction tapes, battery fixing tapes, thin film tapes, convergence type functional tapes, and heat radiation tapes; functional films, including automobiles, industries, and everyday life. It also develops ARS and STR, anticancer drugs for cancer immunotherapy technology. The company was founded in 2010 and is headquartered in Eumseong-eup, South Korea.
Stock analysis
NDFOS Co. Ltd (238090) currently trades at 1,885 KRW, while our model-based Fair Value estimate is 2,545 KRW, implying the stock looks roughly 25.9% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 3,112 KRW per share, and 19 of the 22 models we run sit above the 1,885 KRW price.
Bear case: the Earnings-Based group reads lowest at 1,393 KRW, and 3 of the 22 models stay below the price. Evidence for this calculation is medium.
Scenario range: 1,909 KRW (bear) to 3,182 KRW (bull), the price of 1,885 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 71/100 (solid quality), in the Basic Materials sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
NDFOS Co. Ltd reported revenue of 50.4B KRW in FY2025 versus 63.3B KRW in FY2021, a compound −5.5%/yr. Reported net income was 5.2B KRW in FY2025, compounding −26.6%/yr from FY2021.
Key figures
Market cap 64.2B KRW (≈ $47.2M) · P/S ratio 1.31 · Net margin 10.4% · Return on equity 7.0% · Return on assets (EBIT) 0.8% · Operating margin 9.5% · Revenue (TTM) 49.1B KRW · Revenue growth (YoY) −12.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 52% below its 52-week high and 22% 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 35%, 238090 screens cheaper than that median.
Fair Value models
Bear 1,909 KRWFair Value 2,545 KRWBull 3,182 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 is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−3.9%
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.
−17.4%
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.
−10.8%
Start year 2020 (pandemic). Over 10 years: −1.3% a year
Revenue growth 11 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.
+0.8%
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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.
−16.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−16.9%
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.−17% vs −14%, 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.8% → 10%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 6.2%/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).
−23.3%
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 −24.9% 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 · 712 stocks
Beats the industry median on 7/8 measures
Overall it ranks above its industry peers.
Valuation
Quality Score71 · Top 25%
Fair Value upside+35% · Top 25%
Profitability
Return on equity (TTM)7% · Above median
Return on assets4% · Above median
Net margin (TTM)12% · Top 25%
Operating margin (TTM)10% · Above median
Growth and dividend
Revenue growth−13% · Bottom 25%
Valuation Multiplesvs Specialty Chemicals median · lower = cheaper
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Is NDFOS Co. Ltd (238090) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 2,545 KRW versus a price of 1,885 KRW, about +35% upside (undervalued).
What is the fair value of 238090?
Our model-based fair value for NDFOS Co. Ltd is 2,545 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 1,885 KRW.
What is the quality score of 238090?
NDFOS Co. Ltd has a Quality Score of 71/100. 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 NDFOS Co. Ltd (238090)?
Our model-based price target is the fair value of 2,545 KRW (as of Sep 24, 2026) from 22 valuation models. Cautious scenario 1,909 KRW, optimistic scenario 3,182 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the NDFOS Co. Ltd stock forecast for 2026?
Our models put fair value at 2,545 KRW, about +35% upside versus a price of 1,885 KRW (undervalued). Cautious scenario 1,909 KRW, optimistic scenario 3,182 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of NDFOS Co. Ltd (238090)?
NDFOS Co. Ltd reported trailing-twelve-month revenue of about 49.1B KRW (latest available figure, as of Sep 24, 2026).
What growth is priced into NDFOS Co. Ltd (238090)?
For today's price to be fair in a discounted-cash-flow model, NDFOS Co. Ltd would have to grow free cash flow by -23.3 % per year for five years (discount rate 10.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -10.8 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 238090 use?
Our models discount NDFOS Co. Ltd at 10.1 %: a base by market capitalisation (nano), 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 NDFOS Co. Ltd that is -23.3 % per year a year over ten years, using the same discount rate (10.1 %) and the same formula as our fair value.
How much growth has NDFOS Co. Ltd (238090) delivered so far?
Over the past 5 years revenue at NDFOS Co. Ltd grew -10.8 % a year. The price currently implies -23.3 % 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 NDFOS Co. Ltd (238090) growing?
The median revenue growth in the sector is +3.3 % a year. That is the yardstick for the growth priced into NDFOS Co. Ltd (-23.3 % 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 NDFOS Co. Ltd (238090)?
The free-cash-flow yield on the price is 15.93 %: that much free cash flow NDFOS Co. Ltd produces per unit of market value. When it exceeds the discount rate of our models (10.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of NDFOS Co. Ltd (238090)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For NDFOS Co. Ltd it is 2,545 KRW per share (as of Sep 24, 2026), against a price of 1,885 KRW. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is NDFOS Co. Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 238090 trades below its calculated fair value: price 1,885 KRW, fair value 2,545 KRW, a gap of about +35% (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 238090?
No. The price is what the market pays today (1,885 KRW); the fair value is what the company's own numbers justify (2,545 KRW). For NDFOS Co. Ltd the two are 660.33 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is NDFOS Co. Ltd worth?
The market values NDFOS Co. Ltd at about 64.2B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 1,885 KRW; our models calculate a fair value of 2,545 KRW per share.
What do the bullish and bearish scenarios say about 238090?
Our models span a range for NDFOS Co. Ltd: cautious scenario 1,909 KRW, base 2,545 KRW, optimistic 3,182 KRW per share (as of Sep 24, 2026, price 1,885 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of NDFOS Co. Ltd (238090)?
Balance-sheet figures for NDFOS Co. Ltd (as of Sep 24, 2026): return on equity 7.0%. They feed the Quality Score of 71/100, which measures business quality independently of the share price.
How far is 238090 from its 52-week high?
NDFOS Co. Ltd trades at 1,885 KRW, about 52% below its 52-week high of 3,950 KRW and 22% above the low of 1,549 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 2,545 KRW is for.
Which stocks are comparable to NDFOS Co. Ltd?
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 NDFOS Co. Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 1,885 KRW, calculated fair value 2,545 KRW (+35%), Quality Score 71/100, 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 238090 calculated?
We run NDFOS Co. Ltd 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 2,545 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. NDFOS Co. Ltd currently trades 35 % 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 NDFOS Co. Ltd (238090)?
The closing price on Sep 23, 2026 was 1,885 KRW. Our model-based fair value is 2,545 KRW, about +35% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with NDFOS Co. Ltd right now?
The rarer combination: high quality (71/100) AND below fair value. That earns a closer look rather than a quick verdict. The price sits below our cautious bear case: the market assumes less than even our pessimistic scenario. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of NDFOS Co. Ltd
How large is the market capitalisation of NDFOS Co. Ltd (238090)?
The market capitalisation of NDFOS Co. Ltd is 64.2B KRW (≈ $47.2M). 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 NDFOS Co. Ltd (238090)?
The price-to-sales ratio of NDFOS Co. Ltd is 1.31 (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 NDFOS Co. Ltd (238090)?
The net margin of NDFOS Co. Ltd is 10.4% (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 NDFOS Co. Ltd (238090)?
The return on equity (ROE) of NDFOS Co. Ltd is 7.0% (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 NDFOS Co. Ltd (238090)?
On an EBIT basis the return on assets of NDFOS Co. Ltd is 0.8% (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 NDFOS Co. Ltd (238090)?
The operating margin of NDFOS Co. Ltd is 9.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at NDFOS Co. Ltd (238090)?
Revenue at NDFOS Co. Ltd is growing −12.6% versus a year earlier (3y avg −17.4%). 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 NDFOS Co. Ltd (238090)?
Earnings per share at NDFOS Co. Ltd are growing −48.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does NDFOS Co. Ltd (238090) carry?
The net debt of NDFOS Co. Ltd is 2.3B KRW (fiscal year 2022, ≈ 0.3 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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