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Miwon Specialty Chemical Co (268280) Fair Value & Analysis

Basic Materials · KR · Market cap 566B KRW

MS Miwon Specialty Chemical Co 268280 · KO
Price123,300 KRW
Fair Value136,311 KRW
Upside+10.6%
Quality63/100
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Mixed Growth
Solidly profitable · 12.4% net margin
Low debt · generates free cash flow
2.94% dividend yield
Ranks above peers (9/10)
Moderate moat 53/100
Evidence: High Range 84,804 KRW – 182,129 KRW Share as image

Fair value as of: Jul 24, 2026

From 26 valuation models · updated 17 days ago

Fair value updated Jul 24, 2026, revised from 177,268 KRW to 136,311 KRW (−23.1%) since Jul 7, 2026. Share price +21.8% over the past month.

A solid business, screening 11% undervalued on our models.

What matters now

  • A fairly wide model range (84,804 KRW to 182,129 KRW) leaves room in how you read the outcome.
  • Our model range runs from 84,804 KRW (bear) to 182,129 KRW (bull), base 136,311 KRW. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 63/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

219,208 KRW 94,326 KRW Fair Value 136,311 KRW Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 24, 2026.

How to read this chart

60‑month range 94,326 KRW – 219,208 KRW · fair‑value band 84,804 KRW – 182,129 KRW · the 123,300 KRW price screens below the 136,311 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 24, 2026.

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Analysis

Miwon Specialty Chemical Co (268280) currently trades at 123,300 KRW, while our model-based Fair Value estimate is 136,311 KRW, implying the stock looks roughly 10.6% undervalued today. The Quality Score stands at 63/100 (solid quality), in the Basic Materials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Miwon Specialty Chemical Co generated revenue of 536B KRW at a net margin of 12.4%. Revenue grew 2.5% year over year. It earns a return on equity of 15.3%. Net debt stands at 3.5B KRW. Fundamentals as of Jul 24, 2026

Our scenario range runs from 84,804 KRW (bear case) to 182,129 KRW (bull case); at 123,300 KRW, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 22% below its 52-week high and 38% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -46% fair-value upside, at 11%, 268280 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

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
Highest evidence
Growth DCF 90,105 KRW 131,194 KRW 192,990 KRW 80
Residual Income 91,481 KRW 118,150 KRW 316,147 KRW 76
Rev-Margin DCF 110,285 KRW 176,582 KRW 252,226 KRW 74
All 26 models by family
DCF Models
FCF DCF 88,421 KRW 134,383 KRW 207,821 KRW 38
Owner Earnings 114,958 KRW 176,578 KRW 275,036 KRW 31
5Y Revenue Exit 110,285 KRW 177,268 KRW 263,298 KRW 39
5Y EBITDA Exit 120,854 KRW 197,007 KRW 285,996 KRW 41
5Y P/E Exit 132,796 KRW 219,309 KRW 310,255 KRW 38
10Y Revenue Exit 98,294 KRW 158,649 KRW 240,519 KRW 36
10Y EBITDA Exit 108,873 KRW 172,658 KRW 258,219 KRW 37
10Y P/E Exit 116,655 KRW 188,485 KRW 277,135 KRW 35
Earnings-Based
Graham-Dodd 86,585 KRW 266,683 KRW 354,307 KRW 54
Lynch FV 57,579 KRW 82,256 KRW 106,933 KRW 50
PEG = 1.0 57,579 KRW 82,256 KRW 106,933 KRW 46
EPV 104,597 KRW 121,197 KRW 135,952 KRW 59
Dividend Discount
Gordon GGM 27,184 KRW 59,346 KRW 99,853 KRW 70
DDM Multi-Stage 27,184 KRW 45,618 KRW 61,848 KRW 61
Multiples
P/E Multiple 162,347 KRW 216,463 KRW 270,579 KRW 63
P/S Multiple 124,342 KRW 165,790 KRW 207,237 KRW 58
P/B Multiple 162,347 KRW 216,463 KRW 270,579 KRW 55
EV/EBIT 153,076 KRW 200,592 KRW 248,107 KRW 53
EV/EBITDA 152,716 KRW 200,112 KRW 247,507 KRW 54
EV/Revenue 126,583 KRW 176,320 KRW 226,057 KRW 43
Asset-Based
NCAV (Graham) 46,579 KRW 62,415 KRW 93,157 KRW 50
Growth DCF
Growth DCF 90,105 KRW 131,194 KRW 192,990 KRW 80
Rev-Margin DCF 110,285 KRW 176,582 KRW 252,226 KRW 74
Economic Profit
Residual Income 91,481 KRW 118,150 KRW 316,147 KRW 76
ROIC Compounder 107,626 KRW 135,848 KRW 172,378 KRW 72
Growth Earnings
Growth-Adj P/E 137,045 KRW 195,778 KRW 254,511 KRW 68

Widest divergence: Multiples (200,112 KRW) versus Dividend Discount (45,618 KRW). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 536B KRW
Revenue growth (YoY) +2.5%
Net margin 12.4%
Return on equity 15.3%
Free cash flow 31.4B KRW FY2025
Operating margin 13.7%
More key figures
Dividend yield 3.2%
EPS growth (YoY) +32.4%
Net debt 3.5B KRW FY2018

Figures from reported company fundamentals · as of Jul 24, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 63/100

Of which business quality 63 · Market factors (momentum, volatility) 45

Profitability 57
Margins and returns on capital today
Quality Growth 39
Are margins and returns improving?
Cashflow 38
Earnings quality: real cash, not paper profit
Fin. Strength 86
Balance sheet, leverage, solvency risk
Investment 70
Disciplined investing over empire-building
Low Volatility 81
Calm price path (market factor)
Momentum 27
Price trend over the last 3–12 months (market factor)
52W Momentum 37
Distance to the 52-week high (market factor)
Net Issuance 92
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Miwon Specialty Chemical Co., Ltd. engages in the manufacture and sales of energy-curing resins in Korea and internationally. The company is headquartered in Wanju-gun, South Korea.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Miwon Specialty Chemical Co reported revenue of 532B KRW in FY2025 versus 531B KRW in FY2021, a compound +0.0%/yr. Reported net income was 61.3B KRW in FY2025, compounding −6.4%/yr from FY2021.

Growth Quality 71/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
532B KRW
Latest YoY
+4.5%
Avg. growth/yr (3Y) 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.
−4.5%
Avg. growth/yr (5Y) 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.
+7.4%
Avg. growth/yr (8Y) 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.
+12.4%
Revenue +0.0%/yr
FY21 531B KRW
FY22 612B KRW
FY23 438B KRW
FY24 509B KRW
FY25 532B KRW
Net income −6.4%/yr
FY21 79.9B KRW
FY22 64.8B KRW
FY23 18.6B KRW
FY24 54.6B KRW
FY25 61.3B KRW

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Cite: Fair Value Calculator (2026). "Miwon Specialty Chemical Co Fair Value". https://www.fairvalue-calculator.com/stock/268280

Peer Group

Chemicals · 333 stocks

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.

Quality Score 63 · Top 25%
Fair Value upside +11% · Top 25%
Return on equity (TTM) 15% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 12% · Top 25%
Operating margin (TTM) 14% · Top 25%
Revenue growth 3% · Below median
Dividend yield (TTM) 2.9% · Above median
Debt / equity 0.02× · Lower than 75% of peers

Valuation Multiples vs Chemicals median · lower = cheaper

P/FCF 0.0× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 47 · sector 0
FUTURE 13 · sector 20
PAST 61 · sector 19
HEALTH 99 · sector 94
DIVIDEND 59 · sector 27

Insider activity: 35/100

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Chemicals stocks, each showing price versus our Fair Value estimate (as of Jul 24, 2026).

Stock Price Fair Value vs Fair Value
BASF SE BASN 1,034 MXN 532.13 MXN -49%
Ningxia Baofeng Energy Group 600989 ¥20.32 ¥20.17 -1%
Zhejiang Juhua Co 600160 ¥42.85 ¥23.35 -46%
PT Barito Pacific Tbk, BRPT 1,690 IDR 1,628 IDR -4%
LG Chem, Ltd 051910 260,500 KRW 587,755 KRW +126%
Formosa Chemicals & Fibre Corporation 1326 66.10 TWD 6.79 TWD -90%
PTT Global Chemical Public Company PTTGC 35.50 THB 18.21 THB -49%
542812 542812 ₹4,369 ₹791.05 -82%
Indorama Ventures Public Company IVL 24.50 THB 17.95 THB -27%
Navin Fluorine International Limited NAVINFLUOR ₹8,650 ₹2,146 -75%

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Frequently asked questions

Is Miwon Specialty Chemical Co (268280) overvalued or undervalued?
As of Jul 24, 2026, our model estimates a fair value of 136,311 KRW versus a price of 123,300 KRW, about +11% (undervalued).
What is the fair value of 268280?
Our model-based fair value for Miwon Specialty Chemical Co is 136,311 KRW (as of Jul 24, 2026), built from audited fundamentals. The current price is 123,300 KRW.
What is the quality score of 268280?
Miwon Specialty Chemical Co has a Quality Score of 63/100. 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 revenue of Miwon Specialty Chemical Co (268280)?
Miwon Specialty Chemical Co reported trailing-twelve-month revenue of about 536B KRW (latest available figure, as of Jul 24, 2026).
What is the net profit margin of 268280?
The net profit margin of Miwon Specialty Chemical Co is about 12.4%, meaning it keeps roughly 12.4% of revenue as net income. Based on the latest reported figures.
Does Miwon Specialty Chemical Co pay a dividend?
Miwon Specialty Chemical Co currently shows a dividend yield of about 3.21% relative to its recent price (as of Jul 24, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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