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Doosan Fuel Cell Co. Ltd. Pfd. Series 1 (33626K) Fair Value & Analysis

Industrials · KR · Market cap 445B KRW

DF Doosan Fuel Cell Co. Ltd. Pfd. Series 1 33626K · KO
Price5,100 KRW
Fair Value2,059 KRW
Upside-59.6%
Quality27/100
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Risks

!Trades 60% ABOVE our fair value of 2,059 KRW
!Weak Growth
!Loss-making · -27.2% net margin
!Moderate debt · negative free cash flow
Weak Growth
Loss-making · -27.2% net margin
Moderate debt · negative free cash flow
Trails peers (1/8)
Narrow moat 7/100
Evidence: Low Range 1,537 KRW – 3,073 KRW Share as image

Fair value as of: Aug 23, 2026

From 1 valuation models · updated today

Fair value updated Aug 23, 2026, revised from 2,144 KRW to 2,059 KRW (−4.0%) since Aug 13, 2026. Share price −9.6% over the past month.

Below-average quality, and screening another 60% overvalued on our models.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

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What matters now

  • The price sits above even our optimistic bull case (3,073 KRW). The favourable scenario is already priced in.
  • Weak quality (27/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
  • A fairly wide model range (1,537 KRW to 3,073 KRW) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

17,700 KRW 3,920 KRW Fair Value 2,059 KRW Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 23, 2026.

How to read this chart

60‑month range 3,920 KRW – 17,700 KRW · fair‑value band 1,537 KRW – 3,073 KRW · the 5,100 KRW price screens above the 2,059 KRW fair value. Dashed = 300-day average. As of Aug 23, 2026.

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Analysis

Doosan Fuel Cell Co. Ltd. Pfd. Series 1 (33626K) currently trades at 5,100 KRW, while our model-based Fair Value estimate is 2,059 KRW, implying the stock looks roughly 59.6% overvalued today. The Quality Score stands at 27/100 (below-average quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: low).

Over the trailing twelve months, Doosan Fuel Cell Co. Ltd. Pfd. Series 1 generated revenue of 500B KRW at a net margin of -27.2%. Revenue grew 45.2% year over year. It earns a return on equity of -32.2%. Net debt stands at 476B KRW. Fundamentals as of Aug 23, 2026

Our scenario range runs from 1,537 KRW (bear case) to 3,073 KRW (bull case); at 5,100 KRW, the current price sits above 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 63% below its 52-week high and 2% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -65% fair-value upside, at -60%, 33626K 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
NCAV (Graham) 2,107 KRW 2,824 KRW 4,214 KRW 50
All 1 models by family
Asset-Based
NCAV (Graham) 2,107 KRW 2,824 KRW 4,214 KRW 50

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Key figures & financial health

Revenue (TTM) 500B KRW
Revenue growth (YoY) +45.2%
Net margin -27.2%
Return on equity -32.2%
Free cash flow −163B KRW FY2025
Operating margin -0.9%
More key figures
EPS growth (YoY) -5.5%
Net debt 476B KRW FY2025

Figures from reported company fundamentals · as of Aug 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 27/100

Of which business quality 26 · Market factors (momentum, volatility) 8

Profitability 4
Margins and returns on capital today
Quality Growth 27
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 21
Balance sheet, leverage, solvency risk
Investment 58
Disciplined investing over empire-building
Low Volatility 0
Calm price path (market factor)
Momentum 13
Price trend over the last 3–12 months (market factor)
52W Momentum 9
Distance to the 52-week high (market factor)
Net Issuance 82
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

Doosan Fuel Cell Co., Ltd. develops and distributes power generation fuel cells in South Korea. The company supplies fuel cell to produce stationery fuel cells. It also offers 400 NG, a fuel cell which supplies natural gas. In addition, the company provides M400, hydrogen energy solution provider. Doosan Fuel Cell Co., Ltd.

Full company description

Doosan Fuel Cell Co., Ltd. develops and distributes power generation fuel cells in South Korea. The company supplies fuel cell to produce stationery fuel cells. It also offers 400 NG, a fuel cell which supplies natural gas. In addition, the company provides M400, hydrogen energy solution provider. Doosan Fuel Cell Co., Ltd. was incorporated in 2019 and is headquartered in Iksan-si, South Korea.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Doosan Fuel Cell Co. Ltd. Pfd. Series 1 reported revenue of 455B KRW in FY2025 versus 381B KRW in FY2021, a compound +4.5%/yr. Reported net income was −133B KRW in FY2025.

Growth Quality 4/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
455B KRW
Latest YoY
+10.4%
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.
+13.4%
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.
−0.3%
Avg. growth/yr (6Y) 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.
+12.8%
Revenue +4.5%/yr
FY21 381B KRW
FY22 312B KRW
FY23 261B KRW
FY24 412B KRW
FY25 455B KRW
Net income
FY21 8.7B KRW
FY22 3.9B KRW
FY23 −8.5B KRW
FY24 −10.5B KRW
FY25 −133B KRW

33626K screens 60% overvalued. Compare with Contemporary Amperex Technology Co →

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Cite: Fair Value Calculator (2026). "Doosan Fuel Cell Co. Ltd. Pfd. Series 1 Fair Value". https://www.fairvalue-calculator.com/stock/33626K

Peer Group

Electrical Equipment & Parts · 550 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 26 · Bottom 25%
Fair Value upside −60% · Below median
Return on assets -5% · Bottom 25%
Net margin (TTM) -27% · Bottom 25%
Operating margin (TTM) -1% · Bottom 25%
Revenue growth 45% · Top 25%
Debt / equity 0.75× · Higher 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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 0
FUTURE100 · sector 57
PAST0 · sector 26
HEALTH63 · sector 97
DIVIDEND0 · sector 23

VALUE 0: the price sits above our fair-value range.

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

Similar stocks

10 more Electrical Equipment & Parts stocks, each showing price versus our Fair Value estimate (as of Aug 23, 2026).

Stock Price Fair Value vs Fair Value
Contemporary Amperex Technology Co 3750 HK$652.50 HK$394.19 -40%
Delta Electronics (Thailand) Public Company DELTA 269.00 THB 40.28 THB -85%
LG Energy Solution, Ltd 373220 365,500 KRW 201,455 KRW -45%
WEG S.A WEGE3 14,900 ARS 4,338 ARS -71%
Sungrow Power Supply Co 300274 ¥117.53 ¥123.83 +5%
HD Hyundai Electric Co 267260 752,000 KRW 371,133 KRW -51%
LS ELECTRIC Co 010120 206,500 KRW 29,594 KRW -86%
Hyosung Heavy Industries Corporation 298040 2,857,000 KRW 1,013,099 KRW -65%
Hitachi Energy India Limited POWERINDIA ₹33,510 ₹6,106 -82%
CG Power and Industrial Solutions Limited CGPOWER ₹893.95 ₹130.16 -85%

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Frequently asked questions

Is Doosan Fuel Cell Co. Ltd. Pfd. Series 1 (33626K) overvalued or undervalued?
As of Aug 23, 2026, our model estimates a fair value of 2,059 KRW versus a price of 5,100 KRW, about −60% (overvalued).
What is the fair value of 33626K?
Our model-based fair value for Doosan Fuel Cell Co. Ltd. Pfd. Series 1 is 2,059 KRW (as of Aug 23, 2026), built from audited fundamentals. The current price: 5,100 KRW.
What is the quality score of 33626K?
Doosan Fuel Cell Co. Ltd. Pfd. Series 1 has a Quality Score of 27/100. 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 Doosan Fuel Cell Co. Ltd. Pfd. Series 1 (33626K)?
Doosan Fuel Cell Co. Ltd. Pfd. Series 1 reported trailing-twelve-month revenue of about 500B KRW (latest available figure, as of Aug 23, 2026).
What is the net profit margin of 33626K?
The net profit margin of Doosan Fuel Cell Co. Ltd. Pfd. Series 1 is about -27.2%, meaning it is currently running at a net loss. Based on the latest reported figures.

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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