Bitmax Co (377030) Fair Value & Analysis
Technology · KR · Market cap 19.2B KRW
Fair value as of: Jul 21, 2026
From 1 valuation models · updated 22 days ago
Fair value updated Jul 21, 2026, revised from 664.81 KRW to 554.53 KRW (−16.6%) since Jul 9, 2026. Share price +17.6% over the past month.
Below-average quality, and screening another 66% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (827.66 KRW). The favourable scenario is already priced in.
- Weak quality (24/100) 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 (413.83 KRW to 827.66 KRW) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 21, 2026.
How to read this chart
60‑month range 1,228 KRW – 159,271 KRW · fair‑value band 413.83 KRW – 827.66 KRW · the 1,648 KRW price screens above the 554.53 KRW fair value. Dashed = 300-day average. As of Jul 21, 2026.
Analysis
Bitmax Co (377030) currently trades at 1,648 KRW, while our model-based Fair Value estimate is 554.53 KRW, implying the stock looks roughly 66.4% overvalued today. The Quality Score stands at 24/100 (below-average quality), in the Technology 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).
Trailing-twelve-month revenue stands at 25.7B KRW. Revenue declined 20.1% year over year. Net debt stands at 74.2B KRW. Fundamentals as of Jul 21, 2026
Our scenario range runs from 413.83 KRW (bear case) to 827.66 KRW (bull case); at 1,648 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. For context, the median of 10 Technology peers we cover trades at -50% fair-value upside, at -66%, 377030 screens richer 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.
All 1 models by family
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Key figures & financial health
Figures from reported company fundamentals · as of Jul 21, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 24 · Market factors (momentum, volatility) 1
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
Bitmax Co., Ltd operates a metaverse platform in South Korea and internationally. It operates through Software Advisory, Development, and Supply; IT Services; and Game Content segments.
Full company description
Bitmax Co., Ltd operates a metaverse platform in South Korea and internationally. It operates through Software Advisory, Development, and Supply; IT Services; and Game Content segments. The company offers BITMAX AR SKD, an augmented reality (AR) development platform that provides image tracker and cloud recognizers, instant and object trackers, space and marker trackers, QR code and AR fusion trackers, and QR/barcode readers; and Widearth, a digital twin platform based on real space, which includes workspace, studio, and viewer capabilities. It also provides industrial AR solutions comprising AR inspection and AR remote; digital twin solutions; and smart glasses. In addition, the company invests in Bitcoin. Further, it develops hack-and-slash role-playing games on PC and mobile. The company was formerly known as MAXST Co., Ltd. and changed its name to Bitmax Co., Ltd in February 2025. Bitmax Co., Ltd was founded in 2010 and is headquartered in Seoul, South Korea.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Bitmax Co reported revenue of 27.2B KRW in FY2025 versus 2.4B KRW in FY2021, a compound +84.1%/yr. Reported net income was −96.2B KRW in FY2025.
377030 screens 66% overvalued. Compare with Microsoft Corporation →
Peer Group
Software - Infrastructure · 370 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.
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 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.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Software - Infrastructure stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Microsoft Corporation MSFT | $384.00 | $274.17 | -29% |
| Oracle Corporation ORAC | C$9.08 | C$2.94 | -68% |
| Fortinet, Inc FTNT | $160.78 | $44.96 | -72% |
| Synopsys, Inc 1SNPS | €354.50 | €93.61 | -74% |
| Block, Inc XYZ | A$114.53 | A$70.69 | -38% |
| CoreWeave, Inc CRWV | $79.94 | $44.89 | -44% |
| Range Intelligent Computing Technology Group 300442 | ¥71.60 | ¥34.00 | -53% |
| Oracle Financial Services Software Limited OFSS | ₹11,651 | ₹5,821 | -50% |
| 360 Security Technology Inc 601360 | ¥9.64 | ¥5.05 | -48% |
| One97 Communications Limited PAYTM | ₹1,342 | ₹181.50 | -86% |
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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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