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Inswave Systems Co., Ltd. (450520) fair value: what the stock is really worth

As of Oct 8, 2026: fair value of Inswave Systems Co., Ltd. KRW 1,772, price KRW 1,858, upside -4.6%, quality 51 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
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Technology · KR

IS Thin data Oct 3, 2026

Inswave Systems Co., Ltd.

450520 · KQ

NeutralThe stock looks roughly fairly valued with average quality.

Low debt
Fair value 1,772 KRW · Fairly valued (−4.6%)
Quality 51/100
Weak Growth (revenue 3y −3.7 %/yr in KRW)
Loss-making · -4.5% net margin (TTM)
Negative free cash flow
Trails peers (2/8)
Narrow moat 10/100
Thin data
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

Price vs Fair Value

17,167 KRW 1,578 KRW Fair Value 1,772 KRW Sep 2023 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 3, 2026.

How to read this chart

36‑month range 1,578 KRW – 17,167 KRW · fair‑value band 1,170 KRW – 2,215 KRW · the 1,858 KRW price screens above the 1,772 KRW fair value. Dashed = 300-day average. As of Oct 3, 2026.

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Company profile

Inswave Co., Ltd. provides standard web UI/UX tool in South Korea. The company offers WebSquare, a standard web UI platform; and ProWorks, an application lifecycle management framework to manage the entire processes of enterprise systems from development to maintenance.

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Inswave Co., Ltd. provides standard web UI/UX tool in South Korea. The company offers WebSquare, a standard web UI platform; and ProWorks, an application lifecycle management framework to manage the entire processes of enterprise systems from development to maintenance. It also provides application framework, SI/SD/SM, business package, and consulting outsourcing services. The company was formerly known as Inswave Systems Co., Ltd. and changed its name to Inswave Co., Ltd. in March 2025. The company was founded in 2002 and is based in Seoul, South Korea.

Stock analysis

Inswave Systems Co., Ltd. (450520) currently trades at 1,858 KRW, while our model-based Fair Value estimate is 1,772 KRW, so the stock looks roughly fairly valued today (gap 4.8%).

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 95/100, which puts the evidence level at low.

Scenario range: 1,170 KRW (bear) to 2,215 KRW (bull), the price of 1,858 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 51/100 (solid quality), in the Technology sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Inswave Systems Co., Ltd. reported revenue of 39.0B KRW in FY2025 versus 32.6B KRW in FY2021, a compound +4.5%/yr. Reported net income was −3.5B KRW in FY2025.

Key figures

Market cap 27.3B KRW (≈ $20.3M) · P/S ratio 0.57 · Net margin −8.9% · Return on equity −5.5% · Return on assets (EBIT) 5.9% · Operating margin −0.8% · Revenue (TTM) 48.1B KRW · Revenue growth (YoY) +47.7%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (low confidence).

What moves the price

The share trades about 52% below its 52-week high and 18% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Technology peers we cover trades at 44% fair-value upside, at −5%, 450520 screens richer than that median.

Fair Value models

Bear 1,170 KRW Fair Value 1,772 KRW Bull 2,215 KRW
Price 1,858 KRW · Upside -4.6%
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. 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. 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.
Highest evidence
NCAV (Graham) 1,377 KRW 1,846 KRW 2,755 KRW 54
All 1 models by family
Asset-Based
NCAV (Graham) 1,377 KRW 1,846 KRW 2,755 KRW 54

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Quality Score breakdown

Overall quality 51/100

Of which business quality 51 · Market factors (momentum, volatility) 27

Profitability 19
Margins and returns on capital today
Quality Growth 55
Are margins and returns improving?
Cashflow 33
Earnings quality: real cash, not paper profit
Fin. Strength 83
Balance sheet, leverage, solvency risk
Investment 37
Disciplined investing over empire-building
Low Volatility 59
Calm price path (market factor)
Momentum 18
Price trend over the last 3–12 months (market factor)
52W Momentum 6
Distance to the 52-week high (market factor)
Net Issuance 82
Share count: buybacks or dilution?

Open the full quality analysis →

Revenue & earnings trend

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. 6/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+28.1%
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.
−3.7%
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.
13.2% (2021) → −12.5% (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

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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.Information Technology Services · 478 stocks

Beats the industry median on 1/6 measures
Overall it trails its industry peers.
Valuation
Quality Score 51 · Below median
Fair Value upside −4.6% · Below median
Profitability
Return on assets −4.0% · Bottom 25%
Net margin (TTM) −4.5% · Bottom 25%
Operating margin (TTM) −0.8% · Bottom 25%
Growth and dividend
Revenue growth 47.7% · Top 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)27 · sector 40
FUTURE (revenue growth)100 · sector 29
PAST (return on equity)0 · sector 36
HEALTH (low debt)100 · sector 98
DIVIDEND (yield)0 · sector 41

Context: sector, industry, market

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 Information Technology Services stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Cognizant Technology Solutions Corporation CTSH $58.51 $138.62 +137% vs 450520
Infosys Limited INFY ₹1,021 ₹1,697 +66% vs 450520
Accenture plc ACN $195.05 $305.06 +56% vs 450520
HCL Technologies Limited HCLTECH ₹1,243 ₹1,926 +55% vs 450520
Tata Consultancy Services Limited TCS ₹2,082 ₹2,993 +44% vs 450520
Amadeus IT Group AMS €52.80 €65.98 +25% vs 450520
CDW Corporation CDW $133.29 $165.54 +24% vs 450520
Fidelity National Information Services, Inc FIS $32.44 $32.72 +1% vs 450520
Broadridge Financial Solutions, Inc BR $161.15 $159.88 −1% vs 450520
International Business Machines Corporation IBM $221.58 $186.56 −16% vs 450520

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Inswave Systems Co., Ltd. · Fair Value
1,772 KRW −5%Fair Value
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Cite: Fair Value Calculator (2026). "Inswave Systems Co., Ltd. Fair Value". https://www.fairvalue-calculator.com/stock/450520

Frequently asked questions

Is Inswave Systems Co., Ltd. (450520) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of 1,772 KRW versus a price of 1,858 KRW, about −5% upside (fairly valued).
What is the fair value of 450520?
Our model-based fair value for Inswave Systems Co., Ltd. is 1,772 KRW (as of Oct 3, 2026), built from audited fundamentals. The current price: 1,858 KRW.
What is the quality score of 450520?
Inswave Systems Co., Ltd. has a Quality Score of 51/100. 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 Inswave Systems Co., Ltd. (450520)?
Our model-based price target is the fair value of 1,772 KRW (as of Oct 3, 2026) from 1 valuation models. Cautious scenario 1,170 KRW, optimistic scenario 2,215 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Inswave Systems Co., Ltd. stock forecast for 2026?
Our models put fair value at 1,772 KRW, about −5% upside versus a price of 1,858 KRW (fairly valued). Cautious scenario 1,170 KRW, optimistic scenario 2,215 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Inswave Systems Co., Ltd. (450520)?
Inswave Systems Co., Ltd. reported trailing-twelve-month revenue of about 48.1B KRW (latest available figure, as of Oct 3, 2026).
What is the intrinsic value of Inswave Systems Co., Ltd. (450520)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Inswave Systems Co., Ltd. it is 1,772 KRW per share (as of Oct 3, 2026), against a price of 1,858 KRW. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Inswave Systems Co., Ltd. stock overvalued or undervalued in 2026?
As of Oct 3, 2026, 450520 trades above its calculated fair value: price 1,858 KRW, fair value 1,772 KRW, a gap of about −5% (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 450520?
No. The price is what the market pays today (1,858 KRW); the fair value is what the company's own numbers justify (1,772 KRW). For Inswave Systems Co., Ltd. the two are 85.78 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Inswave Systems Co., Ltd. worth?
The market values Inswave Systems Co., Ltd. at about 27.3B KRW (market capitalisation, as of Oct 3, 2026). Per share that is 1,858 KRW; our models calculate a fair value of 1,772 KRW per share.
What do the bullish and bearish scenarios say about 450520?
Our models span a range for Inswave Systems Co., Ltd.: cautious scenario 1,170 KRW, base 1,772 KRW, optimistic 2,215 KRW per share (as of Oct 3, 2026, price 1,858 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Inswave Systems Co., Ltd. (450520)?
Balance-sheet figures for Inswave Systems Co., Ltd. (as of Oct 3, 2026): return on equity −5.5%. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is 450520 from its 52-week high?
Inswave Systems Co., Ltd. trades at 1,858 KRW, about 52% below its 52-week high of 3,900 KRW and 18% above the low of 1,578 KRW (as of Oct 8, 2026). Distance from the high says nothing about value: that is what the fair value of 1,772 KRW is for.
Which stocks are comparable to Inswave Systems Co., Ltd.?
From the same area (Technology) we also value International Business Machines Corporation, Accenture plc, Tata Consultancy Services Limited, Infosys Limited, 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 Inswave Systems Co., Ltd. stock attractive at the current price?
The data as of Oct 3, 2026: price 1,858 KRW, calculated fair value 1,772 KRW (−5%), Quality Score 51/100, from 1 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 450520 calculated?
We run Inswave Systems Co., Ltd. through 1 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 1,772 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 14.5 % above its aggregate fair value. Inswave Systems Co., Ltd. itself currently trades above fair value. 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 Inswave Systems Co., Ltd. (450520)?
The closing price on Oct 8, 2026 was 1,858 KRW. Our model-based fair value is 1,772 KRW, about −5% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Inswave Systems Co., Ltd. right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (1,170 KRW to 2,215 KRW) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Inswave Systems Co., Ltd.

How large is the market capitalisation of Inswave Systems Co., Ltd. (450520)?
The market capitalisation of Inswave Systems Co., Ltd. is 27.3B KRW (≈ $20.3M). 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 Inswave Systems Co., Ltd. (450520)?
The price-to-sales ratio of Inswave Systems Co., Ltd. is 0.57 (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 Inswave Systems Co., Ltd. (450520)?
The net margin of Inswave Systems Co., Ltd. is −8.9% (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 Inswave Systems Co., Ltd. (450520)?
The return on equity (ROE) of Inswave Systems Co., Ltd. is −5.5% (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 Inswave Systems Co., Ltd. (450520)?
On an EBIT basis the return on assets of Inswave Systems Co., Ltd. is 5.9% (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 Inswave Systems Co., Ltd. (450520)?
The operating margin of Inswave Systems Co., Ltd. is −0.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Inswave Systems Co., Ltd. (450520)?
Revenue at Inswave Systems Co., Ltd. is growing +47.7% versus a year earlier (3y avg −3.7%). 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 Inswave Systems Co., Ltd. (450520)?
Earnings per share at Inswave Systems Co., Ltd. are growing +26.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Inswave Systems Co., Ltd. (450520) generate?
The free cash flow of Inswave Systems Co., Ltd. is −9.2B KRW (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Inswave Systems Co., Ltd. (450520) carry?
The net debt of Inswave Systems Co., Ltd. is 828M KRW (fiscal year 2022). 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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