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COWAY Co. Ltd (021240) Fair Value & Analysis

Consumer Cyclical · KR · Market cap 6.8T KRW (≈ $4.7B) · ISIN KR7021240007

What is COWAY Co. Ltd really worth?

CC COWAY Co. Ltd 021240 · KO
Price99,400 KRW
Fair Value103,928 KRW
Upside+4.6%
Quality52/100

A solid business, currently priced close to our fair value of 103,928 KRW.

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Strengths

Solidly profitable · 12.9% net margin
Ranks above peers (7/10)

Risks

!Expensive Growth (revenue 5y +8.9 %/yr)
!Low debt · negative free cash flow
!Moderate moat 63/100
!Evidence only medium, so the estimate is less certain
!The models disagree: range 61,826 KRW to 242,232 KRW
!Weak on dividend: 14 out of 100

For context

·0.70% dividend yield
Evidence: Medium Range 61,826 KRW – 242,232 KRW

Fair value as of: Aug 13, 2026

From 15 valuation models · updated 22 days ago

Fair value updated Aug 13, 2026, revised from 112,530 KRW to 103,928 KRW (−7.6%) since Jul 17, 2026. Share price +7.8% over the past month.

What runs behind every stock

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

What matters now

  • The model range is unusually wide (61,826 KRW to 242,232 KRW). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.

Price vs Fair Value (5 years)

109,289 KRW 36,529 KRW Fair Value 103,928 KRW Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 36,529 KRW – 109,289 KRW · fair‑value band 61,826 KRW – 242,232 KRW · the 99,400 KRW price screens below the 103,928 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

Full chart & analysis →

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Analysis

COWAY Co. Ltd (021240) currently trades at 99,400 KRW, while our model-based Fair Value estimate is 103,928 KRW, implying the stock looks roughly 4.4% fairly valued today. The Quality Score stands at 52/100 (solid quality), in the Consumer Cyclical sector. Bull case: the DCF Models group reads highest at a median of 215,221 KRW per share, and 8 of the 15 models we run sit above the 99,400 KRW price. Bear case: the Asset-Based group reads lowest at 34,525 KRW, and 7 of the 15 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, COWAY Co. Ltd generated revenue of 5.1T KRW at a net margin of 12.9%. Revenue grew 13.2% year over year. It earns a return on equity of 19.3%. Net debt stands at 1.9T KRW. Fundamentals as of Aug 13, 2026

Our scenario range runs from 61,826 KRW (bear case) to 242,232 KRW (bull case); at 99,400 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 10% below its 52-week high and 50% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at −9% fair-value upside, at 5%, 021240 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

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
Owner Earnings 128,011 KRW 215,221 KRW 357,574 KRW 74
EPV 82,828 KRW 99,263 KRW 113,873 KRW 74
ROIC Compounder 89,936 KRW 120,655 KRW 159,383 KRW 72
All 15 models by family
DCF Models
Owner Earnings 128,011 KRW 215,221 KRW 357,574 KRW 74
Earnings-Based
Graham-Dodd 59,897 KRW 199,470 KRW 267,017 KRW 64
Lynch FV 45,196 KRW 64,566 KRW 83,935 KRW 61
PEG = 1.0 45,196 KRW 64,566 KRW 83,935 KRW 57
EPV 82,828 KRW 99,263 KRW 113,873 KRW 74
Multiples
P/E Multiple 145,339 KRW 193,785 KRW 242,232 KRW 63
P/S Multiple 63,700 KRW 84,933 KRW 106,167 KRW 58
P/B Multiple 112,307 KRW 149,743 KRW 187,179 KRW 55
EV/EBIT 158,837 KRW 215,217 KRW 271,598 KRW 66
EV/EBITDA 155,677 KRW 211,005 KRW 266,332 KRW 67
EV/Revenue 49,147 KRW 74,627 KRW 100,107 KRW 53
Asset-Based
NCAV (Graham) 25,765 KRW 34,525 KRW 51,530 KRW 54
Economic Profit
Residual Income 60,115 KRW 78,950 KRW 267,205 KRW 64
ROIC Compounder 89,936 KRW 120,655 KRW 159,383 KRW 72
Growth Earnings
Growth-Adj P/E 122,434 KRW 174,906 KRW 227,377 KRW 67

Widest divergence: DCF Models (215,221 KRW) versus Asset-Based (34,525 KRW). Highest evidence: Owner Earnings (74).

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Key figures & financial health

P/S ratio 1.32 TTM
Dividend yield 0.7%
Net margin 12.4% FY2025
Return on equity 19.3% TTM
Return on assets (EBIT) 14.8% avg 5y
Operating margin 18.9% TTM
More key figures
Growth
Revenue (TTM) 5.1T KRW TTM
Revenue growth (YoY) +13.2% 3y avg +8.8%
EPS growth (YoY) +33.5%
Balance sheet & cash flow
Free cash flow −202B KRW FY2025
Net debt 1.9T KRW FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 52/100

Of which business quality 50 · Market factors (momentum, volatility) 56

Profitability 62
Margins and returns on capital today
Quality Growth 39
Are margins and returns improving?
Cashflow 5
Earnings quality: real cash, not paper profit
Fin. Strength 70
Balance sheet, leverage, solvency risk
Investment 40
Disciplined investing over empire-building
Low Volatility 70
Calm price path (market factor)
Momentum 49
Price trend over the last 3–12 months (market factor)
52W Momentum 53
Distance to the 52-week high (market factor)
Net Issuance 89
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

COWAY Co., Ltd. engages in the production and sale of environmental home appliances in South Korea and internationally. The company provides air purifiers, water purifiers, bidets, juicers, water softeners, electric range, dehumidifier, humidifiers, kitchen/home appliances, mattress/massage chair, and filter/consumables; and Smart Air Care service, which …

Full company description

COWAY Co., Ltd. engages in the production and sale of environmental home appliances in South Korea and internationally. The company provides air purifiers, water purifiers, bidets, juicers, water softeners, electric range, dehumidifier, humidifiers, kitchen/home appliances, mattress/massage chair, and filter/consumables; and Smart Air Care service, which provides customized solution for air conditioning. It also offers cosmetic products and rental services for its home appliances products. In addition, the company provides product management services, such as product cleaning and mattress maintenance; digital services, including IoCare application; and other services, consisting of filter recovery, water quality testing, and braille information. Further, it engages in the manufacturing of furniture and water treatment equipment; and the construction and operation of industrial water supply. The company distributes its products through door-to-door sales organizations, commercial distribution, online channels, and directly managed stores. COWAY Co., Ltd. was founded in 1989 and is headquartered in Gongju-si, South Korea.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

COWAY Co. Ltd reported revenue of 5.0T KRW in FY2025 versus 3.7T KRW in FY2021, a compound +7.9%/yr. Reported net income was 618B KRW in FY2025, compounding +7.3%/yr from FY2021.

Growth Quality 56/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
5.0T KRW
Latest YoY
+15.2%
Avg. revenue 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.
+8.8%
Avg. revenue 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.
+8.9%
Avg. revenue growth/yr (18Y) 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.
+8.1%
Value creation/yr (5Y, in KRW) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. 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.
+9.9% (9.2 + 0.7)
Revenue +7.9%/yr
FY21 3.7T KRW
FY22 3.9T KRW
FY23 4.0T KRW
FY24 4.3T KRW
FY25 5.0T KRW
Net income +7.3%/yr
FY21 466B KRW
FY22 458B KRW
FY23 471B KRW
FY24 566B KRW
FY25 618B KRW

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Cite: Fair Value Calculator (2026). "COWAY Co. Ltd Fair Value". https://www.fairvalue-calculator.com/stock/021240

Peer Group

Furnishings, Fixtures & Appliances · 317 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 52 · Below median
Fair Value upside +5% · Above median
Return on equity (TTM) 19% · Top 25%
Return on assets 8% · Top 25%
Net margin (TTM) 13% · Top 25%
Operating margin (TTM) 19% · Top 25%
Revenue growth 13% · Top 25%
Dividend yield (TTM) 0.7% · Bottom 25%
Debt / equity 0.25× · Higher than 75% of peers

Valuation Multiples vs Furnishings, Fixtures & Appliances median · lower = cheaper

EV/EBITDA 0.6× · Cheaper than 75% of peers

Strength profile in five axes (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
VALUE39 · sector 21
FUTURE66 · sector 0
PAST77 · sector 19
HEALTH88 · sector 98
DIVIDEND14 · sector 58

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 Furnishings, Fixtures & Appliances stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Midea Group 000333 ¥86.98 ¥99.66 +15%
Gree Electric Appliances, Inc 000651 ¥41.58 ¥86.91 +109%
Haier Smart Home Co 600690 ¥21.79 ¥36.04 +65%
King Slide Works Co 2059 12,500 TWD 1,917 TWD −85%
Guangdong Songfa Ceramics Co 603268 ¥173.26 ¥38.83 −78%
SharkNinja, Inc SN $181.24 $89.07 −51%
Somnigroup International Inc SGI $63.65 $31.69 −50%
Mohawk Industries, Inc MHK $131.70 $119.26 −9%
Hisense Home Appliances Group 000921 ¥26.12 ¥50.62 +94%
Alliance Laundry Holdings ALH $25.91 $7.74 −70%

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Frequently asked questions

Is COWAY Co. Ltd (021240) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 103,928 KRW versus a price of 99,400 KRW, about +5% upside (fairly valued).
What is the fair value of 021240?
Our model-based fair value for COWAY Co. Ltd is 103,928 KRW (as of Aug 13, 2026), built from audited fundamentals. The current price: 99,400 KRW.
What is the quality score of 021240?
COWAY Co. Ltd has a Quality Score of 52/100. 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 COWAY Co. Ltd (021240)?
COWAY Co. Ltd reported trailing-twelve-month revenue of about 5.1T KRW (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 021240?
The net profit margin of COWAY Co. Ltd is about 12.9%, meaning it keeps roughly 12.9% of revenue as net income. Based on the latest reported figures.
Does COWAY Co. Ltd pay a dividend?
COWAY Co. Ltd currently shows a dividend yield of about 0.70% relative to its recent price (as of Aug 13, 2026).
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