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TES Co (095610) Fair Value & Analysis

Technology · KR · Market cap 3.4T KRW

TC TES Co 095610 · KQ
Price145,000 KRW
Fair Value57,543 KRW
Upside-60.3%
Quality69/100
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Healthy Growth
Solidly profitable · 17.3% net margin
Low debt · generates free cash flow
1.92% dividend yield
Ranks above peers (6/9)
Moderate moat 62/100
Evidence: High Range 40,415 KRW – 72,492 KRW Share as image

Fair value as of: Aug 13, 2026

From 26 valuation models · updated yesterday

Fair value updated Aug 13, 2026, revised from 48,953 KRW to 57,543 KRW (+17.5%) since Jul 17, 2026. Share price −33.3% over the past month.

A solid business, but screening 60% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (72,492 KRW). The favourable scenario is already priced in.
  • Solid but not exceptional quality (69/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

217,500 KRW 12,357 KRW Fair Value 57,543 KRW Mar 2021 Aug 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 12,357 KRW – 217,500 KRW · fair‑value band 40,415 KRW – 72,492 KRW · the 145,000 KRW price screens above the 57,543 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.

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Analysis

TES Co (095610) currently trades at 145,000 KRW, while our model-based Fair Value estimate is 57,543 KRW, implying the stock looks roughly 60.3% overvalued today. The Quality Score stands at 69/100 (solid 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: high).

Over the trailing twelve months, TES Co generated revenue of 345B KRW at a net margin of 17.3%. Revenue grew 67.1% year over year. Net debt stands at 44.5B KRW. Fundamentals as of Aug 13, 2026

Our scenario range runs from 40,415 KRW (bear case) to 72,492 KRW (bull case); at 145,000 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 6% below its 52-week high, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -46% fair-value upside, at -60%, 095610 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.

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 40,199 KRW 79,500 KRW 162,187 KRW 80
Residual Income 20,022 KRW 27,048 KRW 87,401 KRW 76
Rev-Margin DCF 31,100 KRW 64,492 KRW 116,374 KRW 74
All 26 models by family
DCF Models
FCF DCF 42,735 KRW 70,100 KRW 159,264 KRW 38
Owner Earnings 24,901 KRW 60,625 KRW 138,974 KRW 31
5Y Revenue Exit 31,100 KRW 56,621 KRW 108,175 KRW 39
5Y EBITDA Exit 43,316 KRW 82,114 KRW 155,773 KRW 41
5Y P/E Exit 55,016 KRW 125,910 KRW 220,839 KRW 38
10Y Revenue Exit 33,204 KRW 72,103 KRW 105,726 KRW 36
10Y EBITDA Exit 43,383 KRW 97,498 KRW 199,945 KRW 37
10Y P/E Exit 51,976 KRW 121,821 KRW 247,761 KRW 35
Earnings-Based
Graham-Dodd 19,581 KRW 136,558 KRW 191,638 KRW 54
Lynch FV 45,898 KRW 65,569 KRW 85,239 KRW 50
PEG = 1.0 45,898 KRW 65,569 KRW 85,239 KRW 46
EPV 24,643 KRW 29,291 KRW 33,422 KRW 59
Dividend Discount
Gordon GGM 5,122 KRW 11,182 KRW 18,814 KRW 70
DDM Multi-Stage 5,122 KRW 9,160 KRW 11,653 KRW 61
Multiples
P/E Multiple 60,472 KRW 80,629 KRW 100,786 KRW 63
P/S Multiple 36,715 KRW 48,953 KRW 61,192 KRW 58
P/B Multiple 36,715 KRW 48,953 KRW 61,192 KRW 55
EV/EBIT 50,982 KRW 68,541 KRW 86,101 KRW 53
EV/EBITDA 43,151 KRW 58,100 KRW 73,049 KRW 54
EV/Revenue 24,935 KRW 36,349 KRW 47,763 KRW 43
Asset-Based
NCAV (Graham) 9,910 KRW 13,279 KRW 19,820 KRW 50
Growth DCF
Growth DCF 40,199 KRW 79,500 KRW 162,187 KRW 80
Rev-Margin DCF 31,100 KRW 64,492 KRW 116,374 KRW 74
Economic Profit
Residual Income 20,022 KRW 27,048 KRW 87,401 KRW 76
ROIC Compounder 29,473 KRW 43,781 KRW 56,377 KRW 72
Growth Earnings
Growth-Adj P/E 68,658 KRW 98,083 KRW 127,507 KRW 68

Widest divergence: Growth Earnings (98,083 KRW) versus Dividend Discount (9,160 KRW). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 345B KRW
Revenue growth (YoY) +67.1%
Net margin 17.3%
Return on equity 1,631%
Free cash flow 49.3B KRW FY2025
Operating margin 13.9%
More key figures
Dividend yield 1.9%
EPS growth (YoY) +116%
Net debt 44.5B KRW FY2025

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

Quality Score breakdown

Overall quality 69/100

Of which business quality 68 · Market factors (momentum, volatility) 72

Profitability 56
Margins and returns on capital today
Quality Growth 73
Are margins and returns improving?
Cashflow 62
Earnings quality: real cash, not paper profit
Fin. Strength 80
Balance sheet, leverage, solvency risk
Investment 50
Disciplined investing over empire-building
Low Volatility 25
Calm price path (market factor)
Momentum 100
Price trend over the last 3–12 months (market factor)
52W Momentum 79
Distance to the 52-week high (market factor)
Net Issuance 87
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

TES Co., Ltd. manufactures and sells semiconductors, displays, and compound semiconductor equipment. It offers PECVD, dry cleaning, and single LPCVD products for semiconductors; display and OLED pathfinder series products; and HESTIA series products for optoelectronics. The company was founded in 2002 and is headquartered in Yongin, South Korea.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

TES Co reported revenue of 351B KRW in FY2025 versus 375B KRW in FY2021, a compound −1.6%/yr. Reported net income was 56.9B KRW in FY2025, compounding −6.3%/yr from FY2021.

Growth Quality 85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
351B KRW
Latest YoY
+46.3%
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.
−0.6%
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 (12Y) ⓘ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.
+14.8%
Revenue −1.6%/yr
FY21 375B KRW
FY22 358B KRW
FY23 147B KRW
FY24 240B KRW
FY25 351B KRW
Net income −6.3%/yr
FY21 74.0B KRW
FY22 46.8B KRW
FY23 1.6B KRW
FY24 42.7B KRW
FY25 56.9B KRW

095610 screens 60% overvalued. Compare with Eugene Technology Co →

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TES Co · Fair Value
57,543 KRW −60%Fair Value
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Cite: Fair Value Calculator (2026). "TES Co Fair Value". https://www.fairvalue-calculator.com/stock/095610

Peer Group

Semiconductors & Semiconductor Equipment · 50 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 69 · Top 25%
Fair Value upside −60% · Bottom 25%
Return on assets 9% · Top 25%
Net margin (TTM) 17% · Top 25%
Operating margin (TTM) 14% · Above median
Revenue growth 67% · Top 25%
Dividend yield (TTM) 1.9% · Top 25%
Debt / equity 0.12× · Higher than 75% of peers

Valuation Multiples vs Semiconductors & Semiconductor Equipment median · lower = cheaper

P/FCF 0.0× · Pricier 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 0 · sector 3
FUTURE 100 · sector 94
PAST 0 · sector 100
HEALTH 94 · sector 99
DIVIDEND 38 · sector 21

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

Insider activity: 40/100

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 Semiconductors & Semiconductor Equipment stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Eugene Technology Co 084370 129,200 KRW 47,495 KRW -63%
TSE Co 131290 250,000 KRW 83,925 KRW -66%
ISC Co 095340 159,800 KRW 61,198 KRW -62%
PSK HOLDINGS Inc 031980 108,100 KRW 58,508 KRW -46%
Jeju Semiconductor Corp 080220 87,000 KRW 23,830 KRW -73%
Tokai Carbon Korea Co 064760 229,000 KRW 154,525 KRW -33%
HANA Micron Inc 067310 36,650 KRW 16,102 KRW -56%
RFHIC Corporation 218410 54,000 KRW 29,096 KRW -46%
S&S Tech Corporation 101490 44,850 KRW 60,781 KRW +36%
Global Standard Technology, Limited 083450 50,500 KRW 59,982 KRW +19%

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Frequently asked questions

Is TES Co (095610) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 57,543 KRW versus a price of 145,000 KRW, about −60% (overvalued).
What is the fair value of 095610?
Our model-based fair value for TES Co is 57,543 KRW (as of Aug 13, 2026), built from audited fundamentals. The current price is 145,000 KRW.
What is the quality score of 095610?
TES Co has a Quality Score of 69/100. 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 TES Co (095610)?
TES Co reported trailing-twelve-month revenue of about 345B KRW (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 095610?
The net profit margin of TES Co is about 17.3%, meaning it keeps roughly 17.3% of revenue as net income. Based on the latest reported figures.
Does TES Co pay a dividend?
TES Co currently shows a dividend yield of about 1.92% relative to its recent price (as of Aug 13, 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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