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Namuga Co. Ltd (190510) Fair Value & Analysis

Technology · KR · Market cap 184B KRW (≈ $129M) · ISIN KR7190510008

What is Namuga Co. Ltd really worth?

NC Namuga Co. Ltd 190510 · KQ
Price13,880 KRW
Fair Value44,255 KRW
Upside+218.8%
Quality74/100

A solid business, trading 69% below our fair value of 44,255 KRW.

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Strengths

Low debt · generates free cash flow
Ranks above peers (6/7)

Risks

!Weak Growth (revenue 5y −2.1 %/yr)
!Thin margins · 7.2% net margin
!Moderate moat 47/100
!Evidence only medium, so the estimate is less certain

For context

·3.75% dividend yield
Evidence: Medium Range 32,425 KRW – 57,128 KRW

Fair value as of: Aug 17, 2026

From 23 valuation models · updated 19 days ago

Share price +6.0% over the past month.

What runs behind every stock

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

What matters now

  • The rarer combination: high quality (74/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (32,425 KRW). The market is more pessimistic than our downside scenario.

Price vs Fair Value (5 years)

26,900 KRW 7,128 KRW Fair Value 44,255 KRW Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 17, 2026.

How to read this chart

60‑month range 7,128 KRW – 26,900 KRW · fair‑value band 32,425 KRW – 57,128 KRW · the 13,880 KRW price screens below the 44,255 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 17, 2026.

Full chart & analysis →

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Analysis

Namuga Co. Ltd (190510) currently trades at 13,880 KRW, while our model-based Fair Value estimate is 44,255 KRW, implying the stock looks roughly 68.6% undervalued today. The Quality Score stands at 74/100 (solid quality), in the Technology sector. Bull case: the DCF Models group reads highest at a median of 47,081 KRW per share, and 21 of the 23 models we run sit above the 13,880 KRW price. Bear case: the Asset-Based group reads lowest at 8,053 KRW, and 2 of the 23 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, Namuga Co. Ltd generated revenue of 514B KRW at a net margin of 7.2%. Revenue declined 9.5% year over year. Net debt stands at 29.4B KRW. Fundamentals as of Aug 17, 2026

Our scenario range runs from 32,425 KRW (bear case) to 57,128 KRW (bull case); at 13,880 KRW, the current price sits below 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 51% below its 52-week high and 13% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at 10% fair-value upside, at 219%, 190510 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
FCF DCF 32,964 KRW 44,443 KRW 61,035 KRW 81
Growth DCF 33,628 KRW 44,192 KRW 58,753 KRW 80
Owner Earnings 34,764 KRW 47,081 KRW 64,884 KRW 77
All 23 models by family
DCF Models
FCF DCF 32,964 KRW 44,443 KRW 61,035 KRW 81
Owner Earnings 34,764 KRW 47,081 KRW 64,884 KRW 77
5Y Revenue Exit 27,990 KRW 37,421 KRW 48,996 KRW 74
5Y EBITDA Exit 40,156 KRW 59,278 KRW 80,854 KRW 75
5Y P/E Exit 37,926 KRW 55,271 KRW 72,734 KRW 71
10Y Revenue Exit 29,092 KRW 37,918 KRW 48,829 KRW 68
10Y EBITDA Exit 37,248 KRW 52,770 KRW 72,256 KRW 69
10Y P/E Exit 35,848 KRW 50,047 KRW 66,285 KRW 64
Earnings-Based
Graham-Dodd 11,954 KRW 29,839 KRW 38,709 KRW 65
PEG = 1.0 5,451 KRW 7,788 KRW 10,124 KRW 57
EPV 25,211 KRW 28,029 KRW 30,495 KRW 74
Multiples
P/E Multiple 36,916 KRW 49,222 KRW 61,527 KRW 63
P/S Multiple 22,414 KRW 29,885 KRW 37,356 KRW 58
P/B Multiple 22,414 KRW 29,885 KRW 37,356 KRW 55
EV/EBIT 43,812 KRW 55,649 KRW 67,486 KRW 66
EV/EBITDA 49,187 KRW 62,815 KRW 76,444 KRW 67
EV/Revenue 26,254 KRW 33,948 KRW 41,642 KRW 54
Asset-Based
NCAV (Graham) 6,010 KRW 8,053 KRW 12,019 KRW 54
Growth DCF
Growth DCF 33,628 KRW 44,192 KRW 58,753 KRW 80
Rev-Margin DCF 27,990 KRW 37,710 KRW 48,345 KRW 74
Economic Profit
Residual Income 11,907 KRW 15,406 KRW 39,712 KRW 68
ROIC Compounder 25,773 KRW 29,366 KRW 32,988 KRW 72
Growth Earnings
Growth-Adj P/E 27,891 KRW 39,844 KRW 51,798 KRW 67

Widest divergence: DCF Models (47,081 KRW) versus Asset-Based (8,053 KRW). Highest evidence: FCF DCF (81).

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Key figures & financial health

P/S ratio 0.46 TTM
Dividend yield 3.8%
Net margin 5.5% FY2025
Return on equity 1,576% TTM
Return on assets (EBIT) 11.6% avg 5y
Operating margin 6.7% TTM
More key figures
Growth
Revenue (TTM) 514B KRW TTM
Revenue growth (YoY) −9.5% 3y avg −4.0%
EPS growth (YoY) +24.0%
Balance sheet & cash flow
Free cash flow 32.7B KRW FY2025
Net debt 29.4B KRW FY2021 · ≈ 0.9 yrs of FCF

Figures from reported company fundamentals · as of Aug 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 74/100

Of which business quality 73 · Market factors (momentum, volatility) 13

Profitability 57
Margins and returns on capital today
Quality Growth 59
Are margins and returns improving?
Cashflow 58
Earnings quality: real cash, not paper profit
Fin. Strength 99
Balance sheet, leverage, solvency risk
Investment 72
Disciplined investing over empire-building
Low Volatility 8
Calm price path (market factor)
Momentum 13
Price trend over the last 3–12 months (market factor)
52W Momentum 19
Distance to the 52-week high (market factor)
Net Issuance 100
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

Namuga Co., Ltd. designs, produces, and sells cameras and 3D sensing modules worldwide. It offers single and multi-camera modules for mobiles and IT devices; and dual camera based and IR camera based 3D sensing cameras used in robotics, augmented reality and virtual reality applications, home IoT devices, design, instrumentation, thermal, optical analysis …

Full company description

Namuga Co., Ltd. designs, produces, and sells cameras and 3D sensing modules worldwide. It offers single and multi-camera modules for mobiles and IT devices; and dual camera based and IR camera based 3D sensing cameras used in robotics, augmented reality and virtual reality applications, home IoT devices, design, instrumentation, thermal, optical analysis and evaluation, and production applications. The company was founded in 2004 and is headquartered in Seongnam, South Korea.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Namuga Co. Ltd reported revenue of 460B KRW in FY2025 versus 503B KRW in FY2021, a compound −2.2%/yr. Reported net income was 25.1B KRW in FY2025, compounding +11.9%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
460B KRW
Latest YoY
+2.1%
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.
−4.0%
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.
−2.1%
Avg. revenue growth/yr (11Y) 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.
+7.0%
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.
+12.4% (8.6 + 3.8)
Revenue −2.2%/yr
FY21 503B KRW
FY22 519B KRW
FY23 366B KRW
FY24 450B KRW
FY25 460B KRW
Net income +11.9%/yr
FY21 16.0B KRW
FY22 31.3B KRW
FY23 23.5B KRW
FY24 26.1B KRW
FY25 25.1B KRW

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Cite: Fair Value Calculator (2026). "Namuga Co. Ltd Fair Value". https://www.fairvalue-calculator.com/stock/190510

Peer Group

Electronic Equipment & Parts · 19 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 74 · Top 25%
Return on assets 10% · Top 25%
Net margin (TTM) 7% · Above median
Operating margin (TTM) 7% · Top 25%
Revenue growth −10% · Below median
Dividend yield (TTM) 3.8% · Above median

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
VALUE0 · sector 8
FUTURE0 · sector 0
PAST0 · sector 0
HEALTH100 · sector 99
DIVIDEND75 · 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

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Frequently asked questions

Is Namuga Co. Ltd (190510) overvalued or undervalued?
As of Aug 17, 2026, our model estimates a fair value of 44,255 KRW versus a price of 13,880 KRW, about +219% upside (undervalued).
What is the fair value of 190510?
Our model-based fair value for Namuga Co. Ltd is 44,255 KRW (as of Aug 17, 2026), built from audited fundamentals. The current price: 13,880 KRW.
What is the quality score of 190510?
Namuga Co. Ltd has a Quality Score of 74/100. 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 Namuga Co. Ltd (190510)?
Namuga Co. Ltd reported trailing-twelve-month revenue of about 514B KRW (latest available figure, as of Aug 17, 2026).
What is the net profit margin of 190510?
The net profit margin of Namuga Co. Ltd is about 7.2%, meaning it keeps roughly 7.2% of revenue as net income. Based on the latest reported figures.
Does Namuga Co. Ltd pay a dividend?
Namuga Co. Ltd currently shows a dividend yield of about 3.75% relative to its recent price (as of Aug 17, 2026).
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