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JONBUR Research · Update note

Solid · 050890 · Electronics

Solid: Model Fair Value Estimate Rises 42% to ₩7,450 Per Share With No New Filing

Why this report

Written after:

  • Model fair value changeModel estimate of fair value moved +42% (₩5,231 → ₩7,450 per share)Oct 22, 2026

Our model estimate of fair value for Solid rose 42% to ₩7,450 per share in the base case from ₩5,231, with no new company filing behind the change. The base case now sits closer to the ₩8,270 share price, but the underlying business picture in the earlier report is unchanged.

Written Oct 21, 2026 · Data as of Oct 20, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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What happened

On 2026-10-22 the model's base estimate moved from ₩5,231 to ₩7,450 per share, a rise of 42%. The bear case moved from ₩3,140 to ₩4,749 and the bull case from ₩8,818 to ₩12,029. The method (5-year discounted cash flow), the 7.5% rate and the data period (trailing figures to H1 2026) are the same as before.

No filing excerpts were provided with this change, and no recent filings in the data explain it. The latest filing listed is the half-year report dated 2026-08-14, which predates the previous report. The reason for the higher estimate is therefore not available in the data given. Because the stated period and rate are unchanged, the shift appears to come from the model's inputs or calculation rather than from newly reported results, but this cannot be confirmed here.

The share price closed at ₩8,270 on 2026-10-20, down from ₩8,350 on 2026-10-16. It is down 15.3% over one month, down 8.0% over three months and up 22.9% over one year.

What it changes for the thesis

The previous report described a consistently profitable company with operating margins of 10.2% to 11.3% in each year from 2022 to 2025, a net cash position and liabilities to equity of 60%. It also noted that revenue fell 10.9% in 2025 and that trailing net income of ₩54.5B was well above trailing operating income of ₩30.3B.

Nothing in the data changes those points. Trailing revenue of ₩316.7B, operating margin of 9.6% and net margin of 17.2% are the same as before. The unexplained gap between net and operating income remains open.

Market signals are broadly similar. Foreign ownership is 14.4%, against 18.6% sixty days ago. Foreign investors were net sellers of about ₩11.8B over 20 days, while retail investors were net buyers of about ₩10.2B. The short balance is 1.7%, versus 0.1% in the previous report, though the two figures may not be directly comparable.

What it changes for the valuation

The model estimate based on the assumptions shown is now ₩7,450 in the base case, ₩4,749 in the bear case and ₩12,029 in the bull case. The previous report had ₩5,231, ₩3,140 and ₩8,818.

At ₩8,270 the share price is now about 11% above the base case, compared with about 60% above it before. The price now sits between the base and bull cases, rather than near the bull case. The bear-to-bull range is wider in won terms.

Current multiples are P/E 9.2, P/B 1.3, P/S 1.6 and EV/EBITDA 12.8, with a dividend yield of 0.6%. These are close to the earlier readings. The change in the estimate is a model output and not a target.

Closing view

The main fact is that the model estimate rose sharply while reported fundamentals did not visibly change. That makes the gap between the price and the base case look much smaller, but the data does not explain why the estimate moved. The earlier mixed picture still stands: steady operating margins and net cash, alongside a 2025 revenue decline, a large non-operating contribution to profit and falling foreign ownership. The estimate is sensitive to its inputs, and a 42% shift shows how wide that sensitivity can be. This note is not a recommendation.

Model estimate of fair value

Bear
₩4,749
-42%
Base
₩7,450
-8%
Bull
₩12,029
+48%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Base case of the 5-year discounted cash flow model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 7.5%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 21, 2026Update noteModel fair value changeSolid: Model Fair Value Estimate Rises 42% to ₩7,450 Per Share With No New Filing
  2. Oct 19, 2026InitiationStart of coverage (reader request)Solid: Profits Steady, Shares Off Highs, Model Estimate Below Market Price

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information