SKSK
034730 · KOSPI · ₩034730 · SK
Valuation model · Sum of the parts (net asset value)
This is a holding company, so we value what it owns: its stakes in listed companies at market value, less a holding company discount.
Fair value per share
₩498,162
vs the current price (₩503,000)
- Assets before discount
- ₩61T
- Equity value
- ₩36T
Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.
Bear / Base / Bull
- Bear
- ₩332,108
- −34.0%
- Base
- ₩498,162
- −1.0%
- Bull
- ₩697,427
- +38.7%
Bear: listed stakes 20% lower and a discount 10 points wider. Bull: the opposite.
Assumptions
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Business
- 0%
Moves the market value of the listed companies it owns up or down.
Default: 0, today's market values.
- ₩0B
Anything else it owns, minus its own debt, in ₩ billions.
Default: 0. Unlisted holdings and the company's own cash and debt aren't included unless you add them.
Discount rate
- 40%
How far below the value of its holdings the company is valued.
Default: a typical discount for Korean holding companies.
Starting point
- Shares
- 73,068,838
- incl. 566,135 preferred
- Share price
- ₩503,000
- Market cap
- ₩37T
Listed stakes
| Company | Stake | Market value |
|---|---|---|
| SK Square | 32.1% | ₩38T |
| SK Innovation | 51.7% | ₩11T |
| SK Telecom | 30.6% | ₩5T |
| SK biopharmaceuticals | 64.0% | ₩3.9T |
| SKC | 40.6% | ₩1.4T |
| SK Networks | 43.9% | ₩496B |
| SK Reit | 29.2% | ₩461B |
| Socar | 8.9% | ₩33B |
| GI Innovation | 0.4% | ₩1.8B |
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Listed stakes ↓ · Discount → | 20.0% | 30.0% | 40.0% | 50.0% | 60.0% |
|---|---|---|---|---|---|
| −20.0% | ₩531,373 | ₩464,951 | ₩398,529 | ₩332,108 | ₩265,686 |
| −10.0% | ₩597,794 | ₩523,070 | ₩448,346 | ₩373,621 | ₩298,897 |
| 0.0% | ₩664,216 | ₩581,189 | ₩498,162 | ₩415,135 | ₩332,108 |
| +10.0% | ₩730,637 | ₩639,308 | ₩547,978 | ₩456,648 | ₩365,319 |
| +20.0% | ₩797,059 | ₩697,427 | ₩597,794 | ₩498,162 | ₩398,529 |
Now (TTM)
- Market cap
- ₩36T
- Enterprise value
- ₩81T
- P/E
- 4.5×
- P/B
- 1.0×
- P/S
- 0.3×
- EV/EBITDA
- —
- Dividend yield
- 1.6%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Price | ₩256,500 | ₩131,500 | ₩178,000 | ₩189,000 | ₩251,000 |
| Market cap | ₩19T | ₩9.5T | ₩13T | ₩14T | ₩18T |
| P/E | 11.6× | — | — | 3.5× | 3.2× |
| P/B | 0.7× | 0.4× | 0.6× | 0.6× | 0.9× |
| P/S | 0.2× | 0.1× | 0.1× | 0.1× | 0.2× |
| EV/EBITDA | — | — | — | — | — |
| Dividend yield | 3.1% | 5.3% | — | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| SK | 4.5× | 1.0× | 0.3× | — | 1.6% |
| SK Square | 3.6× | 2.2× | 96.1× | 3.5× | 0.0% |
| KB Financial Group | 8.8× | 0.9× | — | 9.6× | 2.8% |
| Shinhan Financial Group | 7.8× | 0.7× | — | 10.2× | 2.9% |
| Hana Financial Group | 8.0× | 0.7× | — | 10.0× | 3.4% |
| Woori Financial Group | 7.1× | 0.6× | — | 8.5× | 4.4% |
| Meritz Financial Group | 9.3× | 2.0× | — | 22.9× | 0.0% |
| Similar companies (median) | 7.9× | 0.8× | 96.1× | 9.8× | 2.8% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: SK / 034730 / KRX:034730
Source: KRX statistical information