SK SquareSK스퀘어
402340 · KOSPI · ₩402340 · SK스퀘어
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
₩993,174
vs the current price (₩921,000)
- Assets before discount
- ₩218T
- Equity value
- ₩131T
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
- ₩662,116
- −28.1%
- Base
- ₩993,174
- +7.8%
- Bull
- ₩1,390,443
- +51.0%
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
- 131,923,998
- Share price
- ₩921,000
- Market cap
- ₩122T
Listed stakes
| Company | Stake | Market value |
|---|---|---|
| SK hynix | 20.1% | ₩218T |
| Incross | 36.1% | ₩22B |
| Dreamus | 22.2% | ₩16B |
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% | ₩1,059,385 | ₩926,962 | ₩794,539 | ₩662,116 | ₩529,693 |
| −10.0% | ₩1,191,808 | ₩1,042,832 | ₩893,856 | ₩744,880 | ₩595,904 |
| 0.0% | ₩1,324,232 | ₩1,158,703 | ₩993,174 | ₩827,645 | ₩662,116 |
| +10.0% | ₩1,456,655 | ₩1,274,573 | ₩1,092,491 | ₩910,409 | ₩728,327 |
| +20.0% | ₩1,589,078 | ₩1,390,443 | ₩1,191,808 | ₩993,174 | ₩794,539 |
Now (TTM)
- Market cap
- ₩122T
- Enterprise value
- ₩120T
- P/E
- 3.7×
- P/B
- 2.2×
- P/S
- 98.7×
- EV/EBITDA
- 3.6×
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Price | ₩368,000 | ₩79,300 | ₩52,600 |
| Market cap | ₩49T | ₩10T | ₩6.9T |
| P/E | 5.5× | 2.8× | — |
| P/B | 1.8× | 0.5× | 0.5× |
| P/S | 34.4× | 5.5× | 3.0× |
| EV/EBITDA | 5.3× | 2.2× | — |
| Dividend yield | 0.0% | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| SK Square | 3.7× | 2.2× | 98.7× | 3.6× | 0.0% |
| KB Financial Group | 8.7× | 0.9× | — | 9.5× | 2.8% |
| Shinhan Financial Group | 7.7× | 0.7× | — | 10.1× | 2.9% |
| SK | 4.9× | 1.1× | 0.3× | — | 1.5% |
| Hana Financial Group | 7.6× | 0.7× | — | 9.9× | 3.6% |
| Woori Financial Group | 6.9× | 0.6× | — | 8.3× | 4.5% |
| Meritz Financial Group | 8.6× | 1.8× | — | 22.4× | 0.0% |
| Similar companies (median) | 7.6× | 0.8× | 0.3× | 9.9× | 2.9% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: SK Square / SK스퀘어 / 402340 / KRX:402340
Source: KRX statistical information