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Shinsegae (004170) Fair Value & Analysis

Consumer Cyclical · KR · Market cap 5.3T KRW (≈ $3.7B) · ISIN KR7004170007

What is Shinsegae really worth?

S Shinsegae 004170 · KO
Price382,500 KRW
Fair Value177,841 KRW
Upside−53.5%
Quality51/100

A solid business, but trading 115% above our fair value of 177,841 KRW.

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Strengths

Moderate debt · generates free cash flow

Risks

!Weak Growth (revenue 5y +7.8 %/yr)
!Thin margins · 1.1% net margin
!Mixed vs. peers (5/11)
!Narrow moat 30/100
!Evidence only medium, so the estimate is less certain
!Weak on past: 8 out of 100
!Weak on dividend: 7 out of 100

For context

·0.34% dividend yield
Evidence: Medium Range 88,031 KRW – 211,144 KRW

Fair value as of: Aug 27, 2026

From 24 valuation models · updated 9 days ago

Share price −5.7% over the past month.

What runs behind every stock

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

What matters now

  • The price sits above even our optimistic bull case (211,144 KRW). The favourable scenario is already priced in.
  • Solid but not exceptional quality (51/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (88,031 KRW to 211,144 KRW) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

776,000 KRW 119,861 KRW Fair Value 177,841 KRW Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 27, 2026.

How to read this chart

60‑month range 119,861 KRW – 776,000 KRW · fair‑value band 88,031 KRW – 211,144 KRW · the 382,500 KRW price screens above the 177,841 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 27, 2026.

Full chart & analysis →

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Analysis

Shinsegae (004170) currently trades at 382,500 KRW, while our model-based Fair Value estimate is 177,841 KRW, implying the stock looks roughly 115.1% overvalued today. The Quality Score stands at 51/100 (solid quality), in the Consumer Cyclical sector. Bull case: the Growth DCF group reads highest at a median of 632,717 KRW per share, and 12 of the 24 models we run sit above the 382,500 KRW price. Bear case: the Earnings-Based group reads lowest at 28,661 KRW, and 12 of the 24 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, Shinsegae generated revenue of 7.1T KRW at a net margin of 1.1%. Revenue grew 10.9% year over year. It earns a return on equity of 2.0%. Net debt stands at 3.7T KRW. Fundamentals as of Aug 27, 2026

Our scenario range runs from 88,031 KRW (bear case) to 211,144 KRW (bull case); at 382,500 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 47% below its 52-week high and 142% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 3% fair-value upside, at −54%, 004170 screens richer 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 465,739 KRW 802,447 KRW 1,321,030 KRW 78
Growth DCF 484,140 KRW 793,381 KRW 1,246,500 KRW 77
Residual Income 347,217 KRW 323,680 KRW 226,088 KRW 76
All 24 models by family
DCF Models
FCF DCF 465,739 KRW 802,447 KRW 1,321,030 KRW 78
5Y Revenue Exit 352,576 KRW 627,134 KRW 967,740 KRW 71
5Y EBITDA Exit 627,057 KRW 1,125,487 KRW 1,693,027 KRW 74
5Y P/E Exit 58,176 KRW 92,615 KRW 122,733 KRW 71
10Y Revenue Exit 371,723 KRW 631,503 KRW 960,247 KRW 66
10Y EBITDA Exit 563,949 KRW 979,898 KRW 1,511,298 KRW 67
10Y P/E Exit 197,354 KRW 257,825 KRW 318,236 KRW 65
Earnings-Based
Graham-Dodd 10,809 KRW 28,661 KRW 37,457 KRW 65
PEG = 1.0 5,530 KRW 7,900 KRW 10,270 KRW 57
EPV 315,357 KRW 402,390 KRW 479,753 KRW 74
Dividend Discount
Gordon GGM 94,450 KRW 204,913 KRW 346,941 KRW 65
DDM Multi-Stage 94,450 KRW 148,950 KRW 210,006 KRW 66
Multiples
P/E Multiple 26,228 KRW 34,971 KRW 43,714 KRW 63
P/S Multiple 20,267 KRW 27,023 KRW 33,779 KRW 58
P/B Multiple 20,267 KRW 27,023 KRW 33,779 KRW 55
EV/EBIT 561,950 KRW 808,543 KRW 1,055,136 KRW 65
EV/EBITDA 830,138 KRW 1,166,126 KRW 1,502,115 KRW 67
EV/Revenue 320,837 KRW 534,551 KRW 748,265 KRW 52
Asset-Based
NCAV (Graham) 254,077 KRW 340,463 KRW 508,154 KRW 54
Growth DCF
Growth DCF 484,140 KRW 793,381 KRW 1,246,500 KRW 77
Rev-Margin DCF 352,576 KRW 632,717 KRW 942,910 KRW 71
Economic Profit
Residual Income 347,217 KRW 323,680 KRW 226,088 KRW 76
ROIC Compounder 315,357 KRW 402,390 KRW 479,753 KRW 72
Growth Earnings
Growth-Adj P/E 20,498 KRW 29,283 KRW 38,068 KRW 67

Widest divergence: Growth DCF (632,717 KRW) versus Earnings-Based (28,661 KRW). Highest evidence: FCF DCF (78).

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Key figures & financial health

P/S ratio 0.80 TTM
Dividend yield 0.3%
Net margin 0.2% FY2025
Return on equity 2.0% TTM
Return on assets (EBIT) 3.8% avg 5y
Operating margin 10.7% TTM
More key figures
Growth
Revenue (TTM) 7.1T KRW TTM
Revenue growth (YoY) +10.9% 3y avg −3.9%
EPS growth (YoY) +109%
Balance sheet & cash flow
Free cash flow 490B KRW FY2025
Net debt 3.7T KRW FY2025 · ≈ 7.6 yrs of FCF

Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 51/100

Of which business quality 49 · Market factors (momentum, volatility) 51

Profitability 24
Margins and returns on capital today
Quality Growth 40
Are margins and returns improving?
Cashflow 55
Earnings quality: real cash, not paper profit
Fin. Strength 23
Balance sheet, leverage, solvency risk
Investment 80
Disciplined investing over empire-building
Low Volatility 29
Calm price path (market factor)
Momentum 56
Price trend over the last 3–12 months (market factor)
52W Momentum 68
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

SHINSEGAE Inc. operates department stores in South Korea. The company operates through Department Store, Wholesale and Retail Industry, Real Estate Industry, Terminal industry, Hospitality, Duty-Free Store, and Others segments.

Full company description

SHINSEGAE Inc. operates department stores in South Korea. The company operates through Department Store, Wholesale and Retail Industry, Real Estate Industry, Terminal industry, Hospitality, Duty-Free Store, and Others segments. It also manufactures and retails clothing and furniture; manufactures, retails, and distributes cosmetics; develops and leases real estate properties and vehicle terminal; offers advisory and online retail services; and operates duty-free stores. In addition, the company engages in the information and communication, trading, broadcast program production and supply; financial investment, and hotel businesses. SHINSEGAE Inc. was founded in 1955 and is headquartered in Seoul, South Korea.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Shinsegae reported revenue of 6.9T KRW in FY2025 versus 6.3T KRW in FY2021, a compound +2.3%/yr. Reported net income was 13.9B KRW in FY2025, compounding −53.8%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
6.9T KRW
Latest YoY
+5.5%
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.
−3.9%
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.
+7.8%
Avg. revenue growth/yr (25Y) 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.
+2.5%
Value creation/yr (5Y, in KRW) Earnings growth per share (CAGR 5 years, EBIT basis) 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.
+3.2% (2.9 + 0.3)
Revenue +2.3%/yr
FY21 6.3T KRW
FY22 7.8T KRW
FY23 6.4T KRW
FY24 6.6T KRW
FY25 6.9T KRW
Net income −53.8%/yr
FY21 307B KRW
FY22 406B KRW
FY23 225B KRW
FY24 108B KRW
FY25 13.9B KRW

004170 screens 115% overvalued. Compare with Falabella S.A →

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Cite: Fair Value Calculator (2026). "Shinsegae Fair Value". https://www.fairvalue-calculator.com/stock/004170

Peer Group

Department Stores · 121 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 51 · Below median
Fair Value upside −54% · Bottom 25%
Return on equity (TTM) 2% · Below median
Return on assets 2% · Above median
Net margin (TTM) 1% · Below median
Operating margin (TTM) 11% · Above median
Revenue growth 11% · Top 25%
Dividend yield (TTM) 0.3% · Bottom 25%
Debt / equity 0.54× · Higher than 75% of peers

Valuation Multiples vs Department Stores median · lower = cheaper

P/FCF 0.0× · Cheaper than 75% of peers
EV/EBITDA 1.5× · Cheaper than 75% of peers

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 23
FUTURE55 · sector 0
PAST8 · sector 16
HEALTH73 · sector 95
DIVIDEND7 · sector 44

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

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

Similar stocks

10 more Department Stores stocks, each showing price versus our Fair Value estimate (as of Aug 27, 2026).

Stock Price Fair Value vs Fair Value
Falabella S.A FALABELLA 6,380 CLP 8,005 CLP +25%
Dillard's, Inc DDS $630.71 $536.21 −15%
99 Speed Mart Retail Holdings 5326 3.65 MYR 1.59 MYR −56%
Cencosud S.A CENCOSUD 1,949 CLP 2,425 CLP +24%
Macy's, Inc M $21.93 $42.68 +95%
Vishal Mega Mart Limited VMM ₹107.00 ₹30.46 −72%
Central Retail Corporation CRC 27.50 THB 20.89 THB −24%
Lotte Shopping Co 023530 96,700 KRW 76,636 KRW −21%
PT Daya Intiguna Yasa Tbk MDIY 940.00 IDR 968.76 IDR +3%
PT. Mitra Adiperkasa Tbk MAPI 1,510 IDR 2,957 IDR +96%

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Frequently asked questions

Is Shinsegae (004170) overvalued or undervalued?
As of Aug 27, 2026, our model estimates a fair value of 177,841 KRW versus a price of 382,500 KRW, about −54% upside (overvalued).
What is the fair value of 004170?
Our model-based fair value for Shinsegae is 177,841 KRW (as of Aug 27, 2026), built from audited fundamentals. The current price: 382,500 KRW.
What is the quality score of 004170?
Shinsegae has a Quality Score of 51/100. 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 Shinsegae (004170)?
Shinsegae reported trailing-twelve-month revenue of about 7.1T KRW (latest available figure, as of Aug 27, 2026).
What is the net profit margin of 004170?
The net profit margin of Shinsegae is about 1.1%, meaning it keeps roughly 1.1% of revenue as net income. Based on the latest reported figures.
Does Shinsegae pay a dividend?
Shinsegae currently shows a dividend yield of about 0.34% relative to its recent price (as of Aug 27, 2026).
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