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S-Oil Corporation (010950) Fair Value & Analysis

Energy · KR · Market cap 16.9T KRW

SO S-Oil Corporation 010950 · KO
Price140,900 KRW
Fair Value30,819 KRW
Upside-78.1%
Quality48/100
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Expensive Growth
Thin margins · 2.8% net margin
Moderate debt · generates free cash flow
0.23% dividend yield
Mixed vs. peers (5/11)
Narrow moat 42/100
Evidence: High Range 30,819 KRW – 40,065 KRW Share as image

Fair value as of: Aug 13, 2026

From 17 valuation models · updated today

Fair value updated Aug 13, 2026, revised from 19,441 KRW to 30,819 KRW (+58.5%) since Jul 17, 2026. Share price +7.2% over the past month.

Below-average quality, and screening another 78% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (40,065 KRW). The favourable scenario is already priced in.
  • Solid but not exceptional quality (48/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

151,200 KRW 50,244 KRW Fair Value 30,819 KRW Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 50,244 KRW – 151,200 KRW · fair‑value band 30,819 KRW – 40,065 KRW · the 140,900 KRW price screens above the 30,819 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

S-Oil Corporation (010950) currently trades at 140,900 KRW, while our model-based Fair Value estimate is 30,819 KRW, implying the stock looks roughly 78.1% overvalued today. The Quality Score stands at 48/100 (below-average quality), in the Energy sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, S-Oil Corporation generated revenue of 34.2T KRW at a net margin of 2.8%. Revenue declined 0.5% year over year. It earns a return on equity of 10.4%. Net debt stands at 5.7T KRW. Fundamentals as of Aug 13, 2026

Our scenario range runs from 30,819 KRW (bear case) to 40,065 KRW (bull case); at 140,900 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 20% below its 52-week high and 150% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at -56% fair-value upside, at -78%, 010950 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted 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.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (13.19 KRW to 52,951 KRW). Read the values as a conservative anchor, not as a price target.
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
Residual Income 56,102 KRW 52,951 KRW 42,228 KRW 76
Gordon GGM 8.29 KRW 18.09 KRW 30.44 KRW 70
Growth-Adj P/E 13,609 KRW 19,441 KRW 25,274 KRW 68
All 17 models by family
DCF Models
5Y Revenue Exit 7,161 KRW 39
5Y EBITDA Exit 17,067 KRW 40,267 KRW 41
10Y Revenue Exit 162.48 KRW 36
10Y EBITDA Exit 4,782 KRW 25,408 KRW 37
Earnings-Based
Graham-Dodd 10,688 KRW 28,984 KRW 37,981 KRW 54
Lynch FV 5,699 KRW 8,142 KRW 10,584 KRW 50
PEG = 1.0 5,699 KRW 8,142 KRW 10,584 KRW 46
Dividend Discount
Gordon GGM 8.29 KRW 18.09 KRW 30.44 KRW 70
DDM Multi-Stage 8.29 KRW 13.19 KRW 18.64 KRW 61
Multiples
P/E Multiple 16,503 KRW 22,005 KRW 27,506 KRW 63
P/S Multiple 20,040 KRW 26,720 KRW 33,400 KRW 58
P/B Multiple 20,040 KRW 26,720 KRW 33,400 KRW 55
EV/EBITDA 13,278 KRW 27,170 KRW 41,061 KRW 54
EV/Revenue 6,975 KRW 43
Asset-Based
NCAV (Graham) 39,471 KRW 52,890 KRW 78,941 KRW 50
Economic Profit
Residual Income 56,102 KRW 52,951 KRW 42,228 KRW 76
Growth Earnings
Growth-Adj P/E 13,609 KRW 19,441 KRW 25,274 KRW 68

Widest divergence: Economic Profit (52,951 KRW) versus Dividend Discount (13.19 KRW). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 34.2T KRW
Revenue growth (YoY) -0.5%
Net margin 2.8%
Return on equity 10.4%
Free cash flow 33.7B KRW FY2025
Operating margin 13.8%
More key figures
Dividend yield 0.3%
EPS growth (YoY) -37.4%
Net debt 5.7T KRW FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 48/100

Of which business quality 46 · Market factors (momentum, volatility) 72

Profitability 33
Margins and returns on capital today
Quality Growth 40
Are margins and returns improving?
Cashflow 41
Earnings quality: real cash, not paper profit
Fin. Strength 36
Balance sheet, leverage, solvency risk
Investment 62
Disciplined investing over empire-building
Low Volatility 40
Calm price path (market factor)
Momentum 86
Price trend over the last 3–12 months (market factor)
52W Momentum 85
Distance to the 52-week high (market factor)
Net Issuance 82
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.

About the company

S-Oil Corporation, together with its subsidiaries, manufactures, sells, and supplies oil refining, lube, and petrochemical products in South Korea. The company offers butane, propane, naphtha, benzene, toluene, xylene, para-xylene, jet fuel, diesel, kerosene, gasoline, propylene, asphalt, polypropylene, and propylene oxide.

Full company description

S-Oil Corporation, together with its subsidiaries, manufactures, sells, and supplies oil refining, lube, and petrochemical products in South Korea. The company offers butane, propane, naphtha, benzene, toluene, xylene, para-xylene, jet fuel, diesel, kerosene, gasoline, propylene, asphalt, polypropylene, and propylene oxide. It also provides lube base oil and petro-chemical products; refined crude oil products; and petroleum products. It exports its products to Southeast Asia, China, Japan, the United States, Australia, Europe, and internationally. The company was formerly known as Ssangyong Oil Refining Co. Ltd. and changed its name to S-Oil Corporation in April 2000. The company was incorporated in 1976 and is headquartered in Seoul, South Korea. S-Oil Corporation is a subsidiary of Aramco Overseas Company B.V.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

S-Oil Corporation reported revenue of 34.2T KRW in FY2025 versus 27.5T KRW in FY2021, a compound +5.7%/yr. Reported net income was 177B KRW in FY2025, compounding −40.1%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
34.2T KRW
Latest YoY
−6.5%
Avg. 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.
−6.9%
Avg. 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.
+15.3%
Avg. 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.
+5.9%
Revenue +5.7%/yr
FY21 27.5T KRW
FY22 42.4T KRW
FY23 35.7T KRW
FY24 36.6T KRW
FY25 34.2T KRW
Net income −40.1%/yr
FY21 1.4T KRW
FY22 2.1T KRW
FY23 949B KRW
FY24 −193B KRW
FY25 177B KRW

010950 screens 78% overvalued. Compare with Reliance Industries Limited →

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Cite: Fair Value Calculator (2026). "S-Oil Corporation Fair Value". https://www.fairvalue-calculator.com/stock/010950

Peer Group

Oil & Gas Refining & Marketing · 115 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 48 · Below median
Fair Value upside −78% · Bottom 25%
Return on equity (TTM) 10% · Above median
Return on assets 4% · Below median
Net margin (TTM) 3% · Above median
Operating margin (TTM) 14% · Top 25%
Revenue growth -1% · Below median
Dividend yield (TTM) 0.2% · Bottom 25%
Debt / equity 0.57× · Higher than median

Valuation Multiples vs Oil & Gas Refining & Marketing median · lower = cheaper

P/FCF 0.4× · Cheaper than median
EV/EBITDA 1.4× · Cheaper than 75% of peers

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.

VALUE 0 · sector 18
FUTURE 0 · sector 15
PAST 41 · sector 33
HEALTH 72 · sector 81
DIVIDEND 5 · sector 50

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.

Oil & gas

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Oil & Gas Refining & Marketing stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Reliance Industries Limited RELIANCE ₹1,329 ₹751.26 -43%
Valero Energy Corporation VLO $330.21 $127.32 -61%
Marathon Petroleum Corporation MPC $348.25 $133.18 -62%
Phillips 66 PSX $225.58 $99.41 -56%
Neste Oyj NESTE €29.61 €3.83 -87%
Formosa Petrochemical Corporation 6505 70.20 TWD 15.32 TWD -78%
HF Sinclair Corporation DINO $87.93 $44.96 -49%
Bharat Petroleum Corporation BPCL ₹317.00 ₹846.81 +167%
SK Innovation Co 096770 122,400 KRW 53,541 KRW -56%
HD Hyundai Co 267250 230,500 KRW 286,077 KRW +24%

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Frequently asked questions

Is S-Oil Corporation (010950) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 30,819 KRW versus a price of 140,900 KRW, about −78% (overvalued).
What is the fair value of 010950?
Our model-based fair value for S-Oil Corporation is 30,819 KRW (as of Aug 13, 2026), built from audited fundamentals. The current price is 140,900 KRW.
What is the quality score of 010950?
S-Oil Corporation has a Quality Score of 48/100. 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 S-Oil Corporation (010950)?
S-Oil Corporation reported trailing-twelve-month revenue of about 34.2T KRW (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 010950?
The net profit margin of S-Oil Corporation is about 2.8%, meaning it keeps roughly 2.8% of revenue as net income. Based on the latest reported figures.
Does S-Oil Corporation pay a dividend?
S-Oil Corporation currently shows a dividend yield of about 0.29% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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