Meritz Financi (138040) Fair Value & Analysis
Financial Services · KR · Market cap 19.3T KRW (≈ $13.5B) · ISIN KR7138040001
What is Meritz Financi really worth?
Below-average quality, and trading another 157% above our fair value of 52,717 KRW.
Strengths
Risks
Fair value as of: Aug 31, 2026
From 2 valuation models · updated 5 days ago
Share price +12.6% 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 (65,896 KRW). The favourable scenario is already priced in.
- Weak quality (35/100) and above fair value at the same time, the margin of safety is missing on both counts.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 31, 2026.
How to read this chart
60‑month range 14,891 KRW – 146,200 KRW · fair‑value band 39,538 KRW – 65,896 KRW · the 135,500 KRW price screens above the 52,717 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 31, 2026.
Analysis
Meritz Financi (138040) currently trades at 135,500 KRW, while our model-based Fair Value estimate is 52,717 KRW, implying the stock looks roughly 157.0% overvalued today. The Quality Score stands at 35/100 (below-average quality), in the Financial Services sector. How firm this estimate is: it rests on 17 models at a data quality of 94/100, which puts the evidence level at medium.
Revenue declined 0.7% year over year. It earns a return on equity of 21.2%. Net debt stands at 20.6T KRW. Fundamentals as of Aug 31, 2026
Our scenario range runs from 39,538 KRW (bear case) to 65,896 KRW (bull case); at 135,500 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 10% below its 52-week high and 36% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −37% fair-value upside, at −61%, 138040 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.
All 2 models by family
Widest divergence: Multiples (53,250 KRW) versus Asset-Based (41,974 KRW). Highest evidence: P/B Multiple (55).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 31, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 33 · Market factors (momentum, volatility) 57
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
Meritz Financial Group Inc., together with its subsidiaries, provides various financial services in South Korea and internationally. The company operates through Insurance, Securities, Capital, and Others segments.
Full company description
Meritz Financial Group Inc., together with its subsidiaries, provides various financial services in South Korea and internationally. The company operates through Insurance, Securities, Capital, and Others segments. It offers various insurance contracts, including general non-life insurance comprising fire, marine, personal accident, engineering, liability, comprehensive, authority, guarantee, and other special types of insurance; and auto insurance products, which include personal, business, commercial, motorcycle, and others; and long-term non-life insurance products, such as long-term damage, property, personal accident, driver, savings, disease, nursing care, pension savings damage, etc. The company engages in undertaking risk through reinsurance cessions and joint underwriting. It also provides products, such as natural disaster insurance. In addition, the company engages in merchant banking and security; private equity fund; management trust; financial services; real estate leasing; and SPC for asset securitization businesses. Meritz Financial Group Inc. was founded in 2007 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
Meritz Financi reported revenue of 4.3T KRW in FY2025 versus 4.2T KRW in FY2021, a compound +0.2%/yr. Reported net income was 2.3T KRW in FY2025, compounding +30.7%/yr from FY2021.
138040 screens 157% overvalued. Compare with Morgan Stanley, a financial holding company, →
Peer Group
Capital Markets · 453 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.
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.
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.
Similar stocks
10 more Capital Markets stocks, each showing price versus our Fair Value estimate (as of Aug 31, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Morgan Stanley, a financial holding company, MS | $214.77 | $138.97 | −35% |
| The Goldman Sachs Group GS | $1,034 | $756.89 | −27% |
| The Charles Schwab Corporation SCHW | $110.16 | $66.17 | −40% |
| Robinhood Markets, Inc HOOD | $104.26 | $30.94 | −70% |
| Macquarie Group MQG | A$251.87 | A$75.58 | −70% |
| CITIC Securities Company 600030 | ¥27.93 | ¥17.68 | −37% |
| Guotai Haitong Securities Co 601211 | ¥17.87 | ¥18.62 | +4% |
| East Money Information Co 300059 | ¥19.42 | ¥4.77 | −75% |
| CSC Financial Co 601066 | ¥25.78 | ¥14.17 | −45% |
| Huatai Securities Co 601688 | ¥19.56 | ¥19.26 | −2% |
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