Meritz Financial Group (138040) Fair Value & Analysis
Financial Services · KR · Market cap 19.3T KRW
Fair value as of: Aug 13, 2026
From 2 valuation models · updated today
Fair value updated Aug 13, 2026, revised from 87,706 KRW to 52,717 KRW (−39.9%) since Jul 13, 2026. Share price +1.4% over the past month.
Below-average quality, and screening another 56% overvalued on our models.
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 13, 2026.
How to read this chart
60‑month range 13,241 KRW – 146,200 KRW · fair‑value band 39,538 KRW – 65,896 KRW · the 118,600 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 13, 2026.
Analysis
Meritz Financial Group (138040) currently trades at 118,600 KRW, while our model-based Fair Value estimate is 52,717 KRW, implying the stock looks roughly 55.6% overvalued today. The Quality Score stands at 35/100 (below-average quality), in the Financial Services 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, Meritz Financial Group generated revenue of 17.7T KRW at a net margin of 13.0%. 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 13, 2026
Our scenario range runs from 39,538 KRW (bear case) to 65,896 KRW (bull case); at 118,600 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 21% below its 52-week high and 19% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -22% fair-value upside, at -56%, 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 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.
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 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 33 · Market factors (momentum, volatility) 47
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
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 Financial Group 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 56% overvalued. Compare with Mirae Asset Securities Co →
Peer Group
Capital Markets · 425 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.
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.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Capital Markets stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Mirae Asset Securities Co 006800 | 38,050 KRW | 18,009 KRW | -53% |
| Korea Investment Holdings 071050 | 200,500 KRW | 189,335 KRW | -6% |
| NH Investment & Securities Co 005940 | 28,550 KRW | 22,396 KRW | -22% |
| Samsung Securities Co 016360 | 93,100 KRW | 75,573 KRW | -19% |
| Motilal Oswal Financial Services Limited MOTILALOFS | ₹901.00 | ₹403.57 | -55% |
| Kiwoom Securities Co 039490 | 299,000 KRW | 214,812 KRW | -28% |
| SSI Securities Corporation SSI | 25,300 VND | 17,375 VND | -31% |
| Bolsas y Mercados Argentinos S.A BYMA | 313.75 ARS | 294.30 ARS | -6% |
| Daishin Securities Co 003540 | 26,950 KRW | 48,790 KRW | +81% |
| SK Securities Co 001515 | 4,285 KRW | 1,395 KRW | -67% |
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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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