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kakaopay Corp. (377300) Fair Value & Analysis

Technology · KR · Market cap 5.5T KRW (≈ $3.9B) · ISIN KR7377300009

What is kakaopay Corp. really worth?

KC kakaopay Corp. 377300 · KO
Price47,300 KRW
Fair Value14,643 KRW
Upside−69.0%
Quality60/100

A solid business, but trading 223% above our fair value of 14,643 KRW.

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Strengths

Healthy Growth (revenue 5y +27.5 %/yr)
Low debt · generates free cash flow
Ranks above peers (7/9)

Risks

!Thin margins · 5.8% net margin
!Narrow moat 38/100
!Evidence only medium, so the estimate is less certain
!Weak on past: 16 out of 100
Evidence: Medium Range 8,996 KRW – 16,044 KRW

Fair value as of: Sep 2, 2026

From 24 valuation models · updated 2 days ago

Share price +10.1% 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 (16,044 KRW). The favourable scenario is already priced in.
  • Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder.

Price vs Fair Value (5 years)

238,500 KRW 21,700 KRW Fair Value 14,643 KRW Nov 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 2, 2026.

How to read this chart

58‑month range 21,700 KRW – 238,500 KRW · fair‑value band 8,996 KRW – 16,044 KRW · the 47,300 KRW price screens above the 14,643 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 2, 2026.

Full chart & analysis →

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Analysis

kakaopay Corp. (377300) currently trades at 47,300 KRW, while our model-based Fair Value estimate is 14,643 KRW, implying the stock looks roughly 223.0% overvalued today. The Quality Score stands at 60/100 (solid quality), in the Technology sector. Bull case: the DCF Models group reads highest at a median of 31,593 KRW per share, and 0 of the 24 models we run sit above the 47,300 KRW price. Bear case: the Earnings-Based group reads lowest at 9,068 KRW, and 24 of the 24 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, kakaopay Corp. generated revenue of 1.0T KRW at a net margin of 5.8%. Revenue grew 41.7% year over year. It earns a return on equity of 3.9%. Fundamentals as of Sep 2, 2026

Our scenario range runs from 8,996 KRW (bear case) to 16,044 KRW (bull case); at 47,300 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 59% below its 52-week high and 17% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at −32% fair-value upside, at −69%, 377300 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 24,914 KRW 32,795 KRW 58,567 KRW 78
Growth DCF 24,174 KRW 35,512 KRW 59,412 KRW 77
5Y EBITDA Exit 23,112 KRW 31,593 KRW 48,224 KRW 75
All 24 models by family
DCF Models
FCF DCF 24,914 KRW 32,795 KRW 58,567 KRW 78
Owner Earnings 21,096 KRW 33,254 KRW 59,918 KRW 74
5Y Revenue Exit 18,216 KRW 21,689 KRW 28,873 KRW 74
5Y EBITDA Exit 23,112 KRW 31,593 KRW 48,224 KRW 75
5Y P/E Exit 20,835 KRW 30,600 KRW 43,721 KRW 71
10Y Revenue Exit 20,047 KRW 27,225 KRW 31,026 KRW 68
10Y EBITDA Exit 23,863 KRW 38,016 KRW 62,571 KRW 67
10Y P/E Exit 22,164 KRW 32,999 KRW 50,382 KRW 63
Earnings-Based
Graham-Dodd 2,275 KRW 15,863 KRW 22,261 KRW 63
Lynch FV 6,348 KRW 9,068 KRW 11,789 KRW 61
PEG = 1.0 6,348 KRW 9,068 KRW 11,789 KRW 57
EPV 14,988 KRW 15,507 KRW 15,969 KRW 71
Multiples
P/E Multiple 7,024 KRW 9,366 KRW 11,707 KRW 63
P/S Multiple 4,265 KRW 5,686 KRW 7,108 KRW 58
P/B Multiple 4,265 KRW 5,686 KRW 7,108 KRW 55
EV/EBIT 18,752 KRW 20,988 KRW 23,224 KRW 66
EV/EBITDA 22,014 KRW 25,338 KRW 28,662 KRW 67
EV/Revenue 15,435 KRW 16,888 KRW 18,342 KRW 54
Asset-Based
NCAV (Graham) 7,026 KRW 9,415 KRW 14,052 KRW 54
Growth DCF
Growth DCF 24,174 KRW 35,512 KRW 59,412 KRW 77
Rev-Margin DCF 18,358 KRW 23,098 KRW 32,183 KRW 73
Economic Profit
Residual Income 10,152 KRW 9,769 KRW 8,070 KRW 71
ROIC Compounder 15,920 KRW 17,735 KRW 19,205 KRW 72
Growth Earnings
Growth-Adj P/E 8,996 KRW 12,851 KRW 16,706 KRW 67

Widest divergence: DCF Models (31,593 KRW) versus Earnings-Based (9,068 KRW). Highest evidence: FCF DCF (78).

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Key figures & financial health

P/S ratio 5.28 TTM
Net margin 4.7% FY2025
Return on equity 3.9% TTM
Return on assets (EBIT) −0.8% avg 5y
Operating margin 10.7% TTM
Revenue (TTM) 1.0T KRW TTM
More key figures
Growth
Revenue growth (YoY) +41.7% 3y avg +22.5%
EPS growth (YoY) +112%
Balance sheet & cash flow
Free cash flow 97.5B KRW FY2025

Figures from reported company fundamentals · as of Sep 2, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 60/100

Of which business quality 60 · Market factors (momentum, volatility) 12

Profitability 22
Margins and returns on capital today
Quality Growth 72
Are margins and returns improving?
Cashflow 70
Earnings quality: real cash, not paper profit
Fin. Strength 66
Balance sheet, leverage, solvency risk
Investment 68
Disciplined investing over empire-building
Low Volatility 0
Calm price path (market factor)
Momentum 19
Price trend over the last 3–12 months (market factor)
52W Momentum 14
Distance to the 52-week high (market factor)
Net Issuance 77
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

Kakao Pay Corp. operates a mobile payment system in South Korea. It operates in two segments, Non-financial Services and Financial Services. Its products include, money transfer, payment, membership, PFM, bill payment, investment, loan, insurance, and other recommended products. It serves the internet and smart devices users.

Full company description

Kakao Pay Corp. operates a mobile payment system in South Korea. It operates in two segments, Non-financial Services and Financial Services. Its products include, money transfer, payment, membership, PFM, bill payment, investment, loan, insurance, and other recommended products. It serves the internet and smart devices users. The company was founded in 2017 and is based in Seongnam-si, South Korea.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

kakaopay Corp. reported revenue of 958B KRW in FY2025 versus 459B KRW in FY2021, a compound +20.2%/yr. Reported net income was 45.2B KRW in FY2025.

Growth Quality 90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
958B KRW
Latest YoY
+25.1%
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.
+22.5%
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.
+27.5%
Avg. revenue growth/yr (6Y) 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.
+37.6%
Value creation/yr (3Y, in KRW) Earnings growth per share (CAGR 3 years) 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.
+16.4% (16.4 + 0.0)
Revenue +20.2%/yr
FY21 459B KRW
FY22 521B KRW
FY23 615B KRW
FY24 766B KRW
FY25 958B KRW
Net income
FY21 −22.9B KRW
FY22 54.0B KRW
FY23 2.5B KRW
FY24 −13.7B KRW
FY25 45.2B KRW

377300 screens 223% overvalued. Compare with Microsoft Corporation →

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Cite: Fair Value Calculator (2026). "kakaopay Corp. Fair Value". https://www.fairvalue-calculator.com/stock/377300

Peer Group

Software - Infrastructure · 369 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 60 · Above median
Fair Value upside −69% · Bottom 25%
Return on equity (TTM) 4% · Above median
Return on assets 1% · Below median
Net margin (TTM) 6% · Above median
Operating margin (TTM) 11% · Above median
Revenue growth 42% · Top 25%
Debt / equity 0.00× · Lower than median

Valuation Multiples vs Software - Infrastructure median · lower = cheaper

P/FCF 0.0× · 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 0
FUTURE100 · sector 50
PAST16 · sector 15
HEALTH100 · sector 98
DIVIDEND0 · sector 26

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

Insider activity: 40/100

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 Software - Infrastructure stocks, each showing price versus our Fair Value estimate (as of Sep 2, 2026).

Stock Price Fair Value vs Fair Value
Microsoft Corporation MSFT $480.35 $365.74 −24%
Oracle Corporation ORCL $151.94 $117.84 −22%
Fortinet, Inc FTNT $166.00 $61.46 −63%
Synopsys, Inc SNPS $442.61 $101.19 −77%
Block, Inc XYZ A$111.01 A$70.69 −36%
CoreWeave, Inc CRWV $105.26 $71.79 −32%
NetApp, Inc NTAP $190.64 $154.83 −19%
Adyen N.V ADYEN €1,007 €707.53 −30%
MongoDB, Inc MDB $440.58 $93.91 −79%
Okta, Inc OKTA $166.23 $30.50 −82%

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Frequently asked questions

Is kakaopay Corp. (377300) overvalued or undervalued?
As of Sep 2, 2026, our model estimates a fair value of 14,643 KRW versus a price of 47,300 KRW, about −69% upside (overvalued).
What is the fair value of 377300?
Our model-based fair value for kakaopay Corp. is 14,643 KRW (as of Sep 2, 2026), built from audited fundamentals. The current price: 47,300 KRW.
What is the quality score of 377300?
kakaopay Corp. has a Quality Score of 60/100. 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 kakaopay Corp. (377300)?
kakaopay Corp. reported trailing-twelve-month revenue of about 1.0T KRW (latest available figure, as of Sep 2, 2026).
What is the net profit margin of 377300?
The net profit margin of kakaopay Corp. is about 5.8%, meaning it keeps roughly 5.8% of revenue as net income. Based on the latest reported figures.
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