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SK Square Co Ltd (402340) Fair Value & Analysis

Technology · KR · Market cap 160T KRW (≈ $112B) · ISIN KR7402340004

What is SK Square Co Ltd really worth?

SS SK Square Co Ltd 402340 · KO
Price1,041,000 KRW
Fair Value1,204,862 KRW
Upside+15.7%
Quality75/100

A strong business, trading 14% below our fair value of 1,204,862 KRW.

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Strengths

Highly profitable · 91.6% net margin
Low debt · generates free cash flow
Ranks above peers (9/10)
Wide moat 92/100

Risks

!Expensive Growth (revenue 3y +32.3 %/yr)
!Evidence only medium, so the estimate is less certain
!The models disagree: range 437,158 KRW to 2,508,205 KRW
!Weak on dividend: 3 out of 100

For context

·0.15% dividend yield
Evidence: Medium Range 437,158 KRW – 2,508,205 KRW

Fair value as of: Sep 5, 2026

From 26 valuation models · updated today

Share price +1.6% over the past month.

What runs behind every stock

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

What matters now

  • The model range is unusually wide (437,158 KRW to 2,508,205 KRW). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • The price sits in the lower half of our model range, the side with the larger margin of safety.
  • Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.

Price vs Fair Value (5 years)

1,970,000 KRW 31,958 KRW Fair Value 1,204,862 KRW Nov 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 5, 2026.

How to read this chart

57‑month range 31,958 KRW – 1,970,000 KRW · fair‑value band 437,158 KRW – 2,508,205 KRW · the 1,041,000 KRW price screens below the 1,204,862 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 5, 2026.

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Analysis

SK Square Co Ltd (402340) currently trades at 1,041,000 KRW, while our model-based Fair Value estimate is 1,204,862 KRW, implying the stock looks roughly 13.6% undervalued today. The Quality Score stands at 75/100 (high quality), in the Technology sector. Bull case: the Growth Earnings group reads highest at a median of 3,383,482 KRW per share, and 14 of the 26 models we run sit above the 1,041,000 KRW price. Bear case: the Asset-Based group reads lowest at 140,480 KRW, and 12 of the 26 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, SK Square Co Ltd generated revenue of 17.0T KRW at a net margin of 91.6%. It earns a return on equity of 54.4%. Net debt stands at 1.0T KRW. Fundamentals as of Sep 5, 2026

Our scenario range runs from 437,158 KRW (bear case) to 2,508,205 KRW (bull case); at 1,041,000 KRW, the current price sits within 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 near its 52-week high, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at −59% fair-value upside, at 16%, 402340 screens cheaper 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
EPV best evidence 610,638 KRW 716,643 KRW 810,870 KRW 74
FCF DCF 57,168 KRW 86,089 KRW 180,657 KRW 71
Growth DCF 54,452 KRW 102,710 KRW 183,756 KRW 70
All 26 models by family
DCF Models
FCF DCF 57,168 KRW 86,089 KRW 180,657 KRW 71
Owner Earnings 1,129,486 KRW 2,633,138 KRW 5,930,950 KRW 65
5Y Revenue Exit 252,098 KRW 489,353 KRW 990,980 KRW 63
5Y EBITDA Exit 724,953 KRW 1,445,835 KRW 2,866,166 KRW 66
5Y P/E Exit 1,108,413 KRW 2,818,918 KRW 5,211,301 KRW 62
10Y Revenue Exit 190,550 KRW 549,477 KRW 822,673 KRW 60
10Y EBITDA Exit 556,688 KRW 1,591,721 KRW 3,513,798 KRW 57
10Y P/E Exit 842,906 KRW 2,436,925 KRW 5,202,716 KRW 54
Earnings-Based
Graham-Dodd 455,237 KRW 3,174,757 KRW 4,455,297 KRW 59
Lynch FV 1,640,192 KRW 2,343,131 KRW 3,046,071 KRW 57
PEG = 1.0 1,640,192 KRW 2,343,131 KRW 3,046,071 KRW 53
EPV best evidence 610,638 KRW 716,643 KRW 810,870 KRW 74
Dividend Discount
Gordon GGM 131.36 KRW 286.78 KRW 482.52 KRW 61
DDM Multi-Stage 131.36 KRW 234.92 KRW 298.87 KRW 62
Multiples
P/E Multiple 1,405,879 KRW 1,874,505 KRW 2,343,131 KRW 63
P/S Multiple 327,211 KRW 436,281 KRW 545,351 KRW 58
P/B Multiple 853,569 KRW 1,138,092 KRW 1,422,615 KRW 55
EV/EBIT 1,211,333 KRW 1,611,797 KRW 2,012,261 KRW 66
EV/EBITDA 919,470 KRW 1,222,646 KRW 1,525,822 KRW 67
EV/Revenue 287,575 KRW 406,561 KRW 525,547 KRW 54
Asset-Based
NCAV (Graham) 104,836 KRW 140,480 KRW 209,672 KRW 54
Growth DCF
Growth DCF 54,452 KRW 102,710 KRW 183,756 KRW 70
Rev-Margin DCF 280,967 KRW 557,259 KRW 1,130,749 KRW 63
Economic Profit
Residual Income 599,330 KRW 984,384 KRW 15,568,800 KRW 59
ROIC Compounder 832,838 KRW 1,353,450 KRW 1,970,322 KRW 65
Growth Earnings
Growth-Adj P/E 2,368,437 KRW 3,383,482 KRW 4,398,526 KRW 63

Widest divergence: Growth Earnings (3,383,482 KRW) versus Dividend Discount (234.92 KRW). Highest evidence: EPV (74).

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Key figures & financial health

P/S ratio 9.38 TTM
Dividend yield 0.1%
Net margin 84.4% FY2025
Return on equity 54.4% TTM
Return on assets (EBIT) 7.3% avg 5y
Operating margin 96.1% TTM
More key figures
Growth
Revenue (TTM) 17.0T KRW TTM
Revenue growth (YoY) +319% 3y avg +32.3%
EPS growth (YoY) +420%
Balance sheet & cash flow
Free cash flow 349B KRW FY2025
Net debt 1.0T KRW FY2022 · ≈ 3.0 yrs of FCF

Figures from reported company fundamentals · as of Sep 5, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 75/100

Of which business quality 70 · Market factors (momentum, volatility) 53

Profitability 75
Margins and returns on capital today
Quality Growth 83
Are margins and returns improving?
Cashflow 36
Earnings quality: real cash, not paper profit
Fin. Strength 83
Balance sheet, leverage, solvency risk
Investment 51
Disciplined investing over empire-building
Low Volatility 0
Calm price path (market factor)
Momentum 77
Price trend over the last 3–12 months (market factor)
52W Momentum 72
Distance to the 52-week high (market factor)
Net Issuance 96
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

SK Square Co., Ltd. invests in semiconductor, and information and communication technologies in South Korea, China, Asia, the United States, and Europe. SK Square Co., Ltd. was founded in 2021 and is headquartered in Icheon-si, South Korea.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

SK Square Co Ltd reported revenue of 10.5T KRW in FY2025 versus 1.1T KRW in FY2021, a compound +73.8%/yr. Reported net income was 8.8T KRW in FY2025, compounding +120.2%/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)
10.5T KRW
Latest YoY
+77.8%
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.
+32.3%
Value creation/yr (5Y, in KRW) Earnings growth per share (CAGR 5 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.
+90.8% (90.7 + 0.1)
Revenue +73.8%/yr
FY21 1.1T KRW
FY22 4.5T KRW
FY23 2.3T KRW
FY24 5.9T KRW
FY25 10.5T KRW
Net income +120.2%/yr
FY21 375B KRW
FY22 260B KRW
FY23 −1.3T KRW
FY24 3.7T KRW
FY25 8.8T KRW

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Cite: Fair Value Calculator (2026). "SK Square Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/402340

Peer Group

Semiconductors · 325 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 75 · Top 25%
Fair Value upside +16% · Top 25%
Return on equity (TTM) 54% · Top 25%
Return on assets 31% · Top 25%
Net margin (TTM) 92% · Top 25%
Operating margin (TTM) 96% · Top 25%
Revenue growth 319% · Top 25%
Dividend yield (TTM) 0.1% · Bottom 25%

Valuation Multiples vs Semiconductors median · lower = cheaper

P/FCF 0.3× · 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
VALUE54 · sector 0
FUTURE100 · sector 65
PAST100 · sector 25
HEALTH100 · sector 96
DIVIDEND3 · sector 18

Insider activity: 45/100

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 Semiconductors stocks, each showing price versus our Fair Value estimate (as of Sep 5, 2026).

Stock Price Fair Value vs Fair Value
NVIDIA Corporation NVDA $227.98 $98.98 −57%
Taiwan Semiconductor Manufacturing Company TSM $427.30 $296.10 −31%
Broadcom Inc AVGO $371.54 $118.27 −68%
SK hynix Inc 000660 1,647,000 KRW 1,481,291 KRW −10%
Micron Technology, Inc MU $932.86 $148.38 −84%
Advanced Micro Devices, Inc AMD $476.67 $55.02 −88%
Intel Corporation INTC $92.09 $35.41 −62%
Texas Instruments Incorporated TXN $266.54 $78.54 −71%
QUALCOMM Incorporated QCOM $164.78 $147.20 −11%
MediaTek Inc 2454 3,845 TWD 1,559 TWD −59%

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Frequently asked questions

Is SK Square Co Ltd (402340) overvalued or undervalued?
As of Sep 5, 2026, our model estimates a fair value of 1,204,862 KRW versus a price of 1,041,000 KRW, about +16% upside (undervalued).
What is the fair value of 402340?
Our model-based fair value for SK Square Co Ltd is 1,204,862 KRW (as of Sep 5, 2026), built from audited fundamentals. The current price: 1,041,000 KRW.
What is the quality score of 402340?
SK Square Co Ltd has a Quality Score of 75/100. 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 SK Square Co Ltd (402340)?
SK Square Co Ltd reported trailing-twelve-month revenue of about 17.0T KRW (latest available figure, as of Sep 5, 2026).
What is the net profit margin of 402340?
The net profit margin of SK Square Co Ltd is about 91.6%, meaning it keeps roughly 91.6% of revenue as net income. Based on the latest reported figures.
Does SK Square Co Ltd pay a dividend?
SK Square Co Ltd currently shows a dividend yield of about 0.15% relative to its recent price (as of Sep 5, 2026).
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