Heungkuk F&M I (000540) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Heungkuk F&M I stock KRW 6,040, price KRW 3,020, upside +100.0%, quality 62 out of 100. Rating: strongly undervalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range 2,835 KRW – 6,590 KRW · fair‑value band 4,931 KRW – 7,999 KRW · the 3,020 KRW price screens below the 6,040 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Heungkuk Fire&Marine Insurance Co., Ltd. engages in non-life insurance business.
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The company offers medical/health, children's, driver/accident, pension/savings, fire/property, car, and travel insurance products; and marine and special insurance, as well as long-term damage such as disease, injury, and property damage.
It also provides loan products; and engages in reinsurance business. The company was formerly known as Heungkuk Ssangyong Fire & Marine Insurance Co., Ltd. and changed its name to Heungkuk Fire&Marine Insurance Co., Ltd. in 2009.
Heungkuk Fire&Marine Insurance Co., Ltd. was founded in 1948 and is headquartered in Seoul, South Korea.
Stock analysis
Heungkuk F&M I (000540) currently trades at 3,020 KRW, while our model-based Fair Value estimate is 6,040 KRW, implying the stock looks roughly 50% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 17,243 KRW per share, and 6 of the 6 models we run sit above the 3,020 KRW price.
Bear case: the Dividend Discount group reads lowest at 3,595 KRW, and 0 of the 6 models stay below the price. Data coverage for this calculation is high.
Scenario range: 4,931 KRW (bear) to 7,999 KRW (bull), the price of 3,020 KRW sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 62/100 (solid quality), in the Financial Services sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
Heungkuk F&M I reported revenue of 3.0T KRW in FY2025 versus 2.9T KRW in FY2021, a compound +1.1%/yr. Reported net income was 152B KRW in FY2025, compounding +25.0%/yr from FY2021.
Key figures
Market cap 194B KRW (≈ $143M) Micro · P/E ratio 4.5 · P/S ratio 0.06 · EPS (TTM) 656.33 KRW · Dividend yield 10.7% · Net margin 2.9% · Return on equity 15.2% · Return on assets (EBIT) 0.7% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 45 out of 100 (low confidence).
What moves the price
The share trades about 54% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −22% fair-value upside, at 100%, 000540 screens cheaper than that median.
Fair Value models
Bear4,931 KRWFair Value 6,040 KRWBull7,999 KRW
Price 3,020 KRW · Upside +100.0%
Capped: our models arrive at a very high value here. We deliberately show a more cautious Fair Value.
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (562.82 KRW per share) are deliberately not added.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
+9.4%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+5.7%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+0.8%
Start year 2020 (pandemic). Over 10 years: −0.3% a year
Revenue growth 22 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+7.8%
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What shareholders gained per year (last 5 years), in KRW ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. 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.
+42.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+31.6%
Dividend (yield on the price)10.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.31.6% vs 17.5%, picking up
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 5.0%/yr over ~7Y (margin trend unclear) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Insurance - Property & Casualty · 100 stocks
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Heungkuk F&M I Fair Value". https://www.fairvalue-calculator.com/stock/000540
Frequently asked questions
Is Heungkuk F&M I (000540) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of 6,040 KRW versus a price of 3,020 KRW, about +100% upside (undervalued).
What is the fair value of 000540?
Our model-based fair value for Heungkuk F&M I is 6,040 KRW (as of Nov 8, 2026), built from audited fundamentals. The current price: 3,020 KRW.
What is the quality score of 000540?
Heungkuk F&M I has a Quality Score of 62/100. 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 price target for Heungkuk F&M I (000540)?
Our model-based price target is the fair value of 6,040 KRW (as of Nov 8, 2026) from 6 valuation models. Cautious scenario 4,931 KRW, optimistic scenario 7,999 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Heungkuk F&M I stock forecast for 2026?
Our models put fair value at 6,040 KRW, about +100% upside versus a price of 3,020 KRW (undervalued). Cautious scenario 4,931 KRW, optimistic scenario 7,999 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Heungkuk F&M I (000540)?
Heungkuk F&M I reported trailing-twelve-month revenue of about 3.1T KRW (latest available figure, as of Nov 8, 2026).
Does Heungkuk F&M I pay a dividend?
Heungkuk F&M I currently shows a dividend yield of 10.74% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Heungkuk F&M I (000540)?
Heungkuk F&M I has a dividend yield of 10.7%.
What is the intrinsic value of Heungkuk F&M I (000540)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Heungkuk F&M I it is 6,040 KRW per share (as of Nov 8, 2026), against a price of 3,020 KRW. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Heungkuk F&M I stock overvalued or undervalued in 2026?
As of Nov 8, 2026, 000540 trades below its calculated fair value: price 3,020 KRW, fair value 6,040 KRW, a gap of about +100% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 000540?
No. The price is what the market pays today (3,020 KRW); the fair value is what the company's own numbers justify (6,040 KRW). For Heungkuk F&M I the two are 3,020 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Heungkuk F&M I worth?
The market values Heungkuk F&M I at about 194B KRW (market capitalisation, as of Nov 8, 2026). Per share that is 3,020 KRW; our models calculate a fair value of 6,040 KRW per share.
What do the bullish and bearish scenarios say about 000540?
Our models span a range for Heungkuk F&M I: cautious scenario 4,931 KRW, base 6,040 KRW, optimistic 7,999 KRW per share (as of Nov 8, 2026, price 3,020 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 000540?
Heungkuk F&M I trades at a price-to-earnings ratio of 4.5 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 6,040 KRW is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 3.9. Other multiples: P/B 0.2, P/S 0.1, EV/EBITDA 1.2.
How solid is the balance sheet of Heungkuk F&M I (000540)?
Balance-sheet figures for Heungkuk F&M I (as of Nov 8, 2026): return on equity 15.2%, debt of 0.32 per unit of equity. They feed the Quality Score of 62/100, which measures business quality independently of the share price.
How far is 000540 from its 52-week high?
Heungkuk F&M I trades at 3,020 KRW, about 54% below its 52-week high of 6,590 KRW and 4% above the low of 2,910 KRW (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 6,040 KRW is for.
Which stocks are comparable to Heungkuk F&M I?
From the same area (Financial Services) we also value Chubb Limited, The Progressive Corporation, The Travelers Companies, Inc, The Allstate Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Heungkuk F&M I stock attractive at the current price?
The data as of Nov 8, 2026: price 3,020 KRW, calculated fair value 6,040 KRW (+100%), Quality Score 62/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 000540 calculated?
We run Heungkuk F&M I through 6 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of 6,040 KRW builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Heungkuk F&M I currently trades 50% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Heungkuk F&M I (000540)?
The closing price on Nov 6, 2026 was 3,020 KRW. Our model-based fair value is 6,040 KRW, about +100% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Heungkuk F&M I right now?
The price is below even our cautious bear case (4,931 KRW). The market is more pessimistic than our downside scenario. Solid quality (62/100) at a price below fair value, the discount is the argument here, not the business quality. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of Heungkuk F&M I
How large is the market capitalisation of Heungkuk F&M I (000540)?
The market capitalisation of Heungkuk F&M I is 194B KRW (≈ $143M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Heungkuk F&M I (000540)?
The price-to-sales ratio of Heungkuk F&M I is 0.06 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Heungkuk F&M I (000540)?
Earnings per share at Heungkuk F&M I are 656.33 KRW (price ÷ EPS = P/E 4.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Heungkuk F&M I (000540)?
The dividend yield of Heungkuk F&M I is 10.7% (payout 49.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Heungkuk F&M I (000540)?
The net margin of Heungkuk F&M I is 2.9% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Heungkuk F&M I (000540)?
The return on equity (ROE) of Heungkuk F&M I is 15.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Heungkuk F&M I (000540)?
On an EBIT basis the return on assets of Heungkuk F&M I is 0.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Heungkuk F&M I (000540)?
The operating margin of Heungkuk F&M I is 14.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Heungkuk F&M I (000540)?
Revenue at Heungkuk F&M I is growing +12.0% versus a year earlier (3y avg +5.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Heungkuk F&M I (000540)?
Earnings per share at Heungkuk F&M I are growing +363% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Heungkuk F&M I (000540) generate?
The free cash flow of Heungkuk F&M I is 728B KRW (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Heungkuk F&M I (000540) carry?
The net debt of Heungkuk F&M I is 125B KRW (fiscal year 2025, ≈ 0.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 8, 2026