SEOUL GUARANTEE INSURANCE (031210) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of SEOUL GUARANTEE INSURANCE stock KRW 56,720, price KRW 44,000, upside +28.9%, quality 62 out of 100. Rating: 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 7, 2026.
How to read this chart
20‑month range 27,137 KRW – 58,014 KRW · fair‑value band 55,890 KRW – 72,110 KRW · the 44,000 KRW price screens below the 56,720 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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Seoul Guarantee Insurance Co., Ltd., together with its subsidiaries, engages in non-life insurance and other related operations to individuals and corporates in South Korea and internationally.
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The company offers surety insurance, credit insurance, reinsurance and related asset management, etc.; contract, non-contract, and financial guarantee bonds; and commercial credit insurance, such as mobile phone contracts and credit sales.
It also engages in collection of receivables; and insurance management and brokerage. The company was formerly known as Korea Fidelity & Surety Co., Ltd. and changed its name to Seoul Guarantee Insurance Co., Ltd. in November 1998.
Seoul Guarantee Insurance Co., Ltd. was incorporated in 1969 and is headquartered in Seoul, South Korea.
Stock analysis
SEOUL GUARANTEE INSURANCE (031210) currently trades at 44,000 KRW, while our model-based Fair Value estimate is 56,720 KRW, implying the stock looks roughly 22% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 75,461 KRW per share, and 4 of the 6 models we run sit above the 44,000 KRW price.
Bear case: the Dividend Discount group reads lowest at 36,125 KRW, and 2 of the 6 models stay below the price. Data coverage for this calculation is high.
Scenario range: 55,890 KRW (bear) to 72,110 KRW (bull), the price of 44,000 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.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
SEOUL GUARANTEE INSURANCE reported revenue of 2.3T KRW in FY2025 versus 1.9T KRW in FY2021, a compound +4.8%/yr. Reported net income was 268B KRW in FY2025, compounding −12.4%/yr from FY2021.
Key figures
Market cap 3.1T KRW (≈ $2.3B) Mid · P/E ratio 9.4 · P/S ratio 1.23 · EPS (TTM) 4,398 KRW · Dividend yield 7.5% · Net margin 12.3% · Return on equity 6.0% · Return on assets 2.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 45 out of 100 (medium confidence).
What moves the price
The share trades about 24% below its 52-week high and 11% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −31% fair-value upside, at 29%, 031210 screens cheaper than that median.
Fair Value models
Bear55,890 KRWFair Value 56,720 KRWBull72,110 KRW
Price 44,000 KRW · Upside +28.9%
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 (943.07 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.72/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+3.3%
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.
+4.3%
’21
’22
’23
’24
’25
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.
−2.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−10.1%
Dividend (yield on the price)7.5%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−3.3%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect
n/a
No analyst forecast available.
After inflation (South Korea: IMF forecast 2.1% a year to 2030, 2.1% from 2016 to 2025) that is about −5.3% a year for the price.
Compare SEOUL GUARANTEE INSURANCE with another stock
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 - Diversified · 73 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score62 · Above median
Fair Value upside+28.9% · Top 25%
Profitability
Return on equity (12 months)6.0% · Bottom 25%
Return on assets2.9% · Above median
Net margin (12 months)12.3% · Above median
Operating margin (12 months)15.2% · Above median
Growth and dividend
Revenue growth (quarter YoY)−5.6% · Bottom 25%
Dividend yield (12 months)7.5% · Top 25%
Balance sheet
Debt / equity0.01× · Lowest 25%
Valuation Multiplesvs Insurance - Diversified median · lower = cheaper
P/E (12 months)9.4× · Cheaper than median
P/B0.59× · Cheapest 25%
P/S (12 months)1.23× · Pricier than median
Price / free cash flow (fiscal year)9.8× · Cheaper than median
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Is SEOUL GUARANTEE INSURANCE (031210) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of 56,720 KRW versus a price of 44,000 KRW, about +29% upside (undervalued).
What is the fair value of 031210?
Our model-based fair value for SEOUL GUARANTEE INSURANCE is 56,720 KRW (as of Nov 7, 2026), built from audited fundamentals. The current price: 44,000 KRW.
What is the quality score of 031210?
SEOUL GUARANTEE INSURANCE 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 SEOUL GUARANTEE INSURANCE (031210)?
Our model-based price target is the fair value of 56,720 KRW (as of Nov 7, 2026) from 6 valuation models. Cautious scenario 55,890 KRW, optimistic scenario 72,110 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the SEOUL GUARANTEE INSURANCE stock forecast for 2026?
Our models put fair value at 56,720 KRW, about +29% upside versus a price of 44,000 KRW (undervalued). Cautious scenario 55,890 KRW, optimistic scenario 72,110 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of SEOUL GUARANTEE INSURANCE (031210)?
SEOUL GUARANTEE INSURANCE reported trailing-twelve-month revenue of about 2.5T KRW (latest available figure, as of Nov 7, 2026).
Does SEOUL GUARANTEE INSURANCE pay a dividend?
SEOUL GUARANTEE INSURANCE currently shows a dividend yield of 7.49% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of SEOUL GUARANTEE INSURANCE (031210) and when is the ex-dividend date?
SEOUL GUARANTEE INSURANCE pays a dividend of 3,295 KRW per share a year, a dividend yield of 7.5%. The last ex-dividend date was Aug 25, 2026. The payout ratio is 74.9% of earnings. Free cash flow covers the dividend 1.36 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into SEOUL GUARANTEE INSURANCE (031210)?
For today's price to be fair in a discounted-cash-flow model, SEOUL GUARANTEE INSURANCE would have to grow free cash flow by -3.3 % per year for five years (discount rate 10.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 4 years revenue grew +4.9 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of 031210 use?
Our models discount SEOUL GUARANTEE INSURANCE at 10.1 %: a base by market capitalisation (mid), country premium for South Korea. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For SEOUL GUARANTEE INSURANCE that is -3.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.1 %) and the same formula as our fair value.
How much growth has SEOUL GUARANTEE INSURANCE (031210) delivered so far?
Over the past 4 years revenue at SEOUL GUARANTEE INSURANCE grew +4.9 % a year. The price currently implies free-cash-flow growth of -3.3 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of SEOUL GUARANTEE INSURANCE (031210) growing?
The median revenue growth in the sector is +6.0 % a year. That is the yardstick for the growth priced into SEOUL GUARANTEE INSURANCE (-3.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of SEOUL GUARANTEE INSURANCE (031210)?
The free-cash-flow yield on the price is 10.19 %: that much free cash flow SEOUL GUARANTEE INSURANCE produces per unit of market value. When it exceeds the discount rate of our models (10.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of SEOUL GUARANTEE INSURANCE (031210)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For SEOUL GUARANTEE INSURANCE it is 56,720 KRW per share (as of Nov 7, 2026), against a price of 44,000 KRW. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is SEOUL GUARANTEE INSURANCE stock overvalued or undervalued in 2026?
As of Nov 7, 2026, 031210 trades below its calculated fair value: price 44,000 KRW, fair value 56,720 KRW, a gap of about +29% (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 031210?
No. The price is what the market pays today (44,000 KRW); the fair value is what the company's own numbers justify (56,720 KRW). For SEOUL GUARANTEE INSURANCE the two are 12,720 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is SEOUL GUARANTEE INSURANCE worth?
The market values SEOUL GUARANTEE INSURANCE at about 3.1T KRW (market capitalisation, as of Nov 7, 2026). Per share that is 44,000 KRW; our models calculate a fair value of 56,720 KRW per share.
What do the bullish and bearish scenarios say about 031210?
Our models span a range for SEOUL GUARANTEE INSURANCE: cautious scenario 55,890 KRW, base 56,720 KRW, optimistic 72,110 KRW per share (as of Nov 7, 2026, price 44,000 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 031210?
SEOUL GUARANTEE INSURANCE trades at a price-to-earnings ratio of 9.4 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 56,720 KRW is built from several models across several years. Other multiples: P/B 0.6, P/S 1.2, EV/EBITDA 5.8.
How solid is the balance sheet of SEOUL GUARANTEE INSURANCE (031210)?
Balance-sheet figures for SEOUL GUARANTEE INSURANCE (as of Nov 7, 2026): return on equity 6.0%, debt of 0.01 per unit of equity. They feed the Quality Score of 62/100, which measures business quality independently of the share price.
How far is 031210 from its 52-week high?
SEOUL GUARANTEE INSURANCE trades at 44,000 KRW, about 24% below its 52-week high of 58,014 KRW and 11% above the low of 39,697 KRW (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 56,720 KRW is for.
Which stocks are comparable to SEOUL GUARANTEE INSURANCE?
From the same area (Financial Services) we also value Allianz SE, Zurich Insurance Group, AXA SA, Assicurazioni Generali S.p.A, 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 SEOUL GUARANTEE INSURANCE stock attractive at the current price?
The data as of Nov 7, 2026: price 44,000 KRW, calculated fair value 56,720 KRW (+29%), 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 031210 calculated?
We run SEOUL GUARANTEE INSURANCE through 6 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of 56,720 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 13.0% above its aggregate fair value. SEOUL GUARANTEE INSURANCE currently trades 22% 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 SEOUL GUARANTEE INSURANCE (031210)?
The closing price on Nov 6, 2026 was 44,000 KRW. Our model-based fair value is 56,720 KRW, about +29% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with SEOUL GUARANTEE INSURANCE right now?
The price is below even our cautious bear case (55,890 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 SEOUL GUARANTEE INSURANCE
How large is the market capitalisation of SEOUL GUARANTEE INSURANCE (031210)?
The market capitalisation of SEOUL GUARANTEE INSURANCE is 3.1T KRW (≈ $2.3B). 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 SEOUL GUARANTEE INSURANCE (031210)?
The price-to-sales ratio of SEOUL GUARANTEE INSURANCE is 1.23 (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 SEOUL GUARANTEE INSURANCE (031210)?
Earnings per share at SEOUL GUARANTEE INSURANCE are 4,398 KRW (price ÷ EPS = P/E 9.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of SEOUL GUARANTEE INSURANCE (031210)?
The dividend yield of SEOUL GUARANTEE INSURANCE is 7.5% (payout 74.9%). 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 SEOUL GUARANTEE INSURANCE (031210)?
The net margin of SEOUL GUARANTEE INSURANCE is 12.3% (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 SEOUL GUARANTEE INSURANCE (031210)?
The return on equity (ROE) of SEOUL GUARANTEE INSURANCE is 6.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the return on assets of SEOUL GUARANTEE INSURANCE (031210)?
The return on assets (ROA) of SEOUL GUARANTEE INSURANCE is 2.9% (last twelve months). Profit relative to everything the company owns. Harder to inflate than return on equity because debt does not boost it.
What is the operating margin of SEOUL GUARANTEE INSURANCE (031210)?
The operating margin of SEOUL GUARANTEE INSURANCE is 15.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at SEOUL GUARANTEE INSURANCE (031210)?
Revenue at SEOUL GUARANTEE INSURANCE is growing −5.6% versus a year earlier (3y avg +4.3%). 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 SEOUL GUARANTEE INSURANCE (031210)?
Earnings per share at SEOUL GUARANTEE INSURANCE are growing +0.9% versus a year earlier. How much earnings per share grew versus a year earlier.
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Broad data
Nov 7, 2026