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Heungkuk F&M I (000540) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Heungkuk F&M I KRW 6,860, price KRW 3,430, upside +100.0%, quality 67 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
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Financial Services · KR · ISIN KR7000540005

HF Some data Sep 24, 2026

Heungkuk F&M I

000540 · KO

Clearly undervaluedStrong Fair Value upside, but quality is only moderate.

✓Fair value 6,860 KRW · Strongly undervalued (+100%)
✓Quality 67/100
!Weak Growth (revenue 5y +0.8 %/yr)
!Thin margins · 2.9% net margin (TTM)
✓Low debt · generates free cash flow
✓Ranks above peers (7/10)
!Moderate moat 45/100
!Evidence only medium, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

Price vs Fair Value

6,590 KRW 2,835 KRW Fair Value 6,860 KRW Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range 2,835 KRW – 6,590 KRW · fair‑value band 5,145 KRW – 8,575 KRW · the 3,430 KRW price screens below the 6,860 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Heungkuk Fire&Marine Insurance Co., Ltd. engages in non-life insurance business. 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.

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Heungkuk Fire&Marine Insurance Co., Ltd. engages in non-life insurance business. 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 3,430 KRW, while our model-based Fair Value estimate is 6,860 KRW, implying the stock looks roughly 50.0% undervalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of 18,237 KRW per share, and 4 of the 4 models we run sit above the 3,430 KRW price.

Bear case: the Asset-Based group reads lowest at 8,728 KRW, and 0 of the 4 models stay below the price. Evidence for this calculation is medium.

Scenario range: 5,145 KRW (bear) to 8,575 KRW (bull), the price of 3,430 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 67/100 (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 220B KRW (≈ $154M) · P/S ratio 0.07 · Dividend yield 10.8% · Net margin 5.0% · Return on equity 15.2% · Return on assets (EBIT) 0.7% · Operating margin 14.1% · Revenue (TTM) 3.1T KRW.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (low confidence).

What moves the price

The share trades about 48% below its 52-week high and 14% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −10% fair-value upside, at 100%, 000540 screens cheaper than that median.

Fair Value models

Bear 5,145 KRW Fair Value 6,860 KRW Bull 8,575 KRW
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single 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 ⓘEvidence = 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.
Highest evidence
Residual Income 12,639 KRW 16,136 KRW 37,253 KRW 70
P/E Multiple 23,022 KRW 30,695 KRW 38,369 KRW 63
P/B Multiple 13,678 KRW 18,237 KRW 22,797 KRW 55
All 4 models by family
Multiples
P/E Multiple 23,022 KRW 30,695 KRW 38,369 KRW 63
P/B Multiple 13,678 KRW 18,237 KRW 22,797 KRW 55
Asset-Based
NCAV (Graham) 6,513 KRW 8,728 KRW 13,027 KRW 54
Economic Profit
Residual Income 12,639 KRW 16,136 KRW 37,253 KRW 70

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Quality Score breakdown

Overall quality 67/100

Of which business quality 57 · Market factors (momentum, volatility) 28

Profitability 28
Margins and returns on capital today
Quality Growth 66
Are margins and returns improving?
Cashflow 96
Earnings quality: real cash, not paper profit
Fin. Strength 4
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 49
Calm price path (market factor)
Momentum 22
Price trend over the last 3–12 months (market factor)
52W Momentum 14
Distance to the 52-week high (market factor)
Net Issuance 82
Share count: buybacks or dilution?

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Revenue & earnings trend

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%
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.
+42.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+31.6%
Dividend (yield on the price)10.8%
Profit margin 2012 to 2017 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.3% → 6%
⚠ Revenue per share shrinking 5.8%/yr over ~6Y (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.

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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 · 119 stocks

Beats the industry median on 7/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 62 · Above median
Fair Value upside +100% · Top 25%
Profitability
Return on equity (TTM) 15% · Above median
Return on assets 2% · Bottom 25%
Net margin (TTM) 3% · Bottom 25%
Operating margin (TTM) 14% · Above median
Growth and dividend
Revenue growth 12% · Top 25%
Dividend yield (TTM) 10.8% · Top 25%
Balance sheet
Debt / equity 0.32× · Highest 25%

Valuation Multiplesvs Insurance - Property & Casualty median · lower = cheaper

P/FCF 0.0× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 20
FUTURE (revenue growth)60 · sector 32
PAST (return on equity)61 · sector 56
HEALTH (low debt)84 · sector 91
DIVIDEND (yield)100 · sector 50

Context: sector, industry, market

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 Insurance - Property & Casualty stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
The Progressive Corporation PGR $206.94 $160.25 −23%
Chubb Limited CB $335.21 $234.73 −30%
The Travelers Companies, Inc TRV $360.39 $274.42 −24%
The Allstate Corporation ALL $225.66 $316.11 +40%
The People's Insurance Company 601319 ¥8.07 ¥9.25 +15%
PICC Property and Casualty Company 2328 HK$16.84 HK$18.92 +12%
Intact Financial Corporation IFC C$254.29 C$167.46 −34%
Fairfax Financial Holdings FFH C$2,223 C$3,241 +46%
Cincinnati Financial Corporation CINF $162.57 $146.70 −10%
W. R. Berkley Corporation WRB $67.67 $47.08 −30%

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Heungkuk F&M I · Fair Value
6,860 KRW +50%Fair Value
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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 Sep 24, 2026, our model estimates a fair value of 6,860 KRW versus a price of 3,430 KRW, about +100% upside (undervalued).
What is the fair value of 000540?
Our model-based fair value for Heungkuk F&M I is 6,860 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 3,430 KRW.
What is the quality score of 000540?
Heungkuk F&M I has a Quality Score of 67/100. 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 6,860 KRW (as of Sep 24, 2026) from 4 valuation models. Cautious scenario 5,145 KRW, optimistic scenario 8,575 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 6,860 KRW, about +100% upside versus a price of 3,430 KRW (undervalued). Cautious scenario 5,145 KRW, optimistic scenario 8,575 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 Sep 24, 2026).
Does Heungkuk F&M I pay a dividend?
Heungkuk F&M I currently shows a dividend yield of about 10.83% relative to its recent price (as of Sep 24, 2026).
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 6,860 KRW per share (as of Sep 24, 2026), against a price of 3,430 KRW. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Heungkuk F&M I stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 000540 trades below its calculated fair value: price 3,430 KRW, fair value 6,860 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 (3,430 KRW); the fair value is what the company's own numbers justify (6,860 KRW). For Heungkuk F&M I the two are 3,430 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 220B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 3,430 KRW; our models calculate a fair value of 6,860 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 5,145 KRW, base 6,860 KRW, optimistic 8,575 KRW per share (as of Sep 24, 2026, price 3,430 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Heungkuk F&M I (000540)?
Balance-sheet figures for Heungkuk F&M I (as of Sep 24, 2026): return on equity 15.2%, debt of 0.32 per unit of equity. They feed the Quality Score of 67/100, which measures business quality independently of the share price.
How far is 000540 from its 52-week high?
Heungkuk F&M I trades at 3,430 KRW, about 48% below its 52-week high of 6,590 KRW and 14% above the low of 3,000 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 6,860 KRW is for.
Which stocks are comparable to Heungkuk F&M I?
From the same area (Financial Services) we also value The Progressive Corporation, Chubb Limited, 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 Sep 24, 2026: price 3,430 KRW, calculated fair value 6,860 KRW (+100%), Quality Score 67/100, from 4 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 4 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 6,860 KRW, 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. Heungkuk F&M I currently trades 100 % 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 Sep 23, 2026 was 3,430 KRW. Our model-based fair value is 6,860 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 (5,145 KRW). The market is more pessimistic than our downside scenario. Solid quality (67/100) 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 220B KRW (≈ $154M). 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 0.07 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of Heungkuk F&M I (000540)?
The dividend yield of Heungkuk F&M I is 10.8%. 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 5.0% (fiscal year 2025). 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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