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Korean Reinsu (003690) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Korean Reinsu KRW 26,443, price KRW 14,670, upside +80.3%, quality 55 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 KR7003690005

KR Some data Sep 24, 2026

Korean Reinsu

003690 · KO

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

✓Fair value 26,443 KRW · Strongly undervalued (+80%)
!Quality 55/100
!Weak Growth (revenue 5y −7.6 %/yr)
✓Solidly profitable · 10.0% net margin (TTM)
✓generates free cash flow
·3.89% dividend yield
!Mixed vs. peers (4/9)
!Moderate moat 49/100
!Evidence only medium, so the estimate is less certain
!Weak on future: 23 out of 100
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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

15,470 KRW 3,279 KRW Fair Value 26,443 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 3,279 KRW – 15,470 KRW · fair‑value band 24,654 KRW – 29,770 KRW · the 14,670 KRW price screens below the 26,443 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

Korean Reinsurance Company, a reinsurance company, provides life and non-life reinsurance products in Korea and internationally.

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Korean Reinsurance Company, a reinsurance company, provides life and non-life reinsurance products in Korea and internationally. The company offers property insurance products, such as fire, property all risks, inland floater, and museum; engineering insurance products, including contractor's and erection all risks, machinery, electric equipment, civil engineering completed risk, contractor's plant and machinery, and comprehensive machinery; marine insurance products comprising hull, cargo, and aviation; and casualty insurance products, such as general and professional liability, workers compensation, personal accident, guarantee, and other specialty insurance. It also provides life reinsurance, including insurance against death such as term and permanent insurance; health, critical illness, cancer, and care insurance; and other insurance accidents, juvenile, and insurance for people with medical condition. Korean Reinsurance Company was incorporated in 1963 and is based in Seoul, South Korea.

Stock analysis

Korean Reinsu (003690) currently trades at 14,670 KRW, while our model-based Fair Value estimate is 26,443 KRW, implying the stock looks roughly 44.5% undervalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of 34,116 KRW per share, and 4 of the 6 models we run sit above the 14,670 KRW price.

Bear case: the Dividend Discount group reads lowest at 11,245 KRW, and 2 of the 6 models stay below the price. Evidence for this calculation is medium.

Scenario range: 24,654 KRW (bear) to 29,770 KRW (bull), the price of 14,670 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 55/100 (solid quality), in the Financial Services sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Korean Reinsu reported revenue of 4.3T KRW in FY2025 versus 6.7T KRW in FY2021, a compound −10.2%/yr. Reported net income was 322B KRW in FY2025, compounding +20.4%/yr from FY2021.

Key figures

Market cap 2.6T KRW (≈ $1.8B) · P/S ratio 0.37 · Dividend yield 3.9% · Net margin 7.4% · Return on equity 12.3% · Return on assets (EBIT) 2.2% · Operating margin 12.9% · Revenue (TTM) 4.4T KRW.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).

What moves the price

The share trades about 5% below its 52-week high and 47% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at 24% fair-value upside, at 80%, 003690 screens cheaper than that median.

Fair Value models

Bear 24,654 KRW Fair Value 26,443 KRW Bull 29,770 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 24,052 KRW 25,564 KRW 27,817 KRW 76
Gordon GGM 8,392 KRW 11,552 KRW 14,448 KRW 69
DDM Multi-Stage 8,392 KRW 11,245 KRW 14,118 KRW 67
All 6 models by family
Dividend Discount
Gordon GGM 8,392 KRW 11,552 KRW 14,448 KRW 69
DDM Multi-Stage 8,392 KRW 11,245 KRW 14,118 KRW 67
Multiples
P/E Multiple 25,587 KRW 34,116 KRW 42,645 KRW 63
P/B Multiple 31,517 KRW 42,022 KRW 52,528 KRW 55
Asset-Based
NCAV (Graham) 15,008 KRW 20,111 KRW 30,016 KRW 51
Economic Profit
Residual Income 24,052 KRW 25,564 KRW 27,817 KRW 76

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Quality Score breakdown

Overall quality 55/100

Of which business quality 57 · Market factors (momentum, volatility) 73

Profitability 28
Margins and returns on capital today
Quality Growth 23
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 59
Balance sheet, leverage, solvency risk
Investment 85
Disciplined investing over empire-building
Low Volatility 76
Calm price path (market factor)
Momentum 65
Price trend over the last 3–12 months (market factor)
52W Momentum 82
Distance to the 52-week high (market factor)
Net Issuance 48
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 is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−4.6%
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.
−2.4%
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.
−7.6%
Start year 2020 (pandemic). Over 10 years: −1.1% a year
Revenue growth 26 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.
+3.4%
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.
+7.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.0%
Dividend (yield on the price)3.9%
Profit margin 2013 to 2018 ⓘ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.4% → 1%
⚠ Revenue per share shrinking 18.1%/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 - Reinsurance · 28 stocks

Beats the industry median on 4/9 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 57 · Above median
Fair Value upside +80% · Top 25%
Profitability
Return on equity (TTM) 12% · Below median
Return on assets 2% · Below median
Net margin (TTM) 10% · Below median
Operating margin (TTM) 13% · Below median
Growth and dividend
Revenue growth 5% · Above median
Dividend yield (TTM) 3.9% · Below median

Valuation Multiplesvs Insurance - Reinsurance 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 47
FUTURE (revenue growth)23 · sector 0
PAST (return on equity)49 · sector 57
HEALTH (low debt)0 · sector 89
DIVIDEND (yield)78 · sector 94

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 - Reinsurance stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
MUV2 MUV2 €501.80 €433.82 −14%
Swiss Re AG SREN CHF 138.55 CHF 123.74 −11%
Hannover Rück SE HNR1 €252.60 €207.39 −18%
Reinsurance Group RGA $245.82 $198.02 −19%
Everest Group EG $370.96 $410.85 +11%
RenaissanceRe Holdings RNR $325.90 $563.91 +73%
General Insurance Corporation GICRE ₹344.15 ₹427.20 +24%
SCOR SE SCR €32.16 €39.93 +24%
China Reinsurance (Group) Corporation 1508 HK$1.21 HK$2.42 +100%
Hamilton Insurance Group HG $33.74 $52.40 +55%

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Korean Reinsu · Fair Value
26,443 KRW +45%Fair Value
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Cite: Fair Value Calculator (2026). "Korean Reinsu Fair Value". https://www.fairvalue-calculator.com/stock/003690

Frequently asked questions

Is Korean Reinsu (003690) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 26,443 KRW versus a price of 14,670 KRW, about +80% upside (undervalued).
What is the fair value of 003690?
Our model-based fair value for Korean Reinsu is 26,443 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 14,670 KRW.
What is the quality score of 003690?
Korean Reinsu has a Quality Score of 55/100. 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 Korean Reinsu (003690)?
Our model-based price target is the fair value of 26,443 KRW (as of Sep 24, 2026) from 6 valuation models. Cautious scenario 24,654 KRW, optimistic scenario 29,770 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Korean Reinsu stock forecast for 2026?
Our models put fair value at 26,443 KRW, about +80% upside versus a price of 14,670 KRW (undervalued). Cautious scenario 24,654 KRW, optimistic scenario 29,770 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Korean Reinsu (003690)?
Korean Reinsu reported trailing-twelve-month revenue of about 4.4T KRW (latest available figure, as of Sep 24, 2026).
Does Korean Reinsu pay a dividend?
Korean Reinsu currently shows a dividend yield of about 3.89% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Korean Reinsu (003690)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Korean Reinsu it is 26,443 KRW per share (as of Sep 24, 2026), against a price of 14,670 KRW. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Korean Reinsu stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 003690 trades below its calculated fair value: price 14,670 KRW, fair value 26,443 KRW, a gap of about +80% (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 003690?
No. The price is what the market pays today (14,670 KRW); the fair value is what the company's own numbers justify (26,443 KRW). For Korean Reinsu the two are 11,773 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Korean Reinsu worth?
The market values Korean Reinsu at about 2.6T KRW (market capitalisation, as of Sep 24, 2026). Per share that is 14,670 KRW; our models calculate a fair value of 26,443 KRW per share.
What do the bullish and bearish scenarios say about 003690?
Our models span a range for Korean Reinsu: cautious scenario 24,654 KRW, base 26,443 KRW, optimistic 29,770 KRW per share (as of Sep 24, 2026, price 14,670 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Korean Reinsu (003690)?
Balance-sheet figures for Korean Reinsu (as of Sep 24, 2026): return on equity 12.3%. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is 003690 from its 52-week high?
Korean Reinsu trades at 14,670 KRW, about 5% below its 52-week high of 15,470 KRW and 47% above the low of 10,012 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 26,443 KRW is for.
Which stocks are comparable to Korean Reinsu?
From the same area (Financial Services) we also value MUV2, Swiss Re AG, Hannover Rück SE, Reinsurance Group, 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 Korean Reinsu stock attractive at the current price?
The data as of Sep 24, 2026: price 14,670 KRW, calculated fair value 26,443 KRW (+80%), Quality Score 55/100, 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 003690 calculated?
We run Korean Reinsu through 6 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 26,443 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 14.1 % above its aggregate fair value. Korean Reinsu currently trades 80 % 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 Korean Reinsu (003690)?
The closing price on Sep 23, 2026 was 14,670 KRW. Our model-based fair value is 26,443 KRW, about +80% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Korean Reinsu right now?
The price is below even our cautious bear case (24,654 KRW). The market is more pessimistic than our downside scenario. Solid quality (55/100) 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 Korean Reinsu

How large is the market capitalisation of Korean Reinsu (003690)?
The market capitalisation of Korean Reinsu is 2.6T KRW (≈ $1.8B). 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 Korean Reinsu (003690)?
The price-to-sales ratio of Korean Reinsu is 0.37 (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 Korean Reinsu (003690)?
The dividend yield of Korean Reinsu is 3.9%. 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 Korean Reinsu (003690)?
The net margin of Korean Reinsu is 7.4% (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 Korean Reinsu (003690)?
The return on equity (ROE) of Korean Reinsu is 12.3% (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 Korean Reinsu (003690)?
On an EBIT basis the return on assets of Korean Reinsu is 2.2% (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 Korean Reinsu (003690)?
The operating margin of Korean Reinsu is 12.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Korean Reinsu (003690)?
Revenue at Korean Reinsu is growing +4.5% versus a year earlier (3y avg −2.4%). 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 Korean Reinsu (003690)?
Earnings per share at Korean Reinsu are growing +222% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Korean Reinsu (003690) generate?
The free cash flow of Korean Reinsu is 1.7T KRW (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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