Kyungdong Gas (012320) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Kyungdong Gas KRW 72,638, price KRW 44,350, upside +63.8%, quality 52 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
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 26,972 KRW – 150,268 KRW · fair‑value band 64,005 KRW – 100,403 KRW · the 44,350 KRW price screens below the 72,638 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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Kyungdong Invest Co., Ltd primarily engages in the supply of city gas in South Korea. The company supplies gas to households through pipelines, as well as compressed natural gas fuel to natural gas bus vehicles in Ulsan Metropolitan and Yangsan cities.
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Kyungdong Invest Co., Ltd primarily engages in the supply of city gas in South Korea. The company supplies gas to households through pipelines, as well as compressed natural gas fuel to natural gas bus vehicles in Ulsan Metropolitan and Yangsan cities. It also produces anthracite coal and biomass; engages in energy conservation activities; and offers energy diagnosis systems, gas heating and cooling systems, and gas cogeneration systems. In addition, the company is involved in the waste heat and pressure power generation activities; and construction of gas facilities, industrial plants, and civil engineering/building equipment. Further, it engages in the sea/air transportation, inland transportation, and export transportation; and operation of bonded warehouses, container yards, and container freight stations, as well as provides port unloading/shipping services. Kyungdong Invest Co., Ltd was founded in 1977 and is headquartered in Seongnam-si, South Korea.
Stock analysis
Kyungdong Gas (012320) currently trades at 44,350 KRW, while our model-based Fair Value estimate is 72,638 KRW, implying the stock looks roughly 38.9% undervalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 152,150 KRW per share, and 19 of the 23 models we run sit above the 44,350 KRW price.
Bear case: the Growth DCF group reads lowest at 18,217 KRW, and 4 of the 23 models stay below the price. Evidence for this calculation is medium.
Scenario range: 64,005 KRW (bear) to 100,403 KRW (bull), the price of 44,350 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 52/100 (solid quality), in the Utilities sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
Kyungdong Gas reported revenue of 276B KRW in FY2025 versus 298B KRW in FY2021, a compound −1.9%/yr. Reported net income was 18.5B KRW in FY2025, compounding +6.0%/yr from FY2021.
Key figures
Market cap 96.7B KRW (≈ $71.1M) · P/S ratio 0.37 · Dividend yield 1.7% · Net margin 6.7% · Return on equity 3.6% · Return on assets (EBIT) 3.1% · Operating margin 3.3% · Revenue (TTM) 264B KRW.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 55% below its 52-week high and 11% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −11% fair-value upside, at 64%, 012320 screens cheaper than that median.
Fair Value models
Bear 64,005 KRWFair Value 72,638 KRWBull 100,403 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.
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.26/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
−6.0%
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.
+0.1%
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.
−2.3%
Start year 2020 (pandemic). Over 10 years: −15.7% a year
Revenue growth 19 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.
−3.7%
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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.
+6.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.8%
Dividend (yield on the price)1.7%
Profit margin 2020 to 2025 ⓘ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.7% → 7%
Growth Forecast
A lot of optimism in the price
The price assumes more 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).
+43.8%
Yearly growth needed for the next five years to justify today's price.
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 +40.9% a year for the price.
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.Utilities - Regulated Gas · 107 stocks
Beats the industry median on 5/10 measures
A mixed picture versus its industry peers.
Valuation
Quality Score52 · Above median
Fair Value upside+64% · Top 25%
Profitability
Return on equity (TTM)4% · Bottom 25%
Return on assets2% · Bottom 25%
Net margin (TTM)7% · Above median
Operating margin (TTM)3% · Bottom 25%
Growth and dividend
Revenue growth−18% · Bottom 25%
Dividend yield (TTM)1.7% · Bottom 25%
Balance sheet
Debt / equity0.02× · Lowest 25%
Valuation Multiplesvs Utilities - Regulated Gas median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Kyungdong Gas Fair Value". https://www.fairvalue-calculator.com/stock/012320
Frequently asked questions
Is Kyungdong Gas (012320) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 72,638 KRW versus a price of 44,350 KRW, about +64% upside (undervalued).
What is the fair value of 012320?
Our model-based fair value for Kyungdong Gas is 72,638 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 44,350 KRW.
What is the quality score of 012320?
Kyungdong Gas has a Quality Score of 52/100. 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 Kyungdong Gas (012320)?
Our model-based price target is the fair value of 72,638 KRW (as of Sep 24, 2026) from 23 valuation models. Cautious scenario 64,005 KRW, optimistic scenario 100,403 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Kyungdong Gas stock forecast for 2026?
Our models put fair value at 72,638 KRW, about +64% upside versus a price of 44,350 KRW (undervalued). Cautious scenario 64,005 KRW, optimistic scenario 100,403 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Kyungdong Gas (012320)?
Kyungdong Gas reported trailing-twelve-month revenue of about 264B KRW (latest available figure, as of Sep 24, 2026).
Does Kyungdong Gas pay a dividend?
Kyungdong Gas currently shows a dividend yield of about 1.69% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Kyungdong Gas (012320)?
For today's price to be fair in a discounted-cash-flow model, Kyungdong Gas would have to grow free cash flow by +43.8 % per year for five years (discount rate 12.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -2.3 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 012320 use?
Our models discount Kyungdong Gas at 12.3 %: a base by market capitalisation (micro), damped by beta 0.74, 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 Kyungdong Gas that is +43.8 % per year a year over ten years, using the same discount rate (12.3 %) and the same formula as our fair value.
How much growth has Kyungdong Gas (012320) delivered so far?
Over the past 5 years revenue at Kyungdong Gas grew -2.3 % a year. The price currently implies +43.8 % per year free-cash-flow growth a 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 Kyungdong Gas (012320) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Kyungdong Gas (+43.8 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Kyungdong Gas (012320)?
The free-cash-flow yield on the price is 1.22 %: that much free cash flow Kyungdong Gas produces per unit of market value. When it exceeds the discount rate of our models (12.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Kyungdong Gas (012320)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Kyungdong Gas it is 72,638 KRW per share (as of Sep 24, 2026), against a price of 44,350 KRW. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is Kyungdong Gas stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 012320 trades below its calculated fair value: price 44,350 KRW, fair value 72,638 KRW, a gap of about +64% (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 012320?
No. The price is what the market pays today (44,350 KRW); the fair value is what the company's own numbers justify (72,638 KRW). For Kyungdong Gas the two are 28,288 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Kyungdong Gas worth?
The market values Kyungdong Gas at about 96.7B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 44,350 KRW; our models calculate a fair value of 72,638 KRW per share.
What do the bullish and bearish scenarios say about 012320?
Our models span a range for Kyungdong Gas: cautious scenario 64,005 KRW, base 72,638 KRW, optimistic 100,403 KRW per share (as of Sep 24, 2026, price 44,350 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Kyungdong Gas (012320)?
Balance-sheet figures for Kyungdong Gas (as of Sep 24, 2026): return on equity 3.6%, debt of 0.02 per unit of equity. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is 012320 from its 52-week high?
Kyungdong Gas trades at 44,350 KRW, about 55% below its 52-week high of 98,500 KRW and 11% above the low of 39,900 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 72,638 KRW is for.
Which stocks are comparable to Kyungdong Gas?
From the same area (Utilities) we also value Naturgy Energy Group, Atmos Energy Corporation, NiSource Inc, Uniper SE, 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 Kyungdong Gas stock attractive at the current price?
The data as of Sep 24, 2026: price 44,350 KRW, calculated fair value 72,638 KRW (+64%), Quality Score 52/100, from 23 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 012320 calculated?
We run Kyungdong Gas through 23 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 72,638 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 14.0 % above its aggregate fair value. Kyungdong Gas currently trades 64 % 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 Kyungdong Gas (012320)?
The closing price on Sep 23, 2026 was 44,350 KRW. Our model-based fair value is 72,638 KRW, about +64% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Kyungdong Gas right now?
The price is below even our cautious bear case (64,005 KRW). The market is more pessimistic than our downside scenario. Solid quality (52/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Kyungdong Gas
How large is the market capitalisation of Kyungdong Gas (012320)?
The market capitalisation of Kyungdong Gas is 96.7B KRW (≈ $71.1M). 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 Kyungdong Gas (012320)?
The price-to-sales ratio of Kyungdong Gas 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 Kyungdong Gas (012320)?
The dividend yield of Kyungdong Gas is 1.7%. 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 Kyungdong Gas (012320)?
The net margin of Kyungdong Gas is 6.7% (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 Kyungdong Gas (012320)?
The return on equity (ROE) of Kyungdong Gas is 3.6% (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 Kyungdong Gas (012320)?
On an EBIT basis the return on assets of Kyungdong Gas is 3.1% (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 Kyungdong Gas (012320)?
The operating margin of Kyungdong Gas is 3.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Kyungdong Gas (012320)?
Revenue at Kyungdong Gas is growing −18.4% versus a year earlier (3y avg +0.1%). 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 Kyungdong Gas (012320)?
Earnings per share at Kyungdong Gas are growing −26.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Kyungdong Gas (012320) carry?
The net debt of Kyungdong Gas is 14.5B KRW (fiscal year 2024, ≈ 12.3 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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