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Seoul City Gas Co (017390) Fair Value & Analysis

Utilities · KR · Market cap 222B KRW

SC Seoul City Gas Co 017390 · KO
Price56,400 KRW
Fair Value132,036 KRW
Upside+134.1%
Quality59/100
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Healthy Growth
Thin margins · 1.5% net margin
Low debt · generates free cash flow
4.99% dividend yield
Ranks above peers (6/10)
Narrow moat 28/100
Evidence: High Range 99,027 KRW – 165,045 KRW Share as image

Fair value as of: Jul 24, 2026

From 24 valuation models · updated 17 days ago

Share price +1.8% over the past month.

A solid business, screening 134% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (99,027 KRW). The market is more pessimistic than our downside scenario.
  • Solid quality (59/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

438,356 KRW 44,492 KRW Fair Value 132,036 KRW Mar 2021 Aug 2026

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

How to read this chart

60‑month range 44,492 KRW – 438,356 KRW · fair‑value band 99,027 KRW – 165,045 KRW · the 56,400 KRW price screens below the 132,036 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 24, 2026.

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Analysis

Seoul City Gas Co (017390) currently trades at 56,400 KRW, while our model-based Fair Value estimate is 132,036 KRW, implying the stock looks roughly 134.1% undervalued today. The Quality Score stands at 59/100 (solid quality), in the Utilities sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Seoul City Gas Co generated revenue of 1.8T KRW at a net margin of 1.5%. Revenue declined 2.5% year over year. It earns a return on equity of 2.4%. Fundamentals as of Jul 24, 2026

Our scenario range runs from 99,027 KRW (bear case) to 165,045 KRW (bull case); at 56,400 KRW, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 33% below its 52-week high and 6% above its 52-week low, currently below its 200-day average. For context, the median of 10 Utilities peers we cover trades at -19% fair-value upside, at 134%, 017390 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

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
Highest evidence
Growth DCF 118,427 KRW 162,909 KRW 227,543 KRW 80
Residual Income 205,174 KRW 199,254 KRW 169,109 KRW 76
Rev-Margin DCF 69,186 KRW 91,673 KRW 116,273 KRW 74
All 24 models by family
DCF Models
FCF DCF 114,327 KRW 160,760 KRW 230,986 KRW 38
Owner Earnings 81,982 KRW 114,383 KRW 163,386 KRW 31
5Y Revenue Exit 69,186 KRW 89,796 KRW 114,586 KRW 39
5Y EBITDA Exit 105,996 KRW 153,983 KRW 207,546 KRW 41
5Y P/E Exit 104,147 KRW 150,760 KRW 197,117 KRW 38
10Y Revenue Exit 83,570 KRW 104,882 KRW 129,058 KRW 36
10Y EBITDA Exit 108,091 KRW 148,815 KRW 196,715 KRW 37
10Y P/E Exit 106,918 KRW 146,609 KRW 189,124 KRW 35
Earnings-Based
Graham-Dodd 52,814 KRW 108,142 KRW 136,371 KRW 54
EPV 39,485 KRW 45,165 KRW 50,214 KRW 59
Dividend Discount
Gordon GGM 23,888 KRW 35,829 KRW 48,890 KRW 70
DDM Multi-Stage 23,888 KRW 34,477 KRW 47,206 KRW 61
Multiples
P/E Multiple 104,852 KRW 139,803 KRW 174,754 KRW 63
P/S Multiple 99,027 KRW 132,036 KRW 165,045 KRW 58
P/B Multiple 99,027 KRW 132,036 KRW 165,045 KRW 55
EV/EBIT 56,465 KRW 72,853 KRW 89,242 KRW 53
EV/EBITDA 115,443 KRW 151,491 KRW 187,539 KRW 54
EV/Revenue 47,069 KRW 64,113 KRW 81,157 KRW 43
Asset-Based
NCAV (Graham) 140,356 KRW 188,077 KRW 280,711 KRW 50
Growth DCF
Growth DCF 118,427 KRW 162,909 KRW 227,543 KRW 80
Rev-Margin DCF 69,186 KRW 91,673 KRW 116,273 KRW 74
Economic Profit
Residual Income 205,174 KRW 199,254 KRW 169,109 KRW 76
ROIC Compounder 39,485 KRW 45,165 KRW 50,214 KRW 72
Growth Earnings
Growth-Adj P/E 77,117 KRW 110,167 KRW 143,216 KRW 68

Widest divergence: Asset-Based (188,077 KRW) versus Dividend Discount (34,477 KRW). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 1.8T KRW
Revenue growth (YoY) -2.5%
Net margin 1.5%
Return on equity 2.4%
Free cash flow 38.9B KRW FY2025
Operating margin 2.9%
More key figures
Dividend yield 5.0%
EPS growth (YoY) -15.5%

Figures from reported company fundamentals · as of Jul 24, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 59/100

Of which business quality 58 · Market factors (momentum, volatility) 41

Profitability 33
Margins and returns on capital today
Quality Growth 56
Are margins and returns improving?
Cashflow 43
Earnings quality: real cash, not paper profit
Fin. Strength 63
Balance sheet, leverage, solvency risk
Investment 96
Disciplined investing over empire-building
Low Volatility 86
Calm price path (market factor)
Momentum 25
Price trend over the last 3–12 months (market factor)
52W Momentum 19
Distance to the 52-week high (market factor)
Net Issuance 80
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Seoul City Gas Co., Ltd. supplies natural gas in South Korea. It also engages in construction activities; real estate rental business; crude oil and natural gas mining business; tourism accommodation facility operation; and management of city gas agency. The company was founded in 1983 and is headquartered in Seoul, South Korea.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Seoul City Gas Co reported revenue of 1.8T KRW in FY2025 versus 1.3T KRW in FY2021, a compound +9.4%/yr. Reported net income was 30.9B KRW in FY2025, compounding +38.9%/yr from FY2021.

Growth Quality 70/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
1.8T KRW
Latest YoY
+7.3%
Avg. growth/yr (3Y) 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.
+2.0%
Avg. growth/yr (5Y) 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.
+7.4%
Avg. growth/yr (25Y) 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.
+3.6%
Revenue +9.4%/yr
FY21 1.3T KRW
FY22 1.7T KRW
FY23 1.7T KRW
FY24 1.7T KRW
FY25 1.8T KRW
Net income +38.9%/yr
FY21 8.3B KRW
FY22 17.7B KRW
FY23 20.1B KRW
FY24 33.9B KRW
FY25 30.9B KRW

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Cite: Fair Value Calculator (2026). "Seoul City Gas Co Fair Value". https://www.fairvalue-calculator.com/stock/017390

Peer Group

Utilities - Regulated Gas · 104 stocks

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.

Quality Score 59 · Top 25%
Fair Value upside +134% · Top 25%
Return on equity (TTM) 2% · Bottom 25%
Return on assets 0% · Bottom 25%
Net margin (TTM) 2% · Bottom 25%
Operating margin (TTM) 3% · Bottom 25%
Revenue growth -3% · Above median
Dividend yield (TTM) 5.0% · Top 25%
Debt / equity 0.00× · Lower than 75% of peers

Valuation Multiples vs Utilities - Regulated Gas median · lower = cheaper

P/FCF 0.0× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 22
FUTURE 0 · sector 0
PAST 10 · sector 34
HEALTH 100 · sector 85
DIVIDEND 100 · sector 67

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Utilities - Regulated Gas stocks, each showing price versus our Fair Value estimate (as of Jul 24, 2026).

Stock Price Fair Value vs Fair Value
Naturgy Energy Group NTGY €28.84 €35.80 +24%
Atmos Energy Corporation ATO $177.68 $85.67 -52%
NiSource Inc NI $47.07 $28.59 -39%
Uniper SE UN0 €42.80 €49.13 +15%
The Hong Kong and China Gas Company 0003 HK$7.03 HK$5.08 -28%
Italgas S.p.A IG €9.98 €8.11 -19%
GAIL (India) Limited GAIL ₹171.71 ₹147.74 -14%
Adani Total Gas Limited ATGL ₹723.90 ₹101.36 -86%
ENN Natural Gas Co 600803 ¥17.30 ¥25.71 +49%
UGI Corporation UGI $35.84 $27.13 -24%

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Frequently asked questions

Is Seoul City Gas Co (017390) overvalued or undervalued?
As of Jul 24, 2026, our model estimates a fair value of 132,036 KRW versus a price of 56,400 KRW, about +134% (undervalued).
What is the fair value of 017390?
Our model-based fair value for Seoul City Gas Co is 132,036 KRW (as of Jul 24, 2026), built from audited fundamentals. The current price is 56,400 KRW.
What is the quality score of 017390?
Seoul City Gas Co has a Quality Score of 59/100. 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 revenue of Seoul City Gas Co (017390)?
Seoul City Gas Co reported trailing-twelve-month revenue of about 1.8T KRW (latest available figure, as of Jul 24, 2026).
What is the net profit margin of 017390?
The net profit margin of Seoul City Gas Co is about 1.5%, meaning it keeps roughly 1.5% of revenue as net income. Based on the latest reported figures.
Does Seoul City Gas Co pay a dividend?
Seoul City Gas Co currently shows a dividend yield of about 4.82% relative to its recent price (as of Jul 24, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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