Korea Ratings Co. Ltd (034950) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Korea Ratings Co. Ltd stock KRW 77,516, price KRW 100,500, that is 22.9% below the price, quality 82 out of 100. Rating: overvalued. Calculated from audited financials with 12 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 8, 2026.
How to read this chart
60‑month range 50,448 KRW – 111,200 KRW · fair‑value band 55,142 KRW – 116,526 KRW · the 100,500 KRW price screens above the 77,516 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Korea Ratings Corporation, together with its subsidiaries, provides credit rating and business valuation services in South Korea.
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The company offers credit evaluation of commercial papers, corporate bonds, financial bonds and ABS, business feasibility review, business valuation, as well as SOC and financial consulting; and information services.
It also provides withersful services, electronic procurement system, and payment-type e-marketplace services for business. The company was formerly known as Korea Management Consulting Credit Rating Corporation and changed its name to Korea Ratings Corporation in January 2003.
The company was founded in 1983 and is headquartered in Seoul, South Korea. Korea Ratings Corporation operates as a subsidiary of Fitch Ratings, Ltd.
Stock analysis
Korea Ratings Co. Ltd (034950) currently trades at 100,500 KRW, while our model-based Fair Value estimate is 77,516 KRW, 23% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 103,008 KRW per share, and 4 of the 12 models we run sit above the 100,500 KRW price.
Bear case: the Asset-Based group reads lowest at 16,068 KRW, and 8 of the 12 models stay below the price. Data coverage for this calculation is high.
Scenario range: 55,142 KRW (bear) to 116,526 KRW (bull), the price of 100,500 KRW sits inside 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 82/100 (high quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Korea Ratings Co. Ltd reported revenue of 110B KRW in FY2025 versus 105B KRW in FY2021, a compound +1.2%/yr. Reported net income was 25.2B KRW in FY2025, compounding +3.2%/yr from FY2021.
Key figures
Market cap 448B KRW (≈ $331M) Small · P/E ratio 17.7 · P/S ratio 4.05 · EPS (TTM) 5,688 KRW · Dividend yield 8.0% · Net margin 22.9% · Return on equity 22.7% · Return on assets (EBIT) 18.9% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 85 out of 100 (medium confidence).
What moves the price
The share trades about 10% below its 52-week high and 12% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −11% fair-value upside, at −23%, 034950 screens richer than that median.
Fair Value models
Bear55,142 KRWFair Value 77,516 KRWBull116,526 KRW
Price 100,500 KRW · Downside -22.9%
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.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.73/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+5.5%
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.
+2.6%
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.
+2.7%
Start year 2020 (pandemic). Over 10 years: +5.1% a year
Revenue growth 16 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%
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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.
+12.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.4%
Dividend (yield on the price)8.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.4.4% vs 6.6%, steady
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.34% → 31%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes about as much growth as 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).
+0.6%
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 −1.4% 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.Capital Markets · 384 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score82 · Top 25%
Fair Value upside−22.9% · Below median
Profitability
Return on equity (12 months)22.7% · Top 25%
Return on assets13.5% · Top 25%
Net margin (12 months)22.9% · Below median
Operating margin (12 months)48.6% · Above median
Growth and dividend
Revenue growth (quarter YoY)0.8% · Below median
Dividend yield (12 months)8.0% · Top 25%
Valuation Multiplesvs Capital Markets median · lower = cheaper
P/E (12 months)17.7× · Pricier than median
P/B3.39× · Priciest 25%
P/S (12 months)4.05× · Pricier than median
Price / free cash flow (fiscal year)15.6× · Pricier than median
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Is Korea Ratings Co. Ltd (034950) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of 77,516 KRW versus a price of 100,500 KRW, about 23% lower (overvalued).
What is the fair value of 034950?
Our model-based fair value for Korea Ratings Co. Ltd is 77,516 KRW (as of Nov 8, 2026), built from audited fundamentals. The current price: 100,500 KRW.
What is the quality score of 034950?
Korea Ratings Co. Ltd has a Quality Score of 82/100. 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 Korea Ratings Co. Ltd (034950)?
Our model-based price target is the fair value of 77,516 KRW (as of Nov 8, 2026) from 12 valuation models. Cautious scenario 55,142 KRW, optimistic scenario 116,526 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Korea Ratings Co. Ltd stock forecast for 2026?
Our models put fair value at 77,516 KRW, about 23% lower versus a price of 100,500 KRW (overvalued). Cautious scenario 55,142 KRW, optimistic scenario 116,526 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Korea Ratings Co. Ltd (034950)?
Korea Ratings Co. Ltd reported trailing-twelve-month revenue of about 111B KRW (latest available figure, as of Nov 8, 2026).
Does Korea Ratings Co. Ltd pay a dividend?
Korea Ratings Co. Ltd currently shows a dividend yield of 7.97% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Korea Ratings Co. Ltd (034950) and when is the ex-dividend date?
Korea Ratings Co. Ltd pays a dividend of 8,009 KRW per share a year, a dividend yield of 8.0%. The last ex-dividend date was Feb 26, 2026. The payout ratio is 141% of earnings. Free cash flow covers the dividend 0.81 times. Our assessment: Pays more than it earns. The company pays out more in dividends than it earns, and free cash flow clearly does not cover the dividend either. It may need to be cut unless profits recover.
What growth is priced into Korea Ratings Co. Ltd (034950)?
For today's price to be fair in a discounted-cash-flow model, Korea Ratings Co. Ltd would have to grow free cash flow by +0.6 % per year for five years (discount rate 10.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +2.7 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of 034950 use?
Our models discount Korea Ratings Co. Ltd at 10.2 %: a base by market capitalisation (small), damped by beta 0.16, 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 Korea Ratings Co. Ltd that is +0.6 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.2 %) and the same formula as our fair value.
How much growth has Korea Ratings Co. Ltd (034950) delivered so far?
Over the past 5 years revenue at Korea Ratings Co. Ltd grew +2.7 % a year. The price currently implies free-cash-flow growth of +0.6 % 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 Korea Ratings Co. Ltd (034950) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into Korea Ratings Co. Ltd (+0.6 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Korea Ratings Co. Ltd (034950)?
The free-cash-flow yield on the price is 6.42 %: that much free cash flow Korea Ratings Co. Ltd produces per unit of market value. When it exceeds the discount rate of our models (10.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Korea Ratings Co. Ltd (034950)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Korea Ratings Co. Ltd it is 77,516 KRW per share (as of Nov 8, 2026), against a price of 100,500 KRW. It is the blended result of 12 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Korea Ratings Co. Ltd stock overvalued or undervalued in 2026?
As of Nov 8, 2026, 034950 trades above its calculated fair value: price 100,500 KRW, fair value 77,516 KRW, a gap of about −23% (overvalued). 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 034950?
No. The price is what the market pays today (100,500 KRW); the fair value is what the company's own numbers justify (77,516 KRW). For Korea Ratings Co. Ltd the two are 22,984 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Korea Ratings Co. Ltd worth?
The market values Korea Ratings Co. Ltd at about 448B KRW (market capitalisation, as of Nov 8, 2026). Per share that is 100,500 KRW; our models calculate a fair value of 77,516 KRW per share.
What do the bullish and bearish scenarios say about 034950?
Our models span a range for Korea Ratings Co. Ltd: cautious scenario 55,142 KRW, base 77,516 KRW, optimistic 116,526 KRW per share (as of Nov 8, 2026, price 100,500 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 034950?
Korea Ratings Co. Ltd trades at a price-to-earnings ratio of 17.7 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 77,516 KRW is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 15.5. Other multiples: P/B 3.4, P/S 4.0, EV/EBITDA 8.9.
How solid is the balance sheet of Korea Ratings Co. Ltd (034950)?
Balance-sheet figures for Korea Ratings Co. Ltd (as of Nov 8, 2026): return on equity 22.7%. They feed the Quality Score of 82/100, which measures business quality independently of the share price.
How far is 034950 from its 52-week high?
Korea Ratings Co. Ltd trades at 100,500 KRW, about 10% below its 52-week high of 111,200 KRW and 12% above the low of 89,444 KRW (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 77,516 KRW is for.
Which stocks are comparable to Korea Ratings Co. Ltd?
From the same area (Financial Services) we also value Morgan Stanley, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers 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 Korea Ratings Co. Ltd stock attractive at the current price?
The data as of Nov 8, 2026: price 100,500 KRW, calculated fair value 77,516 KRW (−23%), Quality Score 82/100, from 12 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 034950 calculated?
We run Korea Ratings Co. Ltd through 12 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of 77,516 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 13.3% above its aggregate fair value. Korea Ratings Co. Ltd itself currently trades above fair value. 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 Korea Ratings Co. Ltd (034950)?
The closing price on Nov 6, 2026 was 100,500 KRW. Our model-based fair value is 77,516 KRW, about 23% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Korea Ratings Co. Ltd right now?
A high-quality business (quality 82/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. A fairly wide model range (55,142 KRW to 116,526 KRW) leaves room in how you read the outcome. 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 Korea Ratings Co. Ltd
How large is the market capitalisation of Korea Ratings Co. Ltd (034950)?
The market capitalisation of Korea Ratings Co. Ltd is 448B KRW (≈ $331M). 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 Korea Ratings Co. Ltd (034950)?
The price-to-sales ratio of Korea Ratings Co. Ltd is 4.05 (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 Korea Ratings Co. Ltd (034950)?
Earnings per share at Korea Ratings Co. Ltd are 5,688 KRW (price ÷ EPS = P/E 17.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Korea Ratings Co. Ltd (034950)?
The dividend yield of Korea Ratings Co. Ltd is 8.0% (payout 141%). 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 Korea Ratings Co. Ltd (034950)?
The net margin of Korea Ratings Co. Ltd is 22.9% (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 Korea Ratings Co. Ltd (034950)?
The return on equity (ROE) of Korea Ratings Co. Ltd is 22.7% (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 Korea Ratings Co. Ltd (034950)?
On an EBIT basis the return on assets of Korea Ratings Co. Ltd is 18.9% (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 Korea Ratings Co. Ltd (034950)?
The operating margin of Korea Ratings Co. Ltd is 48.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Korea Ratings Co. Ltd (034950)?
Revenue at Korea Ratings Co. Ltd is growing +0.8% versus a year earlier (3y avg +2.6%). 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 Korea Ratings Co. Ltd (034950)?
Earnings per share at Korea Ratings Co. Ltd are growing −1.5% versus a year earlier. How much earnings per share grew versus a year earlier.
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Broad data
Nov 8, 2026