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Korea Gas Corporation (036460) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Korea Gas Corporation stock KRW 74,321, price KRW 36,500, upside +103.6%, quality 46 out of 100. Rating: strongly undervalued. Calculated from audited financials with 25 of our 26 valuation models and 37 quality factors, updated daily.

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Utilities KR · ISIN KR7036460004

KG Korea Gas Corporation logo Broad data Nov 7, 2026

Korea Gas Corporation

036460 · KO
Cheap, value-trap risk

The stock costs 51% less than our calculation considers fair.

Fair value 74,321 KRW · Strongly undervalued (51%)
Generates free cash flow
3.2% dividend yield · Well covered
Broad data
Costs just 5.6 times its yearly profit.
Quality 46/100
Mixed Growth (revenue YoY −6.9 %/yr in KRW)
Thin margins · 1.6% net margin (TTM)
Mixed vs. peers (7/14)
High debt
Narrow moat 28/100
⟳ Cyclical
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69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

59,142 KRW 21,235 KRW Fair Value 74,321 KRW Oct 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.

How to read this chart

60‑month range 21,235 KRW – 59,142 KRW · fair‑value band 55,464 KRW – 84,912 KRW · the 36,500 KRW price screens below the 74,321 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.

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Company profile

Korea Gas Corporation engages in the exploration, development, production, import, and wholesale of liquefied natural gas (LNG), compressed natural gas, and natural gas in Korea, Australia, Iraq, Mozambique, and Myanmar. It operates through the Natural Gas Wholesale and Others segments.

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The company manufactures and supplies natural gas, as well as refines and sells by-products; construct and operates receiving terminals and supply networks; explores, imports, and exports natural gas and LPG; manufactures and supplies hydrogen; develops, exports, and import hydrogen energy; and researches and develops gas-related technologies, as well as is involved in supply of power and heat, equipment conservation, terminal management, labor force management, and construction of hydrogen charging station.

As of December 31, 2024, it owned and operated a pipeline network of 5,206 kilometers. It serves power-generating companies and city gas companies. Korea Gas Corporation was incorporated in 1983 and is headquartered in Daegu, South Korea.

Stock analysis

Korea Gas Corporation (036460) currently trades at 36,500 KRW, while our model-based Fair Value estimate is 74,321 KRW, implying the stock looks roughly 51% undervalued today.

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Valuation

Bull case: the Growth DCF group reads highest at a median of 449,821 KRW per share, and 12 of the 20 models we run sit above the 36,500 KRW price.

Bear case: the Earnings-Based group reads lowest at 14,149 KRW, and 8 of the 20 models stay below the price. Data coverage for this calculation is high.

Scenario range: 55,464 KRW (bear) to 84,912 KRW (bull), the price of 36,500 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 46/100 (below-average quality), in the Utilities sector.

Mixed Growth: Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.

Korea Gas Corporation reported revenue of 35.7T KRW in FY2025 versus 27.5T KRW in FY2021, a compound +6.7%/yr. Reported net income was 133B KRW in FY2025, compounding −38.8%/yr from FY2021.

Key figures

Market cap 3.2T KRW (≈ $2.3B) Mid · P/E ratio 5.6 · P/S ratio 0.09 · EPS (TTM) 6,446 KRW · Dividend yield 3.2% · Net margin 1.6% · Return on equity 5.0% · Return on assets (EBIT) 3.7% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (medium confidence).

What moves the price

The share trades about 20% below its 52-week high and 15% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Utilities peers we cover trades at −21% fair-value upside, at 104%, 036460 screens cheaper than that median.

Fair Value models

Bear 55,464 KRW Fair Value 74,321 KRW Bull 84,912 KRW
Price 36,500 KRW · Upside +103.6%
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. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (4,523 KRW per share) are deliberately not added. 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.
Best data coverage
FCF DCF 384,242 KRW 637,342 KRW 984,260 KRW 77
Growth DCF 402,117 KRW 638,411 KRW 949,341 KRW 75
Residual Income 77,996 KRW 80,285 KRW 84,912 KRW 74
All 25 models by family
DCF Models
FCF DCF 384,242 KRW 637,342 KRW 984,260 KRW 77
Owner Earnings n/a 67,983 KRW 188,781 KRW 71
5Y Revenue Exit 129,475 KRW 250,127 KRW 392,120 KRW 68
5Y EBITDA Exit 131,038 KRW 252,883 KRW 383,250 KRW 71
5Y P/E Exit 7,146 KRW 34,434 KRW 57,372 KRW 64
10Y Revenue Exit 215,778 KRW 339,687 KRW 481,767 KRW 64
10Y EBITDA Exit 223,048 KRW 341,515 KRW 475,446 KRW 66
10Y P/E Exit 146,962 KRW 196,621 KRW 243,204 KRW 63
Earnings-Based
Graham-Dodd 10,364 KRW 23,010 KRW 29,377 KRW 63
PEG = 1.0 3,702 KRW 5,289 KRW 6,875 KRW 55
EPV n/a n/a 3,672 KRW 68
Dividend Discount
Gordon GGM 12,986 KRW 20,494 KRW 28,664 KRW 66
DDM Multi-Stage 12,986 KRW 18,677 KRW 24,900 KRW 65
Multiples
P/E Multiple 20,576 KRW 27,435 KRW 34,293 KRW 63
P/S Multiple 19,433 KRW 25,911 KRW 32,388 KRW 58
P/B Multiple 33,976 KRW 45,301 KRW 56,627 KRW 55
EV/EBIT n/a n/a 81,535 KRW 61
EV/EBITDA n/a n/a 23,600 KRW 62
EV/Revenue n/a n/a 35,133 KRW 50
Asset-Based
NCAV (Graham) 55,464 KRW 74,321 KRW 110,927 KRW 54
Growth DCF
Growth DCF 402,117 KRW 638,411 KRW 949,341 KRW 75
Rev-Margin DCF 129,475 KRW 261,232 KRW 404,748 KRW 68
Economic Profit
Residual Income 77,996 KRW 80,285 KRW 84,912 KRW 74
ROIC Compounder n/a n/a 3,672 KRW 65
Growth Earnings
Growth-Adj P/E 15,487 KRW 22,124 KRW 28,761 KRW 65

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Quality Score breakdown

Overall quality 46/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 21
How much profit the company makes from its sales and capital
Quality Growth 27
Are margins and returns getting better?
Cashflow 69
Do the profits arrive as real cash?
Financial strength 7
Debt, balance sheet and risk of trouble
Investment 89
Does it invest with discipline instead of growing at any price?
Low Volatility 76
How calm the share price moves, does not count
Price momentum 36
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 27
Distance to the 52-week high, does not count
New shares 79
Buys back shares or issues new ones?

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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. 55/100
Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.
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. Basis: EBIT basis. 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.
+14.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+11.6%
Dividend (yield on the price)3.2%
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.4% → 6%

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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 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 46 · Below median
Fair Value upside +103.6% · Top 25%
Profitability
Return on equity (12 months) 5.0% · Bottom 25%
Return on assets 0.3% · Bottom 25%
Net margin (12 months) 1.6% · Bottom 25%
Operating margin (12 months) 8.8% · Above median
Growth and dividend
Revenue growth (quarter YoY) −1.6% · Below median
Dividend yield (12 months) 3.2% · Below median
Balance sheet
Debt / equity 2.01× · Highest 25%

Valuation Multiplesvs Utilities - Regulated Gas median · lower = cheaper

P/E (12 months) 5.6× · Cheapest 25%
P/B 0.29× · Cheapest 25%
P/S (12 months) 0.09× · Cheapest 25%
Price / free cash flow (fiscal year) 0.7× · Cheapest 25%
EV/EBITDA 5.7× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 31
FUTURE (revenue growth)0 · sector 16
PAST (return on equity)20 · sector 34
HEALTH (low debt)0 · sector 82
DIVIDEND (yield)63 · sector 69

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 Utilities - Regulated Gas stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
ENN Natural Gas Co 600803 ¥21.31 ¥24.00 +13% vs 036460
Italgas S.p.A IG €9.12 €10.07 +10% vs 036460
Uniper SE UN0 €44.00 €45.97 +4% vs 036460
Naturgy Energy Group NTGY €29.54 €30.62 +4% vs 036460
UGI Corporation UGI $37.04 $29.40 −21% vs 036460
The Hong Kong and China Gas Company 0003 HK$7.40 HK$4.93 −33% vs 036460
GAIL (India) Limited GAIL ₹185.79 ₹116.94 −37% vs 036460
Snam S.p.A SRG €6.20 €3.65 −41% vs 036460
NiSource Inc NI $44.15 $19.87 −55% vs 036460
Atmos Energy Corporation ATO $173.22 $77.35 −55% vs 036460

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Korea Gas Corporation: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Korea Gas Corporation Fair Value". https://www.fairvalue-calculator.com/stock/036460

Frequently asked questions

Is Korea Gas Corporation (036460) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of 74,321 KRW versus a price of 36,500 KRW, about +104% upside (undervalued).
What is the fair value of 036460?
Our model-based fair value for Korea Gas Corporation is 74,321 KRW (as of Nov 7, 2026), built from audited fundamentals. The current price: 36,500 KRW.
What is the quality score of 036460?
Korea Gas Corporation has a Quality Score of 46/100. 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 Gas Corporation (036460)?
Our model-based price target is the fair value of 74,321 KRW (as of Nov 7, 2026) from 25 valuation models. Cautious scenario 55,464 KRW, optimistic scenario 84,912 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Korea Gas Corporation stock forecast for 2026?
Our models put fair value at 74,321 KRW, about +104% upside versus a price of 36,500 KRW (undervalued). Cautious scenario 55,464 KRW, optimistic scenario 84,912 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Korea Gas Corporation (036460)?
Korea Gas Corporation reported trailing-twelve-month revenue of about 34.7T KRW (latest available figure, as of Nov 7, 2026).
Does Korea Gas Corporation pay a dividend?
Korea Gas Corporation currently shows a dividend yield of 3.16% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Korea Gas Corporation (036460) and when is the ex-dividend date?
Korea Gas Corporation pays a dividend of 1,154 KRW per share a year, a dividend yield of 3.2%. The last ex-dividend date was Dec 29, 2025. The payout ratio is 17.9% of earnings. Free cash flow covers the dividend 42.67 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What is the intrinsic value of Korea Gas Corporation (036460)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Korea Gas Corporation it is 74,321 KRW per share (as of Nov 7, 2026), against a price of 36,500 KRW. It is the blended result of 25 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Korea Gas Corporation stock overvalued or undervalued in 2026?
As of Nov 7, 2026, 036460 trades below its calculated fair value: price 36,500 KRW, fair value 74,321 KRW, a gap of about +104% (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 036460?
No. The price is what the market pays today (36,500 KRW); the fair value is what the company's own numbers justify (74,321 KRW). For Korea Gas Corporation the two are 37,821 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Korea Gas Corporation worth?
The market values Korea Gas Corporation at about 3.2T KRW (market capitalisation, as of Nov 7, 2026). Per share that is 36,500 KRW; our models calculate a fair value of 74,321 KRW per share.
What do the bullish and bearish scenarios say about 036460?
Our models span a range for Korea Gas Corporation: cautious scenario 55,464 KRW, base 74,321 KRW, optimistic 84,912 KRW per share (as of Nov 7, 2026, price 36,500 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 036460?
Korea Gas Corporation trades at a price-to-earnings ratio of 5.6 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 74,321 KRW is built from several models across several years. Median P/E at fiscal year-end, 6 fiscal years (2018 to 2025), reported earnings: 5.9. Other multiples: P/B 0.3, P/S 0.1, EV/EBITDA 5.7.
How solid is the balance sheet of Korea Gas Corporation (036460)?
Balance-sheet figures for Korea Gas Corporation (as of Nov 7, 2026): return on equity 5.0%, debt of 2.01 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is 036460 from its 52-week high?
Korea Gas Corporation trades at 36,500 KRW, about 20% below its 52-week high of 45,600 KRW and 15% above the low of 31,700 KRW (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 74,321 KRW is for.
Which stocks are comparable to Korea Gas Corporation?
From the same area (Utilities) we also value Naturgy Energy Group, Atmos Energy Corporation, Snam S.p.A, NiSource Inc, 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 Gas Corporation stock attractive at the current price?
The data as of Nov 7, 2026: price 36,500 KRW, calculated fair value 74,321 KRW (+104%), Quality Score 46/100, from 25 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 036460 calculated?
We run Korea Gas Corporation through 25 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 74,321 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 13.0% above its aggregate fair value. Korea Gas Corporation currently trades 51% 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 Korea Gas Corporation (036460)?
The closing price on Nov 6, 2026 was 36,500 KRW. Our model-based fair value is 74,321 KRW, about +104% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Korea Gas Corporation right now?
The large discount to fair value meets weak quality (46/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (55,464 KRW). The market is more pessimistic than our downside scenario.

Key figures of Korea Gas Corporation

How large is the market capitalisation of Korea Gas Corporation (036460)?
The market capitalisation of Korea Gas Corporation is 3.2T KRW (≈ $2.3B). 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 Gas Corporation (036460)?
The price-to-sales ratio of Korea Gas Corporation is 0.09 (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 Gas Corporation (036460)?
Earnings per share at Korea Gas Corporation are 6,446 KRW (price ÷ EPS = P/E 5.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Korea Gas Corporation (036460)?
The dividend yield of Korea Gas Corporation is 3.2% (payout 17.9%). 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 Korea Gas Corporation (036460)?
The net margin of Korea Gas Corporation is 1.6% (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 Gas Corporation (036460)?
The return on equity (ROE) of Korea Gas Corporation is 5.0% (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 Gas Corporation (036460)?
On an EBIT basis the return on assets of Korea Gas Corporation is 3.7% (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 Korea Gas Corporation (036460)?
The operating margin of Korea Gas Corporation is 8.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Korea Gas Corporation (036460)?
Revenue at Korea Gas Corporation is growing −1.6% versus a year earlier (3y avg −11.6%). 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 Gas Corporation (036460)?
Earnings per share at Korea Gas Corporation are growing +297% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Korea Gas Corporation (036460) generate?
The free cash flow of Korea Gas Corporation is 4.3T 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 Korea Gas Corporation (036460) carry?
The net debt of Korea Gas Corporation is 33.9T KRW (fiscal year 2025, ≈ 7.9 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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