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GS Holdings (078930) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of GS Holdings KRW 120,375, price KRW 110,700, upside +8.7%, quality 53 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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Industrials · KR · ISIN KR7078930005

GH Some data Sep 24, 2026

GS Holdings

078930 · KO

NeutralThe stock looks roughly fairly valued with average quality.

·Fair value 120,375 KRW · Fairly valued (+9%)
!Quality 53/100
!Weak Growth (revenue 5y +10.3 %/yr)
!Thin margins · 5.1% net margin (TTM)
Low debt · generates free cash flow
·2.71% dividend yield
Ranks above peers (10/11)
!Moderate moat 47/100
!Evidence only medium, so the estimate is less certain

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

129,200 KRW 28,457 KRW Fair Value 120,375 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 28,457 KRW – 129,200 KRW · fair‑value band 58,468 KRW – 132,062 KRW · the 110,700 KRW price screens below the 120,375 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

GS Holdings Corp., together its subsidiaries, engages in the energy, power generation, retail, service, construction, and infrastructure businesses.

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GS Holdings Corp., together its subsidiaries, engages in the energy, power generation, retail, service, construction, and infrastructure businesses. The company supplies heating and cooling facilities; composite resin; electricity and steam by operating coal power plant and wind power farms; produces electricity through combined heat and power plant; provides LNG to power distribution companies; bio diesel; exports refined oils, lubricants, aromatics, and polymers; collects wastes and converts them into rare metals; manufactures wind turbines; operates shipping fleet, comprising petrochemical tankers and gas carriers; and provides petroleum product distribution, transportation, and car sharing services. It operates a convenience store under the GS25 brand; retail chain under the GS THE FRESH brand; GS SHOP, a live commerce store; and hotel under the Parnas brand. In addition, the company manufactures and processes ready-to-eat foods; provides media and marketing services, such as mobile coupons, advertisement placement and content, and digital signage; manages the FC Seoul soccer team and GS Caltex Seoul Kixx volleyball team; and processes rebar for construction sites. Further, it offers home network systems, real estate asset management, and residential customer support; operation and maintenance services for oil, gas, petrochemical, and power generation and environmental plants; and operates golf and ski resort with condominiums and leisure amenities. The company was founded in 2004 and is based in Seoul, South Korea.

Stock analysis

GS Holdings (078930) currently trades at 110,700 KRW, while our model-based Fair Value estimate is 120,375 KRW, implying the stock looks roughly 8.0% fairly valued today.

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Valuation

Bull case: the Earnings-Based group reads highest at a median of 152,001 KRW per share, and 5 of the 9 models we run sit above the 110,700 KRW price.

Bear case: the Growth DCF group reads lowest at 30,717 KRW, and 4 of the 9 models stay below the price. Evidence for this calculation is medium.

Scenario range: 58,468 KRW (bear) to 132,062 KRW (bull), the price of 110,700 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 53/100 (solid quality), in the Industrials sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

GS Holdings reported revenue of 25.2T KRW in FY2025 versus 20.2T KRW in FY2021, a compound +5.6%/yr. Reported net income was 799B KRW in FY2025, compounding −13.8%/yr from FY2021.

Key figures

Market cap 10.5T KRW (≈ $7.3B) · P/S ratio 0.30 · Dividend yield 2.7% · Net margin 3.2% · Return on equity 8.3% · Return on assets (EBIT) 10.2% · Operating margin 18.4% · Revenue (TTM) 25.8T KRW.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 43 out of 100 (low confidence).

What moves the price

The share trades about 14% below its 52-week high and 160% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Industrials peers we cover trades at 15% fair-value upside, at 9%, 078930 screens richer than that median.

Fair Value models

Bear 58,468 KRW Fair Value 120,375 KRW Bull 132,062 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 120,913 KRW 122,547 KRW 117,980 KRW 76
Growth DCF 9,151 KRW 30,717 KRW 59,368 KRW 73
Rev-Margin DCF 109,614 KRW 218,716 KRW 336,985 KRW 71
All 9 models by family
DCF Models
5Y P/E Exit 24,711 KRW 66,912 KRW 109,726 KRW 67
10Y P/E Exit 17,769 KRW 51,476 KRW 90,548 KRW 60
Earnings-Based
Graham-Dodd 58,468 KRW 152,001 KRW 198,184 KRW 65
Multiples
P/E Multiple 90,281 KRW 120,375 KRW 150,469 KRW 63
P/B Multiple 109,627 KRW 146,170 KRW 182,712 KRW 55
Asset-Based
NCAV (Graham) 79,139 KRW 106,046 KRW 158,278 KRW 54
Growth DCF
Growth DCF 9,151 KRW 30,717 KRW 59,368 KRW 73
Rev-Margin DCF 109,614 KRW 218,716 KRW 336,985 KRW 71
Economic Profit
Residual Income 120,913 KRW 122,547 KRW 117,980 KRW 76

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Quality Score breakdown

Overall quality 53/100

Of which business quality 50 · Market factors (momentum, volatility) 84

Profitability 33
Margins and returns on capital today
Quality Growth 52
Are margins and returns improving?
Cashflow 40
Earnings quality: real cash, not paper profit
Fin. Strength 46
Balance sheet, leverage, solvency risk
Investment 77
Disciplined investing over empire-building
Low Volatility 54
Calm price path (market factor)
Momentum 100
Price trend over the last 3–12 months (market factor)
52W Momentum 89
Distance to the 52-week high (market factor)
Net Issuance 72
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 growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−0.3%
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.
−4.3%
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.
+10.3%
Start year 2020 (pandemic). Over 10 years: +7.5% a year
Revenue growth 21 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.
+4.6%
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.
+13.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+10.6%
Dividend (yield on the price)2.7%
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.6% → 12%

Growth Forecast

A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
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).
+28.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect Analysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+1.5%
Yearly sales growth analysts expect, extended to five years.
After inflation (South Korea: IMF forecast 2.1% a year to 2030, 2.1% from 2016 to 2025) that is about +26.2% a year for the price and −0.6% for the forecasts.
Forecast 2026 (sales)+9.1%
Forecast 2027 (sales)−0.9%
Projected 2028 (sales)−0.5%
Projected 2029 (sales)−0.1%
Projected 2030 (sales)+0.2%

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Peer GroupHow 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.Conglomerates · 380 stocks

Beats the industry median on 10/11 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 53 · Above median
Fair Value upside +9% · Above median
Profitability
Return on equity (TTM) 8% · Above median
Return on assets 6% · Top 25%
Net margin (TTM) 5% · Above median
Operating margin (TTM) 18% · Top 25%
Growth and dividend
Revenue growth 10% · Above median
Dividend yield (TTM) 2.7% · Above median
Balance sheet
Debt / equity 0.39× · Above median

Valuation Multiplesvs Conglomerates median · lower = cheaper

P/FCF 0.0× · Cheapest 25%
EV/EBITDA 1.0× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)45 · sector 33
FUTURE (revenue growth)50 · sector 16
PAST (return on equity)33 · sector 19
HEALTH (low debt)80 · sector 89
DIVIDEND (yield)54 · sector 40

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

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Poste Italiane S.p.A PST €25.61 €7.65 −70%
Swire Pacific Limited 0019 HK$102.00 HK$28.34 −72%
SK Inc 034730 611,000 KRW 360,206 KRW −41%
PT Astra International Tbk, ASII 4,780 IDR 9,560 IDR +100%
Jardine Matheson Holdings J36 $57.30 $79.11 +38%
SGH Limited SGH A$36.69 A$42.47 +16%
Kingdom Holding 4280 13.07 SAR 12.96 SAR −1%

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Cite: Fair Value Calculator (2026). "GS Holdings Fair Value". https://www.fairvalue-calculator.com/stock/078930

Frequently asked questions

Is GS Holdings (078930) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 120,375 KRW versus a price of 110,700 KRW, about +9% upside (fairly valued).
What is the fair value of 078930?
Our model-based fair value for GS Holdings is 120,375 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 110,700 KRW.
What is the quality score of 078930?
GS Holdings has a Quality Score of 53/100. 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 GS Holdings (078930)?
Our model-based price target is the fair value of 120,375 KRW (as of Sep 24, 2026) from 9 valuation models. Cautious scenario 58,468 KRW, optimistic scenario 132,062 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the GS Holdings stock forecast for 2026?
Our models put fair value at 120,375 KRW, about +9% upside versus a price of 110,700 KRW (fairly valued). Cautious scenario 58,468 KRW, optimistic scenario 132,062 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of GS Holdings (078930)?
GS Holdings reported trailing-twelve-month revenue of about 25.8T KRW (latest available figure, as of Sep 24, 2026).
Does GS Holdings pay a dividend?
GS Holdings currently shows a dividend yield of about 2.71% relative to its recent price (as of Sep 24, 2026).
What growth is priced into GS Holdings (078930)?
For today's price to be fair in a discounted-cash-flow model, GS Holdings would have to grow free cash flow by +28.8 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.3 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 078930 use?
Our models discount GS Holdings at 9.0 %: a base by market capitalisation (mid), damped by beta 0.56, 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 GS Holdings that is +28.8 % per year a year over ten years, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has GS Holdings (078930) delivered so far?
Over the past 5 years revenue at GS Holdings grew +10.3 % a year. The price currently implies +28.8 % 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 GS Holdings (078930) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into GS Holdings (+28.8 % 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 GS Holdings (078930)?
The free-cash-flow yield on the price is 2.69 %: that much free cash flow GS Holdings produces per unit of market value. When it exceeds the discount rate of our models (9.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of GS Holdings (078930)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For GS Holdings it is 120,375 KRW per share (as of Sep 24, 2026), against a price of 110,700 KRW. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is GS Holdings stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 078930 trades below its calculated fair value: price 110,700 KRW, fair value 120,375 KRW, a gap of about +9% (fairly valued). 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 078930?
No. The price is what the market pays today (110,700 KRW); the fair value is what the company's own numbers justify (120,375 KRW). For GS Holdings the two are 9,675 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is GS Holdings worth?
The market values GS Holdings at about 10.5T KRW (market capitalisation, as of Sep 24, 2026). Per share that is 110,700 KRW; our models calculate a fair value of 120,375 KRW per share.
What do the bullish and bearish scenarios say about 078930?
Our models span a range for GS Holdings: cautious scenario 58,468 KRW, base 120,375 KRW, optimistic 132,062 KRW per share (as of Sep 24, 2026, price 110,700 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of GS Holdings (078930)?
Balance-sheet figures for GS Holdings (as of Sep 24, 2026): return on equity 8.3%, debt of 0.39 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is 078930 from its 52-week high?
GS Holdings trades at 110,700 KRW, about 14% below its 52-week high of 129,200 KRW and 160% above the low of 42,583 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 120,375 KRW is for.
Which stocks are comparable to GS Holdings?
From the same area (Industrials) we also value 3M Company, Honeywell International Inc, CITIC Limited, Poste Italiane S.p.A, 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 GS Holdings stock attractive at the current price?
The data as of Sep 24, 2026: price 110,700 KRW, calculated fair value 120,375 KRW (+9%), Quality Score 53/100, from 9 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 078930 calculated?
We run GS Holdings through 9 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 120,375 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. GS Holdings currently trades 9 % 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 GS Holdings (078930)?
The closing price on Sep 23, 2026 was 110,700 KRW. Our model-based fair value is 120,375 KRW, about +9% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with GS Holdings right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (58,468 KRW to 132,062 KRW) leaves room in how you read the outcome.

Key figures of GS Holdings

How large is the market capitalisation of GS Holdings (078930)?
The market capitalisation of GS Holdings is 10.5T KRW (≈ $7.3B). 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 GS Holdings (078930)?
The price-to-sales ratio of GS Holdings is 0.30 (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 GS Holdings (078930)?
The dividend yield of GS Holdings is 2.7%. 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 GS Holdings (078930)?
The net margin of GS Holdings is 3.2% (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 GS Holdings (078930)?
The return on equity (ROE) of GS Holdings is 8.3% (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 GS Holdings (078930)?
On an EBIT basis the return on assets of GS Holdings is 10.2% (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 GS Holdings (078930)?
The operating margin of GS Holdings is 18.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at GS Holdings (078930)?
Revenue at GS Holdings is growing +9.9% versus a year earlier (3y avg −4.3%). 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 GS Holdings (078930)?
Earnings per share at GS Holdings are growing +253% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does GS Holdings (078930) carry?
The net debt of GS Holdings is 6.8T KRW (fiscal year 2025, ≈ 24.1 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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