Meritz Financi (138040) fair value: what the stock is really worth
We calculate from audited financials what Meritz Financi is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 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 18, 2026.
How to read this chart
60‑month range 15,550 KRW – 146,200 KRW · fair‑value band 39,538 KRW – 65,896 KRW · the 129,900 KRW price screens above the 52,717 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 18, 2026.
Meritz Financial Group Inc., together with its subsidiaries, provides various financial services in South Korea and internationally. The company operates through Insurance, Securities, Capital, and Others segments.
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Meritz Financial Group Inc., together with its subsidiaries, provides various financial services in South Korea and internationally. The company operates through Insurance, Securities, Capital, and Others segments. It offers various insurance contracts, including general non-life insurance comprising fire, marine, personal accident, engineering, liability, comprehensive, authority, guarantee, and other special types of insurance; and auto insurance products, which include personal, business, commercial, motorcycle, and others; and long-term non-life insurance products, such as long-term damage, property, personal accident, driver, savings, disease, nursing care, pension savings damage, etc. The company engages in undertaking risk through reinsurance cessions and joint underwriting. It also provides products, such as natural disaster insurance. In addition, the company engages in merchant banking and security; private equity fund; management trust; financial services; real estate leasing; and SPC for asset securitization businesses. Meritz Financial Group Inc. was founded in 2007 and is headquartered in Seoul, South Korea.
Stock analysis
Meritz Financi (138040) currently trades at 129,900 KRW, while our model-based Fair Value estimate is 52,717 KRW, implying the stock looks roughly 146.4% overvalued today.
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Valuation
How firm this estimate is: it rests on 17 models at a data quality of 94/100, which puts the evidence level at medium.
Scenario range: 39,538 KRW (bear) to 65,896 KRW (bull), the price of 129,900 KRW sits above 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 35/100 (below-average quality), in the Financial Services sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Meritz Financi reported revenue of 4.3T KRW in FY2025 versus 4.2T KRW in FY2021, a compound +0.2%/yr. Reported net income was 2.3T KRW in FY2025, compounding +30.7%/yr from FY2021.
Key figures
Market cap 21.9T KRW (≈ $15.3B) · P/S ratio 1.00 · Dividend yield 1.9% · Net margin 53.7% · Return on equity 21.2% · Return on assets (EBIT) 4.2% · Operating margin 33.4% · Revenue growth (YoY) −0.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 13% below its 52-week high and 30% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −23% fair-value upside, at −59%, 138040 screens richer than that median.
Fair Value models
Bear 39,538 KRWFair Value 52,717 KRWBull 65,896 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.36/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+1.2%
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.
−3.0%
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.
+4.0%
Revenue growth 14 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.
+13.3%
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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.
+31.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+29.7%
Dividend (yield on the price)1.9%
Profit margin 2014 to 2019 ⓘ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.40% → 68%
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 · 457 stocks
Beats the industry median on 4/9 measures
A mixed picture versus its industry peers.
Valuation
Quality Score38 · Bottom 25%
Fair Value upside−61% · Bottom 25%
Profitability
Return on equity (TTM)21% · Top 25%
Return on assets2% · Above median
Net margin (TTM)12% · Below median
Operating margin (TTM)51% · Top 25%
Growth and dividend
Revenue growth51% · Above median
Dividend yield (TTM)1.9% · Below median
Balance sheet
Debt / equity3.21× · Highest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 24
FUTURE (revenue growth)100· sector 91
PAST (return on equity)85· sector 30
HEALTH (low debt)0· sector 95
DIVIDEND (yield)38· sector 39
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Meritz Financi Fair Value". https://www.fairvalue-calculator.com/stock/138040
Frequently asked questions
Is Meritz Financi (138040) overvalued or undervalued?
As of Sep 18, 2026, our model estimates a fair value of 52,717 KRW versus a price of 129,900 KRW, about −59% upside (overvalued).
What is the fair value of 138040?
Our model-based fair value for Meritz Financi is 52,717 KRW (as of Sep 18, 2026), built from audited fundamentals. The current price: 129,900 KRW.
What is the quality score of 138040?
Meritz Financi has a Quality Score of 35/100. 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 Meritz Financi (138040)?
Our model-based price target is the fair value of 52,717 KRW (as of Sep 18, 2026) from 2 valuation models. Cautious scenario 39,538 KRW, optimistic scenario 65,896 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Meritz Financi stock forecast for 2026?
Our models put fair value at 52,717 KRW, about −59% upside versus a price of 129,900 KRW (overvalued). Cautious scenario 39,538 KRW, optimistic scenario 65,896 KRW. The calculation is refreshed regularly with new filings.
Does Meritz Financi pay a dividend?
Meritz Financi currently shows a dividend yield of about 1.90% relative to its recent price (as of Sep 18, 2026).
What is the intrinsic value of Meritz Financi (138040)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Meritz Financi it is 52,717 KRW per share (as of Sep 18, 2026), against a price of 129,900 KRW. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is Meritz Financi stock overvalued or undervalued in 2026?
As of Sep 18, 2026, 138040 trades above its calculated fair value: price 129,900 KRW, fair value 52,717 KRW, a gap of about −59% (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 138040?
No. The price is what the market pays today (129,900 KRW); the fair value is what the company's own numbers justify (52,717 KRW). For Meritz Financi the two are 77,183 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Meritz Financi worth?
The market values Meritz Financi at about 21.9T KRW (market capitalisation, as of Sep 18, 2026). Per share that is 129,900 KRW; our models calculate a fair value of 52,717 KRW per share.
What do the bullish and bearish scenarios say about 138040?
Our models span a range for Meritz Financi: cautious scenario 39,538 KRW, base 52,717 KRW, optimistic 65,896 KRW per share (as of Sep 18, 2026, price 129,900 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Meritz Financi (138040)?
Balance-sheet figures for Meritz Financi (as of Sep 18, 2026): return on equity 21.4%, debt of 3.21 per unit of equity. They feed the Quality Score of 35/100, which measures business quality independently of the share price.
How far is 138040 from its 52-week high?
Meritz Financi trades at 129,900 KRW, about 13% below its 52-week high of 149,800 KRW and 30% above the low of 99,700 KRW (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of 52,717 KRW is for.
Which stocks are comparable to Meritz Financi?
From the same area (Financial Services) we also value Morgan Stanley, a financial holding company,, 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 Meritz Financi stock attractive at the current price?
The data as of Sep 18, 2026: price 129,900 KRW, calculated fair value 52,717 KRW (−59%), Quality Score 35/100, from 2 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 138040 calculated?
We run Meritz Financi through 2 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 52,717 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 16.1 % above its aggregate fair value. Meritz Financi 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 Meritz Financi (138040)?
The closing price on Sep 21, 2026 was 129,900 KRW. Our model-based fair value is 52,717 KRW, about −59% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Meritz Financi right now?
The price sits above even our optimistic bull case (65,896 KRW). The favourable scenario is already priced in. Weak quality (35/100) and above fair value at the same time, the margin of safety is missing on both counts. 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 Meritz Financi
How large is the market capitalisation of Meritz Financi (138040)?
The market capitalisation of Meritz Financi is 21.9T KRW (≈ $15.3B). 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 Meritz Financi (138040)?
The price-to-sales ratio of Meritz Financi is 1.00 (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 Meritz Financi (138040)?
The dividend yield of Meritz Financi is 1.9%. 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 Meritz Financi (138040)?
The net margin of Meritz Financi is 53.7% (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 Meritz Financi (138040)?
The return on equity (ROE) of Meritz Financi is 21.2% (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 Meritz Financi (138040)?
On an EBIT basis the return on assets of Meritz Financi is 4.2% (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 Meritz Financi (138040)?
The operating margin of Meritz Financi is 33.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Meritz Financi (138040)?
Revenue at Meritz Financi is growing −0.7% versus a year earlier (3y avg −3.0%). 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 Meritz Financi (138040)?
Earnings per share at Meritz Financi are growing −3.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Meritz Financi (138040) generate?
The free cash flow of Meritz Financi is −6.5T 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 Meritz Financi (138040) carry?
The net debt of Meritz Financi is 20.6T KRW (fiscal year 2025). 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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