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Meritz Financi (138040) fair value: what the stock is really worth

As of Nov 5, 2026: fair value (intrinsic value) of Meritz Financi stock KRW 116,134, price KRW 135,000, that is 14.0% below the price, quality 37 out of 100. Rating: overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services KR · ISIN KR7138040001

MF Meritz Financi logo Some data Nov 5, 2026

Meritz Financi

138040 · KO
Expensive, weak quality

Our calculation puts a fair price 14% below what the stock costs today.

Solidly profitable · 11.3% net margin (TTM)
Revenue last quarter +35% vs. a year ago.
Mixed vs. peers (5/12)
Moderate moat 61/100 · thin data
Some data
Fair value 116,134 KRW · Overvalued (−14.0%)
Quality 37/100
Weak Growth (revenue 3y −3.0 %/yr in KRW)
High debt
Negative free cash flow

Risks from the AI analysis

🚩Commission caps and tax hikes on insurance🚩Shift to international trading platforms
Watch Meritz Financi for free: we tell you when fair value or trend changes. Watch for free

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

Price vs Fair Value

146,200 KRW 16,163 KRW Fair Value 116,134 KRW Jun 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.

How to read this chart

60‑month range 16,163 KRW – 146,200 KRW · fair‑value band 84,734 KRW – 159,914 KRW · the 135,000 KRW price screens above the 116,134 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.

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Company profile

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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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 135,000 KRW, while our model-based Fair Value estimate is 116,134 KRW, 14% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Economic Profit group reads highest at a median of 116,134 KRW per share, and 1 of the 6 models we run sit above the 135,000 KRW price.

Bear case: the Dividend Discount group reads lowest at 30,747 KRW, and 5 of the 6 models stay below the price. Data coverage for this calculation is medium.

Scenario range: 84,734 KRW (bear) to 159,914 KRW (bull), the price of 135,000 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 37/100 (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 22.7T KRW (≈ $16.7B) Large · P/E ratio 9.4 · P/S ratio 1.07 · EPS (TTM) 14,638 KRW · Dividend yield 1.6% · Net margin 11.3% · Return on equity 20.5% · Return on assets (EBIT) 4.2%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 61 out of 100 (low confidence).

What moves the price

The share trades about 8% below its 52-week high and 34% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −17% fair-value upside, at −14%, 138040 screens cheaper than that median.

Fair Value models

Bear 84,734 KRW Fair Value 116,134 KRW Bull 159,914 KRW
Price 135,000 KRW · Downside -14.0%
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 (12,392 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
Residual Income 84,734 KRW 116,134 KRW 215,398 KRW 72
Gordon GGM 17,991 KRW 35,224 KRW 52,386 KRW 67
DDM Multi-Stage 17,991 KRW 30,747 KRW 37,266 KRW 67
All 6 models by family
Dividend Discount
Gordon GGM 17,991 KRW 35,224 KRW 52,386 KRW 67
DDM Multi-Stage 17,991 KRW 30,747 KRW 37,266 KRW 67
Multiples
P/E Multiple 139,399 KRW 185,866 KRW 232,332 KRW 63
P/B Multiple 52,497 KRW 69,996 KRW 87,495 KRW 55
Asset-Based
NCAV (Graham) 31,758 KRW 42,555 KRW 63,516 KRW 54
Economic Profit
Residual Income 84,734 KRW 116,134 KRW 215,398 KRW 72

Open the full fair value analysis →

Quality Score breakdown

Overall quality 37/100

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

Profitability 45
How much profit the company makes from its sales and capital
Quality Growth 54
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 23
Debt, balance sheet and risk of trouble
Investment 44
Does it invest with discipline instead of growing at any price?
Low Volatility 53
How calm the share price moves, does not count
Price momentum 56
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 65
Distance to the 52-week high, does not count
New shares 50
Buys back shares or issues new ones?

Open the full quality analysis →

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. 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%
Start year 2020 (pandemic). Over 10 years: −6.0% a year
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%
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.
+31.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+29.7%
Dividend (yield on the price)1.6%
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.29.7% vs 13.9%, picking up
Pace: the 5-year rate starts in 2020 (pandemic)

138040 screens overvalued: fair value 14% below the price. Compare with Morgan Stanley →

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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 5/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 37 · Bottom 25%
Fair Value upside −14.0% · Below median
Profitability
Return on equity (12 months) 20.5% · Top 25%
Return on assets 1.7% · Below median
Net margin (12 months) 11.3% · Below median
Operating margin (12 months) 51.3% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) 35.2% · Above median
Dividend yield (12 months) 1.6% · Below median
Balance sheet
Debt / equity 3.21× · Highest 25%

Valuation Multiplesvs Capital Markets median · lower = cheaper

P/E (12 months) 9.4× · Cheaper than median
P/B 2.20× · Pricier than median
P/S (12 months) 1.07× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)15 · sector 41
FUTURE (revenue growth)100 · sector 67
PAST (return on equity)82 · sector 38
HEALTH (low debt)0 · sector 94
DIVIDEND (yield)33 · sector 46

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 Capital Markets stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Morgan Stanley MS $193.97 $260.72 +34% vs 138040
The Charles Schwab Corporation SCHW $93.37 $117.60 +26% vs 138040
Guotai Haitong Securities Co 601211 ¥16.67 ¥18.02 +8% vs 138040
Nomura Holdings NMR $9.79 $10.20 +4% vs 138040
The Goldman Sachs Group GS $928.00 $766.86 −17% vs 138040
CITIC Securities Company 600030 ¥25.98 ¥20.42 −21% vs 138040
Robinhood Markets, Inc HOOD $87.41 $47.60 −46% vs 138040
Macquarie Group MQG A$258.40 A$123.84 −52% vs 138040
East Money Information Co 300059 ¥18.98 ¥6.72 −65% vs 138040
Interactive Brokers Group IBKR $77.88 $17.48 −78% vs 138040

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Meritz Financi: fair value per Fair Value Calculator

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 Nov 5, 2026, our model estimates a fair value of 116,134 KRW versus a price of 135,000 KRW, about 14% lower (overvalued).
What is the fair value of 138040?
Our model-based fair value for Meritz Financi is 116,134 KRW (as of Nov 5, 2026), built from audited fundamentals. The current price: 135,000 KRW.
What is the quality score of 138040?
Meritz Financi has a Quality Score of 37/100. 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 116,134 KRW (as of Nov 5, 2026) from 6 valuation models. Cautious scenario 84,734 KRW, optimistic scenario 159,914 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 116,134 KRW, about 14% lower versus a price of 135,000 KRW (overvalued). Cautious scenario 84,734 KRW, optimistic scenario 159,914 KRW. The calculation is refreshed regularly with new filings.
Does Meritz Financi pay a dividend?
Meritz Financi currently shows a dividend yield of 1.63% relative to its recent price (as of Nov 5, 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 116,134 KRW per share (as of Nov 5, 2026), against a price of 135,000 KRW. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Meritz Financi stock overvalued or undervalued in 2026?
As of Nov 5, 2026, 138040 trades above its calculated fair value: price 135,000 KRW, fair value 116,134 KRW, a gap of about −14% (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 (135,000 KRW); the fair value is what the company's own numbers justify (116,134 KRW). For Meritz Financi the two are 18,866 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 22.7T KRW (market capitalisation, as of Nov 5, 2026). Per share that is 135,000 KRW; our models calculate a fair value of 116,134 KRW per share.
What do the bullish and bearish scenarios say about 138040?
Our models span a range for Meritz Financi: cautious scenario 84,734 KRW, base 116,134 KRW, optimistic 159,914 KRW per share (as of Nov 5, 2026, price 135,000 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 138040?
Meritz Financi trades at a price-to-earnings ratio of 9.4 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 116,134 KRW is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 5.3. Other multiples: P/B 2.2, P/S 1.1.
How solid is the balance sheet of Meritz Financi (138040)?
Balance-sheet figures for Meritz Financi (as of Nov 5, 2026): return on equity 20.5%, debt of 3.21 per unit of equity. They feed the Quality Score of 37/100, which measures business quality independently of the share price.
How far is 138040 from its 52-week high?
Meritz Financi trades at 135,000 KRW, about 8% below its 52-week high of 146,200 KRW and 34% above the low of 100,600 KRW (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of 116,134 KRW is for.
Which stocks are comparable to Meritz Financi?
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 Meritz Financi stock attractive at the current price?
The data as of Nov 5, 2026: price 135,000 KRW, calculated fair value 116,134 KRW (−14%), Quality Score 37/100, from 6 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 6 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 116,134 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 15.5% 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 Nov 5, 2026 was 135,000 KRW. Our model-based fair value is 116,134 KRW, about 14% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Meritz Financi right now?
A fairly wide model range (84,734 KRW to 159,914 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 Meritz Financi

How large is the market capitalisation of Meritz Financi (138040)?
The market capitalisation of Meritz Financi is 22.7T KRW (≈ $16.7B). 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 1.07 (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 Meritz Financi (138040)?
Earnings per share at Meritz Financi are 14,638 KRW (price ÷ EPS = P/E 9.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Meritz Financi (138040)?
The dividend yield of Meritz Financi is 1.6% (payout 15.1%). 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 11.3% (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 Meritz Financi (138040)?
The return on equity (ROE) of Meritz Financi is 20.5% (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 51.3% (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 +35.2% 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 +15.6% 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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