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Korea Electric Power Corp ADR (KEP) Fair Value & Analysis

Utilities · US · Market cap $16.7B · ISIN US5006311063

What is Korea Electric Power Corp ADR really worth?

KE Korea Electric Power Corp ADR logo Korea Electric Power Corp ADR KEP · US
Price$12.00
Fair Value$17.02
Upside+41.8%
Quality43/100

Below-average quality, trading 29% below our fair value of $17.02.

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Strengths

Healthy Growth (revenue 5y +10.8 %/yr)

Risks

!Thin margins · 8.9% net margin
!High debt · generates free cash flow
!Mixed vs. peers (7/12)
!Moderate moat 53/100
!Evidence only medium, so the estimate is less certain
!The models disagree: range $9.94 to $36.23
!Weak on future: 4 out of 100

For context

·4.02% dividend yield
Evidence: Medium Range $9.94 – $36.23

Fair value as of: Aug 13, 2026

From 24 valuation models · updated 21 days ago

Fair value updated Aug 13, 2026, revised from $19.87 to $17.02 (−14.4%) since Jul 19, 2026. Share price −2.8% over the past month.

What runs behind every stock

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

What matters now

  • The large discount to fair value meets weak quality (43/100). That raises the risk this is a value trap rather than a bargain.
  • The model range is unusually wide ($9.94 to $36.23). The outcome hinges heavily on assumptions, so read the point estimate with caution.

Price vs Fair Value (5 years)

$23.26 $5.72 Fair Value $17.02 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range $5.72 – $23.26 · fair‑value band $9.94 – $36.23 · the $12.00 price screens below the $17.02 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 3 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Korea Electric Power Corp ADR (KEP) currently trades at $12.00, while our model-based Fair Value estimate is $17.02, implying the stock looks roughly 29.5% undervalued today. The Quality Score stands at 43/100 (below-average quality), in the Utilities sector. Bull case: the Growth Earnings group reads highest at a median of $35.45 per share, and 17 of the 24 models we run sit above the $12.00 price. Bear case: the Growth DCF group reads lowest at $1.77, and 7 of the 24 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, Korea Electric Power Corp ADR generated revenue of $97.6T at a net margin of 8.9%. Revenue grew 0.7% year over year. It earns a return on equity of 18.7%. Net debt stands at $131T. Fundamentals as of Aug 13, 2026

Our scenario range runs from $9.94 (bear case) to $36.23 (bull case); at $12.00, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 49% below its 52-week high and 18% above its 52-week low, currently below its 200-day average. For context, the median of 10 Utilities peers we cover trades at −37% fair-value upside, at 42%, KEP screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

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
Highest evidence
FCF DCF best evidence $2.50 $15.34 77
Growth DCF $1.77 $12.41 75
Owner Earnings $8.65 $24.87 73
All 24 models by family
DCF Models
FCF DCF best evidence $2.50 $15.34 77
Owner Earnings $8.65 $24.87 73
5Y Revenue Exit $3.97 $21.72 $44.70 66
5Y EBITDA Exit $14.95 $42.33 $74.61 71
5Y P/E Exit $1.46 $17.02 $33.43 64
10Y Revenue Exit $14.70 $35.87 64
10Y EBITDA Exit $7.27 $29.02 $58.76 62
10Y P/E Exit $11.42 $27.25 61
Earnings-Based
Graham-Dodd $14.79 $46.57 $62.01 64
Lynch FV $10.20 $14.57 $18.94 61
PEG = 1.0 $10.20 $14.57 $18.94 57
EPV $5.04 $9.34 $13.10 71
Multiples
P/E Multiple $29.36 $39.15 $48.93 63
P/S Multiple $27.73 $36.97 $46.21 58
P/B Multiple $16.55 $22.07 $27.58 55
EV/EBIT $18.08 $31.03 $43.98 64
EV/EBITDA $31.80 $49.33 $66.85 66
EV/Revenue $10.65 $24.12 $37.59 51
Asset-Based
NCAV (Graham) $6.13 $8.21 $12.26 54
Growth DCF
Growth DCF $1.77 $12.41 75
Rev-Margin DCF $3.97 $21.42 $41.41 66
Economic Profit
Residual Income $14.24 $18.73 $62.22 58
ROIC Compounder $5.04 $9.34 $14.11 69
Growth Earnings
Growth-Adj P/E $24.81 $35.45 $46.08 67

Widest divergence: Growth Earnings ($35.45) versus Growth DCF ($1.77). Highest evidence: FCF DCF (77).

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Key figures & financial health

P/E ratio 2.7
P/S ratio 0.24 P/E × margin
EPS (TTM) $4.49 price ÷ EPS = P/E 2.7
Dividend yield 4.0% payout 10.7%
Net margin 8.8% FY2025
Return on equity 18.7% TTM
More key figures
Profitability
Return on assets (EBIT) −1.9% avg 5y
Operating margin 15.6% TTM
Growth
Revenue (TTM) $97.6T TTM
Revenue growth (YoY) +0.7% 3y avg +11.0%
EPS growth (YoY) +7.1%
Balance sheet & cash flow
Free cash flow $5.1T FY2025
Net debt $131T FY2025 · ≈ 25.4 yrs of FCF

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 43/100

Of which business quality 40 · Market factors (momentum, volatility) 31

Profitability 35
Margins and returns on capital today
Quality Growth 68
Are margins and returns improving?
Cashflow 53
Earnings quality: real cash, not paper profit
Fin. Strength 8
Balance sheet, leverage, solvency risk
Investment 61
Disciplined investing over empire-building
Low Volatility 53
Calm price path (market factor)
Momentum 23
Price trend over the last 3–12 months (market factor)
52W Momentum 18
Distance to the 52-week high (market factor)
Net Issuance 33
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Korea Electric Power Corporation, together with its subsidiaries, engages in the generation, transmission, and distribution of electricity in South Korea and internationally. The company operates through five segments: Electricity Sales, Nuclear Power Generation, Thermal Power Generation, Power Support, and Other.

Full company description

Korea Electric Power Corporation, together with its subsidiaries, engages in the generation, transmission, and distribution of electricity in South Korea and internationally. The company operates through five segments: Electricity Sales, Nuclear Power Generation, Thermal Power Generation, Power Support, and Other. It builds and operates overhead and underground transmission power grids; offers digital substations, grid stabilization equipment, and predictive diagnostic system; high voltage direct current transmission; distribution network construction, distributed energy, and smart distribution network; power outage prevention, insulated sticks, and scheduled power shutdowns; and smart metering service. The company also engages in electricity sale and demand management; electric vehicle charging; microgrid; urban energy planning platform; solar power generation projects; and clean hydrogen businesses, as well as research and development. In addition, it is involved in thermal, nuclear, wind, solar, and hydro power generation; power grid consulting/EPC projects; HVDC submarine transmission; power plant engineering and maintenance; nuclear fuel design and manufacturing; power IT services; investment activities; coal ash industrial materials resource manufacturing; facility management and service; wood pellet utilization; and securitization. The company was formerly known as Korea Electric Company and changed its name to Korea Electric Power Corporation in January 1982. Korea Electric Power Corporation was founded in 1961 and is headquartered in Naju-si, South Korea.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Korea Electric Power Corp ADR reported revenue of $96.6T in FY2025 versus $60.0T in FY2021, a compound +12.6%/yr. Reported net income was $8.5T in FY2025.

Growth Quality 83/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
$96.6T
Latest YoY
+3.4%
Avg. revenue growth/yr (3Y) 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.
+11.0%
Avg. revenue growth/yr (5Y) 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.
+10.8%
Avg. revenue growth/yr (27Y) 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.
+7.5%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+20.2% (16.2 + 4.0)
Revenue +12.6%/yr
FY21 $60.0T
FY22 $70.5T
FY23 $87.5T
FY24 $93.4T
FY25 $96.6T
Net income
FY21 −$5.3T
FY22 −$24.5T
FY23 −$4.8T
FY24 $3.5T
FY25 $8.5T
Character of growth · EPS growth decomposed (2014-2025) −2.7 % p.a.
Revenue per share +5.0 %

of which total revenue +5.2 % · buybacks/dilution −0.2 %

EBIT margin −3.7 %
Tax rate +0.4 %
Residual (interest, one-offs) −4.2 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Korea Electric Power Corp ADR Fair Value". https://www.fairvalue-calculator.com/stock/KEP

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Utilities - Regulated Electric · 156 stocks

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.

Quality Score 43 · Below median
Fair Value upside +42% · Top 25%
Return on equity (TTM) 19% · Top 25%
Return on assets 3% · Above median
Net margin (TTM) 9% · Below median
Operating margin (TTM) 16% · Below median
Revenue growth 1% · Below median
Dividend yield (TTM) 4.0% · Above median
Debt / equity 1.74× · Higher than 75% of peers

Valuation Multiples vs Utilities - Regulated Electric median · lower = cheaper

P/E (TTM) 2.7× · Cheaper than 75% of peers
P/FCF 0.0× · Cheaper than 75% of peers
PEG 0.44× · Cheaper than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE89 · sector 0
FUTURE4 · sector 32
PAST75 · sector 39
HEALTH13 · sector 52
DIVIDEND80 · sector 64

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 Electric stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
NextEra Energy, Inc NEE $83.47 $32.94 −61%
The Southern Company SO $88.25 $58.81 −33%
Duke Energy Corporation DUK $120.25 $74.89 −38%
National Grid plc NGG $80.68 $63.94 −21%
American Electric Power Company AEP $122.96 $77.23 −37%
Dominion Energy, Inc D $66.01 $46.34 −30%
Entergy Corporation ETR $105.75 $52.92 −50%
Xcel Energy Inc XEL $77.68 $44.61 −43%
Exelon Corporation EXC $43.96 $37.60 −14%
Endesa, S.A ELE €42.30 €25.72 −39%

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Frequently asked questions

Is Korea Electric Power Corp ADR (KEP) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of $17.02 versus a price of $12.00, about +42% upside (undervalued).
What is the fair value of KEP?
Our model-based fair value for Korea Electric Power Corp ADR is $17.02 (as of Aug 13, 2026), built from audited fundamentals. The current price: $12.00.
What is the quality score of KEP?
Korea Electric Power Corp ADR has a Quality Score of 43/100. 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 revenue of Korea Electric Power Corp ADR (KEP)?
Korea Electric Power Corp ADR reported trailing-twelve-month revenue of about $97.6T (latest available figure, as of Aug 13, 2026).
What is the net profit margin of KEP?
The net profit margin of Korea Electric Power Corp ADR is about 8.9%, meaning it keeps roughly 8.9% of revenue as net income. Based on the latest reported figures.
Does Korea Electric Power Corp ADR pay a dividend?
Korea Electric Power Corp ADR currently shows a dividend yield of about 4.02% relative to its recent price (as of Aug 13, 2026).
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