S-Oil stock: fair value
010950.KSThe fair value of S-Oil under our model is $81.08, the price is 6% below.
The fair value is an estimate from our model, not a price target.
Daily figure as of 13 Nov 2026
Valuation signal
Fairly valuedIn our model the price counts as cheap below $54.05 and expensive above $162.16 (uncertainty very high, based on the price swings of the past year).
Calculated with a cost of equity of 8.3%. At 9.3% the fair value would be $68.00, at 7.3% it would be $100.66.
Where the number comes from
From the cash-flow model alone; the profit includes one-off items, so there is no industry value.
Ten-year cash-flow model from smoothed free cash flow and its past growth until it reaches 3.3%. Discounted at 8.3% (floor: government bond yield 3.3% plus 5 percentage points, since beta 0.8 times the risk premium would give less); no analyst estimates were available.
Calculate with your own assumptionsThe calculation step by step
With these figures the cash flow model arrives at $81.08 per share: free cash flow for the next ten years, each year discounted to today at 8.3%, plus the terminal value for the years after. The table explains the calculation; it is not a recommendation.
Calculation as a table
| Year | Free cash flow | Source | Discount factor | Present value (discounted at 8.3%) |
|---|---|---|---|---|
| 2026 | $603.38M | extrapolated at −9.3% | 0.9230 | $556.93M |
| 2027 | $570.01M | extrapolated at −5.5% | 0.8520 | $485.63M |
| 2028 | $553.65M | extrapolated at −2.9% | 0.7864 | $435.38M |
| 2029 | $548.08M | extrapolated at −1.0% | 0.7258 | $397.82M |
| 2030 | $549.71M | extrapolated at 0.3% | 0.6700 | $368.29M |
| 2031 | $556.36M | extrapolated at 1.2% | 0.6184 | $344.05M |
| 2032 | $566.65M | extrapolated at 1.8% | 0.5708 | $323.44M |
| 2033 | $579.66M | extrapolated at 2.3% | 0.5269 | $305.4M |
| 2034 | $594.79M | extrapolated at 2.6% | 0.4863 | $289.24M |
| 2035 | $611.61M | extrapolated at 2.8% | 0.4489 | $274.53M |
| Step | Value |
|---|---|
| Sum of present values (ten years) | $3.78B |
| Terminal value: cash flow 2035 × (1 + 3.3%) / (8.3% − 3.3%) | $12.64B |
| Present value of terminal value (× 0.4489) | $5.67B |
| Equity value (sum plus present value of terminal value) | $9.45B |
| Shares (diluted) | 116.61M |
| Value per share (equity value divided by shares) | $81.08 |
| Fair value (from the cash flow model alone) | $81.08 |
The model uses free cash flow after interest, which belongs to shareholders, discounted at the cost of equity. Net debt is therefore not deducted again.
Data status and sources
- Score
- Daily value of 13 Nov 2026, recalculated nightly
- Price
- Closing price of 12 Nov 2026
- Latest annual report
- Fiscal year 2025, period end 31 Dec 2025
- Currency
- Amounts in US dollars, converted at the ECB reference rate of 12 Nov 2026 ($1 = ₩1,334.10)
- Source
- Financial statements, ratios and prices from Financial Modeling Prep (FMP), based on the company's reports. MEQIRI calculates the score and fair value from them.
Mandatory disclosures for this rating
- ; time horizon around 12 months
- Rated Neutral, published since 7 Nov 2026 (in the score history since 3 Jul 2026)
- Valuation signal Fairly valued since 7 Nov 2026
- End-of-day prices, metrics cached for up to 24 hours
- Score and fair value are estimates from a disclosed model. They are not facts and not a price target.
- Produced by SSM Ventures UG (haftungsbeschränkt), responsible person Sven Brostmeyer, Managing Director, automatically according to the disclosed model.
- Not investment advice. Losses up to and including a total loss are possible. Personal circumstances are not considered.