Korea Electric Power Stock Is Believed To Be Modestly Undervalued

GuruFocus.com
·4 min read

- By GF Value

The stock of Korea Electric Power (NYSE:KEP, 30-year Financials) gives every indication of being modestly undervalued, according to GuruFocus Value calculation. GuruFocus Value is GuruFocus' estimate of the fair value at which the stock should be traded. It is calculated based on the historical multiples that the stock has traded at, the past business growth and analyst estimates of future business performance. If the price of a stock is significantly above the GF Value Line, it is overvalued and its future return is likely to be poor. On the other hand, if it is significantly below the GF Value Line, its future return will likely be higher. At its current price of $10.4 per share and the market cap of $13.4 billion, Korea Electric Power stock is believed to be modestly undervalued. GF Value for Korea Electric Power is shown in the chart below.


Korea Electric Power Stock Is Believed To Be Modestly Undervalued
Korea Electric Power Stock Is Believed To Be Modestly Undervalued

Because Korea Electric Power is relatively undervalued, the long-term return of its stock is likely to be higher than its business growth, which is estimated to grow 0.90% annually over the next three to five years.

Link: These companies may deliever higher future returns at reduced risk.

Since investing in companies with low financial strength could result in permanent capital loss, investors must carefully review a company's financial strength before deciding whether to buy shares. Looking at the cash-to-debt ratio and interest coverage can give a good initial perspective on the company's financial strength. Korea Electric Power has a cash-to-debt ratio of 1.05, which ranks better than 76% of the companies in the industry of Utilities - Regulated. Based on this, GuruFocus ranks Korea Electric Power's financial strength as 5 out of 10, suggesting fair balance sheet. This is the debt and cash of Korea Electric Power over the past years:

Korea Electric Power Stock Is Believed To Be Modestly Undervalued
Korea Electric Power Stock Is Believed To Be Modestly Undervalued

It poses less risk to invest in profitable companies, especially those that have demonstrated consistent profitability over the long term. A company with high profit margins is also typically a safer investment than one with low profit margins. Korea Electric Power has been profitable 6 over the past 10 years. Over the past twelve months, the company had a revenue of $50 billion and earnings of $1.344 a share. Its operating margin is 6.77%, which ranks worse than 69% of the companies in the industry of Utilities - Regulated. Overall, GuruFocus ranks the profitability of Korea Electric Power at 5 out of 10, which indicates fair profitability. This is the revenue and net income of Korea Electric Power over the past years:

Korea Electric Power Stock Is Believed To Be Modestly Undervalued
Korea Electric Power Stock Is Believed To Be Modestly Undervalued

Growth is probably one of the most important factors in the valuation of a company. GuruFocus' research has found that growth is closely correlated with the long-term performance of a company's stock. If a company's business is growing, the company usually creates value for its shareholders, especially if the growth is profitable. Likewise, if a company's revenue and earnings are declining, the value of the company will decrease. Korea Electric Power's 3-year average revenue growth rate is worse than 68% of the companies in the industry of Utilities - Regulated. Korea Electric Power's 3-year average EBITDA growth rate is 4.7%, which ranks in the middle range of the companies in the industry of Utilities - Regulated.

Another way to evaluate a company's profitability is to compare its return on invested capital (ROIC) to its weighted cost of capital (WACC). Return on invested capital (ROIC) measures how well a company generates cash flow relative to the capital it has invested in its business. The weighted average cost of capital (WACC) is the rate that a company is expected to pay on average to all its security holders to finance its assets. If the ROIC is higher than the WACC, it indicates that the company is creating value for shareholders. Over the past 12 months, Korea Electric Power's ROIC was 1.40, while its WACC came in at 13.96. The historical ROIC vs WACC comparison of Korea Electric Power is shown below:

Korea Electric Power Stock Is Believed To Be Modestly Undervalued
Korea Electric Power Stock Is Believed To Be Modestly Undervalued

To conclude, the stock of Korea Electric Power (NYSE:KEP, 30-year Financials) is estimated to be modestly undervalued. The company's financial condition is fair and its profitability is fair. Its growth ranks in the middle range of the companies in the industry of Utilities - Regulated. To learn more about Korea Electric Power stock, you can check out its 30-year Financials here.

To find out the high quality companies that may deliever above average returns, please check out GuruFocus High Quality Low Capex Screener.

This article first appeared on GuruFocus.

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