Korea Electric Power Corp ADR Dossier - Source-backed chat

Korea Electric Power Corp ADR

015760Korea Exchange

SectorUtilities

IndustryUtilities - Regulated Electric

Beta (adjusted)0.87

Intrinsic Value $13.14median of 3 methodsbased on filings through 31 Dec 2024

Market Price $10.97Price as of 1 Oct 2026

UndervaluedIntrinsic value is 20% above the market price

−50% · IV below pricenear fair value ±15%IV above price · +50%

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Market Cap $14.1B

Enterprise Value $129T

Shares Outstanding 1.3B diluted

Moat Rating None

Next Earnings Date13 Nov 2026

Last ex-dividend31 Dec 2025

All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference.

Thesis

Street consensus, scenarios, merits, risks, and invalidation triggers

AI-assisted

Thesis Summary

KEPCO combines an essential national electricity network with strong reported grid efficiency, short average interruption duration and high nuclear utilization. The latest 2026 second-quarter disclosure nevertheless showed first-half power-sales volume declining 0.6% year over year, while tariff changes remain subject to a multi-stage government approval process rather than automatic cost pass-through. These competing factors support a neutral stance.

This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today.

Street view · analyst 12-month targets1 analysts · as of 18 Aug 2026

Low · most bearish analyst$15.00

Mean target$15.00

High · most bullish analyst$15.00

Our research · scenarios, merits, risks, and invalidation triggersResearch as of 2 Sep 2026

Scenarios · 12-month scenario targetsAnchored at research date

Bear CaseDownside scenario

$15.0024%

Industrial electricity demand weakens further, tariff approvals fail to keep pace with input-cost pressure, or nuclear availability falls materially below the latest disclosed utilization level. Those developments would weaken the operating recovery and reduce investor confidence in sustainable cost recovery.

Base CaseCentral scenario

$15.0056%

Matches the consensus mean

KEPCO preserves efficient and reliable network operations, while electricity demand grows only modestly and tariff decisions continue balancing cost recovery against government affordability objectives.

Bull CaseUpside scenario

$15.0020%

Demand recovers, nuclear utilization remains above its 2024 level, grid reliability stays strong and approved tariff changes continue moving realized prices toward cost recovery. Under this outcome, operating resilience and improved confidence in the tariff framework could support an ADR rerating.

Scenarios are anchored to street consensus at the research date, with our probabilities and rationale.

Key Investment Merits

KEPCO reported a 3.53% transmission and distribution loss rate for 2024, indicating efficient delivery across its network.
The reported 2024 System Average Interruption Duration Index was 9.29 minutes per customer, supporting the network-reliability case.
Korea Hydro & Nuclear Power's reported nuclear capacity utilization increased to 83.8% in 2024 from 81.8% in 2023.

Key Investment Risks

Tariff changes require KEPCO board action and review by Korean government bodies, creating regulatory timing and cost-recovery risk.
The August 2026 earnings materials reported a 0.6% year-over-year decline in first-half power-sales volume, indicating weak demand momentum.
The nuclear forced-outage rate increased to 0.420% in 2024 from 0.080% in 2023, creating an availability risk despite higher utilization.

All scenarios are estimates and subject to change. Past performance is not indicative of future results.

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Explore this dossier

ValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework.