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Earnings transcript
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KEP
Korea Electric Power Corporation
$10.63
-0.06
(-0.56%)
| Exchange: | NYSE |
| Market Cap: | 13.648B |
| Shares Outstanding: | 617.073M |
Delayed data
About The Company
| Sector: | UtilitiesView sector performance | |||||
| Industry: | Regulated ElectricView industry performance | |||||
| CEO: | Dong-Cheol Kim | |||||
| Full Time Employees: | 22875 | |||||
| Address: |
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| Website: | https://home.kepco.co.kr |
Korea Electric Power Corporation (KEPCO) functions as a comprehensive electric utility, responsible for the generation, transmission, and distribution of electricity within South Korea and in various international markets. Its operations are organized into key segments: Transmission and Distribution, Nuclear Power Generation, Thermal Power Generation, and a broader ‘Others’ category. KEPCO boasts a diverse energy portfolio, generating power from a wide array of sources including nuclear, coal, oil, liquefied natural gas (LNG), internal combustion engines, combined-cycle plants, integrated gasification combined cycle (IGCC) facilities, hydroelectric dams, wind and solar farms, fuel cells, biogas, and other emergent technologies. As of December 31, 2021, the company commanded an impressive generation fleet comprising 763 units, encompassing nuclear, thermal, hydroelectric, and internal combustion facilities, collectively boasting an installed capacity of 82,459 megawatts. Its robust transmission network featured 34,923 circuit kilometers of lines, including 765 kilovolt lines and high-voltage direct current (HVDC) infrastructure, supported by 892 substations equipped with a combined transformer capacity of 344,286 megavolt-amperes. The distribution system further extended this infrastructure, incorporating 132,376 megavolt-amperes of transformer capacity, 9,940,440 support units, and a vast network spanning 532,348 circuit kilometers. KEPCO serves a broad spectrum of consumers, delivering electricity to residential homes, commercial enterprises, educational institutions, industrial facilities, agricultural operations, street lighting, and for specific overnight power applications. Beyond core electricity provision, the corporation offers a range of auxiliary services. These encompass the maintenance of utility plants, resource development initiatives, specialized electric power information technology solutions, general facility maintenance, electric meter reading, security services, information and communication line leasing, and the sale of nuclear fuel. Established in 1961, Korea Electric Power Corporation maintains its corporate headquarters in Naju-si, South Korea.
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Revenue Segmentation
KEP full analysis
Hey everyone, welcome back to MarketSnap. It's easy to fall in love with KEPCO's story — a national utility, a five percent dividend yield, a stock that trades at a fraction of book value. But it's a lot harder to love the balance sheet underneath it. Today we're stress-testing Korea Electric Power with MarketSnap's valuation model — not the hype, just the math. Let's set the table. KEPCO — Korea Electric Power Corporation — is the dominant electric utility in…
Industry Peers
| TICKER | COMPANY | MKT CAP | P/E | FWD P/E | ROIC |
|---|---|---|---|---|---|
| KEP | Korea Electric Power Corporation | 13.6B | 2.4 | 4.3 | 3.9% |
 XELLL | Xcel Energy Inc. 6.25% Junior Subordin… | 12.8B | 20.1 | — | 3.7% |
 EMA | Emera Incorporated | 14.7B | 20.6 | 25.9 | 2.8% |
 PNW | Pinnacle West Capital Corporation | 12.5B | 18.6 | 21.6 | 3.2% |
 DUKB | Duke Energy Corporation 5.625% | 16.2B | 17.5 | 3.1 | 4.2% |
 OGE | OGE Energy Corp. | 9.8B | 20.3 | 19.6 | 4.9% |
EPS
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Earnings Call
AI summary
Key takeaways
Short, structured highlights from the call so you can focus on what matters.
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 87,476,410,000 | 93,398,896,000 | 96,567,586,000 |
| Gross Profit | -2,223,117,000 | 11,227,576,000 | 15,862,774,000 |
| EBITDA | 9,929,945,000 | 23,918,979,000 | 29,715,281,000 |
| Operating Income | -4,245,016,000 | 8,364,710,000 | 13,570,710,000 |
| Net Income | -4,822,549,000 | 3,491,698,000 | 8,544,918,000 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 239,714,965,000 | 246,807,795,000 | 254,916,839,077 |
| Total Liabilities | 202,450,215,000 | 205,444,962,000 | 205,593,260,527 |
| Total Stockholders Equity | 35,845,043,000 | 39,915,236,000 | 48,167,935,685 |
| Total Debt | 137,439,710,000 | 24,358,837,000 | 133,028,011,049 |
| Cash and Cash Equivalents | 4,342,887,000 | 2,382,979,000 | 2,240,717,669 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 1,522,162,000 | 15,876,116,000 | 21,163,268,512 |
| Capital Expenditure | -13,925,998,000 | -14,216,037,000 | -16,023,476,237 |
| Free Cash Flow | -12,403,836,000 | 1,660,079,000 | 5,139,792,274 |
| Net Income | -4,716,144,000 | 3,491,698,000 | 8,660,778,749 |
| Net Change in Cash | 1,108,107,000 | -1,959,908,000 | -91,013,078 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2028 | Research Access | Research Access | Research Access | Research Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 97,103,620,465.985 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (High) | 100,092,225,438.117 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (Avg) | 98,474,192,572.359 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Low) | 30,390,265,851.655 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (High) | 30,818,560,910.725 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Avg) | 30,586,681,658.295 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Low) | 7,489,546,158.783 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (High) | 7,790,482,611.830 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Avg) | 7,627,555,400.125 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Low) | 2,859,723,264.360 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (High) | 2,947,738,346.865 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Avg) | 2,900,086,918.355 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Avg) | 5.859 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (High) | 5.984 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Low) | 5.753 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated Revenue) | 4 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated EPS) | 1 | Research Access | Research Access | Research Access | Research Access |
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Current Key Metrics
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Login — it's freeForward P/E Ratios
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Login — it's freeSWOT Analysis
Strengths (preview)
- Improved Profitability Trajectory: The Q3 2024 earnings call highlights a positive shift in financial results, with accumulated consolidated figures indicating a recovery in net income. This suggests operational efficiencies or favorable pricing adjustments are taking effect, supporting a turnaround narrative.
- Essential Service Provider: As a utility, KEPCO operates in a defensive sector with inelastic demand. The company profile indicates a large market capitalization and a substantial workforce, underscoring its role as a critical infrastructure provider within its region.
- Cash Flow Generation: The structure of the provided financial statements allows for analysis of operating cash flow against capital expenditures. For a capital-intensive utility, the ability to generate consistent operating cash flow is a core strength that underpins dividend sustainability and debt servicing.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MarketSnap estimates KEP intrinsic value between $10.55 – $23.21 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
Common questions about KEP valuation
Is Korea Electric Power Corporation (KEP) overvalued or undervalued right now?
MarketSnap estimates intrinsic value for Korea Electric Power Corporation (KEP) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is KEP a buy, hold, or sell for long-term investors?
MarketSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether KEP trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is KEP’s P/E ratio?
You can see KEP’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for KEP?
MarketSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MarketSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is KEP a good long-term investment?
Whether KEP fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MarketSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
KEP
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Daily snapshot
-0.56
Trading Metrics:
| Open: | 10.75 | Previous Close: | 10.69 | |
| Day Low: | 10.58 | Day High: | 10.79 | |
| Year Low: | 10.43 | Year High: | 23.41 | |
| Price Avg 50: | 11.47 | Price Avg 200: | 14.59 | |
| Volume: | 861692 | Average Volume: | 1.069M |
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