SKHY
SK hynix Inc.
$182.99
Platform & Compounding FCF
80%
Two-stage FCF DCF
Mild
·
Conviction
Fair Value
Trading 4.2% below fair value
You pay
$182.99
Bear
$92.27
Fair
$191.06
Bull
$328.83
Bear
$92.27
-49.6%
15% stage 1 growth, 12% discount
Fair
$191.06
+4.4%
25% stage 1 growth, 12% discount
Bull
$328.83
+79.7%
32% stage 1 growth, 12% discount
Adjust Assumptions
24.9%
12.0%
3.0%
Key Value Driver
FCF growth rate (25% base case)
Terminal Value % of EV
45%
Implied Market Multiple
54.0x
Market is pricing in (growth)
24.4%
vs 24.9% base
Summary
Using a two-stage FCF DCF with 25% growth decelerating over 15 years, discounted at 12%, the base-case intrinsic value is $191.06 per share.
Warnings
Financial statements were converted from KRW into USD using USDKRW at 0.0007 USD per KRW.
Key Risks
- P/E alone misleads — earnings depressed by growth investment
- Cyclical or commodity businesses may be misclassified as platforms
- Terminal value dominance suggests sensitivity to long-run assumptions