SK Telecom Q2 2026 core and AI infrastructure SOTP valuation
Sum-of-the-parts valuation for SK Telecom. Core telecom and data infrastructure EBITDA is capitalized, net debt including leases is deducted, and separate AI infrastructure and Anthropic stake values are added. The disclosed SK Hyper equity commitment is deducted explicitly from the gross AI infrastructure option value.
as of 2026-08-05
Fair value per SKM ADS
$50.30
Upside/downside
41.7%
Normalized EBITDA
5.289
Core enterprise value
27.765
Net AI infrastructure option value
3.250
Anthropic stake value
$2.9
Equity value
26.610
AI infrastructure
4.000KRW T
0.750KRW T
Anthropic stake
965$B
0.300%
Balance sheet
8.400KRW T
FX and shares
212.982M shares
1,380
Market
$35.49$/ADS
Normalization
65.0%
3.450KRW T
Operating anchors
1.049KRW T
0.566KRW T
Valuation
5.25
SOTP valuation bridge
FY2026E
FY2025 operating income
1.049
Q2 2026 operating income
0.566
Normalized EBITDA
5.289
Core enterprise value
27.765
Less net debt including leases
-8.400
Net AI infrastructure option value
3.250
Anthropic stake value
3.995
Equity value
26.610
Fair value per ADS
$50.30
Sources
Q2 2026 consolidated revenue was KRW4.3591T and operating income was KRW0.566T, up 5.3% sequentially. — modeledge.ai
SK Telecom committed KRW0.75T to SK Hyper, with KRW0.33T expected in 2026, and plans to use strategic investors and project financing for gigawatt-scale expansion. — modeledge.ai
Anthropic announced a $65B Series H at a $965B post-money valuation on May 28, 2026. — anthropic.com
SK Telecom announced an additional $100M investment in Anthropic; exact post-dilution ownership remains undisclosed. — sktelecom.com
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