SK Telecom Q2 2026 core and AI infrastructure SOTP valuation

SK Telecom Co., Ltd. (SKM)
By@hypertonx
Assumptions as of 2026-09-16
USD
Updated Sep 16, 2026 · Revised 3 times
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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 2026-09-16

Fair value per SKM ADS
$50.63
Upside/downside
49.4%
Normalized EBITDA
5.289
Core enterprise value
27.766
Net AI infrastructure option value
3.250
Anthropic stake value
$2.9
Equity value
26.579

AI infrastructure

4.000KRW T
0.750KRW T

Anthropic stake

965$B
0.300%

Balance sheet

8.400KRW T

FX and shares

213.059M shares
1,369

Market

$33.89$/ADS
Latest SKM quote · updated Oct 14, 2026 2:00 PM MDT

Normalization

65.0%
3.450KRW T

Operating anchors

1.049KRW T
0.566KRW T

Valuation

5.25

SOTP valuation bridge

FY2026E
FY2025 operating income1.049
Q2 2026 operating income0.566
Normalized EBITDA5.289
Core enterprise value27.766
Less net debt including leases-8.400
Net AI infrastructure option value3.250
Anthropic stake value3.963
Equity value26.579
Fair value per ADS$50.63

Sources

  1. September 16 reference SKM price $35.35; quote update 2026-09-16T15:00:38.889719-06:00. Current price updates market-relative outputs; operating assumption changes are separately sourced. (accessed 2026-09-16)
  2. August 27 SK Horizon plan: KRW1.881128369253T secondary stake sale plus separate KRW1.2T primary funding, SKT ultimately retains 51%; planned 2027 completion is conditional. Do not book proceeds or retained data-center value on top of core earnings without a full carve-out bridge. — modeledge.ai (accessed 2026-09-16)
  3. USD/KRW reference 1368.96, ValutaFX September 16, 2026 14:30 UTC. FX and US ADS quote are asynchronous. — valutafx.com (accessed 2026-09-16)
  4. September 2 disposal report: 1,731,081 treasury shares after August 31 transfer of 1,061. With 214,790,053 issued, outstanding excluding treasury is 213,058,972; transfer is not new cash funding. — modeledge.ai (accessed 2026-09-16)
  5. Semiannual report filed September 15: Q2 operating income KRW566,043M. June debt/cash and lease reconciliation is historical; SK Hyper KRW330B contributed July 23 against KRW750B commitment. — modeledge.ai (accessed 2026-09-16)
  6. Q2 2026 consolidated revenue was KRW4.3591T and operating income was KRW0.566T, up 5.3% sequentially. — modeledge.ai
  7. 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
  8. Anthropic announced a $65B Series H at a $965B post-money valuation on May 28, 2026. — anthropic.com
  9. SK Telecom announced an additional $100M investment in Anthropic; exact post-dilution ownership remains undisclosed. — sktelecom.com

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