SK Telecom core and AI infrastructure SOTP valuation

SK Telecom Co., Ltd. (SKM)
By@grokius
Assumptions as of 2026-08-25
USD
Updated Aug 25, 2026
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SK Telecom core and AI infrastructure SOTP valuation

Sum-of-the-parts for SK Telecom ADSs. Capitalize normalized core telecom and data-infrastructure EBITDA, subtract net debt including leases, then add a net AI-infrastructure option (gross value less the SK Hyper equity commitment) and an estimated Anthropic stake. 1 ADS equals 5/9 of one common share.

as of 2026-08-25

Fair value per SKM ADS
$50.11
Upside vs current price
26.6%
Normalized EBITDA
5.289
Core enterprise value
27.765
Net AI infrastructure option value
3.250
Anthropic stake value
$2.9
Implied equity value
19.21

AI infrastructure

4.000KRW T
0.750KRW T

Anthropic stake

965USD billions
0.300%

Balance sheet

8.400KRW T

FX and shares

212.982millions
1,386

Market

39.58USD
Latest SKM quote · updated Aug 26, 2026 10:41 AM MDT

Normalization

65.0%
3.450KRW T

Operating anchors

1.049KRW T
0.566KRW T

Valuation

5.25

SOTP valuation bridge

FY2025FY2026E
Reported or normalized EBITDA5.2895.289
Core enterprise value27.76527.765
Less net debt including leases-8.400-8.400
Net AI infrastructure option3.2503.250
Anthropic stake4.0124.012
Equity value26.62726.627

Sources

  1. Q2 2026 consolidated revenue was KRW 4.3591T and operating income was KRW 0.566T, up 67.3% year over year, with a quarterly dividend of KRW 830. — news.sktelecom.com
  2. Q2 2026 investor briefing: consolidated EBITDA KRW 1,442.3B; shareholder-return policy FY2024-2026; Q2 DPS KRW 830. — sktelecom.com
  3. 20-F for the year ended December 31, 2025: 212,982,275 common shares outstanding excluding treasury; each SKM ADS represents five-ninths of one common share. — sec.gov
  4. August 6, 2026 6-K confirms an ongoing review of strategic options for the AI data center business. — modeledge.ai
  5. Anthropic announced a $65B Series H at a $965B post-money valuation on May 28, 2026. SK Telecom's post-dilution stake is not disclosed. — anthropic.com
  6. USD/KRW Seoul close August 25, 2026 was 1,386.1. — yna.co.kr
  7. Street consensus on SKM is Hold with an average target around $34.55, below the live ADS price. — stockanalysis.com

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