국내 이동통신사의 기업가치평가 사례연구: SK텔레콤을 대상으로

초록

his study is a case analysis of equity valuation for a Korean mobile telecommunication company, SK Telecom (SKT). We conduct an equity valuation for SKT at a point of time of April 2009 by using the Residual Operating Income (ReOI) valuation model. This case study begins to discuss the theoretical background of ReOI valuation model which is derived from Ohlson (1995). Then, we analyze the implemental framework of ReOI valuation model. Since residual income is created by operating activity, ReOI valuation model focuses on operating income ignoring the effects of financial activity. We explain how to separate the results of operating activity from them of financial activity within balance sheet and income statement. This leads to reformulated financial statements (both of balance sheet and income statement). After analyzing the reformulated financial statements, we show where SKT is and explain how to forecast the main value drivers of ReOI. Lastly, we finalize our equity valuation by incorporating the forecasts into ReOI valuation model. Although there are many theoretical and empirical research papers regarding equity valuation, there is no case analysis for the practical implementation of equity valuation model for Korean companies. This case study aims to fill this void in the academic literature. This case study may contribute to both industry and academic communities by describing how to implement theoretical valuation model in practice.

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