(Jun 26, 2026)
S-1 is the market leader, yet its smaller rival, SK Shieldus, is winning on growth, profitability, and valuation. That is not a business problem – it is a governance problem.
Eighty percent of shareholders are calling. It’s time for Samsung to answer.
For more than 50 years, S-1 has been Korea’s premier security brand. With over one million customers and a commanding 51% market share, it remains the industry’s undisputed leader.
Market share based on 2025 revenue
Over the past 15 years, the KOSPI has nearly quadrupled, yet S-1’s share price has gone nowhere.
The chart below compares S-1’s valuation with those of SK Shieldus, Korea’s No. 2 security company, and Verisure, Europe’s market leader.
Verisure and S-1 EBITDA figures are based on FY2025 results. Share prices as of June 19, 2026. SK Shieldus data sourced from public disclosures. https://www.itbiznews.com/news/articleView.html?idxno=105776
S-1’s annual reports devote little attention to declining market share, deteriorating profitability, and years of share price underperformance.
Instead, management celebrates one thing: that the company remains profitable.
Every CEO parachuted into S-1 without industry experience was enthusiastically endorsed by the board.
The company’s only investor meeting of the year? An in-person meeting at the Shilla Hotel on just a day’s notice.
Source: S-1’s annual reports
Drones. Senior care.
Cybersecurity. Opportunities
abound – and are being ignored.
Drones are reshaping defense and security. Korea’s rapidly aging population is creating enormous demand for senior care. Corporate clients are increasingly prioritizing cybersecurity…
S-1 is uniquely positioned to capitalize on each of these opportunities.
Peer valuations imply KRW 150,000.
Better execution and new growth engines could justify KRW 450,000 over time.
All assuming one thing: a real board and a capable CEO.
Note 1: As of June 19, 2026.
Note 2: Based on peer EV/EBITDA multiples.
These views represent FCP’s opinions based on certain assumptions and should not be construed as a prediction or guarantee of future share price performance.
