Asked my Claude to summarise for me in case you might want to see a summary of my reasoning. Might be useful. I do my DD together with Claude , so this summary is an incomplete glimpse into my Due Dilligence. It is not a perfect presentation , but I wouldn’t have written so much myself.
\# SK Telecom (SKM) — Due Diligence v2
\\An indirect Anthropic position with a telecom business attached\\
Working analytical draft · v2 May 14, 2026 (incorporates the FY2025 annual report) · For personal use
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\## §1 — Summary
SK Telecom is South Korea’s largest wireless carrier. It holds \\3,703,141 Anthropic shares\\, acquired for \~$101.6M in August 2023. As of the FY2025 audit, those shares were marked at \\\~$1.0B\\ (KRW 1,376,232M) — a \~10× step-up over cost — at an implied Anthropic valuation of \~$350–380B (Series G era). The stake itself, in absolute terms, is large. What’s \contested\ is what percentage of Anthropic those 3.7M shares represent — see §3.
\\The trade, stated honestly:\\ at \~$39.5, SKM has roughly doubled off its 52-week low (\~$19.66) and trades near its 52-week high (\~$40.49). US sell-side average price targets sit \below\ the current price; Morningstar flags it as trading well above fair value. The post-spin telecom-only trading range (2022–2024) implies a core floor \~35–40% below today’s price. This is not a value investment with embedded free optionality — it is a \\directional bet on Anthropic’s valuation continuing to rise and being marked/monetized\\, with a telecom business underneath that cushions, but does not prevent, a large drawdown.
\\Most material new information (since v1):\\
\- The \\FY2025 annual report\\ was obtained and read. Core business numbers are now audited rather than estimated — and they’re worse for FY2025 than the v1 DD conveyed. Q1 2026 is a genuine bounce but off a deep hole.
\- The \\Anthropic ownership reading\\ that v1 used (\~0.55%) is now one of two live readings, not the consensus answer. The filing literally states 0.3% end-of-year. Whether that reflects real dilution or a denominator-presentation change is the open question (§3).
\- \\Anthropic talks of a $30–50B raise at $900B+ pre-money\\, board decision expected May 2026, not yet signed. Bullish for the mark; potentially \delays\ the IPO, which is a direct risk to any fixed-expiry option position (§10).
\- \\Anthropic gross margin resolved:\\ roughly −94% (2024) → \~50% (2025), with Anthropic itself projecting \~77% by 2028. Materially better than the bear-case “40% forever” framing.
\### Headline metrics (May 14, 2026)
|Metric |Value |Note |
|--------------------------------------|-------------------|--------------------------------------------------|
|ADR price (SKM) |\~$39.5 |NYSE; each ADR = 5/9 of an ordinary share |
|Market cap |\~$15.2B |\~386.6M ADS outstanding |
|KOSPI listing (017670) |\~98,000 KRW |KRW market cap \~20.9T |
|52-week range (ADR) |$19.66 – $40.49 |Near the high |
|P/E (TTM) |\~56× |Distorted — FY2025 breach charges crushed earnings|
|EPS (TTM) |\~$0.69 | |
|EBITDA (TTM, consolidated) |\~$3.1B |Was \~$4.0B in FY2024 (mgmt basis) |
|Revenue (TTM, consolidated mgmt basis)|\~$12.4B (KRW 17.1T)| |
|Dividend yield |\~3.5% |But FY2025 div was cut 53% YoY — see §4 |
|Beta (5Y) |\~0.62 |Low