Noroo Holdings노루홀딩스
000320 · KOSPI · ₩000320 · 노루홀딩스
Valuation model · Sum of the parts (net asset value)
This is a holding company, so we value what it owns: its stakes in listed companies at market value, less a holding company discount.
Fair value per share
₩3,600
vs the current price (₩14,200)
- Assets before discount
- ₩81B
- Equity value
- ₩49B
Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.
Bear / Base / Bull
- Bear
- ₩2,400
- −83.1%
- Base
- ₩3,600
- −74.6%
- Bull
- ₩5,040
- −64.5%
Bear: listed stakes 20% lower and a discount 10 points wider. Bull: the opposite.
Assumptions
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Business
- 0%
Moves the market value of the listed companies it owns up or down.
Default: 0, today's market values.
- ₩0B
Anything else it owns, minus its own debt, in ₩ billions.
Default: 0. Unlisted holdings and the company's own cash and debt aren't included unless you add them.
Discount rate
- 40%
How far below the value of its holdings the company is valued.
Default: a typical discount for Korean holding companies.
Starting point
- Shares
- 13,534,710
- incl. 243,559 preferred
- Share price
- ₩14,200
- Market cap
- ₩196B
Listed stakes
| Company | Stake | Market value |
|---|---|---|
| Noroo Paint & Coatings | 50.5% | ₩81B |
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Listed stakes ↓ · Discount → | 20.0% | 30.0% | 40.0% | 50.0% | 60.0% |
|---|---|---|---|---|---|
| −20.0% | ₩3,840 | ₩3,360 | ₩2,880 | ₩2,400 | ₩1,920 |
| −10.0% | ₩4,320 | ₩3,780 | ₩3,240 | ₩2,700 | ₩2,160 |
| 0.0% | ₩4,800 | ₩4,200 | ₩3,600 | ₩3,000 | ₩2,400 |
| +10.0% | ₩5,280 | ₩4,620 | ₩3,960 | ₩3,300 | ₩2,640 |
| +20.0% | ₩5,760 | ₩5,040 | ₩4,320 | ₩3,600 | ₩2,880 |
Now (TTM)
- Market cap
- ₩189B
- Enterprise value
- ₩188B
- P/E
- 5.1×
- P/B
- 0.4×
- P/S
- 0.2×
- EV/EBITDA
- —
- Dividend yield
- 4.2%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Price | ₩21,050 | ₩12,880 | ₩11,460 | ₩9,970 | ₩12,750 |
| Market cap | ₩280B | ₩171B | ₩152B | ₩133B | ₩169B |
| P/E | 8.6× | 3.4× | 6.0× | 5.3× | 106.2× |
| P/B | 0.6× | 0.4× | 0.4× | 0.3× | 0.5× |
| P/S | 0.2× | 0.1× | 0.1× | 0.1× | 0.2× |
| EV/EBITDA | — | — | — | — | — |
| Dividend yield | 2.9% | 4.3% | — | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Noroo Holdings | 5.1× | 0.4× | 0.2× | — | 4.2% |
| SK Square | 3.7× | 2.2× | 98.7× | 3.6× | 0.0% |
| KB Financial Group | 8.7× | 0.9× | — | 9.5× | 2.8% |
| Shinhan Financial Group | 7.7× | 0.7× | — | 10.1× | 2.9% |
| SK | 4.9× | 1.1× | 0.3× | — | 1.5% |
| Hana Financial Group | 7.6× | 0.7× | — | 9.9× | 3.6% |
| Woori Financial Group | 6.9× | 0.6× | — | 8.3× | 4.5% |
| Similar companies (median) | 7.3× | 0.8× | 49.5× | 9.5× | 2.9% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Noroo Holdings / 노루홀딩스 / 000320 / KRX:000320
Source: KRX statistical information