CJCJ
001040 · KOSPI · ₩001040 · CJ
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
₩15,632
vs the current price (₩115,000)
- Assets before discount
- ₩929B
- Equity value
- ₩557B
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
- ₩10,421
- −90.9%
- Base
- ₩15,632
- −86.4%
- Bull
- ₩21,884
- −81.0%
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
- 35,663,733
- incl. 6,486,735 preferred
- Share price
- ₩115,000
- Market cap
- ₩4T
Listed stakes
| Company | Stake | Market value |
|---|---|---|
| CJ CGV | 50.9% | ₩432B |
| CJ ENM | 42.4% | ₩379B |
| CJ Freshway | 47.1% | ₩117B |
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% | ₩16,674 | ₩14,590 | ₩12,505 | ₩10,421 | ₩8,337 |
| −10.0% | ₩18,758 | ₩16,413 | ₩14,069 | ₩11,724 | ₩9,379 |
| 0.0% | ₩20,842 | ₩18,237 | ₩15,632 | ₩13,026 | ₩10,421 |
| +10.0% | ₩22,927 | ₩20,061 | ₩17,195 | ₩14,329 | ₩11,463 |
| +20.0% | ₩25,011 | ₩21,884 | ₩18,758 | ₩15,632 | ₩12,505 |
Now (TTM)
- Market cap
- ₩3.4T
- Enterprise value
- ₩10T
- P/E
- 71.4×
- P/B
- 0.6×
- P/S
- 0.1×
- EV/EBITDA
- —
- Dividend yield
- 2.9%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Price | ₩172,000 | ₩99,100 | ₩94,400 | ₩84,100 | ₩83,400 |
| Market cap | ₩5T | ₩2.9T | ₩2.8T | ₩2.5T | ₩2.4T |
| P/E | 35.0× | 28.8× | 14.1× | 12.1× | 8.8× |
| P/B | 1.0× | 0.5× | 0.5× | 0.5× | 0.5× |
| P/S | 0.1× | 0.1× | 0.1× | 0.1× | 0.1× |
| EV/EBITDA | — | — | — | — | — |
| Dividend yield | 1.9% | 3.0% | — | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| CJ | 71.4× | 0.6× | 0.1× | — | 2.9% |
| 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: CJ / 001040 / KRX:001040
Source: KRX statistical information