Eugene Investment & Securities유진투자증권
001200 · KOSPI · ₩001200 · 유진투자증권
Valuation model · P/B vs ROE (excess return)
Banks, insurers and brokers don't suit a cash flow model (borrowing and lending is their business), so we value them on book value and return on equity: P/B vs ROE.
Fair value per share
₩4,368
vs the current price (₩3,500)
- Cost of equity
- 9.6%
- Fair P/B
- 0.34×
- P/B now
- 0.27×
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
- ₩891
- −74.5%
- Base
- ₩4,368
- +24.8%
- Bull
- ₩8,897
- +154.2%
Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.
Assumptions
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Business
- 4.6%
Yearly profit as a share of shareholders' equity.
Default: average return on equity of the last 3 annual reports.
- 2%
How fast book value and profits grow over the long run.
Default: close to the economy's long-run growth.
Discount rate
- 4.11%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-28.
- 1
How much the share moves when the market moves: 1 means just like the market.
Default: 1.0. Measured beta is 0.8, but against a KOSPI dominated by chipmakers that understates a bank's or insurer's risk, so we use at least the market's.
- 5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Starting point
- Net debt (borrowings and leases − cash and deposits)
- ₩4.7T
- Equity (book value)
- ₩1.2T
- Book value per share ₩12,781
- Shares
- 96,866,418
- Share price
- ₩3,500
- Market cap
- ₩339B
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Cost of equity ↓ · ROE → | 2.6% | 3.6% | 4.6% | 5.6% | 6.6% |
|---|---|---|---|---|---|
| 8.6% | ₩1,160 | ₩3,095 | ₩5,029 | ₩6,963 | ₩8,897 |
| 9.1% | ₩1,079 | ₩2,877 | ₩4,675 | ₩6,473 | ₩8,271 |
| 9.6% | ₩1,008 | ₩2,688 | ₩4,368 | ₩6,048 | ₩7,728 |
| 10.1% | ₩946 | ₩2,522 | ₩4,098 | ₩5,675 | ₩7,251 |
| 10.6% | ₩891 | ₩2,376 | ₩3,860 | ₩5,345 | ₩6,830 |
Now (TTM)
- Market cap
- ₩339B
- Enterprise value
- ₩5T
- P/E
- 2.3×
- P/B
- 0.3×
- P/S
- 0.1×
- EV/EBITDA
- —
- Dividend yield
- 5.1%
Over time (at each year end)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Price | ₩3,440 | ₩2,435 | ₩3,535 |
| Market cap | ₩333B | ₩236B | ₩342B |
| P/E | 5.2× | 4.8× | 11.2× |
| P/B | 0.3× | 0.2× | 0.3× |
| P/S | 0.2× | 0.1× | 0.2× |
| EV/EBITDA | — | — | — |
| Dividend yield | 5.2% | 4.1% | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Eugene Investment & Securities | 2.3× | 0.3× | 0.1× | — | 5.1% |
| Mirae Asset Securities | 3.5× | 0.8× | 0.3× | — | 1.2% |
| NH Investment & Securities | 5.5× | 0.8× | — | — | 5.7% |
| Samsung Securities | 4.8× | 0.8× | — | — | 5.1% |
| KIWOOM Securities | 3.3× | 0.7× | 0.2× | 21.5× | 5.3% |
| Samsung Card | 7.3× | 0.5× | — | 28.4× | 6.9% |
| Macquarie Korea Infrastructure Fund | — | — | — | — | — |
| Similar companies (median) | 4.8× | 0.8× | 0.2× | 24.9× | 5.3% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Eugene Investment & Securities / 유진투자증권 / 001200 / KRX:001200
Source: KRX statistical information