Hyundaimarine&Fireinsuranceco현대해상
001450 · KOSPI · ₩001450 · 현대해상
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
₩138,114
vs the current price (₩43,950)
- Cost of equity
- 9.5%
- Fair P/B
- 1.80×
- P/B now
- 0.57×
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
- ₩103,824
- +136.2%
- Base
- ₩138,114
- +214.3%
- Bull
- ₩182,942
- +316.2%
Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.
Assumptions
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Business
- 15.5%
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
- 4.01%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-30.
- 1
How much the share moves when the market moves: 1 means just like the market.
Default: 1.0. Measured beta is 0.6, 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)
- ₩1.3T
- Equity (book value)
- ₩6.5T
- Book value per share ₩76,812
- Shares
- 85,248,250
- Share price
- ₩43,950
- Market cap
- ₩3.7T
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Cost of equity ↓ · ROE → | 13.5% | 14.5% | 15.5% | 16.5% | 17.5% |
|---|---|---|---|---|---|
| 8.5% | ₩135,731 | ₩147,533 | ₩159,336 | ₩171,139 | ₩182,942 |
| 9.0% | ₩126,047 | ₩137,007 | ₩147,968 | ₩158,929 | ₩169,889 |
| 9.5% | ₩117,653 | ₩127,883 | ₩138,114 | ₩148,345 | ₩158,575 |
| 10.0% | ₩110,307 | ₩119,899 | ₩129,490 | ₩139,082 | ₩148,674 |
| 10.5% | ₩103,824 | ₩112,852 | ₩121,881 | ₩130,909 | ₩139,937 |
Now (TTM)
- Market cap
- ₩3.7T
- Enterprise value
- ₩5.1T
- P/E
- 3.2×
- P/B
- 0.6×
- P/S
- —
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Price | ₩30,800 | ₩24,700 | ₩31,000 |
| Market cap | ₩2.6T | ₩2.1T | ₩2.6T |
| P/E | 2.6× | 2.5× | 4.3× |
| P/B | 0.5× | 0.4× | 0.4× |
| P/S | — | — | — |
| EV/EBITDA | — | — | — |
| Dividend yield | 0.0% | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Hyundaimarine&Fireinsuranceco | 3.2× | 0.6× | — | — | 0.0% |
| Samsung Life Insurance | 19.3× | 0.4× | — | — | 0.0% |
| Samsung Fire & Marine Insurance | 13.7× | 0.8× | — | — | 3.0% |
| DB Insurance | 6.6× | 0.9× | — | — | 4.1% |
| Hanwha Life Insurance | 3.4× | 0.2× | — | — | 0.0% |
| Seoul Guarantee Insurance | 9.8× | 0.6× | — | — | 6.6% |
| Mirae Asset Life Insurance | 21.0× | 1.1× | — | — | 0.0% |
| Similar companies (median) | 11.8× | 0.7× | — | — | 1.5% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Hyundaimarine&Fireinsuranceco / 현대해상 / 001450 / KRX:001450
Source: KRX statistical information