SK SecuritiesSK증권
001510 · KOSPI · ₩001510 · SK증권
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
With these assumptions the model gives no positive value.
- Cost of equity
- 9.5%
- Fair P/B
- 0.00×
- P/B now
- 0.68×
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
- —
- Base
- —
- Bull
- —
Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.
Assumptions
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Business
- -2.8%
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 0.99, 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)
- ₩3.3T
- Equity (book value)
- ₩662B
- Book value per share ₩2,838
- Shares
- 233,251,342
- incl. 1,956,257 preferred
- Share price
- ₩1,923
- Market cap
- ₩452B
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Cost of equity ↓ · ROE → | −4.8% | −3.8% | −2.8% | −1.8% | −0.8% |
|---|---|---|---|---|---|
| 8.5% | — | — | — | — | — |
| 9.0% | — | — | — | — | — |
| 9.5% | — | — | — | — | — |
| 10.0% | — | — | — | — | — |
| 10.5% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩445B
- Enterprise value
- ₩3.8T
- P/E
- 6.4×
- P/B
- 0.7×
- P/S
- —
- EV/EBITDA
- 53.3×
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Price | ₩1,287 | ₩927 | ₩1,283 |
| Market cap | ₩298B | ₩214B | ₩297B |
| P/E | 10.3× | — | 116.4× |
| P/B | 0.5× | 0.4× | 0.5× |
| P/S | — | — | — |
| EV/EBITDA | 134.5× | — | 100.4× |
| Dividend yield | 0.0% | 0.2% | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| SK Securities | 6.4× | 0.7× | — | 53.3× | 0.0% |
| Mirae Asset Securities | 3.6× | 0.9× | 0.3× | — | 1.2% |
| NH Investment & Securities | 5.8× | 0.8× | — | — | 5.4% |
| Samsung Securities | 4.9× | 0.8× | — | — | 5.0% |
| KIWOOM Securities | 3.3× | 0.8× | 0.2× | 21.5× | 5.2% |
| Samsung Card | 7.6× | 0.6× | — | 28.7× | 6.6% |
| Macquarie Korea Infrastructure Fund | — | — | — | — | — |
| Similar companies (median) | 4.9× | 0.8× | 0.2× | 25.1× | 5.2% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: SK Securities / SK증권 / 001510 / KRX:001510
Source: KRX statistical information