Yuanta Securities Korea유안타증권
003470 · KOSPI · ₩003470 · 유안타증권
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
₩3,320
vs the current price (₩3,995)
- Cost of equity
- 9.6%
- Fair P/B
- 0.34×
- P/B now
- 0.41×
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
- ₩677
- −83.1%
- Base
- ₩3,320
- −16.9%
- Bull
- ₩6,765
- +69.3%
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
- 4.08%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-29.
- 1
How much the share moves when the market moves: 1 means just like the market.
Default: 1.0. Measured beta is 0.82, 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)
- −₩832B
- Equity (book value)
- ₩2T
- Book value per share ₩9,679
- Shares
- 205,491,472
- incl. 12,811,370 preferred
- Share price
- ₩3,995
- Market cap
- ₩820B
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% | ₩882 | ₩2,353 | ₩3,824 | ₩5,295 | ₩6,765 |
| 9.1% | ₩820 | ₩2,187 | ₩3,554 | ₩4,921 | ₩6,288 |
| 9.6% | ₩766 | ₩2,043 | ₩3,320 | ₩4,596 | ₩5,873 |
| 10.1% | ₩719 | ₩1,916 | ₩3,114 | ₩4,312 | ₩5,510 |
| 10.6% | ₩677 | ₩1,805 | ₩2,933 | ₩4,061 | ₩5,189 |
Now (TTM)
- Market cap
- ₩770B
- Enterprise value
- −₩63B
- P/E
- 4.0×
- P/B
- 0.4×
- P/S
- 0.1×
- EV/EBITDA
- —
- Dividend yield
- 5.5%
Over time (at each year end)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Price | ₩3,690 | ₩2,630 | ₩2,550 |
| Market cap | ₩711B | ₩507B | ₩491B |
| P/E | 7.4× | 6.9× | 7.6× |
| P/B | 0.4× | 0.3× | 0.3× |
| P/S | 0.2× | 0.2× | 0.2× |
| EV/EBITDA | 1.9× | 0.3× | 0.9× |
| Dividend yield | 6.0% | 7.6% | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Yuanta Securities Korea | 4.0× | 0.4× | 0.1× | — | 5.5% |
| Mirae Asset Securities | 3.8× | 0.9× | 0.3× | — | 1.1% |
| NH Investment & Securities | 5.9× | 0.8× | — | — | 5.3% |
| Samsung Securities | 5.1× | 0.9× | — | — | 4.8% |
| KIWOOM Securities | 3.6× | 0.8× | 0.2× | 21.7× | 4.9% |
| Samsung Card | 7.3× | 0.5× | — | 28.5× | 6.8% |
| kakaopay | 52.4× | 2.3× | 4.0× | — | 0.0% |
| Similar companies (median) | 5.5× | 0.8× | 0.3× | 25.1× | 4.8% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Yuanta Securities Korea / 유안타증권 / 003470 / KRX:003470
Source: KRX statistical information