DB InsuranceDB손해보험
005830 · KOSPI · ₩005830 · DB손해보험
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
₩451,679
vs the current price (₩184,700)
- Cost of equity
- 9.5%
- Fair P/B
- 2.12×
- P/B now
- 0.87×
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
- ₩348,453
- +88.7%
- Base
- ₩451,679
- +144.5%
- Bull
- ₩586,628
- +217.6%
Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.
Assumptions
Sign in to change the assumptions and see the results update. Sign in
Business
- 17.9%
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)
- ₩2.3T
- Equity (book value)
- ₩14T
- Book value per share ₩213,284
- Shares
- 65,500,349
- Share price
- ₩184,700
- Market cap
- ₩12T
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Cost of equity ↓ · ROE → | 15.9% | 16.9% | 17.9% | 18.9% | 19.9% |
|---|---|---|---|---|---|
| 8.5% | ₩455,538 | ₩488,311 | ₩521,083 | ₩553,856 | ₩586,628 |
| 9.0% | ₩423,037 | ₩453,471 | ₩483,905 | ₩514,340 | ₩544,774 |
| 9.5% | ₩394,864 | ₩423,272 | ₩451,679 | ₩480,087 | ₩508,494 |
| 10.0% | ₩370,210 | ₩396,844 | ₩423,478 | ₩450,111 | ₩476,745 |
| 10.5% | ₩348,453 | ₩373,522 | ₩398,591 | ₩423,659 | ₩448,728 |
Now (TTM)
- Market cap
- ₩12T
- Enterprise value
- ₩14T
- P/E
- 6.6×
- P/B
- 0.9×
- P/S
- —
- EV/EBITDA
- —
- Dividend yield
- 4.1%
Over time (at each year end)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Price | ₩131,100 | ₩102,800 | ₩83,700 |
| Market cap | ₩8.6T | ₩6.7T | ₩5.5T |
| P/E | 4.8× | 3.6× | 3.2× |
| P/B | 0.8× | 0.7× | 0.5× |
| P/S | — | — | — |
| EV/EBITDA | — | — | — |
| Dividend yield | 5.8% | 6.6% | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| DB Insurance | 6.6× | 0.9× | — | — | 4.1% |
| Samsung Life Insurance | 19.3× | 0.4× | — | — | 0.0% |
| Samsung Fire & Marine Insurance | 13.7× | 0.8× | — | — | 3.0% |
| Hyundaimarine&Fireinsuranceco | 3.2× | 0.6× | — | — | 0.0% |
| 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× | 0.6× | — | — | 0.0% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: DB Insurance / DB손해보험 / 005830 / KRX:005830
Source: KRX statistical information