Mirae Asset Securities미래에셋증권
006800 · KOSPI · ₩006800 · 미래에셋증권
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
₩17,645
vs the current price (₩24,000)
- Cost of equity
- 9.7%
- Fair P/B
- 0.75×
- P/B now
- 0.89×
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
- ₩10,231
- −57.4%
- Base
- ₩17,645
- −26.5%
- Bull
- ₩27,272
- +13.6%
Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.
Assumptions
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Business
- 7.8%
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
- 4.03%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-27.
- 1.03
How much the share moves when the market moves: 1 means just like the market.
Default: 105 weeks of weekly returns against KOSPI (official index); raw beta 1.04, adjusted toward 1 and kept between 0.6 and 2.0.
- 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)
- ₩13T
- Equity (book value)
- ₩16T
- Book value per share ₩23,416
- Shares
- 683,746,334
- incl. 140,725,283 preferred
- Share price
- ₩24,000
- Market cap
- ₩14T
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Cost of equity ↓ · ROE → | 5.8% | 6.8% | 7.8% | 8.8% | 9.8% |
|---|---|---|---|---|---|
| 8.7% | ₩13,287 | ₩16,783 | ₩20,279 | ₩23,776 | ₩27,272 |
| 9.2% | ₩12,363 | ₩15,617 | ₩18,871 | ₩22,124 | ₩25,378 |
| 9.7% | ₩11,560 | ₩14,603 | ₩17,645 | ₩20,687 | ₩23,729 |
| 10.2% | ₩10,855 | ₩13,712 | ₩16,568 | ₩19,425 | ₩22,282 |
| 10.7% | ₩10,231 | ₩12,924 | ₩15,616 | ₩18,308 | ₩21,001 |
Now (TTM)
- Market cap
- ₩13T
- Enterprise value
- ₩26T
- P/E
- 3.4×
- P/B
- 0.8×
- P/S
- 0.3×
- EV/EBITDA
- —
- Dividend yield
- 1.3%
Over time (at each year end)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Price | ₩23,350 | ₩8,030 | ₩7,630 |
| Market cap | ₩13T | ₩4.4T | ₩4.1T |
| P/E | 8.1× | 4.7× | 12.7× |
| P/B | 1.0× | 0.4× | 0.4× |
| P/S | 0.4× | 0.2× | 0.2× |
| EV/EBITDA | — | — | — |
| Dividend yield | 1.3% | 3.1% | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Mirae Asset Securities | 3.4× | 0.8× | 0.3× | — | 1.3% |
| NH Investment & Securities | 5.4× | 0.8× | — | — | 5.8% |
| Samsung Securities | 4.7× | 0.8× | — | — | 5.2% |
| KIWOOM Securities | 3.2× | 0.7× | 0.2× | 21.4× | 5.5% |
| Samsung Card | 7.4× | 0.5× | — | 28.5× | 6.7% |
| Macquarie Korea Infrastructure Fund | — | — | — | — | — |
| kakaopay | 50.6× | 2.3× | 3.9× | — | 0.0% |
| Similar companies (median) | 5.4× | 0.8× | 2.0× | 25.0× | 5.5% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Mirae Asset Securities / 미래에셋증권 / 006800 / KRX:006800
Source: KRX statistical information