Pureun Savings Bank푸른저축은행
007330 · KOSDAQ · ₩007330 · 푸른저축은행
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
₩6,954
vs the current price (₩9,920)
- Cost of equity
- 9.6%
- Fair P/B
- 0.33×
- P/B now
- 0.47×
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
- ₩1,229
- −87.6%
- Base
- ₩6,954
- −29.9%
- Bull
- ₩14,419
- +45.4%
Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.
Assumptions
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Business
- 4.5%
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
- 4.08%
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 0.6, 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)
- −₩28B
- Equity (book value)
- ₩318B
- Book value per share ₩21,087
- Shares
- 15,082,800
- Share price
- ₩9,920
- Market cap
- ₩150B
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Cost of equity ↓ · ROE → | 2.5% | 3.5% | 4.5% | 5.5% | 6.5% |
|---|---|---|---|---|---|
| 8.6% | ₩1,602 | ₩4,806 | ₩8,011 | ₩11,215 | ₩14,419 |
| 9.1% | ₩1,489 | ₩4,467 | ₩7,445 | ₩10,423 | ₩13,401 |
| 9.6% | ₩1,391 | ₩4,172 | ₩6,954 | ₩9,735 | ₩12,517 |
| 10.1% | ₩1,305 | ₩3,914 | ₩6,524 | ₩9,133 | ₩11,743 |
| 10.6% | ₩1,229 | ₩3,686 | ₩6,144 | ₩8,601 | ₩11,058 |
Now (TTM)
- Market cap
- ₩150B
- Enterprise value
- ₩121B
- P/E
- 12.0×
- P/B
- 0.5×
- P/S
- —
- EV/EBITDA
- 24.7×
- Dividend yield
- 7.8%
Over time (at each year end)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Price | ₩10,130 | ₩8,480 | ₩8,590 |
| Market cap | ₩153B | ₩128B | ₩130B |
| P/E | 7.7× | 18.2× | 8.2× |
| P/B | 0.5× | 0.4× | 0.4× |
| P/S | — | — | — |
| EV/EBITDA | 6.8× | 11.6× | 6.9× |
| Dividend yield | 7.6% | 7.7% | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Pureun Savings Bank | 12.0× | 0.5× | — | 24.7× | 7.8% |
| Industrial Bank of Korea | 5.7× | 0.4× | — | — | 5.6% |
| KakaoBank | 18.8× | 1.4× | 2.9× | 11.4× | 2.4% |
| Kbank | 29.6× | 0.9× | — | — | 0.0% |
| Jeju Bank | 21.3× | 0.5× | — | 14.2× | 1.2% |
| Similar companies (median) | 20.0× | 0.7× | 2.9× | 12.8× | 1.8% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Pureun Savings Bank / 푸른저축은행 / 007330 / KRX:007330
Source: KRX statistical information