NH Special Purpose Acquisition 33엔에이치스팩33호
0130H0 · KOSDAQ · ₩0130H0 · 엔에이치스팩33호
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
₩1,467
vs the current price (₩1,986)
- Cost of equity
- 9.5%
- Fair P/B
- 0.80×
- P/B now
- 1.08×
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
- ₩863
- −56.5%
- Base
- ₩1,467
- −26.1%
- Bull
- ₩2,256
- +13.6%
Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.
Assumptions
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Business
- 8%
Yearly profit as a share of shareholders' equity.
Default: average return on equity of the last 0 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)
- −₩14B
- Equity (book value)
- ₩14B
- Book value per share ₩1,836
- Shares
- 7,700,000
- Share price
- ₩1,986
- Market cap
- ₩15B
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Cost of equity ↓ · ROE → | 6.0% | 7.0% | 8.0% | 9.0% | 10.0% |
|---|---|---|---|---|---|
| 8.5% | ₩1,128 | ₩1,410 | ₩1,692 | ₩1,974 | ₩2,256 |
| 9.0% | ₩1,048 | ₩1,310 | ₩1,572 | ₩1,833 | ₩2,095 |
| 9.5% | ₩978 | ₩1,222 | ₩1,467 | ₩1,711 | ₩1,956 |
| 10.0% | ₩917 | ₩1,146 | ₩1,375 | ₩1,604 | ₩1,834 |
| 10.5% | ₩863 | ₩1,079 | ₩1,294 | ₩1,510 | ₩1,726 |
Valuation
Also known as: NH Special Purpose Acquisition 33 / 엔에이치스팩33호 / 0130H0 / KRX:0130H0
Source: KRX statistical information