Kiwoom Hero No.2 Special Purpose Acquisition키움히어로제2호스팩
0131D0 · KOSDAQ · ₩0131D0 · 키움히어로제2호스팩
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
₩1,569
vs the current price (₩1,956)
- Cost of equity
- 9.5%
- Fair P/B
- 0.80×
- P/B now
- 1.00×
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
- ₩923
- −52.8%
- Base
- ₩1,569
- −19.8%
- Bull
- ₩2,413
- +23.4%
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)
- −₩12B
- Equity (book value)
- ₩12B
- Book value per share ₩1,963
- Shares
- 6,310,000
- Share price
- ₩1,956
- Market cap
- ₩12B
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% | ₩1,206 | ₩1,508 | ₩1,810 | ₩2,111 | ₩2,413 |
| 9.0% | ₩1,120 | ₩1,401 | ₩1,681 | ₩1,961 | ₩2,241 |
| 9.5% | ₩1,046 | ₩1,307 | ₩1,569 | ₩1,830 | ₩2,092 |
| 10.0% | ₩980 | ₩1,226 | ₩1,471 | ₩1,716 | ₩1,961 |
| 10.5% | ₩923 | ₩1,154 | ₩1,384 | ₩1,615 | ₩1,846 |
Valuation
Also known as: Kiwoom Hero No.2 Special Purpose Acquisition / 키움히어로제2호스팩 / 0131D0 / KRX:0131D0
Source: KRX statistical information