Daishin Balance No.20 Special Purpose Acquisition대신밸런스제20호스팩
0134X0 · KOSDAQ · ₩0134X0 · 대신밸런스제20호스팩
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
₩1,597
vs the current price (₩1,994)
- 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
- ₩939
- −52.9%
- Base
- ₩1,597
- −19.9%
- Bull
- ₩2,456
- +23.2%
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: not enough price history yet, so 1.0 (the market average).
- 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)
- −₩564M
- Equity (book value)
- ₩13B
- Book value per share ₩1,998
- Shares
- 6,740,000
- Share price
- ₩1,994
- Market cap
- ₩13B
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% | ₩1,228 | ₩1,535 | ₩1,842 | ₩2,149 | ₩2,456 |
| 9.0% | ₩1,140 | ₩1,425 | ₩1,711 | ₩1,996 | ₩2,281 |
| 9.5% | ₩1,064 | ₩1,331 | ₩1,597 | ₩1,863 | ₩2,129 |
| 10.0% | ₩998 | ₩1,247 | ₩1,497 | ₩1,746 | ₩1,996 |
| 10.5% | ₩939 | ₩1,174 | ₩1,409 | ₩1,644 | ₩1,879 |
Valuation
Also known as: Daishin Balance No.20 Special Purpose Acquisition / 대신밸런스제20호스팩 / 0134X0 / KRX:0134X0
Source: KRX statistical information