Samsung Securities삼성증권
016360 · KOSPI · ₩016360 · 삼성증권
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
₩121,362
vs the current price (₩80,400)
- Cost of equity
- 9.5%
- Fair P/B
- 1.25×
- P/B now
- 0.83×
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
- ₩84,310
- +4.9%
- Base
- ₩121,362
- +50.9%
- Bull
- ₩169,799
- +111.2%
Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.
Assumptions
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Business
- 11.4%
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
- 4.01%
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 0.86, 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)
- ₩366B
- Equity (book value)
- ₩8.7T
- Book value per share ₩96,934
- Shares
- 89,300,000
- Share price
- ₩80,400
- Market cap
- ₩7.2T
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Cost of equity ↓ · ROE → | 9.4% | 10.4% | 11.4% | 12.4% | 13.4% |
|---|---|---|---|---|---|
| 8.5% | ₩110,220 | ₩125,115 | ₩140,010 | ₩154,904 | ₩169,799 |
| 9.0% | ₩102,356 | ₩116,188 | ₩130,020 | ₩143,852 | ₩157,684 |
| 9.5% | ₩95,540 | ₩108,451 | ₩121,362 | ₩134,272 | ₩147,183 |
| 10.0% | ₩89,575 | ₩101,679 | ₩113,784 | ₩125,889 | ₩137,993 |
| 10.5% | ₩84,310 | ₩95,704 | ₩107,097 | ₩118,490 | ₩129,884 |
Now (TTM)
- Market cap
- ₩7.2T
- Enterprise value
- ₩7.5T
- P/E
- 4.9×
- P/B
- 0.8×
- P/S
- —
- EV/EBITDA
- —
- Dividend yield
- 5.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Price | ₩75,400 | ₩43,500 | ₩38,500 |
| Market cap | ₩6.7T | ₩3.9T | ₩3.4T |
| P/E | 6.7× | 4.3× | 6.3× |
| P/B | 0.8× | 0.5× | 0.5× |
| P/S | — | — | — |
| EV/EBITDA | — | — | — |
| Dividend yield | 5.3% | 8.0% | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Samsung Securities | 4.9× | 0.8× | — | — | 5.0% |
| Mirae Asset Securities | 3.6× | 0.9× | 0.3× | — | 1.2% |
| NH Investment & Securities | 5.8× | 0.8× | — | — | 5.4% |
| KIWOOM Securities | 3.3× | 0.8× | 0.2× | 21.5× | 5.2% |
| Samsung Card | 7.6× | 0.6× | — | 28.7× | 6.6% |
| Macquarie Korea Infrastructure Fund | — | — | — | — | — |
| kakaopay | 52.2× | 2.3× | 4.0× | — | 0.0% |
| Similar companies (median) | 5.8× | 0.8× | 0.3× | 25.1× | 5.2% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Samsung Securities / 삼성증권 / 016360 / KRX:016360
Source: KRX statistical information