Korea No.16 Special Purpose Acquisition한국제16호스팩
0164H0 · KOSDAQ · ₩0164H0 · 한국제16호스팩
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
₩1,442
vs the current price (₩1,951)
- 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
- ₩848
- −56.5%
- Base
- ₩1,442
- −26.1%
- Bull
- ₩2,216
- +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
- 4.03%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-27.
- 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)
- −₩12B
- Equity (book value)
- ₩12B
- Book value per share ₩1,810
- Shares
- 6,750,000
- Share price
- ₩1,951
- 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% | ₩1,108 | ₩1,385 | ₩1,662 | ₩1,939 | ₩2,216 |
| 9.0% | ₩1,029 | ₩1,287 | ₩1,544 | ₩1,801 | ₩2,059 |
| 9.5% | ₩961 | ₩1,201 | ₩1,442 | ₩1,682 | ₩1,922 |
| 10.0% | ₩901 | ₩1,126 | ₩1,352 | ₩1,577 | ₩1,802 |
| 10.5% | ₩848 | ₩1,060 | ₩1,273 | ₩1,485 | ₩1,697 |
Valuation
Also known as: Korea No.16 Special Purpose Acquisition / 한국제16호스팩 / 0164H0 / KRX:0164H0
Source: KRX statistical information