Meritz No.2 Special Purpose Acquisition메리츠제2호스팩
0165X0 · KOSDAQ · ₩0165X0 · 메리츠제2호스팩
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
₩1,560
vs the current price (₩1,944)
- Cost of equity
- 9.6%
- Fair P/B
- 0.79×
- P/B now
- 0.98×
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
- ₩919
- −52.7%
- Base
- ₩1,560
- −19.8%
- Bull
- ₩2,395
- +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
- 4.11%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-28.
- 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)
- −₩14B
- Equity (book value)
- ₩14B
- Book value per share ₩1,978
- Shares
- 7,240,000
- Share price
- ₩1,944
- Market cap
- ₩14B
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% |
|---|---|---|---|---|---|
| 8.6% | ₩1,197 | ₩1,497 | ₩1,796 | ₩2,095 | ₩2,395 |
| 9.1% | ₩1,113 | ₩1,391 | ₩1,670 | ₩1,948 | ₩2,226 |
| 9.6% | ₩1,040 | ₩1,300 | ₩1,560 | ₩1,820 | ₩2,080 |
| 10.1% | ₩976 | ₩1,220 | ₩1,464 | ₩1,708 | ₩1,952 |
| 10.6% | ₩919 | ₩1,149 | ₩1,379 | ₩1,608 | ₩1,838 |
Valuation
Also known as: Meritz No.2 Special Purpose Acquisition / 메리츠제2호스팩 / 0165X0 / KRX:0165X0
Source: KRX statistical information