Q Capital Partners큐캐피탈
016600 · KOSDAQ · ₩016600 · 큐캐피탈
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
₩634
vs the current price (₩1,859)
- Cost of equity
- 15.1%
- Fair P/B
- 0.06×
- P/B now
- 0.18×
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
- —
- Base
- ₩634
- −65.9%
- Bull
- ₩2,404
- +29.3%
Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.
Assumptions
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Business
- 2.8%
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
- 4.08%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-29.
- 2
How much the share moves when the market moves: 1 means just like the market.
Default: 105 weeks of weekly returns against KOSPI (official index); raw beta 4.42, adjusted toward 1 and kept between 0.6 and 2.0.
- 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)
- −₩189M
- Equity (book value)
- ₩145B
- Book value per share ₩10,372
- Shares
- 13,961,601
- Share price
- ₩1,859
- Market cap
- ₩26B
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Cost of equity ↓ · ROE → | 0.8% | 1.8% | 2.8% | 3.8% | 4.8% |
|---|---|---|---|---|---|
| 14.1% | — | — | ₩687 | ₩1,545 | ₩2,404 |
| 14.6% | — | — | ₩660 | ₩1,484 | ₩2,308 |
| 15.1% | — | — | ₩634 | ₩1,427 | ₩2,220 |
| 15.6% | — | — | ₩611 | ₩1,375 | ₩2,138 |
| 16.1% | — | — | ₩589 | ₩1,326 | ₩2,062 |
Now (TTM)
- Market cap
- ₩26B
- Enterprise value
- ₩26B
- P/E
- 4.9×
- P/B
- 0.2×
- P/S
- 1.3×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Price | ₩3,102 | ₩3,342 | ₩4,515 |
| Market cap | ₩43B | ₩47B | ₩63B |
| P/E | 17.7× | 26.2× | 8.9× |
| P/B | 0.3× | 0.3× | 0.5× |
| P/S | 2.2× | 2.5× | 1.8× |
| EV/EBITDA | — | — | — |
| Dividend yield | 0.0% | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Q Capital Partners | 4.9× | 0.2× | 1.3× | — | 0.0% |
| Mirae Asset Securities | 3.8× | 0.9× | 0.3× | — | 1.1% |
| NH Investment & Securities | 5.9× | 0.8× | — | — | 5.3% |
| Samsung Securities | 5.1× | 0.9× | — | — | 4.8% |
| KIWOOM Securities | 3.6× | 0.8× | 0.2× | 21.7× | 4.9% |
| Samsung Card | 7.3× | 0.5× | — | 28.5× | 6.8% |
| kakaopay | 52.4× | 2.3× | 4.0× | — | 0.0% |
| Similar companies (median) | 5.5× | 0.8× | 0.3× | 25.1× | 4.8% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Q Capital Partners / 큐캐피탈 / 016600 / KRX:016600
Source: KRX statistical information