SBI Investment KoreaSBI인베스트먼트
019550 · KOSDAQ · ₩019550 · SBI인베스트먼트
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
₩1,350
vs the current price (₩664)
- Cost of equity
- 9.5%
- Fair P/B
- 0.70×
- P/B now
- 0.35×
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
- ₩742
- +11.7%
- Base
- ₩1,350
- +103.2%
- Bull
- ₩2,143
- +222.8%
Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.
Assumptions
Sign in to change the assumptions and see the results update. Sign in
Business
- 7.3%
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
- 4.03%
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: 1.0. Measured beta is 0.69, 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)
- −₩55B
- Equity (book value)
- ₩155B
- Book value per share ₩1,918
- Shares
- 80,562,974
- Share price
- ₩664
- Market cap
- ₩53B
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Cost of equity ↓ · ROE → | 5.3% | 6.3% | 7.3% | 8.3% | 9.3% |
|---|---|---|---|---|---|
| 8.5% | ₩969 | ₩1,262 | ₩1,556 | ₩1,850 | ₩2,143 |
| 9.0% | ₩900 | ₩1,173 | ₩1,445 | ₩1,718 | ₩1,991 |
| 9.5% | ₩840 | ₩1,095 | ₩1,350 | ₩1,604 | ₩1,859 |
| 10.0% | ₩788 | ₩1,027 | ₩1,265 | ₩1,504 | ₩1,743 |
| 10.5% | ₩742 | ₩967 | ₩1,191 | ₩1,416 | ₩1,641 |
Now (TTM)
- Market cap
- ₩53B
- Enterprise value
- −₩3.4B
- P/E
- 5.0×
- P/B
- 0.3×
- P/S
- 1.4×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Price | ₩1,434 | ₩1,522 | ₩1,716 |
| Market cap | ₩116B | ₩123B | ₩138B |
| P/E | 12.4× | 10.8× | 16.6× |
| P/B | 0.8× | 0.9× | 1.1× |
| P/S | 3.5× | 4.3× | 4.7× |
| EV/EBITDA | 7.0× | 5.1× | 10.6× |
| Dividend yield | 0.0% | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| SBI Investment Korea | 5.0× | 0.3× | 1.4× | — | 0.0% |
| Mirae Asset Securities | 3.5× | 0.8× | 0.3× | — | 1.2% |
| NH Investment & Securities | 5.5× | 0.8× | — | — | 5.7% |
| Samsung Securities | 4.8× | 0.8× | — | — | 5.1% |
| KIWOOM Securities | 3.3× | 0.7× | 0.2× | 21.5× | 5.3% |
| Samsung Card | 7.3× | 0.5× | — | 28.4× | 6.9% |
| Macquarie Korea Infrastructure Fund | — | — | — | — | — |
| Similar companies (median) | 4.8× | 0.8× | 0.2× | 24.9× | 5.3% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: SBI Investment Korea / SBI인베스트먼트 / 019550 / KRX:019550
Source: KRX statistical information