Atinum Investment에이티넘인베스트
021080 · KOSDAQ · ₩021080 · 에이티넘인베스트
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
₩4,462
vs the current price (₩1,821)
- Cost of equity
- 9.6%
- Fair P/B
- 1.08×
- P/B now
- 0.44×
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
- ₩2,980
- +63.7%
- Base
- ₩4,462
- +145.0%
- Bull
- ₩6,393
- +251.1%
Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.
Assumptions
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Business
- 10.2%
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.
- 1
How much the share moves when the market moves: 1 means just like the market.
Default: 1.0. Measured beta is 0.6, 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)
- −₩30B
- Equity (book value)
- ₩198B
- Book value per share ₩4,125
- Shares
- 48,000,000
- Share price
- ₩1,821
- Market cap
- ₩87B
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Cost of equity ↓ · ROE → | 8.2% | 9.2% | 10.2% | 11.2% | 12.2% |
|---|---|---|---|---|---|
| 8.6% | ₩3,886 | ₩4,513 | ₩5,140 | ₩5,767 | ₩6,393 |
| 9.1% | ₩3,612 | ₩4,194 | ₩4,777 | ₩5,359 | ₩5,942 |
| 9.6% | ₩3,374 | ₩3,918 | ₩4,462 | ₩5,006 | ₩5,550 |
| 10.1% | ₩3,165 | ₩3,675 | ₩4,186 | ₩4,696 | ₩5,207 |
| 10.6% | ₩2,980 | ₩3,461 | ₩3,942 | ₩4,423 | ₩4,903 |
Now (TTM)
- Market cap
- ₩87B
- Enterprise value
- ₩58B
- P/E
- 6.9×
- P/B
- 0.4×
- P/S
- 1.7×
- EV/EBITDA
- —
- Dividend yield
- 7.1%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Price | ₩2,870 | ₩2,160 | ₩3,585 | ₩2,620 | ₩5,310 |
| Market cap | ₩138B | ₩104B | ₩172B | ₩126B | ₩255B |
| P/E | 5.5× | 9.6× | 8.6× | 4.5× | 3.9× |
| P/B | 0.7× | 0.6× | 1.0× | 0.8× | 1.7× |
| P/S | 2.0× | 2.0× | 1.3× | 1.2× | 2.2× |
| EV/EBITDA | — | — | — | — | — |
| Dividend yield | 4.5% | 3.2% | — | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Atinum Investment | 6.9× | 0.4× | 1.7× | — | 7.1% |
| Mirae Asset Securities | 3.8× | 0.9× | 0.3× | — | 1.1% |
| NH Investment & Securities | 5.7× | 0.8× | — | — | 5.5% |
| Samsung Securities | 5.0× | 0.8× | — | — | 4.9% |
| KIWOOM Securities | 3.5× | 0.8× | 0.2× | 21.6× | 5.0% |
| Samsung Card | 7.3× | 0.5× | — | 28.4× | 6.9% |
| kakaopay | 52.7× | 2.3× | 4.0× | — | 0.0% |
| Similar companies (median) | 5.4× | 0.8× | 0.3× | 25.0× | 4.9% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Atinum Investment / 에이티넘인베스트 / 021080 / KRX:021080
Source: KRX statistical information