Han Kook Capital한국캐피탈
023760 · KOSDAQ · ₩023760 · 한국캐피탈
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
₩6,966
vs the current price (₩1,344)
- Cost of equity
- 9.5%
- Fair P/B
- 1.40×
- P/B now
- 0.27×
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
- ₩4,977
- +270.3%
- Base
- ₩6,966
- +418.3%
- Bull
- ₩9,568
- +611.9%
Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.
Assumptions
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Business
- 12.5%
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
- 4.01%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-30.
- 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)
- ₩3.5T
- Equity (book value)
- ₩786B
- Book value per share ₩4,981
- Shares
- 157,804,788
- Share price
- ₩1,344
- Market cap
- ₩212B
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Cost of equity ↓ · ROE → | 10.5% | 11.5% | 12.5% | 13.5% | 14.5% |
|---|---|---|---|---|---|
| 8.5% | ₩6,506 | ₩7,271 | ₩8,037 | ₩8,802 | ₩9,568 |
| 9.0% | ₩6,042 | ₩6,753 | ₩7,463 | ₩8,174 | ₩8,885 |
| 9.5% | ₩5,639 | ₩6,303 | ₩6,966 | ₩7,630 | ₩8,293 |
| 10.0% | ₩5,287 | ₩5,909 | ₩6,531 | ₩7,153 | ₩7,775 |
| 10.5% | ₩4,977 | ₩5,562 | ₩6,148 | ₩6,733 | ₩7,319 |
Now (TTM)
- Market cap
- ₩212B
- Enterprise value
- ₩3.7T
- P/E
- 2.1×
- P/B
- 0.3×
- P/S
- —
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Price | ₩1,606 | ₩1,094 | ₩1,174 |
| Market cap | ₩253B | ₩173B | ₩185B |
| P/E | 2.5× | 2.1× | 2.8× |
| P/B | 0.3× | 0.3× | 0.3× |
| P/S | — | — | — |
| EV/EBITDA | — | — | — |
| Dividend yield | 0.0% | 0.0% | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Han Kook Capital | 2.1× | 0.3× | — | — | 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: Han Kook Capital / 한국캐피탈 / 023760 / KRX:023760
Source: KRX statistical information