AJU IB Investment아주IB투자
027360 · KOSDAQ · ₩027360 · 아주IB투자
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
₩750
vs the current price (₩2,685)
- Cost of equity
- 9.6%
- Fair P/B
- 0.30×
- P/B now
- 1.09×
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
- ₩86
- −96.8%
- Base
- ₩750
- −72.1%
- Bull
- ₩1,614
- −39.9%
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
- 4.3%
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
- 4.08%
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 0.77, 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)
- −₩15B
- Equity (book value)
- ₩299B
- Book value per share ₩2,471
- Shares
- 121,145,406
- Share price
- ₩2,685
- Market cap
- ₩325B
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Cost of equity ↓ · ROE → | 2.3% | 3.3% | 4.3% | 5.3% | 6.3% |
|---|---|---|---|---|---|
| 8.6% | ₩113 | ₩488 | ₩863 | ₩1,239 | ₩1,614 |
| 9.1% | ₩105 | ₩454 | ₩803 | ₩1,151 | ₩1,500 |
| 9.6% | ₩98 | ₩424 | ₩750 | ₩1,075 | ₩1,401 |
| 10.1% | ₩92 | ₩397 | ₩703 | ₩1,009 | ₩1,315 |
| 10.6% | ₩86 | ₩374 | ₩662 | ₩950 | ₩1,238 |
Now (TTM)
- Market cap
- ₩325B
- Enterprise value
- ₩311B
- P/E
- 7.8×
- P/B
- 1.1×
- P/S
- —
- EV/EBITDA
- —
- Dividend yield
- 2.6%
Over time (at each year end)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Price | ₩2,885 | ₩2,430 | ₩2,750 |
| Market cap | ₩350B | ₩294B | ₩333B |
| P/E | 42.0× | 35.4× | 20.1× |
| P/B | 1.3× | 1.1× | 1.3× |
| P/S | — | — | — |
| EV/EBITDA | — | — | — |
| Dividend yield | 2.4% | 2.1% | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| AJU IB Investment | 7.8× | 1.1× | — | — | 2.6% |
| 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: AJU IB Investment / 아주IB투자 / 027360 / KRX:027360
Source: KRX statistical information