BGFBGF
027410 · KOSPI · ₩027410 · BGF
Valuation model · Sum of the parts (net asset value)
This is a holding company, so we value what it owns: its stakes in listed companies at market value, less a holding company discount.
Fair value per share
₩4,069
vs the current price (₩3,415)
- Assets before discount
- ₩649B
- Equity value
- ₩390B
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
- ₩2,713
- −20.6%
- Base
- ₩4,069
- +19.2%
- Bull
- ₩5,697
- +66.8%
Bear: listed stakes 20% lower and a discount 10 points wider. Bull: the opposite.
Assumptions
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Business
- 0%
Moves the market value of the listed companies it owns up or down.
Default: 0, today's market values.
- ₩0B
Anything else it owns, minus its own debt, in ₩ billions.
Default: 0. Unlisted holdings and the company's own cash and debt aren't included unless you add them.
Discount rate
- 40%
How far below the value of its holdings the company is valued.
Default: a typical discount for Korean holding companies.
Starting point
- Shares
- 95,716,791
- Share price
- ₩3,415
- Market cap
- ₩327B
Listed stakes
| Company | Stake | Market value |
|---|---|---|
| BGF retail | 30.0% | ₩649B |
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Listed stakes ↓ · Discount → | 20.0% | 30.0% | 40.0% | 50.0% | 60.0% |
|---|---|---|---|---|---|
| −20.0% | ₩4,341 | ₩3,798 | ₩3,256 | ₩2,713 | ₩2,170 |
| −10.0% | ₩4,883 | ₩4,273 | ₩3,662 | ₩3,052 | ₩2,442 |
| 0.0% | ₩5,426 | ₩4,748 | ₩4,069 | ₩3,391 | ₩2,713 |
| +10.0% | ₩5,968 | ₩5,222 | ₩4,476 | ₩3,730 | ₩2,984 |
| +20.0% | ₩6,511 | ₩5,697 | ₩4,883 | ₩4,069 | ₩3,256 |
Now (TTM)
- Market cap
- ₩327B
- Enterprise value
- ₩273B
- P/E
- 4.9×
- P/B
- 0.2×
- P/S
- 0.7×
- EV/EBITDA
- —
- Dividend yield
- 3.8%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Price | ₩3,920 | ₩3,450 | ₩3,810 | ₩4,305 | ₩5,290 |
| Market cap | ₩375B | ₩330B | ₩365B | ₩412B | ₩506B |
| P/E | 6.3× | 3.6× | 4.7× | 17.4× | 7.7× |
| P/B | 0.2× | 0.2× | 0.2× | 0.3× | 0.3× |
| P/S | 0.8× | 0.8× | 0.8× | 0.9× | 2.4× |
| EV/EBITDA | — | — | — | — | — |
| Dividend yield | 3.3% | 3.8% | — | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| BGF | 4.9× | 0.2× | 0.7× | — | 3.8% |
| SK Square | 3.3× | 2.0× | 88.7× | 3.2× | 0.0% |
| KB Financial Group | 8.3× | 0.9× | — | 9.3× | 3.0% |
| Shinhan Financial Group | 7.5× | 0.7× | — | 10.0× | 3.0% |
| SK | 4.5× | 1.0× | 0.3× | — | 1.6% |
| Hana Financial Group | 7.5× | 0.7× | — | 9.8× | 3.6% |
| Woori Financial Group | 6.7× | 0.5× | — | 8.2× | 4.7% |
| Similar companies (median) | 7.1× | 0.8× | 44.5× | 9.3× | 3.0% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: BGF / 027410 / KRX:027410
Source: KRX statistical information