Samsung Card삼성카드
029780 · KOSPI · ₩029780 · 삼성카드
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
₩57,325
vs the current price (₩42,450)
- Cost of equity
- 9.5%
- Fair P/B
- 0.75×
- P/B now
- 0.55×
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
- ₩32,520
- −23.4%
- Base
- ₩57,325
- +35.0%
- Bull
- ₩89,753
- +111.4%
Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.
Assumptions
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Business
- 7.6%
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)
- ₩19T
- Equity (book value)
- ₩8.9T
- Book value per share ₩76,857
- Shares
- 115,858,891
- Share price
- ₩42,450
- Market cap
- ₩4.9T
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Cost of equity ↓ · ROE → | 5.6% | 6.6% | 7.6% | 8.6% | 9.6% |
|---|---|---|---|---|---|
| 8.5% | ₩42,514 | ₩54,324 | ₩66,134 | ₩77,943 | ₩89,753 |
| 9.0% | ₩39,481 | ₩50,448 | ₩61,415 | ₩72,382 | ₩83,349 |
| 9.5% | ₩36,852 | ₩47,089 | ₩57,325 | ₩67,562 | ₩77,798 |
| 10.0% | ₩34,551 | ₩44,148 | ₩53,746 | ₩63,343 | ₩72,941 |
| 10.5% | ₩32,520 | ₩41,554 | ₩50,587 | ₩59,621 | ₩68,654 |
Now (TTM)
- Market cap
- ₩4.9T
- Enterprise value
- ₩24T
- P/E
- 7.6×
- P/B
- 0.6×
- P/S
- —
- EV/EBITDA
- 28.7×
- Dividend yield
- 6.6%
Over time (at each year end)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Price | ₩55,900 | ₩39,450 | ₩32,350 |
| Market cap | ₩6.5T | ₩4.6T | ₩3.7T |
| P/E | 10.0× | 6.9× | 6.1× |
| P/B | 0.7× | 0.5× | 0.5× |
| P/S | — | 1.0× | 0.9× |
| EV/EBITDA | 27.5× | 22.0× | 20.2× |
| Dividend yield | 5.0% | 7.1% | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Samsung Card | 7.6× | 0.6× | — | 28.7× | 6.6% |
| Mirae Asset Securities | 3.6× | 0.9× | 0.3× | — | 1.2% |
| NH Investment & Securities | 5.8× | 0.8× | — | — | 5.4% |
| Samsung Securities | 4.9× | 0.8× | — | — | 5.0% |
| KIWOOM Securities | 3.3× | 0.8× | 0.2× | 21.5× | 5.2% |
| Macquarie Korea Infrastructure Fund | — | — | — | — | — |
| kakaopay | 52.2× | 2.3× | 4.0× | — | 0.0% |
| Similar companies (median) | 4.9× | 0.8× | 0.3× | 21.5× | 5.0% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Samsung Card / 삼성카드 / 029780 / KRX:029780
Source: KRX statistical information