Kyobo Securities교보증권
030610 · KOSPI · ₩030610 · 교보증권
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
₩9,477
vs the current price (₩8,280)
- Cost of equity
- 9.6%
- Fair P/B
- 0.47×
- P/B now
- 0.41×
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
- ₩3,721
- −55.1%
- Base
- ₩9,477
- +14.5%
- Bull
- ₩16,983
- +105.1%
Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.
Assumptions
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Business
- 5.6%
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
- 4.08%
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 0.76, 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)
- ₩6.6T
- Equity (book value)
- ₩2.3T
- Book value per share ₩19,958
- Shares
- 113,962,961
- Share price
- ₩8,280
- Market cap
- ₩944B
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Cost of equity ↓ · ROE → | 3.6% | 4.6% | 5.6% | 6.6% | 7.6% |
|---|---|---|---|---|---|
| 8.6% | ₩4,852 | ₩7,885 | ₩10,918 | ₩13,950 | ₩16,983 |
| 9.1% | ₩4,510 | ₩7,328 | ₩10,147 | ₩12,965 | ₩15,784 |
| 9.6% | ₩4,212 | ₩6,845 | ₩9,477 | ₩12,110 | ₩14,743 |
| 10.1% | ₩3,952 | ₩6,421 | ₩8,891 | ₩11,361 | ₩13,830 |
| 10.6% | ₩3,721 | ₩6,047 | ₩8,373 | ₩10,699 | ₩13,025 |
Now (TTM)
- Market cap
- ₩944B
- Enterprise value
- ₩7.6T
- P/E
- 4.8×
- P/B
- 0.4×
- P/S
- 0.1×
- EV/EBITDA
- —
- Dividend yield
- 6.6%
Over time (at each year end)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Price | ₩9,470 | ₩5,560 | ₩4,950 |
| Market cap | ₩1.1T | ₩634B | ₩564B |
| P/E | 7.6× | 5.4× | 8.4× |
| P/B | 0.5× | 0.3× | 0.3× |
| P/S | 0.2× | 0.2× | 0.2× |
| EV/EBITDA | — | — | — |
| Dividend yield | 5.8% | 9.0% | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Kyobo Securities | 4.8× | 0.4× | 0.1× | — | 6.6% |
| 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: Kyobo Securities / 교보증권 / 030610 / KRX:030610
Source: KRX statistical information