KIWOOM Securities키움증권
039490 · KOSPI · ₩039490 · 키움증권
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
₩475,995
vs the current price (₩219,500)
- Cost of equity
- 9.5%
- Fair P/B
- 1.65×
- P/B now
- 0.76×
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
- ₩352,298
- +60.5%
- Base
- ₩475,995
- +116.9%
- Bull
- ₩637,705
- +190.5%
Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.
Assumptions
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Business
- 14.4%
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 0.91, 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)
- ₩42T
- Equity (book value)
- ₩7.6T
- Book value per share ₩288,207
- Shares
- 26,228,316
- Share price
- ₩219,500
- Market cap
- ₩5.8T
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Cost of equity ↓ · ROE → | 12.4% | 13.4% | 14.4% | 15.4% | 16.4% |
|---|---|---|---|---|---|
| 8.5% | ₩460,565 | ₩504,850 | ₩549,135 | ₩593,420 | ₩637,705 |
| 9.0% | ₩427,705 | ₩468,830 | ₩509,956 | ₩551,081 | ₩592,207 |
| 9.5% | ₩399,221 | ₩437,608 | ₩475,995 | ₩514,382 | ₩552,768 |
| 10.0% | ₩374,295 | ₩410,285 | ₩446,275 | ₩482,265 | ₩518,255 |
| 10.5% | ₩352,298 | ₩386,173 | ₩420,048 | ₩453,923 | ₩487,798 |
Now (TTM)
- Market cap
- ₩5.8T
- Enterprise value
- ₩48T
- P/E
- 3.3×
- P/B
- 0.8×
- P/S
- 0.2×
- EV/EBITDA
- 21.5×
- Dividend yield
- 5.2%
Over time (at each year end)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Price | ₩289,500 | ₩116,200 | ₩99,500 |
| Market cap | ₩7.6T | ₩3T | ₩2.6T |
| P/E | 6.8× | 3.6× | 6.0× |
| P/B | 1.1× | 0.5× | 0.5× |
| P/S | 0.4× | 0.3× | 0.3× |
| EV/EBITDA | 26.5× | 23.2× | 35.1× |
| Dividend yield | 4.0% | 6.5% | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| KIWOOM Securities | 3.3× | 0.8× | 0.2× | 21.5× | 5.2% |
| 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% |
| Samsung Card | 7.6× | 0.6× | — | 28.7× | 6.6% |
| Macquarie Korea Infrastructure Fund | — | — | — | — | — |
| kakaopay | 52.2× | 2.3× | 4.0× | — | 0.0% |
| Similar companies (median) | 5.8× | 0.8× | 2.1× | 28.7× | 5.0% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: KIWOOM Securities / 키움증권 / 039490 / KRX:039490
Source: KRX statistical information