Woori Technology Investment우리기술투자
041190 · KOSDAQ · ₩041190 · 우리기술투자
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
₩27,352
vs the current price (₩4,650)
- Cost of equity
- 9.5%
- Fair P/B
- 2.56×
- P/B now
- 0.43×
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
- ₩21,623
- +365.0%
- Base
- ₩27,352
- +488.2%
- Bull
- ₩34,842
- +649.3%
Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.
Assumptions
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Business
- 21.2%
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 0.7, 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)
- −₩47B
- Equity (book value)
- ₩854B
- Book value per share ₩10,696
- Shares
- 79,800,000
- Share price
- ₩4,650
- Market cap
- ₩371B
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Cost of equity ↓ · ROE → | 19.2% | 20.2% | 21.2% | 22.2% | 23.2% |
|---|---|---|---|---|---|
| 8.5% | ₩28,268 | ₩29,912 | ₩31,555 | ₩33,199 | ₩34,842 |
| 9.0% | ₩26,251 | ₩27,778 | ₩29,304 | ₩30,830 | ₩32,356 |
| 9.5% | ₩24,503 | ₩25,928 | ₩27,352 | ₩28,777 | ₩30,202 |
| 10.0% | ₩22,973 | ₩24,309 | ₩25,645 | ₩26,980 | ₩28,316 |
| 10.5% | ₩21,623 | ₩22,880 | ₩24,137 | ₩25,395 | ₩26,652 |
Now (TTM)
- Market cap
- ₩371B
- Enterprise value
- ₩324B
- P/E
- 9.3×
- P/B
- 0.4×
- P/S
- 5.1×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Price | ₩7,360 | ₩6,920 | ₩6,440 |
| Market cap | ₩587B | ₩552B | ₩514B |
| P/E | 5.3× | 3.7× | 4.2× |
| P/B | 0.8× | 0.8× | 1.0× |
| P/S | 3.6× | 2.9× | 3.0× |
| EV/EBITDA | — | — | — |
| Dividend yield | 0.0% | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Woori Technology Investment | 9.3× | 0.4× | 5.1× | — | 0.0% |
| 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% |
| Samsung Card | 7.6× | 0.6× | — | 28.7× | 6.6% |
| Macquarie Korea Infrastructure Fund | — | — | — | — | — |
| Similar companies (median) | 4.9× | 0.8× | 0.2× | 25.1× | 5.2% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Woori Technology Investment / 우리기술투자 / 041190 / KRX:041190
Source: KRX statistical information