Cosmax BTI코스맥스비티아이
044820 · KOSPI · ₩044820 · 코스맥스비티아이
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
₩53,567
vs the current price (₩22,650)
- Assets before discount
- ₩857B
- Equity value
- ₩514B
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
- ₩35,711
- +57.7%
- Base
- ₩53,567
- +136.5%
- Bull
- ₩74,993
- +231.1%
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
- 9,603,921
- Share price
- ₩22,650
- Market cap
- ₩218B
Listed stakes
| Company | Stake | Market value |
|---|---|---|
| Cosmax | 27.2% | ₩814B |
| Cosmax NBT | 43.7% | ₩42B |
| Clio Cosmetics | 0.3% | ₩639M |
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% | ₩57,138 | ₩49,996 | ₩42,853 | ₩35,711 | ₩28,569 |
| −10.0% | ₩64,280 | ₩56,245 | ₩48,210 | ₩40,175 | ₩32,140 |
| 0.0% | ₩71,422 | ₩62,494 | ₩53,567 | ₩44,639 | ₩35,711 |
| +10.0% | ₩78,564 | ₩68,744 | ₩58,923 | ₩49,103 | ₩39,282 |
| +20.0% | ₩85,707 | ₩74,993 | ₩64,280 | ₩53,567 | ₩42,853 |
Now (TTM)
- Market cap
- ₩218B
- Enterprise value
- ₩702B
- P/E
- 3.4×
- P/B
- 0.7×
- P/S
- 0.3×
- EV/EBITDA
- 10.2×
- Dividend yield
- 3.4%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Price | ₩13,570 | ₩8,660 | ₩10,630 | ₩8,870 | ₩13,600 |
| Market cap | ₩130B | ₩83B | ₩102B | ₩85B | ₩131B |
| P/E | 4.5× | 5.1× | 11.3× | — | 9.2× |
| P/B | 0.5× | 0.3× | 0.4× | 0.3× | 0.4× |
| P/S | 0.2× | 0.1× | 0.2× | 0.1× | 0.2× |
| EV/EBITDA | 11.1× | — | — | — | — |
| Dividend yield | 5.7% | 5.2% | — | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Cosmax BTI | 3.4× | 0.7× | 0.3× | 10.2× | 3.4% |
| 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: Cosmax BTI / 코스맥스비티아이 / 044820 / KRX:044820
Source: KRX statistical information