NHN KCPNHN KCP
060250 · KOSDAQ · ₩060250 · NHN KCP
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
₩15,735
vs the current price (₩12,270)
- Cost of equity
- 9.6%
- Fair P/B
- 2.01×
- P/B now
- 1.57×
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
- ₩12,089
- −1.5%
- Base
- ₩15,735
- +28.2%
- Bull
- ₩20,485
- +66.9%
Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.
Assumptions
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Business
- 17.3%
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
- 4.11%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-28.
- 1
How much the share moves when the market moves: 1 means just like the market.
Default: 1.0. Measured beta is 0.77, 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)
- −₩259B
- Equity (book value)
- ₩314B
- Book value per share ₩7,824
- Shares
- 40,160,611
- Share price
- ₩12,270
- Market cap
- ₩493B
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Cost of equity ↓ · ROE → | 15.3% | 16.3% | 17.3% | 18.3% | 19.3% |
|---|---|---|---|---|---|
| 8.6% | ₩15,748 | ₩16,932 | ₩18,116 | ₩19,301 | ₩20,485 |
| 9.1% | ₩14,640 | ₩15,741 | ₩16,842 | ₩17,943 | ₩19,044 |
| 9.6% | ₩13,678 | ₩14,707 | ₩15,735 | ₩16,764 | ₩17,792 |
| 10.1% | ₩12,835 | ₩13,800 | ₩14,765 | ₩15,730 | ₩16,695 |
| 10.6% | ₩12,089 | ₩12,998 | ₩13,907 | ₩14,816 | ₩15,725 |
Now (TTM)
- Market cap
- ₩493B
- Enterprise value
- ₩232B
- P/E
- 9.0×
- P/B
- 1.6×
- P/S
- 0.4×
- EV/EBITDA
- —
- Dividend yield
- 2.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Price | ₩14,910 | ₩7,100 | ₩10,280 | ₩13,400 | ₩30,350 |
| Market cap | ₩599B | ₩285B | ₩413B | ₩538B | ₩1.2T |
| P/E | 13.2× | 6.3× | 11.7× | 15.4× | 40.1× |
| P/B | 2.0× | 1.1× | 1.8× | 2.7× | 7.5× |
| P/S | 0.5× | 0.3× | 0.4× | 0.7× | 1.6× |
| EV/EBITDA | — | — | — | — | — |
| Dividend yield | 1.7% | 1.4% | — | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| NHN KCP | 9.0× | 1.6× | 0.4× | — | 2.0% |
| Mirae Asset Securities | 3.5× | 0.8× | 0.3× | — | 1.2% |
| NH Investment & Securities | 5.5× | 0.8× | — | — | 5.7% |
| Samsung Securities | 4.8× | 0.8× | — | — | 5.1% |
| KIWOOM Securities | 3.3× | 0.7× | 0.2× | 21.5× | 5.3% |
| Samsung Card | 7.3× | 0.5× | — | 28.4× | 6.9% |
| Macquarie Korea Infrastructure Fund | — | — | — | — | — |
| Similar companies (median) | 4.8× | 0.8× | 0.2× | 24.9× | 5.3% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: NHN KCP / 060250 / KRX:060250
Source: KRX statistical information