GS HoldingsGS
078930 · KOSPI · ₩078930 · GS
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
₩10,596
vs the current price (₩82,300)
- Assets before discount
- ₩1.7T
- Equity value
- ₩1T
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
- ₩7,064
- −91.4%
- Base
- ₩10,596
- −87.1%
- Bull
- ₩14,834
- −82.0%
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
- 94,675,171
- incl. 1,779,676 preferred
- Share price
- ₩82,300
- Market cap
- ₩7.7T
Listed stakes
| Company | Stake | Market value |
|---|---|---|
| GS Retail | 58.6% | ₩1.1T |
| GS P&L | 58.6% | ₩392B |
| GS Global | 50.7% | ₩110B |
| Hansol Chemical | 4.5% | ₩105B |
| MakinaRocks | 1.0% | ₩2.9B |
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% | ₩11,302 | ₩9,890 | ₩8,477 | ₩7,064 | ₩5,651 |
| −10.0% | ₩12,715 | ₩11,126 | ₩9,536 | ₩7,947 | ₩6,358 |
| 0.0% | ₩14,128 | ₩12,362 | ₩10,596 | ₩8,830 | ₩7,064 |
| +10.0% | ₩15,541 | ₩13,598 | ₩11,656 | ₩9,713 | ₩7,770 |
| +20.0% | ₩16,954 | ₩14,834 | ₩12,715 | ₩10,596 | ₩8,477 |
Now (TTM)
- Market cap
- ₩7.6T
- Enterprise value
- ₩14T
- P/E
- 3.3×
- P/B
- 0.5×
- P/S
- 0.3×
- EV/EBITDA
- —
- Dividend yield
- 3.6%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Price | ₩56,300 | ₩39,300 | ₩40,900 | ₩43,800 | ₩39,100 |
| Market cap | ₩5.2T | ₩3.7T | ₩3.8T | ₩4.1T | ₩3.6T |
| P/E | 6.5× | 6.4× | 2.9× | 1.9× | 2.5× |
| P/B | 0.4× | 0.3× | 0.3× | 0.3× | 0.4× |
| P/S | 0.2× | 0.1× | 0.1× | 0.1× | 0.2× |
| EV/EBITDA | — | — | — | — | — |
| Dividend yield | 5.3% | 6.9% | — | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| GS Holdings | 3.3× | 0.5× | 0.3× | — | 3.6% |
| SK Square | 3.7× | 2.2× | 98.7× | 3.6× | 0.0% |
| KB Financial Group | 8.7× | 0.9× | — | 9.5× | 2.8% |
| Shinhan Financial Group | 7.7× | 0.7× | — | 10.1× | 2.9% |
| SK | 4.9× | 1.1× | 0.3× | — | 1.5% |
| Hana Financial Group | 7.6× | 0.7× | — | 9.9× | 3.6% |
| Woori Financial Group | 6.9× | 0.6× | — | 8.3× | 4.5% |
| Similar companies (median) | 7.3× | 0.8× | 49.5× | 9.5× | 2.9% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: GS Holdings / GS / 078930 / KRX:078930
Source: KRX statistical information