Mirae Asset Life Insurance미래에셋생명
085620 · KOSPI · ₩085620 · 미래에셋생명
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
₩6,427
vs the current price (₩17,080)
- Cost of equity
- 9.5%
- Fair P/B
- 0.36×
- P/B now
- 0.95×
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
- ₩1,471
- −91.4%
- Base
- ₩6,427
- −62.4%
- Bull
- ₩12,901
- −24.5%
Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.
Assumptions
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Business
- 4.7%
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
- 4.03%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-27.
- 1
How much the share moves when the market moves: 1 means just like the market.
Default: 1.0. Measured beta is 0.79, 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)
- −₩824B
- Equity (book value)
- ₩2.4T
- Book value per share ₩17,929
- Shares
- 135,180,000
- Share price
- ₩17,080
- Market cap
- ₩2.3T
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Cost of equity ↓ · ROE → | 2.7% | 3.7% | 4.7% | 5.7% | 6.7% |
|---|---|---|---|---|---|
| 8.5% | ₩1,921 | ₩4,666 | ₩7,411 | ₩10,156 | ₩12,901 |
| 9.0% | ₩1,785 | ₩4,334 | ₩6,884 | ₩9,434 | ₩11,984 |
| 9.5% | ₩1,666 | ₩4,047 | ₩6,427 | ₩8,808 | ₩11,188 |
| 10.0% | ₩1,563 | ₩3,795 | ₩6,027 | ₩8,259 | ₩10,492 |
| 10.5% | ₩1,471 | ₩3,572 | ₩5,674 | ₩7,775 | ₩9,877 |
Now (TTM)
- Market cap
- ₩2.3T
- Enterprise value
- ₩1.5T
- P/E
- 18.2×
- P/B
- 1.0×
- P/S
- —
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Price | ₩9,380 | ₩5,270 | ₩4,765 |
| Market cap | ₩1.3T | ₩712B | ₩644B |
| P/E | 9.7× | 5.2× | 5.5× |
| P/B | 0.5× | 0.3× | 0.2× |
| P/S | — | — | — |
| EV/EBITDA | — | 0.5× | — |
| Dividend yield | 0.0% | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Mirae Asset Life Insurance | 18.2× | 1.0× | — | — | 0.0% |
| Samsung Life Insurance | 17.6× | 0.3× | — | — | 0.0% |
| Samsung Fire & Marine Insurance | 12.4× | 0.7× | — | — | 3.3% |
| DB Insurance | 6.5× | 0.8× | — | — | 4.2% |
| Hyundaimarine&Fireinsuranceco | 3.0× | 0.5× | — | — | 0.0% |
| Hanwha Life Insurance | 3.3× | 0.2× | — | — | 0.0% |
| Seoul Guarantee Insurance | 9.7× | 0.6× | — | — | 6.7% |
| Similar companies (median) | 8.1× | 0.6× | — | — | 1.6% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Mirae Asset Life Insurance / 미래에셋생명 / 085620 / KRX:085620
Source: KRX statistical information