Hana Financial Group하나금융지주
086790 · KOSPI · ₩086790 · 하나금융지주
Valuation model · P/B vs ROE (excess return)
This is a financial holding company (a bank or insurance group): borrowing and lending is its business, so we value it on book value and return on equity: P/B vs ROE.
Fair value per share
₩159,170
vs the current price (₩115,300)
- Cost of equity
- 9.6%
- Fair P/B
- 0.92×
- P/B now
- 0.67×
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
- ₩100,485
- −12.8%
- Base
- ₩159,170
- +38.0%
- Bull
- ₩235,617
- +104.4%
Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.
Assumptions
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Business
- 9%
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 0.6, 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)
- ₩41T
- Equity (book value)
- ₩47T
- Book value per share ₩172,995
- Shares
- 270,969,910
- Share price
- ₩115,300
- Market cap
- ₩31T
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Cost of equity ↓ · ROE → | 7.0% | 8.0% | 9.0% | 10.0% | 11.0% |
|---|---|---|---|---|---|
| 8.6% | ₩130,898 | ₩157,078 | ₩183,258 | ₩209,437 | ₩235,617 |
| 9.1% | ₩121,691 | ₩146,029 | ₩170,367 | ₩194,705 | ₩219,043 |
| 9.6% | ₩113,693 | ₩136,432 | ₩159,170 | ₩181,909 | ₩204,647 |
| 10.1% | ₩106,682 | ₩128,018 | ₩149,355 | ₩170,691 | ₩192,027 |
| 10.6% | ₩100,485 | ₩120,582 | ₩140,679 | ₩160,776 | ₩180,873 |
Now (TTM)
- Market cap
- ₩31T
- Enterprise value
- ₩72T
- P/E
- 7.6×
- P/B
- 0.7×
- P/S
- —
- EV/EBITDA
- 9.9×
- Dividend yield
- 3.6%
Over time (at each year end)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Price | ₩94,100 | ₩56,800 | ₩43,400 |
| Market cap | ₩25T | ₩15T | ₩12T |
| P/E | 6.4× | 4.1× | 3.4× |
| P/B | 0.6× | 0.4× | 0.3× |
| P/S | — | — | — |
| EV/EBITDA | 8.8× | 7.5× | 6.9× |
| Dividend yield | 4.4% | 6.3% | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Hana Financial Group | 7.6× | 0.7× | — | 9.9× | 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% |
| Woori Financial Group | 6.9× | 0.6× | — | 8.3× | 4.5% |
| Meritz Financial Group | 8.6× | 1.8× | — | 22.4× | 0.0% |
| Similar companies (median) | 7.3× | 1.0× | 49.5× | 9.5× | 2.2% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Hana Financial Group / 하나금융지주 / 086790 / KRX:086790
Source: KRX statistical information