Mirae Asset Venture Investment미래에셋벤처투자
100790 · KOSDAQ · ₩100790 · 미래에셋벤처투자
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
₩4,052
vs the current price (₩13,640)
- Cost of equity
- 9.6%
- Fair P/B
- 0.53×
- P/B now
- 1.78×
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
- ₩1,790
- −86.9%
- Base
- ₩4,052
- −70.3%
- Bull
- ₩7,002
- −48.7%
Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.
Assumptions
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Business
- 6%
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
- 4.08%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-29.
- 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)
- −₩70B
- Equity (book value)
- ₩408B
- Book value per share ₩7,680
- Shares
- 53,120,578
- Share price
- ₩13,640
- Market cap
- ₩725B
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Cost of equity ↓ · ROE → | 4.0% | 5.0% | 6.0% | 7.0% | 8.0% |
|---|---|---|---|---|---|
| 8.6% | ₩2,334 | ₩3,501 | ₩4,668 | ₩5,835 | ₩7,002 |
| 9.1% | ₩2,169 | ₩3,254 | ₩4,338 | ₩5,423 | ₩6,507 |
| 9.6% | ₩2,026 | ₩3,039 | ₩4,052 | ₩5,065 | ₩6,078 |
| 10.1% | ₩1,901 | ₩2,851 | ₩3,801 | ₩4,752 | ₩5,702 |
| 10.6% | ₩1,790 | ₩2,685 | ₩3,580 | ₩4,475 | ₩5,370 |
Now (TTM)
- Market cap
- ₩725B
- Enterprise value
- ₩655B
- P/E
- 13.4×
- P/B
- 1.8×
- P/S
- 2.6×
- EV/EBITDA
- 9.2×
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Price | ₩12,450 | ₩4,580 | ₩5,780 |
| Market cap | ₩661B | ₩243B | ₩307B |
| P/E | 21.4× | 28.4× | 12.5× |
| P/B | 1.7× | 0.7× | 0.9× |
| P/S | 2.8× | 1.0× | 1.4× |
| EV/EBITDA | 16.7× | 10.0× | 8.6× |
| Dividend yield | 0.0% | 1.9% | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Mirae Asset Venture Investment | 13.4× | 1.8× | 2.6× | 9.2× | 0.0% |
| Mirae Asset Securities | 3.8× | 0.9× | 0.3× | — | 1.1% |
| NH Investment & Securities | 5.9× | 0.8× | — | — | 5.3% |
| Samsung Securities | 5.1× | 0.9× | — | — | 4.8% |
| KIWOOM Securities | 3.6× | 0.8× | 0.2× | 21.7× | 4.9% |
| Samsung Card | 7.3× | 0.5× | — | 28.5× | 6.8% |
| kakaopay | 52.4× | 2.3× | 4.0× | — | 0.0% |
| Similar companies (median) | 5.5× | 0.8× | 0.3× | 25.1× | 4.8% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Mirae Asset Venture Investment / 미래에셋벤처투자 / 100790 / KRX:100790
Source: KRX statistical information