KB Financial GroupKB금융
105560 · KOSPI · ₩KBFIN · KB금융
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
₩158,518
vs the current price (₩154,000)
- Cost of equity
- 9.6%
- Fair P/B
- 0.92×
- P/B now
- 0.90×
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
- ₩100,032
- −35.0%
- Base
- ₩158,518
- +2.9%
- Bull
- ₩234,777
- +52.5%
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
- 4.08%
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)
- ₩45T
- Equity (book value)
- ₩61T
- Book value per share ₩171,674
- Shares
- 354,687,734
- Share price
- ₩154,000
- Market cap
- ₩55T
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% | ₩130,432 | ₩156,518 | ₩182,605 | ₩208,691 | ₩234,777 |
| 9.1% | ₩121,222 | ₩145,466 | ₩169,711 | ₩193,955 | ₩218,199 |
| 9.6% | ₩113,227 | ₩135,872 | ₩158,518 | ₩181,163 | ₩203,808 |
| 10.1% | ₩106,221 | ₩127,465 | ₩148,710 | ₩169,954 | ₩191,198 |
| 10.6% | ₩100,032 | ₩120,038 | ₩140,044 | ₩160,051 | ₩180,057 |
Now (TTM)
- Market cap
- ₩55T
- Enterprise value
- ₩100T
- P/E
- 8.7×
- P/B
- 0.9×
- P/S
- —
- EV/EBITDA
- 9.5×
- Dividend yield
- 2.8%
Over time (at each year end)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Price | ₩124,700 | ₩82,900 | ₩54,100 |
| Market cap | ₩44T | ₩29T | ₩19T |
| P/E | 7.6× | 5.8× | 4.1× |
| P/B | 0.7× | 0.5× | 0.3× |
| P/S | — | — | — |
| EV/EBITDA | 10.1× | 9.0× | 8.6× |
| Dividend yield | 3.5% | 3.8% | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| KB Financial Group | 8.7× | 0.9× | — | 9.5× | 2.8% |
| SK Square | 3.7× | 2.2× | 98.7× | 3.6× | 0.0% |
| 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% |
| Meritz Financial Group | 8.6× | 1.8× | — | 22.4× | 0.0% |
| Similar companies (median) | 7.3× | 0.9× | 49.5× | 9.9× | 2.2% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: KB Financial Group / KB금융 / 105560 / KRX:105560
Source: KRX statistical information