KOSPI · 107590 · Financials · ₩107590

Miwon Holdings미원홀딩스

107590 · KOSPI · ₩107590 · 미원홀딩스

₩56,200▼ ₩100 (0.18%)End-of-day · Oct 29, 2026 · End-of-day prices.

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

₩123,568

vs the current price (₩56,200)

Cost of equity: 9.6%
Fair P/B: 0.86×
P/B now: 0.39×

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: ₩75,578; +34.5%
Base: ₩123,568; +119.9%
Bull: ₩186,142; +231.2%

Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.

Assumptions

Business

Return on equity8.5%
Yearly profit as a share of shareholders' equity.
Default: average return on equity of the last 3 annual reports.
Long-run growth2%
How fast book value and profits grow over the long run.
Default: close to the economy's long-run growth.

Discount rate

Risk-free rate4.08%
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.
Beta1
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.
Equity risk premium5.5%
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): ₩52B
Equity (book value): ₩334B; Book value per share ₩144,118
Shares: 2,320,000
Share price: ₩56,200
Market cap: ₩130B

Sensitivity

Fair value per share as two inputs change; the middle is the current case.

Cost of equity ↓ · ROE →	6.5%	7.5%	8.5%	9.5%	10.5%
8.6%	₩98,546	₩120,445	₩142,344	₩164,243	₩186,142
9.1%	₩91,588	₩111,940	₩132,293	₩152,646	₩172,999
9.6%	₩85,547	₩104,557	₩123,568	₩142,578	₩161,589
10.1%	₩80,254	₩98,088	₩115,922	₩133,756	₩151,591
10.6%	₩75,578	₩92,373	₩109,168	₩125,963	₩142,758

Now (TTM)

Market cap: ₩130B
Enterprise value: ₩180B
P/E: 2.5×
P/B: 0.4×
P/S: 0.2×
EV/EBITDA: 4.0×
Dividend yield: 1.2%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩67,500	₩78,300	₩78,800	₩110,000	₩151,500
Market cap	₩157B	₩182B	₩183B	₩255B	₩351B
P/E	6.0×	7.2×	13.8×	12.6×	10.6×
P/B	0.5×	0.7×	0.8×	1.2×	1.7×
P/S	0.3×	0.4×	0.4×	0.5×	0.8×
EV/EBITDA	7.7×	8.5×	12.1×	12.2×	11.9×
Dividend yield	1.0%	0.9%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Miwon Holdings	2.5×	0.4×	0.2×	4.0×	1.2%
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: Miwon Holdings / 미원홀딩스 / 107590 / KRX:107590

Source: KRX statistical information