KOSPI · 138040 · Holding companies · ₩138040

Meritz Financial Group메리츠금융지주

138040 · KOSPI · ₩138040 · 메리츠금융지주

₩123,500▲ ₩500 (0.41%)End-of-day · Oct 28, 2026 · End-of-day prices.

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

₩181,759

vs the current price (₩123,500)

Cost of equity: 9.6%
Fair P/B: 2.69×
P/B now: 1.83×

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: ₩144,834; +17.3%
Base: ₩181,759; +47.2%
Bull: ₩229,905; +86.2%

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

Assumptions

Business

Return on equity22.4%
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): ₩49T
Equity (book value): ₩11T; Book value per share ₩67,545
Shares: 167,347,273
Share price: ₩123,500
Market cap: ₩21T

Sensitivity

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

Cost of equity ↓ · ROE →	20.4%	21.4%	22.4%	23.4%	24.4%
8.6%	₩188,850	₩199,114	₩209,378	₩219,641	₩229,905
9.1%	₩175,515	₩185,054	₩194,593	₩204,132	₩213,671
9.6%	₩163,939	₩172,849	₩181,759	₩190,669	₩199,578
10.1%	₩153,796	₩162,154	₩170,513	₩178,871	₩187,230
10.6%	₩144,834	₩152,706	₩160,577	₩168,449	₩176,320

Now (TTM)

Market cap: ₩21T
Enterprise value: ₩69T
P/E: 8.6×
P/B: 1.8×
P/S: —
EV/EBITDA: 22.4×
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023
Price	₩113,100	₩104,000	₩59,100
Market cap	₩19T	₩17T	₩9.9T
P/E	8.2×	7.5×	4.8×
P/B	1.8×	1.7×	1.0×
P/S	—	0.4×	0.2×
EV/EBITDA	22.9×	16.8×	13.6×
Dividend yield	0.0%	1.3%	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Meritz Financial Group	8.6×	1.8×	—	22.4×	0.0%
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%
Hana Financial Group	7.6×	0.7×	—	9.9×	3.6%
Woori Financial Group	6.9×	0.6×	—	8.3×	4.5%
Similar companies (median)	7.3×	0.8×	49.5×	9.5×	2.9%

Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.

Also known as: Meritz Financial Group / 메리츠금융지주 / 138040 / KRX:138040

Source: KRX statistical information