BNK Financial GroupBNK금융지주
138930 · KOSPI · ₩138930 · BNK금융지주
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
₩22,877
vs the current price (₩12,620)
- Cost of equity
- 9.6%
- Fair P/B
- 0.64×
- P/B now
- 0.36×
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
- ₩11,967
- −5.2%
- Base
- ₩22,877
- +81.3%
- Bull
- ₩37,090
- +193.9%
Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.
Assumptions
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Business
- 6.9%
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)
- ₩12T
- Equity (book value)
- ₩11T
- Book value per share ₩35,520
- Shares
- 306,839,751
- Share price
- ₩12,620
- Market cap
- ₩3.9T
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Cost of equity ↓ · ROE → | 4.9% | 5.9% | 6.9% | 7.9% | 8.9% |
|---|---|---|---|---|---|
| 8.6% | ₩15,589 | ₩20,964 | ₩26,339 | ₩31,715 | ₩37,090 |
| 9.1% | ₩14,492 | ₩19,489 | ₩24,486 | ₩29,484 | ₩34,481 |
| 9.6% | ₩13,540 | ₩18,208 | ₩22,877 | ₩27,546 | ₩32,215 |
| 10.1% | ₩12,705 | ₩17,085 | ₩21,466 | ₩25,847 | ₩30,228 |
| 10.6% | ₩11,967 | ₩16,093 | ₩20,220 | ₩24,346 | ₩28,472 |
Now (TTM)
- Market cap
- ₩3.9T
- Enterprise value
- ₩16T
- P/E
- 5.2×
- P/B
- 0.4×
- P/S
- —
- EV/EBITDA
- 14.4×
- Dividend yield
- 5.8%
Over time (at each year end)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Price | ₩15,870 | ₩10,340 | ₩7,140 |
| Market cap | ₩4.9T | ₩3.2T | ₩2.2T |
| P/E | 6.0× | 4.4× | 3.4× |
| P/B | 0.5× | 0.3× | 0.2× |
| P/S | — | — | — |
| EV/EBITDA | 14.6× | 11.9× | 11.2× |
| Dividend yield | 4.6% | 6.3% | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| BNK Financial Group | 5.2× | 0.4× | — | 14.4× | 5.8% |
| SK Square | 3.3× | 2.0× | 88.7× | 3.2× | 0.0% |
| KB Financial Group | 8.3× | 0.9× | — | 9.3× | 3.0% |
| Shinhan Financial Group | 7.5× | 0.7× | — | 10.0× | 3.0% |
| SK | 4.5× | 1.0× | 0.3× | — | 1.6% |
| Hana Financial Group | 7.5× | 0.7× | — | 9.8× | 3.6% |
| Woori Financial Group | 6.7× | 0.5× | — | 8.2× | 4.7% |
| Similar companies (median) | 7.1× | 0.8× | 44.5× | 9.3× | 3.0% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: BNK Financial Group / BNK금융지주 / 138930 / KRX:138930
Source: KRX statistical information