iM Financial GroupiM금융지주
139130 · KOSPI · ₩139130 · iM금융지주
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
₩20,094
vs the current price (₩15,150)
- Cost of equity
- 9.6%
- Fair P/B
- 0.50×
- P/B now
- 0.38×
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
- ₩8,413
- −44.5%
- Base
- ₩20,094
- +32.6%
- Bull
- ₩35,312
- +133.1%
Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.
Assumptions
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Business
- 5.8%
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)
- ₩6.4T
- Equity (book value)
- ₩6.4T
- Book value per share ₩40,231
- Shares
- 158,363,408
- Share price
- ₩15,150
- Market cap
- ₩2.4T
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Cost of equity ↓ · ROE → | 3.8% | 4.8% | 5.8% | 6.8% | 7.8% |
|---|---|---|---|---|---|
| 8.6% | ₩10,959 | ₩17,047 | ₩23,135 | ₩29,224 | ₩35,312 |
| 9.1% | ₩10,188 | ₩15,848 | ₩21,508 | ₩27,168 | ₩32,828 |
| 9.6% | ₩9,518 | ₩14,806 | ₩20,094 | ₩25,382 | ₩30,670 |
| 10.1% | ₩8,931 | ₩13,893 | ₩18,855 | ₩23,817 | ₩28,779 |
| 10.6% | ₩8,413 | ₩13,086 | ₩17,760 | ₩22,434 | ₩27,107 |
Now (TTM)
- Market cap
- ₩2.4T
- Enterprise value
- ₩8.8T
- P/E
- 5.6×
- P/B
- 0.4×
- P/S
- —
- EV/EBITDA
- 12.9×
- Dividend yield
- 4.6%
Over time (at each year end)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Price | ₩15,550 | ₩8,180 | ₩8,490 |
| Market cap | ₩2.5T | ₩1.3T | ₩1.3T |
| P/E | 5.5× | 6.0× | 3.5× |
| P/B | 0.4× | 0.2× | 0.2× |
| P/S | — | — | — |
| EV/EBITDA | 12.4× | 15.0× | 8.3× |
| Dividend yield | 4.5% | 6.1% | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| iM Financial Group | 5.6× | 0.4× | — | 12.9× | 4.6% |
| 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: iM Financial Group / iM금융지주 / 139130 / KRX:139130
Source: KRX statistical information