JB Financial GroupJB금융지주
175330 · KOSPI · ₩175330 · JB금융지주
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
₩43,837
vs the current price (₩25,550)
- Cost of equity
- 9.6%
- Fair P/B
- 1.36×
- P/B now
- 0.79×
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
- ₩31,208
- +22.1%
- Base
- ₩43,837
- +71.6%
- Bull
- ₩60,303
- +136.0%
Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.
Assumptions
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Business
- 12.3%
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)
- ₩15T
- Equity (book value)
- ₩6T
- Book value per share ₩32,265
- Shares
- 186,521,824
- Share price
- ₩25,550
- Market cap
- ₩4.8T
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Cost of equity ↓ · ROE → | 10.3% | 11.3% | 12.3% | 13.3% | 14.3% |
|---|---|---|---|---|---|
| 8.6% | ₩40,692 | ₩45,595 | ₩50,498 | ₩55,401 | ₩60,303 |
| 9.1% | ₩37,819 | ₩42,376 | ₩46,932 | ₩51,489 | ₩56,045 |
| 9.6% | ₩35,325 | ₩39,581 | ₩43,837 | ₩48,093 | ₩52,349 |
| 10.1% | ₩33,139 | ₩37,132 | ₩41,124 | ₩45,117 | ₩49,110 |
| 10.6% | ₩31,208 | ₩34,968 | ₩38,728 | ₩42,488 | ₩46,248 |
Now (TTM)
- Market cap
- ₩4.8T
- Enterprise value
- ₩20T
- P/E
- 6.6×
- P/B
- 0.8×
- P/S
- —
- EV/EBITDA
- —
- Dividend yield
- 4.5%
Over time (at each year end)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Price | ₩25,650 | ₩16,280 | ₩11,390 |
| Market cap | ₩4.8T | ₩3T | ₩2.1T |
| P/E | 6.7× | 4.5× | 3.6× |
| P/B | 0.8× | 0.5× | 0.4× |
| P/S | — | — | — |
| EV/EBITDA | — | — | — |
| Dividend yield | 4.4% | 6.1% | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| JB Financial Group | 6.6× | 0.8× | — | — | 4.5% |
| SK Square | 3.8× | 2.3× | 102.1× | 3.7× | 0.0% |
| KB Financial Group | 8.9× | 0.9× | — | 9.6× | 2.8% |
| Shinhan Financial Group | 7.7× | 0.7× | — | 10.1× | 2.9% |
| SK | 4.8× | 1.0× | 0.3× | — | 1.5% |
| Hana Financial Group | 7.9× | 0.7× | — | 10.0× | 3.4% |
| Woori Financial Group | 7.1× | 0.6× | — | 8.5× | 4.4% |
| Similar companies (median) | 7.4× | 0.8× | 51.2× | 9.6× | 2.9% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: JB Financial Group / JB금융지주 / 175330 / KRX:175330
Source: KRX statistical information