Hanjinkal한진칼
180640 · KOSPI · ₩180640 · 한진칼
Valuation model · Sum of the parts (net asset value)
This is a holding company, so we value what it owns: its stakes in listed companies at market value, less a holding company discount.
Fair value per share
₩690
vs the current price (₩125,400)
- Assets before discount
- ₩77B
- Equity value
- ₩46B
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
- ₩460
- −99.6%
- Base
- ₩690
- −99.4%
- Bull
- ₩966
- −99.2%
Bear: listed stakes 20% lower and a discount 10 points wider. Bull: the opposite.
Assumptions
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Business
- 0%
Moves the market value of the listed companies it owns up or down.
Default: 0, today's market values.
- ₩0B
Anything else it owns, minus its own debt, in ₩ billions.
Default: 0. Unlisted holdings and the company's own cash and debt aren't included unless you add them.
Discount rate
- 40%
How far below the value of its holdings the company is valued.
Default: a typical discount for Korean holding companies.
Starting point
- Shares
- 67,292,572
- incl. 530,297 preferred
- Share price
- ₩125,400
- Market cap
- ₩8.4T
Listed stakes
| Company | Stake | Market value |
|---|---|---|
| Hanjin Logistics | 30.2% | ₩77B |
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Listed stakes ↓ · Discount → | 20.0% | 30.0% | 40.0% | 50.0% | 60.0% |
|---|---|---|---|---|---|
| −20.0% | ₩736 | ₩644 | ₩552 | ₩460 | ₩368 |
| −10.0% | ₩828 | ₩724 | ₩621 | ₩517 | ₩414 |
| 0.0% | ₩920 | ₩805 | ₩690 | ₩575 | ₩460 |
| +10.0% | ₩1,012 | ₩885 | ₩759 | ₩632 | ₩506 |
| +20.0% | ₩1,104 | ₩966 | ₩828 | ₩690 | ₩552 |
Now (TTM)
- Market cap
- ₩8.4T
- Enterprise value
- ₩8.4T
- P/E
- —
- P/B
- 2.5×
- P/S
- 27.4×
- EV/EBITDA
- 578.8×
- Dividend yield
- 0.3%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Price | ₩124,000 | ₩75,400 | ₩72,800 | ₩37,450 | ₩61,400 |
| Market cap | ₩8.3T | ₩5T | ₩4.9T | ₩2.5T | ₩4.1T |
| P/E | 53.4× | 10.1× | 12.6× | 3.7× | 237.9× |
| P/B | 2.5× | 1.6× | 1.8× | 1.0× | 2.6× |
| P/S | 27.7× | 17.2× | 17.6× | 12.5× | 10.4× |
| EV/EBITDA | 2,228.5× | 83.2× | 87.1× | 42.7× | — |
| Dividend yield | 0.3% | 0.5% | — | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Hanjinkal | — | 2.5× | 27.4× | 578.8× | 0.3% |
| 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: Hanjinkal / 한진칼 / 180640 / KRX:180640
Source: KRX statistical information