Cuckoo Holdings쿠쿠홀딩스
192400 · KOSPI · ₩192400 · 쿠쿠홀딩스
Valuation model · P/B vs ROE (excess return)
Banks, insurers and brokers don't suit a cash flow model (borrowing and lending is their business), so we value them on book value and return on equity: P/B vs ROE.
Fair value per share
₩51,010
vs the current price (₩26,900)
- Cost of equity
- 9.6%
- Fair P/B
- 1.33×
- P/B now
- 0.70×
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
- ₩36,157
- +34.4%
- Base
- ₩51,010
- +89.6%
- Bull
- ₩70,359
- +161.6%
Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.
Assumptions
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Business
- 12.1%
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)
- −₩347B
- Equity (book value)
- ₩1.4T
- Book value per share ₩38,424
- Shares
- 35,562,185
- Share price
- ₩26,900
- Market cap
- ₩957B
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Cost of equity ↓ · ROE → | 10.1% | 11.1% | 12.1% | 13.1% | 14.1% |
|---|---|---|---|---|---|
| 8.6% | ₩47,100 | ₩52,915 | ₩58,729 | ₩64,544 | ₩70,359 |
| 9.1% | ₩43,787 | ₩49,192 | ₩54,598 | ₩60,004 | ₩65,410 |
| 9.6% | ₩40,909 | ₩45,959 | ₩51,010 | ₩56,060 | ₩61,111 |
| 10.1% | ₩38,386 | ₩43,125 | ₩47,864 | ₩52,603 | ₩57,342 |
| 10.6% | ₩36,157 | ₩40,620 | ₩45,084 | ₩49,548 | ₩54,012 |
Now (TTM)
- Market cap
- ₩957B
- Enterprise value
- ₩602B
- P/E
- 5.5×
- P/B
- 0.7×
- P/S
- 1.0×
- EV/EBITDA
- —
- Dividend yield
- 5.8%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Price | ₩29,000 | ₩23,000 | ₩16,380 | ₩16,450 | ₩19,150 |
| Market cap | ₩1T | ₩818B | ₩583B | ₩585B | ₩681B |
| P/E | 7.1× | 6.0× | 4.5× | 5.0× | 4.7× |
| P/B | 0.8× | 0.7× | 0.5× | 0.6× | 0.8× |
| P/S | 1.1× | 1.0× | 0.8× | 0.8× | 1.0× |
| EV/EBITDA | — | — | — | — | — |
| Dividend yield | 5.3% | 5.2% | — | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Cuckoo Holdings | 5.5× | 0.7× | 1.0× | — | 5.8% |
| Mirae Asset Securities | 3.8× | 0.9× | 0.3× | — | 1.1% |
| NH Investment & Securities | 5.7× | 0.8× | — | — | 5.5% |
| Samsung Securities | 5.0× | 0.8× | — | — | 4.9% |
| KIWOOM Securities | 3.5× | 0.8× | 0.2× | 21.6× | 5.0% |
| Samsung Card | 7.3× | 0.5× | — | 28.4× | 6.9% |
| kakaopay | 52.7× | 2.3× | 4.0× | — | 0.0% |
| Similar companies (median) | 5.4× | 0.8× | 0.3× | 25.0× | 4.9% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Cuckoo Holdings / 쿠쿠홀딩스 / 192400 / KRX:192400
Source: KRX statistical information