Global Tax Free글로벌텍스프리
204620 · KOSDAQ · ₩204620 · 글로벌텍스프리
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
₩1,785
vs the current price (₩5,530)
- Cost of equity
- 9.6%
- Fair P/B
- 0.76×
- P/B now
- 2.36×
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
- ₩1,034
- −81.3%
- Base
- ₩1,785
- −67.7%
- Bull
- ₩2,764
- −50.0%
Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.
Assumptions
Sign in to change the assumptions and see the results update. Sign in
Business
- 7.8%
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)
- −₩149B
- Equity (book value)
- ₩165B
- Book value per share ₩2,342
- Shares
- 70,283,330
- Share price
- ₩5,530
- Market cap
- ₩389B
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Cost of equity ↓ · ROE → | 5.8% | 6.8% | 7.8% | 8.8% | 9.8% |
|---|---|---|---|---|---|
| 8.6% | ₩1,347 | ₩1,701 | ₩2,055 | ₩2,410 | ₩2,764 |
| 9.1% | ₩1,252 | ₩1,581 | ₩1,911 | ₩2,240 | ₩2,570 |
| 9.6% | ₩1,170 | ₩1,477 | ₩1,785 | ₩2,093 | ₩2,401 |
| 10.1% | ₩1,097 | ₩1,386 | ₩1,675 | ₩1,964 | ₩2,253 |
| 10.6% | ₩1,034 | ₩1,306 | ₩1,578 | ₩1,850 | ₩2,122 |
Now (TTM)
- Market cap
- ₩389B
- Enterprise value
- ₩239B
- P/E
- 10.6×
- P/B
- 2.4×
- P/S
- 2.5×
- EV/EBITDA
- 7.3×
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Price | ₩4,480 | ₩3,405 | ₩4,304 | ₩2,661 | ₩2,565 |
| Market cap | ₩315B | ₩239B | ₩303B | ₩187B | ₩180B |
| P/E | 9.1× | 42.9× | — | — | — |
| P/B | 2.2× | 2.2× | 3.4× | 2.2× | 2.4× |
| P/S | 2.0× | 1.8× | 3.2× | 3.8× | 4.7× |
| EV/EBITDA | 6.7× | 7.3× | 16.1× | — | — |
| Dividend yield | 0.0% | — | — | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Global Tax Free | 10.6× | 2.4× | 2.5× | 7.3× | 0.0% |
| 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: Global Tax Free / 글로벌텍스프리 / 204620 / KRX:204620
Source: KRX statistical information