Incar Financial Service인카금융서비스
211050 · KOSDAQ · ₩211050 · 인카금융서비스
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
₩24,699
vs the current price (₩9,520)
- Cost of equity
- 9.5%
- Fair P/B
- 5.06×
- P/B now
- 1.95×
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
- ₩20,649
- +116.9%
- Base
- ₩24,699
- +159.4%
- Bull
- ₩29,994
- +215.1%
Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.
Assumptions
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Business
- 40%
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
- 4.01%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-30.
- 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)
- ₩35B
- Equity (book value)
- ₩240B
- Book value per share ₩4,880
- Shares
- 49,263,657
- Share price
- ₩9,520
- Market cap
- ₩469B
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Cost of equity ↓ · ROE → | 38.0% | 39.0% | 40.0% | 41.0% | 42.0% |
|---|---|---|---|---|---|
| 8.5% | ₩26,995 | ₩27,745 | ₩28,494 | ₩29,244 | ₩29,994 |
| 9.0% | ₩25,069 | ₩25,765 | ₩26,461 | ₩27,158 | ₩27,854 |
| 9.5% | ₩23,399 | ₩24,049 | ₩24,699 | ₩25,349 | ₩25,999 |
| 10.0% | ₩21,938 | ₩22,548 | ₩23,157 | ₩23,766 | ₩24,376 |
| 10.5% | ₩20,649 | ₩21,223 | ₩21,796 | ₩22,370 | ₩22,943 |
Now (TTM)
- Market cap
- ₩469B
- Enterprise value
- ₩504B
- P/E
- 5.7×
- P/B
- 2.0×
- P/S
- 0.4×
- EV/EBITDA
- —
- Dividend yield
- 3.9%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Price | ₩12,810 | ₩5,610 | ₩3,172 | ₩1,348 | ₩1,867 |
| Market cap | ₩631B | ₩276B | ₩156B | ₩66B | ₩92B |
| P/E | 8.7× | 4.5× | 5.3× | 3.2× | 5.6× |
| P/B | 2.9× | 1.9× | 1.6× | 0.9× | 2.2× |
| P/S | 0.6× | 0.3× | 0.3× | 0.2× | 0.3× |
| EV/EBITDA | — | — | — | — | 3.5× |
| Dividend yield | 2.9% | 1.8% | — | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Incar Financial Service | 5.7× | 2.0× | 0.4× | — | 3.9% |
| Mirae Asset Securities | 3.8× | 0.9× | 0.3× | — | 1.1% |
| NH Investment & Securities | 5.9× | 0.8× | — | — | 5.3% |
| Samsung Securities | 5.1× | 0.9× | — | — | 4.8% |
| KIWOOM Securities | 3.6× | 0.8× | 0.2× | 21.7× | 4.9% |
| Samsung Card | 7.3× | 0.5× | — | 28.5× | 6.8% |
| kakaopay | 52.4× | 2.3× | 4.0× | — | 0.0% |
| Similar companies (median) | 5.5× | 0.8× | 0.3× | 25.1× | 4.8% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Incar Financial Service / 인카금융서비스 / 211050 / KRX:211050
Source: KRX statistical information