A Plus Asset Advisor에이플러스에셋
244920 · KOSPI · ₩244920 · 에이플러스에셋
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
₩5,840
vs the current price (₩12,190)
- Cost of equity
- 9.5%
- Fair P/B
- 0.72×
- P/B now
- 1.50×
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
- ₩3,245
- −73.4%
- Base
- ₩5,840
- −52.1%
- Bull
- ₩9,232
- −24.3%
Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.
Assumptions
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Business
- 7.4%
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)
- −₩74B
- Equity (book value)
- ₩184B
- Book value per share ₩8,120
- Shares
- 22,607,693
- Share price
- ₩12,190
- Market cap
- ₩276B
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Cost of equity ↓ · ROE → | 5.4% | 6.4% | 7.4% | 8.4% | 9.4% |
|---|---|---|---|---|---|
| 8.5% | ₩4,242 | ₩5,490 | ₩6,737 | ₩7,985 | ₩9,232 |
| 9.0% | ₩3,939 | ₩5,098 | ₩6,257 | ₩7,415 | ₩8,574 |
| 9.5% | ₩3,677 | ₩4,758 | ₩5,840 | ₩6,921 | ₩8,003 |
| 10.0% | ₩3,447 | ₩4,461 | ₩5,475 | ₩6,489 | ₩7,503 |
| 10.5% | ₩3,245 | ₩4,199 | ₩5,153 | ₩6,108 | ₩7,062 |
Now (TTM)
- Market cap
- ₩276B
- Enterprise value
- ₩201B
- P/E
- 9.0×
- P/B
- 1.5×
- P/S
- 0.4×
- EV/EBITDA
- —
- Dividend yield
- 2.5%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Price | ₩8,940 | ₩4,410 | ₩4,335 | ₩4,840 | ₩8,850 |
| Market cap | ₩202B | ₩100B | ₩98B | ₩109B | ₩200B |
| P/E | 9.1× | 40.2× | 9.6× | 2.2× | 16.5× |
| P/B | 1.2× | 0.7× | 0.7× | 0.8× | 2.0× |
| P/S | 0.3× | 0.2× | 0.3× | 0.4× | 0.8× |
| EV/EBITDA | — | — | — | — | — |
| Dividend yield | 3.4% | 4.5% | — | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| A Plus Asset Advisor | 9.0× | 1.5× | 0.4× | — | 2.5% |
| Mirae Asset Securities | 3.6× | 0.9× | 0.3× | — | 1.2% |
| NH Investment & Securities | 5.8× | 0.8× | — | — | 5.4% |
| Samsung Securities | 4.9× | 0.8× | — | — | 5.0% |
| KIWOOM Securities | 3.3× | 0.8× | 0.2× | 21.5× | 5.2% |
| Samsung Card | 7.6× | 0.6× | — | 28.7× | 6.6% |
| Macquarie Korea Infrastructure Fund | — | — | — | — | — |
| Similar companies (median) | 4.9× | 0.8× | 0.2× | 25.1× | 5.2% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: A Plus Asset Advisor / 에이플러스에셋 / 244920 / KRX:244920
Source: KRX statistical information