T.S.InvestmentTS인베스트먼트
246690 · KOSDAQ · ₩246690 · TS인베스트먼트
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
₩2,145
vs the current price (₩1,713)
- Cost of equity
- 9.5%
- Fair P/B
- 0.52×
- P/B now
- 0.41×
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
- ₩922
- −46.2%
- Base
- ₩2,145
- +25.2%
- Bull
- ₩3,744
- +118.6%
Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.
Assumptions
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Business
- 5.9%
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 0.67, 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)
- −₩6.4B
- Equity (book value)
- ₩98B
- Book value per share ₩4,130
- Shares
- 23,778,174
- Share price
- ₩1,713
- Market cap
- ₩41B
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Cost of equity ↓ · ROE → | 3.9% | 4.9% | 5.9% | 6.9% | 7.9% |
|---|---|---|---|---|---|
| 8.5% | ₩1,206 | ₩1,840 | ₩2,475 | ₩3,109 | ₩3,744 |
| 9.0% | ₩1,120 | ₩1,709 | ₩2,298 | ₩2,887 | ₩3,477 |
| 9.5% | ₩1,045 | ₩1,595 | ₩2,145 | ₩2,695 | ₩3,245 |
| 10.0% | ₩980 | ₩1,496 | ₩2,011 | ₩2,527 | ₩3,043 |
| 10.5% | ₩922 | ₩1,408 | ₩1,893 | ₩2,378 | ₩2,864 |
Now (TTM)
- Market cap
- ₩41B
- Enterprise value
- ₩34B
- P/E
- 4.9×
- P/B
- 0.4×
- P/S
- 1.8×
- EV/EBITDA
- —
- Dividend yield
- 1.8%
Over time (at each year end)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Price | ₩2,735 | ₩1,829 | ₩2,807 |
| Market cap | ₩65B | ₩43B | ₩67B |
| P/E | 9.3× | — | 6.5× |
| P/B | 0.7× | 0.5× | 0.8× |
| P/S | 3.3× | 2.5× | 2.6× |
| EV/EBITDA | — | — | — |
| Dividend yield | 1.1% | 1.1% | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| T.S.Investment | 4.9× | 0.4× | 1.8× | — | 1.8% |
| 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: T.S.Investment / TS인베스트먼트 / 246690 / KRX:246690
Source: KRX statistical information