Kbank케이뱅크
279570 · KOSPI · ₩279570 · 케이뱅크
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
₩1,746
vs the current price (₩5,200)
- Cost of equity
- 9.6%
- Fair P/B
- 0.29×
- P/B now
- 0.86×
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
- ₩140
- −97.3%
- Base
- ₩1,746
- −66.4%
- Bull
- ₩3,840
- −26.2%
Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.
Assumptions
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Business
- 4.2%
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
- 4.08%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-29.
- 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)
- ₩453B
- Equity (book value)
- ₩2.4T
- Book value per share ₩6,017
- Shares
- 405,695,151
- Share price
- ₩5,200
- Market cap
- ₩2.1T
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Cost of equity ↓ · ROE → | 2.2% | 3.2% | 4.2% | 5.2% | 6.2% |
|---|---|---|---|---|---|
| 8.6% | ₩183 | ₩1,097 | ₩2,011 | ₩2,926 | ₩3,840 |
| 9.1% | ₩170 | ₩1,020 | ₩1,869 | ₩2,719 | ₩3,569 |
| 9.6% | ₩159 | ₩952 | ₩1,746 | ₩2,540 | ₩3,333 |
| 10.1% | ₩149 | ₩893 | ₩1,638 | ₩2,382 | ₩3,127 |
| 10.6% | ₩140 | ₩841 | ₩1,543 | ₩2,244 | ₩2,945 |
Now (TTM)
- Market cap
- ₩2.1T
- Enterprise value
- ₩2.6T
- P/E
- 29.6×
- P/B
- 0.9×
- P/S
- —
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
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Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Kbank | 29.6× | 0.9× | — | — | 0.0% |
| Industrial Bank of Korea | 5.7× | 0.4× | — | — | 5.6% |
| KakaoBank | 18.8× | 1.4× | 2.9× | 11.4× | 2.4% |
| Jeju Bank | 21.3× | 0.5× | — | 14.2× | 1.2% |
| Pureun Savings Bank | 12.0× | 0.5× | — | 24.7× | 7.8% |
| Similar companies (median) | 15.4× | 0.5× | 2.9× | 14.2× | 4.0% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Kbank / 케이뱅크 / 279570 / KRX:279570
Source: KRX statistical information