NAU IB Capital나우IB
293580 · KOSDAQ · ₩293580 · 나우IB
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
₩494
vs the current price (₩1,220)
- Cost of equity
- 9.5%
- Fair P/B
- 0.44×
- P/B now
- 1.08×
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
- ₩172
- −85.9%
- Base
- ₩494
- −59.5%
- Bull
- ₩916
- −24.9%
Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.
Assumptions
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Business
- 5.3%
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 0.68, 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)
- −₩12B
- Equity (book value)
- ₩107B
- Book value per share ₩1,125
- Shares
- 94,929,950
- Share price
- ₩1,220
- Market cap
- ₩116B
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Cost of equity ↓ · ROE → | 3.3% | 4.3% | 5.3% | 6.3% | 7.3% |
|---|---|---|---|---|---|
| 8.5% | ₩225 | ₩397 | ₩570 | ₩743 | ₩916 |
| 9.0% | ₩209 | ₩369 | ₩530 | ₩690 | ₩851 |
| 9.5% | ₩195 | ₩345 | ₩494 | ₩644 | ₩794 |
| 10.0% | ₩183 | ₩323 | ₩463 | ₩604 | ₩744 |
| 10.5% | ₩172 | ₩304 | ₩436 | ₩568 | ₩701 |
Now (TTM)
- Market cap
- ₩116B
- Enterprise value
- ₩103B
- P/E
- 22.9×
- P/B
- 1.1×
- P/S
- 3.6×
- EV/EBITDA
- —
- Dividend yield
- 1.8%
Over time (at each year end)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Price | ₩1,550 | ₩1,161 | ₩1,123 |
| Market cap | ₩147B | ₩110B | ₩107B |
| P/E | 25.4× | 13.9× | 55.0× |
| P/B | 1.4× | 1.1× | 1.1× |
| P/S | 5.0× | 3.5× | 4.0× |
| EV/EBITDA | — | — | — |
| Dividend yield | 1.4% | 1.7% | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| NAU IB Capital | 22.9× | 1.1× | 3.6× | — | 1.8% |
| 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: NAU IB Capital / 나우IB / 293580 / KRX:293580
Source: KRX statistical information