KOSDAQ · 309960 · Holding companies · ₩309960

LB InvestmentLB인베스트먼트

309960 · KOSDAQ · ₩309960 · LB인베스트먼트

₩3,760▼ ₩165 (4.20%)End-of-day · Oct 26, 2026 · End-of-day prices.

Valuation model · Discounted cash flow (DCF)

This is a holding company, but we don't have its stakes in listed companies yet, so we use a discounted cash flow for now.

Fair value per share

₩7,515

vs the current price (₩3,760)

Enterprise value: ₩153B
Equity value: ₩174B
WACC: 7.3%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.

Why the model and the price differ

The model is 100% away from today's price. A gap this size usually means the market expects something the past figures don't show yet, or the model leaves something out. What we can see:

To match today's price of ₩3,760, the model needs an operating margin of 14.9% every year (it uses 33.8%).
Or revenue growth −19.0 points a year higher than assumed in each of the 5 years.
40% of the last 12 months' net profit came from outside operations (stakes in other companies, interest, one-offs). The model adds those stakes at book value but doesn't project that income.
The group includes a financial business (an insurer, bank or broker), whose investments and minority shareholders are left out here. A sum-of-the-parts view usually fits groups like this better.
Today's P/E is 6.3× against a typical 12.6× over the last 10 years.

Treat the model as a starting point: change the assumptions to the story you believe, and compare with the multiples check below.

Bear / Base / Bull

Bear: ₩5,534; +47.2%
Base: ₩7,515; +99.9%
Bull: ₩10,716; +185.0%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (33.8%).

Revenue growth

Revenue growth, year 1-2.1%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (-2.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-0.9%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (-2.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 30.4%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (-2.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 41.7%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (-2.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (-2.1% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin33.8%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 3 annual reports' operating margins.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation0.9%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: not in the statements, so 80% of capital spending (most spending replaces equipment that wears out).
Capital spending1.1%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
Working capital23.2%
Stock and unpaid customer bills, less unpaid supplier bills, as a % of revenue. Each year's extra revenue ties up this much more cash.
Default: working capital (current assets less cash and deposits, minus current liabilities other than borrowings) as a share of revenue, averaged over the last 3 years.

Discount rate

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.03%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-27.
Beta0.6
How much the share moves when the market moves: 1 means just like the market.
Default: 105 weeks of weekly returns against KOSPI (official index); raw beta 0.39, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)5.53%
The interest rate the company would pay to borrow.
Default: the 10-year yield plus a 1.5% credit spread.

Starting point

Revenue (TTM to H1 2026): ₩36B
Net debt (borrowings and leases − cash and deposits): −₩22B
Shares: 23,217,239
Share price: ₩3,760
Market cap: ₩87B

TTM = trailing 12 months: the last four reported quarters added together. "TTM to H1 2026" is the 12 months up to the latest quarterly or half-year report (H1 = to the end of June). Year 1 grows from there.

Past years and projection

Grey columns are reported results from the annual reports (after-tax EBIT at the model's tax rate), so you can check the growth and margin assumptions against the past. Years 1–5 are the model.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩28B	₩30B	₩26B	₩35B	₩35B	₩35B	₩36B	₩37B
Growth	—	9.7%	−12.7%	−2.1%	−0.9%	0.4%	1.7%	3.0%
EBIT	₩8.5B	₩11B	₩9.7B	₩12B	₩12B	₩12B	₩12B	₩12B
EBIT margin	30.7%	35.9%	36.6%	33.8%	33.8%	33.8%	33.8%	33.8%
After-tax EBIT	₩6.1B	₩7.9B	₩7B	₩8.6B	₩8.5B	₩8.6B	₩8.7B	₩9B
+ Depreciation	—	—	—	₩316M	₩313M	₩315M	₩320M	₩330M
− Capital spending	₩692M	₩39M	₩195M	₩387M	₩383M	₩385M	₩391M	₩403M
− Working capital	—	₩1.4B	−₩270M	−₩175M	−₩73M	₩32M	₩138M	₩247M
Free cash flow	—	—	—	₩8.7B	₩8.5B	₩8.5B	₩8.5B	₩8.7B
Discount factor	—	—	—	0.932	0.868	0.809	0.753	0.702
Present value	—	—	—	₩8.1B	₩7.4B	₩6.8B	₩6.4B	₩6.1B

Terminal value ₩168B, worth ₩118B today: 77% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

Cross-check: what the market has paid before

For cyclical businesses, analysts check a DCF against the multiples the stock has traded at through past cycles. Price / book is the usual anchor for them: P/E looks highest at the bottom of a cycle, when earnings are smallest, and lowest at the top. The price each band would give today:

	Low	Typical	High
Price / book (book value ₩5,460 a share)Now 0.69×	₩3,7600.69×	₩5,0740.93×	₩5,6381.03×
Price / earnings (last 12 months: ₩600 a share)Now 6.26×	₩4,6027.67×	₩7,54612.6×	₩10,30317.2×
P/E on run-rate earnings (Q2 2026 × 4: ₩543 a share)Now 6.92×	₩4,1667.67×	₩6,83112.6×	₩9,32617.2×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2023, each against the latest report out by then, per share at today's share count; loss years and P/E above 100 are left out. Run-rate earnings are one quarter × 4, not a forecast. Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Sensitivity

Fair value per share as two inputs change; the middle is the current case.

WACC ↓ · Terminal growth →	1.0%	1.5%	2.0%	2.5%	3.0%
6.3%	₩7,798	₩8,349	₩9,026	₩9,880	₩10,990
6.8%	₩7,209	₩7,655	₩8,193	₩8,854	₩9,688
7.3%	₩6,713	₩7,080	₩7,515	₩8,040	₩8,686
7.8%	₩6,290	₩6,596	₩6,954	₩7,379	₩7,892
8.3%	₩5,924	₩6,182	₩6,481	₩6,831	₩7,246

Now (TTM)

Market cap: ₩87B
Enterprise value: ₩65B
P/E: 6.3×
P/B: 0.7×
P/S: 2.4×
EV/EBITDA: —
Dividend yield: 5.3%

Over time (at each year end)

	2025	2024	2023
Price	₩5,520	₩3,185	₩4,655
Market cap	₩128B	₩74B	₩108B
P/E	10.3×	8.6×	17.1×
P/B	1.0×	0.6×	0.9×
P/S	4.9×	2.4×	3.9×
EV/EBITDA	—	—	—
Dividend yield	3.6%	6.3%	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
LB Investment	6.3×	0.7×	2.4×	—	5.3%
SK Square	3.1×	1.9×	82.4×	3.0×	0.0%
KB Financial Group	8.3×	0.9×	—	9.3×	3.0%
Shinhan Financial Group	7.5×	0.7×	—	10.0×	3.0%
SK	4.2×	0.9×	0.2×	—	1.7%
Hana Financial Group	7.4×	0.6×	—	9.7×	3.7%
Woori Financial Group	6.8×	0.6×	—	8.2×	4.6%
Similar companies (median)	7.1×	0.8×	41.3×	9.3×	3.0%

Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.

Also known as: LB Investment / LB인베스트먼트 / 309960 / KRX:309960

Source: KRX statistical information