Woori Financial Group우리금융지주
316140 · KOSPI · ₩316140 · 우리금융지주
Valuation model · P/B vs ROE (excess return)
This is a financial holding company (a bank or insurance group): borrowing and lending is its business, so we value it on book value and return on equity: P/B vs ROE.
Fair value per share
₩46,946
vs the current price (₩28,850)
- Cost of equity
- 9.5%
- Fair P/B
- 0.89×
- P/B now
- 0.55×
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
- ₩29,073
- +0.8%
- Base
- ₩46,946
- +62.7%
- Bull
- ₩70,293
- +143.6%
Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.
Assumptions
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Business
- 8.7%
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
- 4.03%
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.
- 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)
- ₩20T
- Equity (book value)
- ₩39T
- Book value per share ₩52,776
- Shares
- 736,786,557
- Share price
- ₩28,850
- Market cap
- ₩21T
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Cost of equity ↓ · ROE → | 6.7% | 7.7% | 8.7% | 9.7% | 10.7% |
|---|---|---|---|---|---|
| 8.5% | ₩37,974 | ₩46,054 | ₩54,133 | ₩62,213 | ₩70,293 |
| 9.0% | ₩35,274 | ₩42,779 | ₩50,284 | ₩57,789 | ₩65,295 |
| 9.5% | ₩32,932 | ₩39,939 | ₩46,946 | ₩53,953 | ₩60,960 |
| 10.0% | ₩30,882 | ₩37,453 | ₩44,024 | ₩50,595 | ₩57,165 |
| 10.5% | ₩29,073 | ₩35,258 | ₩41,444 | ₩47,630 | ₩53,815 |
Now (TTM)
- Market cap
- ₩21T
- Enterprise value
- ₩42T
- P/E
- 6.7×
- P/B
- 0.5×
- P/S
- —
- EV/EBITDA
- 8.2×
- Dividend yield
- 4.7%
Over time (at each year end)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Price | ₩28,000 | ₩15,370 | ₩13,000 |
| Market cap | ₩21T | ₩11T | ₩9.6T |
| P/E | 6.6× | 3.7× | 3.8× |
| P/B | 0.6× | 0.3× | 0.3× |
| P/S | — | — | — |
| EV/EBITDA | 7.7× | 6.0× | 4.5× |
| Dividend yield | 4.9% | 7.8% | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Woori Financial Group | 6.7× | 0.5× | — | 8.2× | 4.7% |
| SK Square | 3.3× | 2.0× | 88.7× | 3.2× | 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 | 4.5× | 1.0× | 0.3× | — | 1.6% |
| Hana Financial Group | 7.5× | 0.7× | — | 9.8× | 3.6% |
| Meritz Financial Group | 8.6× | 1.8× | — | 22.3× | 0.0% |
| Similar companies (median) | 7.5× | 0.9× | 44.5× | 9.8× | 2.3% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Woori Financial Group / 우리금융지주 / 316140 / KRX:316140
Source: KRX statistical information