Stonebridge Ventures스톤브릿지벤처스
330730 · KOSDAQ · ₩330730 · 스톤브릿지벤처스
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
₩3,966
vs the current price (₩4,525)
- Cost of equity
- 9.6%
- Fair P/B
- 0.71×
- P/B now
- 0.81×
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
- ₩2,207
- −51.2%
- Base
- ₩3,966
- −12.4%
- Bull
- ₩6,257
- +38.3%
Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.
Assumptions
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Business
- 7.4%
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
- 4.11%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-28.
- 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)
- −₩19B
- Equity (book value)
- ₩103B
- Book value per share ₩5,587
- Shares
- 18,363,830
- Share price
- ₩4,525
- Market cap
- ₩83B
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Cost of equity ↓ · ROE → | 5.4% | 6.4% | 7.4% | 8.4% | 9.4% |
|---|---|---|---|---|---|
| 8.6% | ₩2,875 | ₩3,720 | ₩4,566 | ₩5,411 | ₩6,257 |
| 9.1% | ₩2,673 | ₩3,459 | ₩4,245 | ₩5,031 | ₩5,817 |
| 9.6% | ₩2,497 | ₩3,231 | ₩3,966 | ₩4,700 | ₩5,434 |
| 10.1% | ₩2,343 | ₩3,032 | ₩3,721 | ₩4,410 | ₩5,099 |
| 10.6% | ₩2,207 | ₩2,856 | ₩3,505 | ₩4,154 | ₩4,803 |
Now (TTM)
- Market cap
- ₩83B
- Enterprise value
- ₩64B
- P/E
- 8.2×
- P/B
- 0.8×
- P/S
- 1.6×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Price | ₩5,220 | ₩3,765 | ₩6,140 | ₩4,515 |
| Market cap | ₩96B | ₩69B | ₩113B | ₩83B |
| P/E | 8.6× | 30.1× | 18.2× | 11.6× |
| P/B | 1.0× | 0.8× | 1.3× | 1.0× |
| P/S | 3.8× | 4.9× | 5.9× | 2.8× |
| EV/EBITDA | — | — | — | — |
| Dividend yield | 0.0% | 0.0% | — | — |
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Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Stonebridge Ventures | 8.2× | 0.8× | 1.6× | — | 0.0% |
| Mirae Asset Securities | 3.8× | 0.9× | 0.3× | — | 1.1% |
| NH Investment & Securities | 5.7× | 0.8× | — | — | 5.5% |
| Samsung Securities | 5.0× | 0.8× | — | — | 4.9% |
| KIWOOM Securities | 3.5× | 0.8× | 0.2× | 21.6× | 5.0% |
| Samsung Card | 7.3× | 0.5× | — | 28.4× | 6.9% |
| kakaopay | 52.7× | 2.3× | 4.0× | — | 0.0% |
| Similar companies (median) | 5.4× | 0.8× | 0.3× | 25.0× | 4.9% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Stonebridge Ventures / 스톤브릿지벤처스 / 330730 / KRX:330730
Source: KRX statistical information