HB InvestmentHB인베스트먼트
440290 · KOSDAQ · ₩440290 · HB인베스트먼트
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
₩3,481
vs the current price (₩1,634)
- Cost of equity
- 9.6%
- Fair P/B
- 1.08×
- P/B now
- 0.51×
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
- ₩2,325
- +42.3%
- Base
- ₩3,481
- +113.0%
- Bull
- ₩4,987
- +205.2%
Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.
Assumptions
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Business
- 10.2%
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)
- −₩3B
- Equity (book value)
- ₩89B
- Book value per share ₩3,218
- Shares
- 27,506,430
- Share price
- ₩1,634
- Market cap
- ₩45B
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Cost of equity ↓ · ROE → | 8.2% | 9.2% | 10.2% | 11.2% | 12.2% |
|---|---|---|---|---|---|
| 8.6% | ₩3,032 | ₩3,520 | ₩4,009 | ₩4,498 | ₩4,987 |
| 9.1% | ₩2,817 | ₩3,272 | ₩3,726 | ₩4,181 | ₩4,635 |
| 9.6% | ₩2,632 | ₩3,056 | ₩3,481 | ₩3,905 | ₩4,329 |
| 10.1% | ₩2,469 | ₩2,867 | ₩3,265 | ₩3,663 | ₩4,062 |
| 10.6% | ₩2,325 | ₩2,700 | ₩3,075 | ₩3,450 | ₩3,825 |
Now (TTM)
- Market cap
- ₩45B
- Enterprise value
- ₩42B
- P/E
- 8.6×
- P/B
- 0.5×
- P/S
- 2.8×
- EV/EBITDA
- —
- Dividend yield
- 7.3%
Over time (at each year end)
| 2025 | 2024 | |
|---|---|---|
| Price | ₩2,140 | ₩1,580 |
| Market cap | ₩59B | ₩43B |
| P/E | 9.6× | 7.2× |
| P/B | 0.7× | 0.5× |
| P/S | 3.4× | 2.9× |
| EV/EBITDA | — | — |
| Dividend yield | 5.6% | 12.7% |
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Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| HB Investment | 8.6× | 0.5× | 2.8× | — | 7.3% |
| 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: HB Investment / HB인베스트먼트 / 440290 / KRX:440290
Source: KRX statistical information