Capstone Partners캡스톤파트너스
452300 · KOSDAQ · ₩452300 · 캡스톤파트너스
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
With these assumptions the model gives no positive value.
- Cost of equity
- 9.6%
- Fair P/B
- 0.00×
- P/B now
- 0.95×
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
- —
- Base
- —
- Bull
- —
Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.
Assumptions
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Business
- -0.4%
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
- 4.08%
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)
- −₩311M
- Equity (book value)
- ₩35B
- Book value per share ₩2,481
- Shares
- 14,169,505
- Share price
- ₩2,365
- Market cap
- ₩34B
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Cost of equity ↓ · ROE → | −2.4% | −1.4% | −0.4% | 0.6% | 1.6% |
|---|---|---|---|---|---|
| 8.6% | — | — | — | — | — |
| 9.1% | — | — | — | — | — |
| 9.6% | — | — | — | — | — |
| 10.1% | — | — | — | — | — |
| 10.6% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩34B
- Enterprise value
- ₩33B
- P/E
- 11.8×
- P/B
- 1.0×
- P/S
- 4.2×
- EV/EBITDA
- —
- Dividend yield
- 1.2%
Over time (at each year end)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Price | ₩2,765 | ₩2,700 | ₩5,200 |
| Market cap | ₩39B | ₩38B | ₩74B |
| P/E | 17.0× | 20.9× | — |
| P/B | 1.1× | 1.2× | 2.4× |
| P/S | 5.2× | 3.9× | 7.7× |
| EV/EBITDA | — | — | — |
| Dividend yield | 1.0% | 1.0% | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Capstone Partners | 11.8× | 1.0× | 4.2× | — | 1.2% |
| 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: Capstone Partners / 캡스톤파트너스 / 452300 / KRX:452300
Source: KRX statistical information