Yuanta 16 Special Purpose Acquisition유안타제16호스팩
474490 · KOSDAQ · ₩474490 · 유안타제16호스팩
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
- 1.02×
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
- ₩527
- −74.7%
Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.
Assumptions
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Business
- 1.7%
Yearly profit as a share of shareholders' equity.
Default: average return on equity of the last 2 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)
- −₩11B
- Equity (book value)
- ₩11B
- Book value per share ₩2,040
- Shares
- 5,510,000
- Share price
- ₩2,085
- Market cap
- ₩11B
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Cost of equity ↓ · ROE → | −0.3% | 0.7% | 1.7% | 2.7% | 3.7% |
|---|---|---|---|---|---|
| 8.6% | — | — | — | ₩217 | ₩527 |
| 9.1% | — | — | — | ₩202 | ₩490 |
| 9.6% | — | — | — | ₩188 | ₩458 |
| 10.1% | — | — | — | ₩177 | ₩429 |
| 10.6% | — | — | — | ₩166 | ₩404 |
Now (TTM)
- Market cap
- ₩11B
- Enterprise value
- ₩448M
- P/E
- 55.3×
- P/B
- 1.0×
- P/S
- —
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | |
|---|---|---|
| Price | ₩2,030 | ₩1,945 |
| Market cap | ₩11B | ₩11B |
| P/E | 52.9× | 63.4× |
| P/B | 1.0× | 1.0× |
| P/S | — | — |
| EV/EBITDA | — | — |
| Dividend yield | 0.0% | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Yuanta 16 Special Purpose Acquisition | 55.3× | 1.0× | — | — | 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: Yuanta 16 Special Purpose Acquisition / 유안타제16호스팩 / 474490 / KRX:474490
Source: KRX statistical information