Kiwoom No.11 Special Purpose Acquisition키움제11호스팩
489480 · KOSDAQ · ₩489480 · 키움제11호스팩
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
- 9.5%
- Fair P/B
- 0.00×
- P/B now
- 1.22×
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
- ₩276
- −87.5%
Bear: ROE 2 points lower and cost of equity 1 point higher. Bull: the opposite.
Assumptions
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Business
- 1%
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
- 4.01%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-30.
- 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)
- −₩12B
- Equity (book value)
- ₩12B
- Book value per share ₩1,797
- Shares
- 6,600,000
- Share price
- ₩2,200
- Market cap
- ₩15B
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Cost of equity ↓ · ROE → | −1.0% | 0.0% | 1.0% | 2.0% | 3.0% |
|---|---|---|---|---|---|
| 8.5% | — | — | — | — | ₩276 |
| 9.0% | — | — | — | — | ₩256 |
| 9.5% | — | — | — | — | ₩239 |
| 10.0% | — | — | — | — | ₩224 |
| 10.5% | — | — | — | — | ₩211 |
Now (TTM)
- Market cap
- ₩15B
- Enterprise value
- ₩2.8B
- P/E
- 66.3×
- P/B
- 1.2×
- P/S
- —
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | |
|---|---|---|
| Price | ₩2,050 | ₩1,927 |
| Market cap | ₩14B | ₩13B |
| P/E | 58.6× | — |
| P/B | 1.1× | 1.1× |
| P/S | — | — |
| EV/EBITDA | — | — |
| Dividend yield | 0.0% | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Kiwoom No.11 Special Purpose Acquisition | 66.3× | 1.2× | — | — | 0.0% |
| Mirae Asset Securities | 3.8× | 0.9× | 0.3× | — | 1.1% |
| NH Investment & Securities | 5.9× | 0.8× | — | — | 5.3% |
| Samsung Securities | 5.1× | 0.9× | — | — | 4.8% |
| KIWOOM Securities | 3.6× | 0.8× | 0.2× | 21.7× | 4.9% |
| Samsung Card | 7.3× | 0.5× | — | 28.5× | 6.8% |
| kakaopay | 52.4× | 2.3× | 4.0× | — | 0.0% |
| Similar companies (median) | 5.5× | 0.8× | 0.3× | 25.1× | 4.8% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Kiwoom No.11 Special Purpose Acquisition / 키움제11호스팩 / 489480 / KRX:489480
Source: KRX statistical information